Wealth account

If you are really serious about making more money and make your money work for you, then you must open up another account. I call this the Wealth account. Having a wealth account is a must because you need to know how much money is coming in and how money is coming out. This account is strictly business!

All transactions pertaining to your business or investments is in this account. If you mix this account with your normal savings account, you will have a difficult time doing book keeping unless if you are a accountant. This wealth account is the account that you will be proud of too! You will be earning more compound interest in this account as the balance will be huge.

Learn how to pay yourself from the wealth account. E.g You've earn $50,000 of profit at the end of the month in your business. Do you want to spend all the money? What do you then? Well, simple. You pay yourself! Reward yourself with $10,000 and let the $40,000 sit in your wealth account. Your savings will also come from the $10,000 and not from the $40,000!

If you can adopt this habits, you will be earning a lot of profit from compound interest. This is just one of the way for you to earn extra money from your money. Lastly, your wealth account is not your savings account! Different account serves different needs!