This will be my checking account. After all of my significant purchases were made, and I got everything up and running, I will expect about $200,000 remaining that I can keep for myself. This money will stay in my checking account, and will be used to pay for my purchases. For taxes, I will do electronic transfer or check whichever is more realistic to use. On my day to day purchases, I will use my carry credit card. As the name implies, this card is the card I carry with me. Every 2 weeks, I will pay my credit cards off in full. When I am making a purchase such as the grocery store, I will use my carry card. This will limit the number of debit transactions that I will make. The debit card will only be needed when I pull money out of my account. If I need to deposit money, I will transfer from my savings, and if necessary – deposit the cash into my savings account.
Any of my investments will automatically deposit into my checking account. I will attempt to make the first day of the month for the investment deposits, and I should start seeing my regular returns on month 2. Once I get a tenant, I will hopefully receive a check from them. When I get the check, I will do an electronic deposit where I will use my bank’s app to take a picture of the front and back of the check. Once it clears, the bank will notify me, and I will shred the physical copy.
The goal will be to spend less than what I earn. As I get closer to $250,000 – I will likely withdraw money, and spend it. I will make regular purchases for unnecessary items so my account does not go too far beyond that FDIC limit. Another option will be to use a second checking account. This will only be done if necessary though. There are 2 banks across the street from me. I could make one of those banks my second bank account. When my primary checking account needs money, I will transfer as necessary, but I am hoping I won’t have to do this.