I will have 3 bank accounts. All of these accounts will serve a role and porpose. Currently, I have only 1 account, but that is because right now, I just need one account. However, with the acquisition of $10,000,000 – I will need multiple accounts. Each account will be explained here, and defined in a way where I will hope it makes sense.
The first account will be a Swiss Bank Account. Most wealthy people will have a Swiss account to avoid paying taxes. This will not be the reason why I would have one. Instead, I will have this account to hold all of my financial resources beyond the $250,000 threshold for each customer at each bank. Otherwise, if I had $300,000 in my business account, and the bank goes bankrupt, I will only get $250,000 from FDIC. This protection limit is not something I want to deal with. With that said, I will learn how to use spreadsheets, and deposit all of my excess money into this account. When I need more money into one of my other accounts, I will initiate the transfer.
The second account is my current bank account. This is my personal account, and while I will have more money in my account, and will be able to build wealth, I will still keep this account in a way where I would try to save as much as I can to keep myself from being in a financial precarious position. I will continue to behave as I currently do with regards to my credit cards. I just have a bigger asset pool that I can draw upon. However, I do not see myself increasing my spending other than to compensate for the resources that I would have lost by being wealthy.
The last account will be a business account. I will have a convenience store which will be on floor 1 of my 4 Story Building. This store will reduce the number of times I will have to take a bus to get some convenience items. This bank account will be used to buy inventory, pay employees, and cover the necessary costs of running a business. If the account will exceed $250,000 – the excess will go into the Swiss account, and a spreadsheet will show how much is for what. I don’t see a need for 2 Swiss bank accounts, so the one will have to be micromanaged to some degree.