Lesson 1, Topic 1
In Progress

My Banking Preferences

MY ACCOUNTS. Personally, my situation has changed over the years. Since I have spent years building a relationships with BOFA, they give me more perks than I would get elsewhere. Online bank accounts aren’t enough for me anymore because my net worth has increased so much. My checking, savings, credit cards, business accounts, mortgage, car loans, etc are ALL with BOFA. Because I keep all my assets there, they hook me up with a Wealth Management advisor that beats the measly 0.01% interest on the checking account and 0.06% on the savings account the are giving me.

MY SYSTEM. My finances work on a monthly cycle, and my system automatically disburses money where it needs to go. I’ve set up accounts to draw from my checking account. For example, our money market account automatically withdraws a certain amount every month from my checking account, as does my investment account. For consumer protection, I pay my bills using my credit card. The credit card is automatically paid in full every month by my online checking account. For cash expenses, I use my BOFA ATM card to withdraw money at any ATM nationwide without fees (one of my Wealth Management perks). All ATM charges are fully reimbursed at the end of the month. EVERYTHING is automated. Because my expenses are less than my income and I keep track through my budget, I never worry about there being enough money there. One day, I’ll teach you about how to AGE your money.

I get that it’s a headache to switch banks. You’ve got your account set up, your direct deposit goes there, it’s familiar. Why not just stay? I’m not forcing you to switch, but if you take the time to do it, you’ll ensure that that you’re building a solid foundation.


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