3 money moves one self-made millionaire is taking in response to the coronavirus pandemic. (via CNBCMakeIt)
It doesn't hurt to have money across different accounts, though.Scott Cole recommends having three to six months' worth of living expenses saved across two different accounts. Keep about $1,500 in the savings account tied to your primary bank and put the rest in a high-yield savings account, where it will likely earn you more in interest,If you need to dip into the $1,500 for an emergency, it will be readily accessible.
While he has a substantial cash cushion and isn't worried about his financial situation right now, "I'm human, so when your net worth drops 30% in a matter of 10 days, it sucks and that hurts and you feel it." That's why he's putting the habit of looking at his account balances on hold: "I know things are going down." He's accepted that, for the time being, he's in "a preservation phase, and not a growth phase," but trusts that the markets will bounce back. When they do, he'll start checking his net worth again, but in the meantime, he doesn't need the stress and anxiety that comes with seeing your numbers drop.
Another way to stay focused on the long run may be to tune out some of the daily headlines. That's what investing legend Warren Buffett does. It helps him focus on where businesses will be five, 10 and 20 years from now, which is really what matters.. "I do think I can make money by predicting what will go on in the next 10 years."
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