I will have 3 bank accounts. All of these accounts will serve a role and porpose. Currently, I have only 1 account, but that is because right now, I just need one account. However, with the acquisition of $25,000,000 – I will need multiple accounts. Each account will be explained here, and defined in a way where I will hope it makes sense.
The first account will be a Swiss Bank Account. Most wealthy people will have a Swiss account to avoid paying taxes. This will not be the reason why I would have one. Instead, I will have this account to hold all of my financial resources beyond the $250,000 threshold for each customer at each bank. Otherwise, if I had $300,000 in my business account, and the bank goes bankrupt, I will only get $250,000 from FDIC. This protection limit is not something I want to deal with. With that said, I will learn how to use spreadsheets, and deposit all of my excess money into this account. When I need more money into one of my other accounts, I will initiate the transfer.
The second account is my current bank account. This is my personal account, and while I will have more money in my account, and will be able to build wealth, I will still keep this account in a way where I would try to save as much as I can to keep myself from being in a financial precarious position. I will continue to behave as I currently do with regards to my credit cards. I just have a bigger asset pool that I can draw upon. However, I do not see myself increasing my spending other than to compensate for the resources that I would have lost by being wealthy.
The third account will be for FSP Enterprises. This will be an umbrella corporation that would be a single bank account for all of my business ventures. The convenience store will be on the first floor, and the realty office on the second floor of my 4 Story Building. The pizza shoppe will be down the street at the other end of the block.