YES!!!

Its important to separate your checking and savings accounts.

Why?

Two reasons. First, you should be putting your emergency fund into a separate savings or money market account. This is important because you need a safe place to stash your reserves where it won’t get raided to pay for daily expenses.

Second, if you are doing anything entrepreneurial, you’ll need to account for the income and expenses of your business endeavors. Having separate checking and savings accounts is an important facilitator of this processes. The worst thing that can happen when you are trying to make money and build wealth through a side business (or full time business) is not having everything in order if you were to be audited.

Thanks,

James

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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