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7 Accounts Wealthy People Have to Build Wealth Faster - YouTube
Channel: Wealth Hacker - Jeff Rose
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what's going on y'all welcome back to
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wealth hacker labs and today we have
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another edition of
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the wealth board and if you haven't
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guessed it yet we are talking about
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wealthy accounts so these are the
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accounts that
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if you are looking to build wealth these
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are the accounts that you need to have
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that you should have
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if you don't have them yet like that is
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totally fine i didn't have
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all these accounts when i started my
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wealth building journey but i definitely
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started
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adding them as i went along so let's go
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ahead and dive right into it
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so the first account that you want to
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have for sure
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is a high yield
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checking account
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and i know you're probably wondering
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okay so this is
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a wealthy account that i should have
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like
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everybody has a checking account like
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why does it what does this really mean
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where does this really matter
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but here's the thing you have to realize
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is that wealthy people
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make sure that their money is working
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for them so
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if you have a checking account that's
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paying you
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nothing or point zero five percent that
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is pretty much next to nothing so you
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want to make sure that you are getting
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paid the most that you possibly can and
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if you have a certain asset level
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you can get access to private banking or
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private wealth management services now
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chances are if you're watching this
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video you don't have access to these
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private wealth management accounts and
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that's totally fine but the cool thing
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is that
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there are some online options that you
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can make almost as much interest as what
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wealthy people would make in their
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high-yield checking accounts
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one option that you can look at is ally
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financial and with their rates right now
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you're gonna make about
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point i think point one point one five
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percent on anything that's less than ten
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thousand
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but if you keep a daily balance of at
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least fifteen thousand
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they're going to pay you up to point
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six zero percent which
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is pretty dang good especially when you
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know interest rates are super low and
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you get paid that on your checking
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and there are some other options uh
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schwab also has some options
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with their high yield checking accounts
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that will pay most likely better
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than what you're getting at your local
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bank but you definitely want to look at
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making sure that you've got high yield
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checking you're getting the most
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bang for your buck in your checking
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account now you're probably
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knowing what the next option is but what
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you also want to have
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is high yield savings
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and i i share this because so many
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people they just take it for granted you
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know they open up a savings account at
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their bank they open up a checking
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account at their bank and they just
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assume
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that they're getting the best rate
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possible but i promise you if you don't
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start doing some investigating and start
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doing some research
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and finding out like how much your bank
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is paying
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you might be quite surprised actually no
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you are going to be surprised you're
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going to be disgusted to find out how
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much they're actually paying
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that's disgusting i won't say the name
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right now but there's this big bank that
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i was looking at there saving these
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account rates and
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for even if you had a balance like over
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a million dollars like they were paying
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you
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point zero five percent
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no not point five percent point zero
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five percent so you wanna make sure that
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you are
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looking at all the different options now
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when you look at these high yield
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checking high yield savings obviously
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you want to look at
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the credibility of the bank you know
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this is where you're looking at
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fdic insurance uh you want to look at
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the rating of the bank to see you know
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how
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are they cash solvent do they have any
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liquidity problems you know you don't
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want to open up
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uh some bank in like puerto rico for
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example that maybe they've just got
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too much debt on the books but one
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option with the high yield savings that
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i found
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is through goldman sachs and i think
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it's called the marcus
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the marcus savings account and their
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high yield at the time this recording is
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paying
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1.9 percent there is no minimum balance
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there are no fees
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like that's that's pretty dang good and
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then you have all the other robo
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advisors you know got
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robin hood well front betterment like
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all these robo advisors now are having
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their high yield savings options so take
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a look at those choices as well
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but basically you just want to make sure
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once again that you're you're making
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good interest on your cash there's no
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sense getting paid for nothing
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there's no sense giving your bank a loan
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like basically
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an interest-free loan so they can use
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their your money to make money for them
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like you want to make sure that you're
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getting paid and you're getting
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compensated all right so
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we got a high yield checking high yield
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savings the other account that you're
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going to want to have which
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kind of ties into this but you want to
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be a separate
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account is a tax savings account
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and this was a big one and for one that
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i really didn't understand or appreciate
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until
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i became a business owner and instead of
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filing taxes at the end
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of the year i had to start making
[297]
quarterly payments
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and if you're not taking taxes out and
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putting them to the side
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uh next when you wake up you know a year
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from now and you have to file your taxes
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and you realize oh my goodness like i've
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been making all this money but i should
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have been putting taxes aside
[311]
you know if you're so got your w-2 job
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and 9-5 they're taking care of this for
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you
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but if you're a freelancer a consultant
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and independent contractor small
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business owner
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you want to have a tax savings account
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that you're putting away
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20 30 to the side so that you're ready
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to pay your quarterly taxes or
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your end of year tax whatever you may
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owe but
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this is where you definitely want to
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make sure once again that you're taking
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advantage of
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all the online high yield options so
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you're going to want to
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make sure that whatever your tax savings
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account wherever it is you want to make
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sure that it's
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paying you more than the .05 that a lot
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of these banks are going to pay you
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so you've got your high yield checking
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your high yield savings your tax savings
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and this is account like we see it we
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can log into our bank and you know we
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see it's there
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we have access to it but we know what
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it's going to be used for
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so the other account that you want to
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have and this is one that i shared
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in a previous video but this is what i
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call the
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personal equity fund
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and i'll have a link to that other video
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where i think i talked about eight
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different ways that you can invest
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one thousand dollars and i mentioned the
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importance of having a personal equity
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fund
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so this is different than an emergency
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fund
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you know the emergency fund like
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basically your high yield savings
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this is where your emergency fund money
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is going to go
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but your personal equity fund is like we
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want to put money aside here once again
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we want to get or
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we want to make sure we're getting
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enough interest on this
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but this is what we're going to use to
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invest into ourselves
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so this could be through coaching
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coaching programs it could be mastermind
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groups
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this could be conferences
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this could be certifications uh going
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back to school maybe you need to get an
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mba
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getting some sort of professional
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designation either way you know we're
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going to have a count
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have an account set aside so that we
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know we're going to use this
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to invest back into ourselves
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and every wealthy person i've ever
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encountered
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they may not have it set up as a
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personal equity fund but they are
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they recognize that investing into
[446]
themselves into
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their development their their
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self-growth just
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them making this more marketable you
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know this is how it's going to happen
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and whether
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there are tons of different ways that
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you can do that but we're going to set
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up an account
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that's earmarked for all these different
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ways that we can invest into ourselves
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like
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this is a big one this is not a sunk
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cost this is not
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an i guess it could be an expense if you
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look at it from a
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business tax deduction standpoint either
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way they're like this is what we are
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investing to ourselves to make
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make ourselves grow and eventually make
[478]
ourselves more money alright so the next
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account that you want to have and this
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is one where
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dave ramsey and i might have some uh
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difference of opinion on where you want
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to start but for me
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the next account that you want to open
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is a roth
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ira and why a roth ira if you don't know
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yet
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well i don't know how you don't know but
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you know now it's because we want
[504]
that tax free
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money tax free money baby so
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i personally like and suggest that
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people go to the roth ira first
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uh we can talk about the next option
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obviously the 401k is another option and
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we want this because one we want that
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tax free money
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and also two once you start making more
[527]
money
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you're not going to you won't be able to
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take access of
[531]
the roth ira you're going to get phased
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out they have certain income limits
[534]
where you make too much money where
[535]
directly i can't put money to a roth ira
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today
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you know it's one of those good problems
[540]
to have now there is
[542]
other options you can do what's called a
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non ira
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which basically is a traditional ira
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that doesn't allow you the tax deduction
[554]
or the and with that you can then
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convert that
[557]
it's called the backdoor
[560]
roth ira and i'm actually going to have
[563]
another
[564]
wealth board video where i talk about
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the backdoor roth ira so you can
[567]
understand how that works to best
[569]
use that for your wealth building
[571]
journey
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but right now while you can you want to
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put as much money into the roth ira
[577]
you want to take advantage of that
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tax-free growth the other reason i like
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this is because
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for those that aren't familiar with
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investing for those that want to take
[584]
more of a passive approach
[586]
it's hard to be passive when opening a
[588]
roth ira because
[590]
you have to actually go out and open it
[592]
and you can go to a local
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brokerage firm you could go to your
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local bank a local credit union
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or you can go online you know we talked
[599]
about betterments wealthfront you can
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open up roth iras with them
[603]
you got td ameritrade e-trade schwab
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vanguard all these different options
[608]
that allow you to open a roth ira
[610]
either way though you have you you have
[612]
to open the account and
[613]
there is a discussion that you have to
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have with
[617]
maybe it's an online person in real life
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person you know financial advisor
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on how you're going to invest that money
[624]
inside the roth
[625]
and you gain so much more experience and
[628]
know-how and just a more of an
[631]
understanding
[632]
of how the markets work and how
[634]
investing works
[635]
because of opening the roth ira that's
[636]
why this is where we're going
[638]
all right the next one which i have
[640]
talked about this in a previous video
[642]
i'll have a link to it we talk about the
[644]
100 million dollar
[646]
401k but that is the next stop is a 401k
[650]
now the big difference between this 401k
[653]
and the 401k that you're probably more
[655]
accustomed to
[656]
is that in here we are talking about
[660]
a self-directed
[663]
401k and you can have a self-directed
[667]
ira as well but
[668]
with the 401k you are allowed to put in
[671]
that much
[672]
more money and once again i'll have a
[674]
link to the video where i share
[675]
how i was able to put in
[680]
a hundred and ten thousand dollars for
[682]
the year
[684]
inside my self-directed 401k i did that
[686]
because of
[687]
myself and also my wife that's an
[689]
employee of the business
[692]
so we were able to write off 110 000
[696]
into our self-directed 401k so that was
[698]
a business expense
[699]
we've got the tax protection the tax
[702]
shield
[703]
by using the 401k structure and the fact
[706]
that it's self-directed means that
[708]
i can invest into stocks mutual funds
[710]
etfs all that stuff but
[712]
i can also invest into other things so
[715]
this is where you hear about the wealthy
[716]
people that are investing into
[718]
uh like private equity or into real
[721]
estate
[722]
this is how you do it um as far as like
[725]
where do you go to do this
[726]
well if you get to that point you know i
[728]
have a more in-depth video but basically
[729]
you start asking around you know i found
[732]
the person that set up my self-directed
[733]
401k i found that person through my cpa
[737]
it's who my cpa used to set up his
[738]
self-directed 401k
[740]
so that's where i set mine up have it
[742]
all established and they
[744]
take care of all the irs regulations
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making sure that i'm compliant
[748]
and making sure i'm not putting too much
[750]
in and also maximizing how much i can
[751]
put in each and every year so that's why
[754]
we're able to put in a big chunk last
[756]
year
[757]
and we've been able to do this for for
[758]
several years now but it's just
[760]
one of the greatest wealth building
[762]
tools wealth building secrets
[764]
i didn't want to call it a secret
[765]
because it's it's all it's you can go to
[767]
irs.gov and you can read about it
[769]
it's just that most people don't know
[771]
how to take advantage of it
[772]
alright so the last wealthy account that
[775]
you want
[776]
in your toolbox that you need is some
[779]
sort of
[781]
regular investing account
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and with this so this is there is no tax
[788]
tax protection here you know you're
[789]
going to get that with the roth you're
[790]
going to get this with the 401k
[793]
this could be an individual account
[798]
and it could also be a joint account
[801]
so for example individual account just
[803]
means that if you think about opening up
[804]
an individual savings account if you're
[806]
if you don't have a spouse
[808]
that's the same thing here so you're
[809]
opening up an individual investment
[811]
account or if you have a spouse
[813]
you would want to open a joint account
[814]
if you don't do that you got a spouse
[816]
that's just a whole other conversation
[817]
it's going to make it really awkward and
[819]
you're probably going to need some
[820]
marriage counseling or some sort of
[821]
intervention later on
[822]
so don't do that trust me i'm going to
[824]
save you some money there
[826]
so open up the joint account and here it
[829]
doesn't really matter what you want to
[830]
invest into it if you're more
[832]
comfortable doing individual stocks you
[834]
can if you want to do mutual funds you
[835]
can if you want to do etfs you can
[837]
once again there is no tax advantage
[839]
here but the other piece of this is that
[842]
you you want to make sure that all of
[844]
these are working towards
[846]
what is your financial goal what are you
[849]
trying to accomplish
[850]
so i mean that's what all these are
[853]
working towards
[854]
is making sure that you are working
[856]
towards
[858]
your goal whatever that is
[861]
make sure that these are all cooperating
[864]
communicating
[865]
all working towards whatever it is
[866]
you're trying to accomplish so
[868]
is that that you want to retire at the
[870]
age of 50 is that that you want a 3
[872]
million
[873]
net worth by the time you're 45 like
[876]
whatever that
[877]
goal is whatever that big goal is that
[879]
you have all of these should be working
[881]
towards that
[882]
now this is all a bunch of serious stuff
[886]
and you know it's kind of fun but you
[888]
know it's kind of can get kind of boring
[890]
so the one thing i would share
[892]
with the investing account and i i it's
[894]
funny because i see
[895]
a lot of wealthy people do this i had a
[897]
lot of my clients that were
[899]
you know well worth multi-millionaires
[901]
but yet they still
[902]
had a little piece of this which just
[904]
adds a little twist but on this
[906]
investing account
[908]
they would open up another account and
[910]
this would be
[911]
their play account
[915]
and i think this is really important and
[917]
this is why i think this is that
[919]
so what is the play account so this is
[922]
opening up another investment account
[924]
you're not going to put a ton of money
[926]
in here
[927]
and you are going to play so you're
[930]
going to try to
[931]
day trade you're going to try maybe you
[933]
want to trade options
[935]
maybe it's cryptocurrency you want to
[937]
dabble some bitcoin or
[939]
you want to try shorting some options or
[941]
whatever that is for you
[943]
but the trick here the key here is that
[945]
you're satisfying
[946]
an itch it's satisfying an urge because
[949]
you
[950]
watch youtube videos and you read books
[952]
and you see the headlines about people
[954]
making all this money on all these
[956]
different types of
[957]
transactions and different types of
[958]
investments and you just feel like
[960]
you're missing out you know you're
[961]
getting a fomo
[963]
just like oh my gosh i'm missing out on
[964]
all these different opportunities but
[966]
and you know this or maybe you don't
[968]
know this but you'll un
[970]
learn to appreciate this so that it's
[971]
not as easy as it sounds like
[973]
there's more research there's more time
[975]
to have more of an understanding how it
[977]
works
[978]
so instead of taking a big chunk of your
[981]
money and putting
[982]
that all into some risky strategy that
[984]
you just don't quite
[985]
understand yet and run the risk of
[987]
losing everything
[988]
you open up a small play account
[991]
and you put a thousand you put five
[993]
thousand you put ten thousand in
[994]
whatever
[995]
wherever you're at in your wealth
[996]
building journey and that allows you to
[998]
play with that money and i've had some
[1001]
friends play with bitcoin
[1002]
some it worked out really well others
[1004]
that didn't i've had others
[1006]
play with day trading and it seems like
[1009]
with those people
[1010]
the only thing i ever hear from them is
[1011]
the ones that they did well on the ones
[1013]
they made money on i never hear about
[1014]
the transactions where they actually
[1016]
lose money either way though it allows
[1019]
you to
[1020]
i mean you're getting more real-world
[1021]
experience real world experience on
[1023]
something
[1024]
that you didn't have before so there's
[1025]
that and it satisfies that
[1027]
itch of so you don't feel that you're
[1030]
missing out that you're
[1031]
in the game that you're in the action
[1033]
and maybe you're making some money maybe
[1034]
you're not
[1035]
either way though you know it just
[1036]
allows you to kind of be creative
[1038]
and see what else is out there and have
[1040]
some fun in the process because
[1042]
the cool thing about building wealth and
[1045]
the wealth building journey is that
[1047]
you got to have fun it needs to be fun
[1049]
because if you're doing all this just to
[1052]
acquire a certain number like you just
[1055]
i'm dedicating i just want to make
[1057]
you know i want to get to a 5 million
[1058]
net worth and that is your goal and the
[1060]
only
[1061]
that's but there's no there's no real
[1064]
reason behind that there's no
[1065]
happiness behind that then it all
[1067]
doesn't matter you want to have fun
[1070]
building wealth but to have fun
[1073]
these are the seven accounts that you're
[1075]
going to need to have if you don't have
[1077]
them right now as i've already said it
[1078]
doesn't mean that you're behind the
[1079]
curve
[1080]
that just means you've got some work to
[1082]
do and doing the work
[1084]
is fun the process is fun enjoy the
[1087]
process i promise you
[1088]
it will be fulfilling all right i hope
[1090]
you enjoyed another edition of the
[1092]
wealth board
[1093]
if you got any value out of this be sure
[1094]
to like subscribe share
[1096]
with anyone that needs to know the
[1098]
wealthy accounts that they should
[1099]
be hoping to acquire working towards
[1102]
acquiring
[1103]
opening so that they can start building
[1105]
their well start hacking their wealth
[1107]
all right y'all this jeff rose reminding
[1108]
you that it's your money it's your life
[1110]
and only you can make it awesome
[1111]
but be sure to have fun in the process
[1113]
until next time
[1114]
peace
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