Bank accounts I have at 23

At 23, I have multiple bank accounts. I know having multiple different bank accounts can seem overwhelming, but they are all important and have a specific reason for each.

Basic Checking and Savings Account: I have these two accounts in a credit union. It's where all my bills and expenses are paid from. I try not to get more than a specific amount of money in this as these accounts have little interest.

High Yield Savings Account: A HYSA is a passive form of income that doesn't hurt. I have made over 1000 dollars since switching from a regular bank account to HYSA. If you have money sitting in a savings account you aren't touching, consider switching it to a HYSA.

Emergency Fund: Before buying or investing money, I worked to build up an Emergency Fund. I wanted an emergency fund that was more than six months, but it's suggested to have at least three to six months saved up. I keep my emergency fund in a HYSA. That way, it can keep growing interest without me doing anything while keeping it safe without the risk of investing.

 Roth IRA: I have been told by many financial advisors that the most crucial financial decision you can make, especially at a young age, is to make contributions to a retirement account. A Roth IRA is a great start account as it is taxed upfront. There are hands on and hands off Roth IRAs depending on your financial knowledge and ability to manage an account!

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