You’ve heard the term, “keeping up with the Joneses.” It addresses the obsession of looking at your neighbor, turning green with envy and doing everything in your power to have what they have. That might mean a new car, a luxurious vacation, or an addition to your home. Even though the phrase gets a grin and chuckle from folks, don’t dismiss it. Millions of people are driven to either match or exceed their neighbors’ outward appearance of affluence. And the impact on their personal finances can be severe.
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Many people signup for a checking and savings account with one bank and never even consider the idea of opening an account with another bank. Those that are daring will possibly open an online savings account in addition to their traditional account. So, why do many people choose to have only one bank account? My belief is that people were like me and assumed that only those with LOTS of money need multiple bank accounts. Disagree? Continue reading and you will understand why you should have multiple bank accounts.
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