The 6 Bank Account Method: In a recent video, I break down the six bank account system I’ve used for around 18 years to: manage my money; invest consistently; and build wealth.
In the video, I explain exactly how to use the 6 bank account method to manage your money. If you want to build wealth, but don’t know where to start, make sure you watch this one until the very end.
You can watch the video on YouTube, or at the top of this page. On YouTube, drop me a comment letting me know that you are starting to use the 6 bank account method. In 6 months, come back and leave a comment about what impact it has had!
Most people only have one or two bank accounts, a primary account and sometimes a savings account. However, I believe it is important to have 6! This allows you to divide your money in advance, so it can be used in the best way possible.
Each month, or whenever your money comes in, you have a standing order for the money to be moved in to the different accounts. In this article, I will give you the 6 bank accounts you need, and the percentage of your income that should go to each!
If you are on a very low income, you may need to adjust the percentages. However, get the accounts set up, regardless of the amounts you can allocate to each.
I am not a financial advisor, and this is not financial advice. I am simply sharing what worked for me as a multimillionaire property investor who started from nothing. I don’t know your unique circumstances or goals, so do your own research before taking any action. That said, I have seen this 6 bank account method work for my students.
I want to help people build wealth by teaching them this simple money management system. However, I need your help reaching them. Please will you share this article on your social media pages? That way, we can ensure everyone has the tools to succeed, not just the rich!
1. The 6 Bank Account Method: Necessities (50%)!
50% of your money is for day-to-day expenses such as food, clothes, and bills.
2. The 6 Bank Account Method: Give (10%)!
10% of your money is for giving to good causes. Don’t wait to become rich to start doing this!
3. The 6 Bank Account Method: Play (10%)!
10% is to ‘waste’ on fun things! Having a set budget for this allows you to be disciplined, and not feel bad for splashing out.
4. The 6 Bank Account Method: Savings (10%)!
10% is for your long-term savings, this is for large purchases such as a new car, TV, or home!
5. The 6 Bank Account Method: Investments (10%)!
10% is for investing to buy cash flowing assets, or build your property business.
6. The 6 Bank Account Method: Investing In Yourself (10%)!
This last 10% is the most important! This is the money you use to invest in yourself, i.e. your education. Depending on your income level, this could be anything from buying business books to paying for mentorship!
How To Make The Money!
Now you understand the 6 bank account method for managing your money, it is time to learn how to make it in the first place! Join me at my next introductory online training event!
We have different online trainings throughout the year, each teaching different things. Here is a sample of what you could learn on one of our online introductory webinars:
- The SECRETS to becoming a successful property investor
Get immediate and actionable insights to accelerate your property investment journey.
- How to LEVERAGE other people’s money to get started
Begin to understand the strategies to use to reduce the barriers to getting started.
- How to FIND fantastic property opportunities
Understand where property professionals source the best deals.
- How to RECYCLE your money again and again
Don’t just do it once, repeat the process to build your property portfolio.
Property investing is not just for the rich! Learn the strategies that thousands of people have used to not only start investing, but become financially free! Tickets are free, so book your property training webinar now. If you are ready to take action, I hope to see you very soon!
