4 Money Lessons School Should've Taught You

School never teaches you about money. So here are 4 things that I had to learn the hard way to become a millionaire at 25 years old, despite going up broke and financially illiterate. You need 4 types of bank accounts if you want to be rich. The first one is just your basic checking's account. I personally use Chase and Bank of America, and this is just your central hub where money goes in and out and never stays for too long. Because every second your money is sitting in there, it's going down in value because of inflation. So I typically only keep one month of living expenses plus a little buffer in that account at any given time. Anything over that gets transferred to the other accounts, like number 2, a high-yield savings account. This is just a better version of a traditional savings account because it pays you like 9 times more in interest. This is where I put my emergency fund and other savings goal like a down payment on a house or for travel. This way I can get paid just for saving my own money. It's free to sign up with no drawbacks. So if you don't have one right now, I'll put my favorite ones in a link in my bio. Now, if you want to get rich and I mean really rich, you need to actually invest. 3. Roth IRA. This is a retirement investing account and any gains you make within this account is 100% tax free that IRS can't touch. Which over the long term is literally hundreds, if not millions of dollars back in your pocket. And it's so OP that the government only allows you to contribute $7500 this year. And if you make too much money, you can't even use it. This is what I have my Roth IRA in, and it's mainly ETFs and individual stocks, and all these gains are 100% mine. I'm not getting taxed on it, which is amazing. I have mine with Vanguard, but you can literally use anyone. And remember, you have to actually invest the money that contributes in the Roth IRA. You can't just let it sit. You need to actually invest it. Please don't make that mistake. And once you max it out, you want to invest the rest of your money into a regular brokerage account. This is just another investing account that's a lot more flexible, but there's nothing really special to it. It's just another place to invest and you have to pay all the taxes. This is what I have in my accounts and I use Vanguard, Fidelity, and Webull. Now all these accounts are 100% free to sign up, so please do it today if you haven't already. And if you want to learn more things that school should have taught you, drop a follow. We're all in this together.