You Need More Money by Matt Manero

Author:Matt Manero
Language: eng
Format: epub
Publisher: Penguin Publishing Group
Published: 2018-03-20T04:00:00+00:00

RESERVE ACCOUNT

Perhaps the most important strategy to achieve my financial success has been the creation and execution of a reserve account. I mentioned this a few times before, and now I’m going to tell you exactly how it works. Keeping my mind in a state of constant “broke-ness” while stacking and racking cash has made all the difference. I created two bank accounts in my life. The first account is what I call the household or operating account. You probably already have this account. It’s your normal checking account at your bank. Your paycheck is deposited into it manually or via direct deposit each pay period.

The second account is called the reserve account. This account, as you will quickly see, will become one of the single best decisions you have ever made. I have used two bank accounts for more than fifteen years in both my personal and business life and it has saved my ass many, many times. Most people have this backward. They spend a ton of time working in and watching their operating account and very little time with their second account, their reserve account.

I’m going to now show you how to turn this thought process on its head. You will now learn how to spend very little time in your operating account and a lot more time in your reserve account. You might think it sounds so simple—“duh, that’s called a savings account!”

Well, you’re kind of right. First of all, it is so simple, but hardly ever done. But what really differentiates a reserve account from a savings account is how you think about and use it. I’m going to show you exactly how to use the reserve account in a way that makes it much more useful than a regular savings account.

The reality is that most of us don’t want to bother with multiple bank accounts and don’t have the backbone to say no to ourselves or others. Therefore, we use only one bank account and we fund it with all the income needed to pay our bills plus a little more—and we spend it all. Your operating account is the one in which the revenue (your paycheck) comes in and the expenses go out. This is the account that most people deposit all of their money into, and because of that, the money goes in and goes out within a very short period of time. This happens because we hate to say no to ourselves or others. We just have to have it and we have to have it now! We cook the cash each and every month and we never get ahead. But that is not you, not anymore at least. Together, you and I have made the choice to get more money, and we start right now.

The reserve account method does not require you to fight against this urge. In fact, this way you’re free to spend every dollar in your operating account. Burn it up. With this method, I want you to cook the cash in it.

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