It's Not the Size of Your Bank Account

Comments (20)


It's Not the Size of Your Bank Account

By: Stephanie Yeh

You might think that if you win the lottery or get a huge raise, all your problems will be solved. Sounds logical, right? Well, it might sound logical, but it isn't. Having a bigger bank account will not make all of your problems disappear. Why? Because money is nothing more than a giant magnifying glass. Any problems you have with money only get bigger when you have more of it. There are people who earn $150,000 a year who have huge money problems because they have never learned how money works.

So, if you are want to implement another top wealth creating habit in your life, learn how money works while your bank account is still modest. Deal with any out-of-control spending habits, plus any fear of loss, fear of risk and fear of money issues you might have. If you start small, you'll be able to make a lot of mistakes without it costing a bundle.

You see, if your bank account is large, chances are that you will want to play big with your money-buy large things, invest large sums and take huge risks. If you're not well-educated about money, though, or don't have a lot of experience yet, huge risks can equal huge loss. But if your bank account is small, you'll be more inclined to learn how to handle your money carefully and frugally, which minimizes your down-side. Sam Walton, founder of Wal-Mart and Sam's Club stores, always proclaimed that if he controlled his expenses (i.e. kept it small), he could afford to make a lot of different mistakes.

So if you think that you have to wait until you win the lottery to start learning about money, think again. Now is the time to start, while it's all very small. You can't hurt yourself too badly when your bank account is small, and you can learn a whole lot. It's never the size of your bank account that matters-it's how you deal with money, no matter the size of your bank account. And in this case, the size does matter and smaller is better. Good luck on implementing this top wealth creating habit!

About The Author

Stephanie Yeh and her partner have helped many other people achieve and experience prosperity with the help of a strong 15 year network marketing business. Her current project, the Journeyman Wealth Program, is aimed at helping 15 people a year fully achieve their dreams. Stephanie's Prosperity Abounds website works on the basic principle that "You are the creator of your own reality!". Get more details on her website at http://www.prosperity-abounds.com.


info@prosperity-abounds.com

Comments

Israel 30.03.2012. 01:04

How can someone open a bank account with out my id? I recently found out that somone got a hold of my social and used it for tax purposes. After talking with the IRS they told me they recieved a nice sized refund and had it directly deposited. How is it possible that they opened a bank account with out a copy of my drivers license? I thought all banks required at least two forms of id.

Israel

Admin 30.03.2012. 01:04

You can't. You HAVE to have a picture ID and another form as well.
You can steal a social and not have an ID of the actual person who uses that social. That's why it's called identity theft.

Admin

concerned teenager 02.08.2011. 01:34

Do you have to have a bank account to exchange bill sizes? Ok, I don't have a bank account because I'm 16, but I have a bunch of $2 bills and a ton of loose change I've been saving, so since I don't have a bank account can I still just go to the bank and exchange all the 2's for like a $20 bill? Or would I need a bank account to do that?

concerned teenager

Admin 02.08.2011. 01:34

i dont think u need a bank account just for that, just tell ur mom to exchange the dollar bills into $20 bills for u or u can just go into any retail store at the shopping mall and they will most likely exchange it fr you, i had $20 in all quarters once and went to Charlotte Russe at the mall and asked if they can give me a $20 bill and they did! so u dont need to go to a bank

Admin

jt 25.07.2011. 12:15

How much cash can you withdraw from your bank account at one time? So i have 4200 in my bank account and i wanna take 3600 out can i just go to my bank and take it out without paperwork or anything?

jt

Admin 25.07.2011. 12:15

Depending on the size of your bank that may be too much for them to give to one single person. Most major banks shouldn't have an issue unless it's an extremely busy day and they have to ration out their large bills.

Call your bank they'll probably say it's fine, worst case scenario they'll have to order a little extra cash for you and it'll take a few business days.

Admin

tikku 26.03.2008. 10:55

All the information about money transactions from foreign to India via Paypal to my personal bank account? Pls help me with the details about Paypal do i have to submit any amount to create a account in paypal and how can i transfer dollars from foreign to india in rupees to my personal bank account? Which bank is suitable for transactions of foreign currency?

tikku

Admin 26.03.2008. 10:55

Pay Pal does not require any money down just a credit card number. If you want you money deposited directly into your bank then you must also "verify" your account by providing them with you bank routing and account number.

Foreign currency exchange is handled by your bank. Call your bank to ask them if they handle foreign currency. Most large banks will at no additional cost, medium-sized banks may charge a small fee for the transaction, many small bank do not. The will take care of converting the rupees into US dollars at the time of the transaction.

Best wishes.

Admin

PSS 07.09.2012. 06:45

How many bank accounts should I make for my Corporation? Would it be ideal to have multiple business bank accounts for my Corporation?

A main account, and another for payroll?

Like everything would be deposited into the main account and then from there we would transfer some funds into the payroll account. Any expenses would be deducted from the main account.

Or should I just use one or more than two?

Right now theres only three actual employees in the Corporation but we have like 10+ independent contractors working for us. Don't know if that matters or not?

PSS

Admin 07.09.2012. 06:45

I think the decision should be based on the size of the corporation. Right now, your business is relatively small, so I don't see the need for a separate payroll account at this time.

Usually those separate payroll accounts are for corporations with many employees. At that point, it becomes an internal control measure, because a corporation of that size may well have a number of people with access to the accounting records and the ability to write checks or authorize payments. Again, at that point, there usually is a need for a separate payroll accountant whose sole responsibility is payroll and the management of a separate payroll account.

Right now, you would just be adding what I think is an unnecessary monthly bank service charge for another account. You can always add more accounts later as needed.

Admin

Aaron 26.05.2010. 01:24

What is most important to married women? 1-car you drive
2-kids
3-house you live in
4-c*ck size on hubby
5-bank account

why do i ask?
my c*ck is as big as a chinese thimble
but i own 3 homes outright
drive many cars
and get over 24,000 a month trust fund

why am I on yahoo and what is most important to you ladies.

Aaron

Admin 26.05.2010. 01:24

Oh Ronnie - its personality and looks, able to provide a sedate life with enough money to be comfortable, but crazy rich is not necessary, and may even have too many downsides (trust funds can be very "expensive" as some blue haired lady minds too much of my business, sorry!) then sex life. House and cars should be functional and not embarrassing. Good father matters more than number of kids, though you should be able to procreate. Sorry about the thimble thing - it matters, but you can do amazing OTHER things for your woman, so she might not mind. Be creative, and you'll be more than fine! You do have lots going for you. The Big O is hilarious - but fortunately, wrong at least 55% of the time - lol!

**Edit - Sorry the "looks" thing looks ignorant. I need to explain.Most of us are "attractive enough" to find someone that finds us attractive. Very few of us are universally attractive, and most of us are not universally ugly. There is someone for everyone, so don't skip of the part that you have to find your spouse attractive and be crazy for her, and vice versa (even if no one else can see what you see).

Admin

Myles 30.03.2013. 01:57

What are things a man should never brag about? So far, I've got:

-the size of his wallet/bank account
-how much weight he can bench

what else?

Myles

Admin 30.03.2013. 01:57

The size of his derrick - such meanderings tend to upset the less-endowed peons.

Admin

Michael S 03.09.2007. 13:22

What kind of dog to get? I want something that is medium sized, active, but is generally well trained. Ideas? I want something medium sized, active, generally well trained. The only problem is that currently I only make about $200/mo, but I can work more at my other job, or pull a second job. I have money that I can spend, but I don't want to keep pulling money out of my bank account and would rather just use some of my paycheck to pay for the dog. I have family that may help pay for the dog, but I would rather want to make sure that I could pay for it by myself, and not have to rely on others.

Also, I don't have too much yard space, but live really close to an elementary school and state park. Any ideas on a good dog for me, a first time owner?

Michael S

Admin 03.09.2007. 13:22

Maybe a American cocker spaniel

Admin

Radar 15.09.2011. 21:29

Can an employer allow direct deposit to only one bank? I work for a mid-size bank, but do my primary banking at a credit union. Our CEO recently alerted all employees that starting 10 / 1 that they will only do direct deposit to our own bank. If you do not change your direct deposit you will be mailed a paper check.

Can an employer (a bank) limit where you can send your direct deposit?

Radar

Admin 15.09.2011. 21:29

Yes, they do that all the time. One place I worked, direct deposit through their preferred bank was the ONLY way they paid! There was a cash machine from the bank in the lobby of the building, so you could get your money in cash. Or you could just move your bank account there. I thought it was unfair too, but at least the bank didn't charge fees if you just kept your account there to receive your pay.

Admin

moonna 22.03.2013. 08:55

Hot to start investing in share market, book profit and cash the money in my bank account or get the dividend.? What is dividend and equity. Is the dividend credited in the bank account? How to make the payment for online purchasing of shares. What happens to the money after I sell one share.

moonna

Admin 22.03.2013. 08:55

An equity share is an incremental portion of ownership in a company's assets and
the accompanying entitlement to any profits derived successfully from revenue.
Investors generally buy and sell the equity shares of large companies
whose stock is traded publicly on a stock exchange through broking firm.
A broker is a member of the stock exchange, who buys and sells stocks
on his behalf and also on behalf of his customers.
One bank account and demat account is necessary for trading through brokers
(Kotak securities, Indialnfoline ltd,karvy broking ltd,ICICIdirect , sharekhan etc)
after producing pan card, address proof, 3 months bank statement, cancelled cheque,
Two passport size photo & filling necessary documents.
Demat Account is an account where your Shares are stored in electronic form .Trading Account is an account which is used to place orders for Buying and Selling of shares .
Demat Account Opening Charges: Free if trading A/c is opened @ Rs.750
BROKERAGE FEE: Delivery 0.3% of transaction value.
Rs.50/- is charged as maintenance fee per month for demat A/C.

Admin

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