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You If

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you've seen financial advice on TikTok and Instagram,

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you would think that to get rich, you

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gotta have 19 different accounts and use 14

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different financial products to do it. But that's

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about as confusing as a Christopher Nolan movie.

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What's going on here, Chris? We're

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moving backwards through time, but also

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forward? What's going on in

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Tenet that also is spelled backward? Oh

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my gosh, the move, the

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title, in reverse, is the

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same as it is forward. The

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man's a genius. Let's simplify it all. Okay,

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today we're bringing simple back and I'm sharing four

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accounts you need if you want to build

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wealth. No more, no less. And this is exactly

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what I use to build wealth. And after

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watching this episode, you'll have a proven plan in

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your hands to do exactly the same. Okay,

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so the first account you need if you want

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to build wealth is a good old fashioned

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checking account. A checking account is the foundation of

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your financial system. It's where your income lands,

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your bills get paid and your budget is managed.

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Now before you start galloping away on your high

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horse, I know this is obvious, but I

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also know some of y 'all are out here

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stashing your entire net worth in your checking account,

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like a creepy dude in a back alley

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with a trench coat full of gold watches. This

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is risky and a little off -putting for two

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main reasons. First, your checking account is for

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spending, not wealth building. So don't just let a

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large sum of cash sit there for too

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long. It should be in a place where it

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can build compound interest, aka free money. More

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on that later. Not only are you missing out

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on compound growth, but you're also increasing potential

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for some collateral damage if any

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fraudulent activity were to take place. The

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second reason it's risky to keep all your

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money in checking is because you only need

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enough money to cover expenses and bills for

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that month plus a small buffer. Any extra

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beyond that puts you at risk for overspending.

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Now, depending on your lifestyle, married or single,

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kids or no kids, heir to the throne

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of Genovia, whatever, I recommend only having an

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additional hundred to a few hundred bucks on top

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of whatever you're already planning to spend for the month.

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And how does one plan to spend, you ask? Well,

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it involves a simple and beautiful word,

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budget. This is where you list out

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your income, then list out all of your expenses.

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You subtract it until you get to zero. That's

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a zero -based budget, meaning you've assigned every single

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dollar a job to do so that they don't

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float away. And my favorite app for doing this

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is called EveryDollar. I'll drop a link in the

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description if you want to check it out. Now

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that you know where to keep your spending money,

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let's talk about where to keep your savings. The

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second account everyone needs if they're trying to build

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wealth is a high -yield savings account. Or if you're

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one of the cool kids, HYSA. A high -yield

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savings account is a place to store safe

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cash that one can grow safely with compound

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interest over time, again free money. And

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number two can be easily withdrawn when you

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need it. Let's run some numbers here. In

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a regular savings account, your money earns

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less than a half percent on average according

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to 2025 data from the FDIC. But

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with a high yield savings account, your money

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could earn closer to three or 4 %

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or more in interest every single month. So

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if you have a $10 ,000 emergency fund sitting

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there, you could be earning an extra three

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to 400 bucks every year in your sleep.

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Now some of you might be wondering, Wouldn't

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your money grow more if you invested it?

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Sure. But investment accounts are for long -term

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wealth building, not for short -term goals and your

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emergency fund. So let's say you're saving for

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a down payment on a house in the next

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two years. If you keep that money in a traditional

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savings account, it's not going to earn any interest. And

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if it's invested, you can't access it easily.

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Plus you could lose money in that short time

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frame. But with a high yield savings account,

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you can easily take the money out when you're

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ready to buy and there's no risk for

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losing money to spare you hours of research and

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headaches. And because your boy doesn't gatekeep, let me

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tell you about my favorite high yield savings account that

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you should check out. It comes from online

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bank, Laurel Road, and they check off all

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my boxes. Your account balance is top tier.

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APY. There's no minimum balance required to open

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an account. Your deposits are FDIC insured, meaning

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your money is safe and secure, and there's

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no monthly maintenance fees. With a high -yield

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savings account from Laurel Road, your money will

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always be making you more money, whether you're

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saving up for a new -to -you car, a

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down payment on a house, or even your

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emergency fund. So learn more by going to

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LaurelRoad.com slash George or click the link in

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the description below. That's LaurelRoad .com slash George.

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The third account everyone needs to build

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wealth is one of the most

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underrated out there. It's different from account

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Number two, by one letter, and

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basically everything else. I'm talking about an

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HSA, a health savings account. This

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is the type of savings account that can help

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you pay for medical expenses tax -free, and it's

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one of the best things to happen to

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corporate America since the invention of the Reply All

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Pop -Up Warning before you send a company -wide

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email. Don't do it, Tom.

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Please, heed warning. I'm

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doing it anyway. Looks like a

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separate emergency fund specifically for medical costs.

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And here's the best part. It's

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triple tax advantage. The first tax

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benefit, your contributions are tax -free. So any money

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that comes out of your paycheck and goes

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into the HSA doesn't get taxed like the

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rest of your income. And some employers even

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offer a match for what you contribute up

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to a certain amount. Say it with me,

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free money here with this match. And the

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cool part is beyond the threshold, likely around

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a thousand bucks, you can invest the money

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inside of that account to take advantage of

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compound And speaking of growth, tax benefit number

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two in the HSA, any growth is

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tax free. And finally, tax benefit number

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three, your withdrawals are tax free for

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qualified medical expenses. So you can use

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your HSA funds to pay for your

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annual physical, prescription medicine, a trendy pair

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of tortoise shell glasses to make you

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look mysterious and intelligent at work, the

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possibilities are endless. And on top of the triple

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tax advantage, when you turn 65, you can

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withdraw from your HSA for any expense, medical

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or not, with zero penalty. But you will

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have to pay taxes if the money is

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not used for a qualified medical expense. So

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that makes it much like a traditional IRA

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and it makes it a great bonus retirement

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account. And now for the moment you've been

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waiting for the fourth account you need

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if you want to build wealth and achieve

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financial peace, a tax advantaged retirement account. This

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type of account is for long term savings

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that you want to grow significantly over time

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and that you don't need regular access

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to until retirement. And don't just take

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my word for it. Eight out of 10 millionaires

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achieve their net worth thanks to their foreign

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Now, you may be going, well, George, I don't

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know if I have that. Well, here's all of

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the options you could have for these tax -advantaged

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retirement accounts. Option one is a 401k.

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This is just a workplace retirement savings

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plan that gives employees the opportunity to

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invest a portion of every paycheck into

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retirement before taxes. It's convenient, it's consistent,

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and sometimes your employer even partners with

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you and matches a percentage of your

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contributions. You know the drill, people. Free

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money. And while we're at it, free

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willy. I think it's time someone said

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it. That idea has been said

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already. Option two is a Roth IRA.

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Individual Retirement Arrangement. Now this is an account

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anyone with earned income can open regardless

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of your employer. It allows you to invest

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a certain amount of after -tax dollars so

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you can make tax -free withdrawals after the

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age of 59 and a half. Why

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the half? I don't know. Whoever invented this

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probably also celebrates their half -birthday and their mom

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still calls them out by how many months old

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they are. He's 714 months -

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No, he's 59 and a half! Beatrice,

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get a grip! Hell,

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I always be my little po - Yeah, he lives

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with you. That's why. I'm a little

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baby. Sorry about that. Next

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option is a Roth 401k, which is

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a hybrid of the last two. So if

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this is offered by your employer, withdrawals

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are tax -free after retirement, much like the

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Roth IRA. But here's the good news. These

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have much higher contribution limits than the

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Roth IRA, which is extra clutch for you

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high earners out there. So how much

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should you be investing in these retirement accounts?

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15 % of your gross household income, but

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only after you're debt -free with an emergency

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fund in place and not a second

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sooner. And what you'll find is that 80

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to 90 % of your account balance in

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retirement will likely be the magic

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of compound growth if you get started early.

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That means only 10 to 20 % was

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money you actually put in. Let me

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show you exactly what I mean. Let's say

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you're 26 years old and you begin

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investing 500 bucks a month into one of

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these retirement accounts. Well, by age 62,

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you're gonna have over $2 million in there,

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assuming a 10 % average rate of return.

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So get this, out of that $2 .1

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million, how much was money

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you actually put in? You'd be

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shocked to see that it was only

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$216 ,000. That's 10%. That means

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90 % of all of that account would

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just compound growth doing the heavy lifting for you.

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And if you want to check out this calculator

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for yourself, I will drop a link below in

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the description so you can play around with your

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own numbers and see just how wealthy you'll be.

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Now, if you don't have a 401K specifically, it's

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okay, don't freak out. If you're

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federal or military, you likely have something

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called a thrift savings plan, a

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TSP, very similar. If you're a teacher

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or a nonprofit employee, you likely

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have something called a 403B. Again, very

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similar and the Roth options for

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any of those accounts are the best way

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to go. So if you're young and time is on

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your side, you're going to love the compound growth

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opportunity that happens inside of these accounts. And if you're

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not starting until later in life, you might need

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to invest more and do some catch up contributions to

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make up the difference. And to find out if

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you're on track for retirement and what your number should

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look like, keep watching my next video on how

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much to have in your 401k by age. It's coming

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up next or I'll drop a link in the

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description below for you to check it out. Be sure

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to like subscribe and send this video to a

8:56

friend. Thanks for watching. see you next time.