In this episode Mark explains how he would streamline and organize financial accounts if starting from scratch, especially to simplify finances for himself and loved ones. 

He outlines an eight step plan including: a main cash management account, an optional local checking account, a separate online savings account for goal “bucketing,” two no-fee credit cards at different institutions, a taxable brokerage account, retirement accounts (Roth IRA and/or traditional IRA), a Health Savings Account (HSA) and an optional donor-advised fund. 

Mark closes by noting he personally keeps multiple accounts and cards for research and travel rewards but would otherwise consolidate primarily at one favored institution.

Episode Links:

Mark’s Money Mind YouTube Channel

Fidelity Cash Management Account

Ally Bank

American Express Blue Cash Everyday card

Chase Freedom cards

Citi DoubleCash card

Discover It card

Fidelity Brokerage account

Fidelity Retirement accounts

Fidelity Health Savings Account (HSA)

Fidelity Charitable (Donor Advised Fund)

Timestamps:

• 00:00 Welcome to Mark’s Money Mind + Why Streamlining Accounts Matters
• 02:11 Step 1: Your Main Cash Management Hub
• 04:11 Step 2: Local Branch Access Without Big-Bank Fees
• 08:25 Step 3: Online Savings for Goals & Emergency Fund
• 10:40 Step 4: Keep Spending Simple & Protected with 2 No-Fee Credit Cards
• 13:47 Step 5: Taxable Brokerage Account for Investing Beyond Retirement
• 14:24 Step 6: IRAs at One Custodian + Roth Rules & the 5-Year Clock
• 20:21 Step 7: Add an HSA If You’re Eligible
• 22:13 Step 8: Donor-Advised Fund for Tax-Smart Giving
• 23:57 Recap: The 8-Step Setup + Final Thoughts