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The 7 Bank Accounts Every Family Should Have! (no, really)

Jordan Page, FunCheapOrFree · Youtube · 3 HN comments
HN Theater has aggregated all Hacker News stories and comments that mention Jordan Page, FunCheapOrFree's video "The 7 Bank Accounts Every Family Should Have! (no, really)".
Youtube Summary
Enjoy this viral principle from my https://budgetbootcamp.com/ program!
Have you ever considered the fact that having only 1 savings account and 1 checking account is actually COSTING you more money and hassle? The more you have, the more you save! This method has not only been proven by us, but by thousands of Freebs who have used my principle over the years and have gotten out of debt, and gotten a way better handle on their finances!
Get even more details on this principle and Q&A at: http://bit.ly/1h9I8fw Use the code "SECRET" for 15% off your order if you are seeing this after the sale ends! This is good for both programs:
https://budgetbootcamp.com/ and https://productivitybootcamp.com/


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I'm a blogger at http://funcheaporfree.com/. My husband Bubba and I have (soon to be) 6 kids in 8 years and live in Utah. I'm all about family, budgeting, frugal living, productivity and organization, and fun! You might have seen me on TLC, The Today Show, Rachael Ray, Good Morning America, Inside Edition, and more. I have two programs, a super fun budgeting program called Budget Boot Camp (http://bit.ly/1PWZZXb) and my brand new program, Productivity Boot Camp (http://bit.ly/2ILSGTn)!!
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Hacker News Stories and Comments

All the comments and stories posted to Hacker News that reference this video.
Dave Ramsey (not connected in any way - just like his message), can be a bit 'over the top' sometimes, but in his daily radio show you can listen some (financial mismanagement) horror stories. He has a "7 baby steps process" that I believe everyone should know (and adapt to his/her will/preferences/life setup). Yes is a fanatic christian, yes, he can be a bit tiring when he takes a religious tangent, but still, I find his message very useful. I would really liked to have discovered him 20-30 years ago (or whoever was the Dave Ramsey at that time).

I really appreciated/found really helpful the tip of the "seven bank accounts" (Jordan Page, FunCheapOrFree)(also not connected in any way): https://www.youtube.com/watch?v=auzLhKvsxnQ

(Ramsey a similar type of management the "envelope system").

Edit: from what he sometimes says on his radio show, some schools in the USA 'teach' his program/system/7-step-process. I find this amazing and I wish that this (or something similar) is properly taught to every school on the planet.

Consultant32452
There's a really complex/perverse thing here which I'm going to fumble with, so I hope the dear reader forgives.

This information is not available to the black community. Now, obviously, any black person is technically capable of tuning into the Fox News channel where Dave Ramsey has a show, or dial their radio to conservative radio stations where Dave Ramsey is broadcast. But in practical terms, Dave Ramsey is unavailable to black people. And they are actively discouraged by our culture from even finding out that he exists.

I became aware of this in a discussion with a black friend i which she believed something that was "sort of" untrue. It was something approximately like she believed that white people grow up in homes where certain concepts like basic personal finance are taught. This was so bizarre sounding to me, because my actual life experience was so different. I grew up in a poor "white trash" household. My parents were/are buried in debt up to their necks. Basic personal finance, the Ramsey flavor or otherwise, was simply not in the ether. I didn't grow up with Fox on the TV either, or anything even pretending to be news. I still don't generally watch Fox News, but am a Ramsey fan.

I believe my friend was technically wrong, but maybe directionally right. She was directionally right in the sense that even though Dave Ramsey wasn't in my household, it was culturally at least acceptable. If you're far enough left wing to where you can't bring yourself to listen to Fox News/conservative radio, you can maybe get by with Clark Howard combined with Planet Money. Still extremely white in culture and audience.

I hope we figure out some way to get past this. Because even the pitiful tools that are available aren't available to everyone.

triceratops
Dave Ramsey isn't the only personal finance pundit out there. Nor even close to being among the best ones. Dave is downright mediocre.

You're also denying people of color agency by saying that unless personal finance education comes to them, they have no hope of finding it by themselves.

Consultant32452
No more than denying white people of agency who didn't get taught personal finance in school. This whole discussion pre-supposes that people are less likely/capable of getting this information unless it's put in front of them. The Fox News bit is essentially saying it is put in front of them by pure luck.

If you don't buy into that argument, if you don't think it matters whether personal finance is taught in school, then it's a moot point.

anm89
Are you claiming a public YouTube channel is not available to the black community?
throwmylifawy
I appreciate you for being open, vulnerable and expressing your ideas. However I am black and what you are saying does not sound correct to me. I know a lot of black people (including my family) who listen to Dave Ramsey and watch Fox News. Black people are in general pretty religiously conservative in the US. Personally I used to watch financial TV channels growing up like CNBC and listen to Clark Howard and Susie Orman.

I can see the appeal of a straight talker and pull up by your boot straps personality such as Ramsey. He has helped a lot of people. His style does not work for me personally.

I personally think the financial problems (in general) with black people (aside from racism) in the US stems from two related things: the lack of a coherent family structure and lack of intergenerational wealth transfer. The single-mother family poverty angle is pretty clear: Single mothers have low availability and are poor, and poor people tend to make poor financial decisions due to exploitation and desperation. The intergenerational wealth transfer angle is if you have something of value you are going to transfer to the next generation, you are going to spend time teaching them how to care for it. Think transferring a business, property, and other assets. Legacy is a real important thing for most people. This is something rare for black Americans. Unfortunately in a lot of cases the thing that is transferred between generations are debt obligations.

pnutjam
That's my big problem with Dave Ramsey. He's a rent-seekers financial advisor. There are lots of people who should cut their losses and let a bill get written off, but he brings his "ethical" view and counsels them to spend afew years feeding their kids garbage so the company can get paid.
dragonwriter
> I personally think the financial problems (in general) with black people (aside from racism) in the US stems from two related things: the lack of a coherent family structure and lack of intergenerational wealth transfer.

You say “aside from racism” and then point to two things directly attributable to racist policies.

throwmylifawy
Agreed.
awinder
Fox News black viewership population through 2018 was fully 1% https://www.newsweek.com/fox-news-white-audience-immigration...

I’m not discounting your life experience but statistically speaking most black households do not experience Fox News. And if you lived in an environment where most black households did experience Fox News, then that might point to an even more skewed environment, statistically speaking.

stjohnswarts
Sorry you're getting downvoted. He is a bit hyperbolic, but his steps are extremely easy to understand and can help curb bad habits that a lot of Americans have. He is also a likeable person I think and that means more people will listen to him than better (perhaps) advice coming from college professors who wrote a book on the same subject but who are less charismatic. A lot of HN people will downvote you for being a "shill" or "I know someone better" but you are on point and don't let the downvotes be taken personally. It's a failure on the downvoter rather than you when you are on topic and relating pertinent information.
I use a "7 accounts setup" for my finances. One of my accounts is labelled "Internet" and has no more than £50-£100 at any given moment. It is the card used for Paypal, Amazon, Spotify, etc. If that card gets compromised I won't lose more than that, and my bank will most likely return the funds (yes even if it's just a Debit Card). If the account runs low then Spotify won't get paid in time and I won't cry about it :)

I was inspired by this video: https://m.youtube.com/watch?v=auzLhKvsxnQ

I always had multiple accounts but this vid and a discussion with friends (bankers and accountants) helped us all develop (each his own) 7 (or more) accounts setup. Imagine a "Dave Ramsey envelope system", but online.

em-bee
sadly, because of to much fraud i guess, china now doesn't allow more than one account per person (it's actually per bank, but i suspect only because it's not easy to enforce across multiple banks)

with that restriction in place, 2 or 3 accounts is manageable, but 7 almost impossible.

ideally the bank should allow to split your account into sub-accounts. so that nominally (for tax and monitoring purposes) you still have one account, but for money management purposes you have multiple.

tick_tock_tick
Why would you ever use a debit card over a credit card?
amaccuish
Because the use of credit cards over debit cards is pretty much a uniquely american phenomenon.
HenryBemis
Credit card = Loan

Debit Card = money in the bank.

I am not trashing the credit industry, but when they give me 1% and I give them 24%...

And in the UK I do get a refund for fraudulent purchases (e.g. someone copied my card details from a store and made some purchases of women's shoes from somewhere in the UK I have never veen) - NatWest flagged it, alerted me, refunded me.

oaw-bct-ar-bamf
Why would you ever use a credit card over a debit card???

With debit you spend the money you own.

With credit you take debt. On every single payment. You are taking debt. Only at the end of the month you pay your debt.

If you spent too much, (by accident) you now have to pay overdraft interest.

With debit you spend the actual money you own.

If a purchase (fraudulent or not) exceeds your current balance, the payment won’t process.

But that is a good thing.

You shouldn’t be buying things you don’t have the money for anyway...

gruez
>If a purchase (fraudulent or not) exceeds your current balance, the payment won’t process

>But that is a good thing.

In case of fraud that's a bad thing because your cash flow is now screwed until the dispute's resolved. What do you do if you have $1000 in the bank, you get a fraudulent charge for $600, and this months rent of $800 is coming up?

DanBC
In the UK the tenant needs to be 2 months behind in rent before the landlord can start the eviction process.
Thiez
Here in the Netherlands it is exceptionally hard to kick someone out of "their" home when doing so would leave them homeless. Being 1 month behind on your rent for 1 or 2 months may get you some stern letters, but you won't get kicked out if it happens once.
rcfox
I asked my bank to automatically pay off my credit card in full at the end of each month. (It might help that my credit card is affiliated with my bank, I'm not sure.)

I've never come close to spending near my limit, so I don't know about an overdraft fee. I assumed it would decline further payments.

My credit card gives me reward points for money spent on it. Having a credit card that I keep paid helps my credit score.

I make some tiny amount of interest on the money in my account each month. I might as well collect that before parting with the money. And it's not like credit card debt accrues daily.

wcoenen
Credit cards are not as commonly used and accepted outside of the US. In Europe it's not uncommon for stores to accept debit but not credit, and Europeans typically only use their credit card for travel or internet payments when there is no alternative.
myhf
Why would you ever want errors to reported while they are happening, instead of at the end of the month?
kowdermeister
I have no self control to pay it back on time.
iMerNibor
As a european my question is exactly the opposite, why would you ever use a credit card if you can just pay directly with the money you have?

The concept just seems to bizzare as someone who has grown up with their country specific bank cards - getting a credit card or even a visa/mastercard debit card is something fairly unusual.

I do realize you american people have to build a credit score and there's cashback schemes. Very different cultures I guess

nicolethenerd
Yup - credit cards offer incentives (for example, 2% cash back) - I can't think of any good reason not to get one and have it set up so that it automatically deducts the balance from your bank account once a month - this makes it effectively a debit card where everything you purchase is 2% cheaper.
notus
Well one reason people use credit cards a lot in the US is that it is much easier to dispute a payment charged to a credit card then it is a debit card. Additionally a charge on a credit card is not money you currently have it is more potential money, whereas a charge on a debit card is tied directly to your bank account and can take a while to be returned in the case of fraud. At one point you used to be basically SOL if fraud occurred using your debit card.
wcoenen
The concern over fraud goes the other way in Europe. We don't like the "pull" model and worry about our card number being used without our authorization. Debit card payments usually require card presence and PIN for each transaction, making stuff like that impossible.
gruez
>Debit card payments usually require card presence and PIN for each transaction

Presence and pin? How does that work online? Even if it's pin only, aren't you still screwed if you get phished?

wcoenen
Online payments usually go through something like 3DSecure, where you get redirected to your bank and need to authorize the payment amount with a digipass or card reader, which require a PIN.
HenryBemis
Not for online, for physical purchases. Another fundamental/SHOCKING difference between Europe vs USA is that when you pay with your card in a restaurant in Europe, the waiter brings the POS over to you, while in the USA the waiter disappears with everyone's cards for 5mins ;)

Not good security is it? They can take their time to scan/photograph the cards etc, while in Europe the card's details are for seconds and right in front of you.

I was inspired from a couple of videos for my "flows"/management.

This speaks about keeping 7 accounts: https://m.youtube.com/watch?v=auzLhKvsxnQ

There is a Tom Ferry (real estate guy but has some sound tips) also has on a video a VERY good flow diagram on how to distribute money in different buckets/accounts. Apologies but I couldn't find it on my phone.

I was "inspired" by the above and once I organized my accounts/flows and stopped using "single account for all" my life became so much simpler. And of course PayPal wallet is not a permanent parking space for £€¥$.

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