11/15/2021
You recently started making 6 figures and now you’re curious what you should be doing with your money. So, you went on Facebook and now you randomly saw this post without looking for it. Bet. Learning with Sherise is here.
First thing that you will establish are 4 bank accounts.
1. Checking account for all of your living expenses. Typically, 50% of your income goes into that account. You’ll use that account to pay for rent, groceries, your car payment, etc. You can make this account a joint account with your significant other.
2. Your second checking account is for your balling money. This is the money you use when you’re out at the club, brunch, and vacations. Moving your RV for fun? That goes from this account. This account will typically have 30% of your income
3. This is your savings account. You’d want this account to be a high interest yielding account. Some people use part of this account to fund their stocks and crypto. This will typically be 10% of your income. Investments are usually also funded by this account or your second checking account.
4. This is another savings account, but this will be for your emergency expenses. This will typically be 10% of your income. I call it the Rainy Day fund.
