7 must-have accounts for women in their 20s-30s

7 must-have accounts every woman in her 20s and 30s should have and exactly how to use each of them. There is one big mistake I see pretty common among women who are just learning personal finance, and it's a mistake I made too, but it is to keep everything in a regular checking or savings account. So if this is you, stick around because this is the exact money system that helped me go from zero to 1.1 million in net worth in about 7 years. First is a checking account that is going to be your cash flow account. It's the one that's going to be receiving all of your inbound income. This is where rent, utilities, your credit card payment will all come out of. You typically want to keep your balance in here pretty low so your money is working for you in these other types of accounts that I'm about to tell you about. The second one you need is a high-yield savings account and the first thing you're going to allocate money for is for emergencies. Start off with $1,000 and work up from there to 3 to 6 months of base living expenses. You are only going to dip into this account when you have an unexpected expense come up, but the best thing about a high-yield savings account is it's going to be earning you about 4% interest, which is far more than what you're getting in that checking account. In your high-yield savings account, you can also set up sinking funds. Sinking funds are just savings buckets for future expenses that you know are going to happen, like a vacation, saving for your wedding, or other short-term savings goals. Okay, accounts 4 through 6 are your retirement accounts. Your 401k or government equivalent, your HSA, and your Roth IRA. All of these accounts have some sort of tax advantages, whether that is reducing your taxable income, growing tax-free, or both. If you have access to these types of accounts and you have an employer who matches your contributions and you are not taking it, that's free money you're leaving on the table, so I'm going to need you to update your contributions today. And lastly, you have your taxable brokerage. Your taxable brokerage is a post-tax account that provides the ultimate level of flexibility. It can be accessed at any time for any reason, no matter what. If this video was helpful for you, give it a like and follow for more beginner-friendly money content.