Early Retirement Extreme Forums

Early Retirement Extreme Forums » Money Questions

1. 

   jennypenny
   

   Expert
   Joined: Jul '11
   Posts: 1,338

   I'm writing the quarterly doomsday letter for my DH in case something happens to me. I list all of our accounts, what the money's for, how to invest it, yada yada (he wouldn't even know how to pay the water bill). Now that I've figured out a plan for the HSA, I can finish the letter. It struck me this morning that we have a lot of different accounts now. Is this normal? Does everyone have this many? Is this just the result of getting older?

   We have:
   401K
   403B
   DH's IRA
   my IRA
   i bond accounts
   brokerage account
   HSA (and soon to be two HSAs)
   checking account
   2 savings accounts

   This doesn't include the kids' accounts, paper bonds, and all of the various insurance accounts. I've moved all I can to Vanguard to simplify things, but it's still seems excessive to me.

   edit: I don't want to come across as "hey look at all the accounts I have." It's just that we've ended up with less money in several accounts instead of all of it in one or two accounts. The tax code seems to drive this more than anything.

   Posted 1 year ago #
2. 

   celliott
   

   Apprentice
   Joined: May '11
   Posts: 63

   4 brokerage (2 IRA, 2 Family Taxable)
   3 mortgage
   3 checking (I include ING Direct)
   3 savings (Multiple ING labels)
   3 Insurance though some with same agency (2 term life, 1 auto, 7 homeowners)
   4 credit card accounts

   (I'm not even touching our business related accounts or the accounts we don't use anymore but that haven't been closed)

   Yep...way too complicated.

   Posted 1 year ago #
3. 

   sshawnn
   

   Journeyman
   Joined: Mar '11
   Posts: 262

   My account holdings are too many. Keeping up with more than 10 accounts is obtrusive but I can justify each one for the immediate future. I agree that tax and "business" drive much of this.

   Posted 1 year ago #
4. 

   BennKar
   

   Journeyman
   Joined: Dec '10
   Posts: 144

   I have a 457 plan and Roth IRA, but that is down from 4 retirement accounts and 2 Roth IRAs two years ago, so that's a plus.

   2 brokerage accounts (though I will be closing one in a month or so)
   3 insurance (home / car / umbrella)
   15 credit cards (only use two, the others were for sign up bonuses - very lucrative)
   3 online savings accounts (ING / HSBC / FNBO)
   3 credit union savings accounts
   1 checking account (only 1? Go figure)
   I have savings bonds, but no online account (they're from the 80's and all paper)

   I know multiple accounts can be a pain, but I look at it that if you have everything in one place, you basically have a single point of failure. If something happens to your one big account, you're farked. I had a major account frozen for a month in 2009, and the other accounts made life liveable until I could get the situation resolved - I'll never consider having just one account after that experience.

   Posted 1 year ago #
5. 

   chenda
   

   Master
   Joined: Jun '11
   Posts: 371

   Just three, current account, ISA [tax free saving] and another intstant access savings account, where I temporarily keep money before its spent or saved. All with the same bank.

   Posted 1 year ago #
6. 

   before45
   

   Apprentice
   Joined: Mar '12
   Posts: 65

   Well I thought I had an abnormal amount; guess not!
   1 Roth
   2 Merrill Lynch (one is a pledge account for our mortgage)
   1 Vanguard
   1 ING (but that has two: checking and savings)
   1 401k with Valic

   It is a pain, and if some have yearly fees (like my Merrill accounts) I'd recommend dumping them (I'm working on it). But I like that it makes checking my overall net worth difficult, as otherwise I would check that several times a day, which is not healthy or helpful, investingwise. (If course, you can use Mint or something but I'm too paranoid to hand over all my passwords.)

   What would a better number be? I'd like to aim for
   HSA with ? (haven't researched these yet)
   ING checking for auto bill-paying
   ING savings for cash flow and emergency fund
   1 regular brokerage account with Vanguard
   1 Roth with Vanguard
   401k with Valic (will probably leave there for not-all-eggs-in-one-basket reason)

   Posted 1 year ago #
7. 

   LiquidSapphire
   

   Master
   Joined: Jul '11
   Posts: 434

   I guess I am sort of middle of the pack.

   1 TSP (401K equivalent)
   1 Roth IRA
   2 Brokerage accounts
   1 HSA

   6 Checking accounts that I have opened for various reasons (2 are credit union accounts with reputations for top notch loan rates and wanted to get those accounts open before I was no longer eligible for membership, 2 are main checking accounts, 1 online checking account functions as a savings account b/c it is high yield chekcing, 1 used to have high rates but not so much anymore, but I keep it around with $0 b/c I like the ability to save for certain goals with it, maybe I'll use it again someday)

   2 Savings Accounts
   At least 4 credit cards, if I have more I am unaware of what they are. I guess I should check my credit report sometime.

   Posted 1 year ago #
8. 

   George the original one
   

   Expert
   Joined: Jul '10
   Posts: 1,938

   Investment-wise, one gathers accounts as they age in the workplace. Used to be worse for everybody in the "old days", when IRA rollovers had to be kept in separate accounts.

   What I have:
   IRA
   Roth IRA
   Taxable (normal)
   Taxable (leverage experiment)
   I-Bonds (paper)
   I-Bonds (Treasury Direct)
   Savings account
   Government retirement (in 2 accounts due to changes in law)

   My wife has:
   IRA 1
   IRA 2
   Roth IRA
   Savings account

   We have:
   joint checking account

   Posted 1 year ago #
9. 

   S
   

   Journeyman
   Joined: Jul '10
   Posts: 288

   I thought I had a lot, but now I don't feel so bad.

   1 checking account
   1 savings account
   1 401k
   1 Roth
   1 IRA
   2 HSAs
   1 credit card

   Thank goodness for Mint.

   Posted 1 year ago #
10. 

    KevinW
    

    Master
    Joined: Aug '10
    Posts: 576

    My wife and I collectively have

    1 credit union checking account
    1 ING savings
    2 Vanguard Roth IRAs
    3 401k-style accounts
    1 Scottrade account (to be closed)
    2 rewards credit cards
    = 10 accounts

    I always want to keep this as simple as possible, but that's difficult for a lot of reasons.

    Posted 1 year ago #
11. 

    Maus
    

    Master
    Joined: Jul '10
    Posts: 504

    2 Savings
    1 Checking
    2 Taxable Trading
    1 Roth IRA
    1 Treasury Direct
    1 401(k)
    3 Credit Cards ($0 balance)
    = 11 TOTAL

    Posted 1 year ago #
12. 

    Ego
    

    Master
    Joined: Nov '11
    Posts: 748

    Funny this came up today as I was working on closing our Merrill Lynch accounts (3) this morning. Simplicity, security and zero-fees are our most important concerns. As someone pointed out above, having all the eggs in one basket is a bad idea - but- having too many baskets can make one a basket-case.

    Posted 1 year ago #
13. 

    McTrex
    

    Apprentice
    Joined: Jul '10
    Posts: 62

    Brilliant :D

    Posted 1 year ago #
14. 

    Mo
    

    Master
    Joined: Jul '10
    Posts: 442

    Me:

    401k
    403b
    457
    Roth
    Another retirement account (I honestly don't know what to call it-- a state optional retirement program account, it's what you get when you work for the state but are excluded from the state pension system)
    2 Checking
    1 Savings
    1 Brokerage

    Jointly:
    HSA
    2 Checking
    2 Savings
    2 Credit Cards

    Wife:
    401k
    403b
    Roth
    Checking

    Incidentally, we started using mint.com recently. It does a good job of tallying up the net-worth figure so we can see how we're doing month-to-month.

    Posted 1 year ago #
15. 

    DutchGirl
    

    Master
    Joined: Sep '11
    Posts: 479

    Yup, I have lots, too.

    2 pension plans
    1 account for retirement investments
    2.5 checking accounts (the 0.5 one is shared with my boyfriend)
    2 savings accounts (1 emergency fund, 1 other savings)
    3 CDs
    2 investments accounts
    1 credit card

    Posted 1 year ago #
16. 

    JohnnyH
    

    Expert
    Joined: Jul '10
    Posts: 1,363

    I've got tons... tons (ie: 13 credit cards! but all but 2 auto-pay :)

    But, everything I own is in a spreadsheet that updates it self with stock quotes, has notes on the item (ie: in retirement acct). I look at this every day (way too much)...

    Other than that, I go my primary bank (Schwab) and broker (IB) website maybe once or twice a week.

    Once a month I go through every account (when I'm adding my previous months expenses up) to make sure everything is as should be and there are no mystery charges/fees, meltdowns, etc.

    Really doesn't feel overly complex or oppressive.

    Posted 1 year ago #
17. 

    dot_com_vet
    

    Master
    Joined: Jan '11
    Posts: 376

    I had ridiculous account sprawl, which I've been actively working to remedy. I currently have:

    - One checking account, with a linked debit card.
    - 401k, IRA's, muni bonds, brokerage with Vanguard.
    - Bank CD ladder which I'm transitioning to brokered CD's at Vanguard, so this will be gone in a few years.
    - One credit card.

    Posted 1 year ago #
18. 

    OTCW
    

    Apprentice
    Joined: Mar '11
    Posts: 39

    Too many, but I have gotten rid of two this year, and am looking to consolidate even more. I count 12:

    401k
    IRA
    Old 401k
    Roth IRA
    Online Brokerage
    Online Brokerage 2
    Credit Union Checking
    Credit Union Savings
    Online Checking
    Online Savings
    Pension
    Credit Card

    Posted 1 year ago #
19. 

    OTCW
    

    Apprentice
    Joined: Mar '11
    Posts: 39

    Oh,and I have a Treasury Direct account but have not funded it as of yet. So that makes a lucky 13.

    Posted 1 year ago #
20. 

    crazn
    

    Novice
    Joined: May '11
    Posts: 22

    IRA
    Roth
    401K
    John Hancock Annuity
    Wife IRA
    Wife Roth
    Wife 403B
    Wife 457B
    Wife State Pension
    Common after tax balanced stock account
    Common 2 savings accounts
    Common 1 checking account
    Real estate investment bank account
    NO DEBT

    Posted 1 year ago #
21. 

    ICouldBeTheWalrus
    

    Journeyman
    Joined: May '11
    Posts: 104

    Too damned many. Going to close 3 of them soon.

    Posted 1 year ago #
22. 

    Fred Tracy
    

    Journeyman
    Joined: Jan '12
    Posts: 101

    Two credit cards, one bank account. That's it. :P

    Posted 1 year ago #
23. 

    DividendGuy
    

    Master
    Joined: Dec '10
    Posts: 414

    I have:

    1 checking account
    1 brokerage taxable account
    3 credit cards (used for rewards and paid off every month)

    Total: 5 accounts

    Posted 1 year ago #
24. 

    dragoncar
    

    Expert
    Joined: Oct '10
    Posts: 1,287

    On this site, only 3 or 4.

    Posted 1 year ago #

RSS feed for this topic

Reply

You must log in to post.