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Money Management Account. Financial Freedom and Money Success






Just one money management account? Nope, your need four of them to achieve financial freedom and money success.

Creating a money management plan is a great way to prepare for long term financial success. It does not really make any difference how much money you earn, if you manage that money in the right way, you can be financially free and even wealthy.

Many people set up a single money management account. Of course they have their regular checking account, but they also set up an account for saving. Is this enough, are these the only accounts you need?

If you really want to prepare for a prosperous future, you will also want to set up a couple of other accounts. Now these do not need to be actual bank accounts, but they can be. Or you can just designate a certain amount of money for each of the following reasons, but be sure to stay strict and do not dip into any money management account (s) that you may have.

Ok, so how should you be dividing your income? Well obviously you need money for all of your living expenses. Hopefully after all the bills are paid you have a surplus left over at the end of the month. If you do not have a surplus, you either need to cut back on your spending and expenses, and/or increase the amount of money that you bring home.

Whatever you have left after your bills are paid is the money that you have to save and invest, and also to reward yourself for a job well done.

A great plan is to divide your surplus into three accounts; your savings account, your investment account, and your reward account. Each money management account has its unique and valuable role.

The savings is pretty obvious. Continue to add to it, and avoid dipping in and taking money out. This is a long term savings account that should not ever be used. The investment account is designed to let you save money that you can later invest. Profitable investments like rental real estate and coin operated machines cost money. The investment account is accumulated to the point where you can afford to invest it in a reliable venture.

The last account, the reward account, is one that you may not have ever thought of using. It does, however, play a very crucial role. In order to stick with a money management plan for the long term, you need to make it enjoyable. The reward account is saved up each month and spent any way you want. This is money that you can feel good about blowing, because it is a reward for a job well done.





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