Hello /biz/ im the anon from a few days ago.
Several posters told me that having a savings account is useless, and that I need to have multiple accounts to save in. I plan on ditching my savings for an IRA.
I guess my question is, how many accounts are essential to have?
>Trad IRA
>Roth IRA
>Company 401k
>Emergency fund
>Optional credit account
Thats all you truly need right? Or am I missing anything here. Im sorry Im new at this. Thanks
Checking account
Emergency fund
Roth IRA
Company matching 401k
Brokerage account for meme stocks
Secret Bitcoin wallet
Roth ira's are for pussies, get a Roth 401k faggot. Ira's for pussies who want to live the meme of investing.
>>1363586
>Trad IRA
>Roth IRA
You need to chose between the two as you can only invest in one or the other each year. I recently changed over from contributing to a ROTH to a traditional IRA because my income jumped up from mid 40s to low 100k so the tax deduction associated with a traditional IRA made more sense.
>Company 401k
Yep, you need to contribute enough to get the maximum company match
>Emergency fund
I have several different accounts for this. One is a regular savings account with my bank that pays shit interest. I keep about $1,500 in it for emergency purposes. I keep this account because that $1,500 can be in my savings account in under 30 seconds, 24 hours a day, 7 days a week.
I also keep emergency fund money across a mix of ETFs, REITs, and individual stocks. I use Vanguard because they don't charge fees when you buy Vanguard products (which are also among the best ETFs, REITs, and mutual funds you can invest in because of their low fees), Robinhood because you can buy individual stocks/ETFs without fees, and another more traditional brokerage platform. Keep in mind that you can and will lose money on stocks, ETFs, REITs, and mutual funds and it can take 3-5 days to get money back into your checking account.
>Optional credit account
Sure. Why not? I just signed up for yet another one that gives 1.5% cash back, is interest free for 9 months, and will raise my credit score a bit.