Updated almost 5 years ago on . Most recent reply
Where to put rent money?
I have a primary residence mortgage, I live in part of my property and rent the other parts. I have a regular 9 to 5 job where I get a direct deposit to my checking account. Should I deposit my rent money in the same account? Is their any benefit to separating the money into another account?
Most Popular Reply
I think there's 2 benefits:
Psychological - you want to see that separate account going up over time (and don't feel tempted to dip into it to pay for stupid personal stuff). I have all my rent going into one account (and expenses coming out of that account), I keep $25k minimum, and I only spend it on buying more properties!
Tracking - similar to above, then you have all your income/expenses going in and out of one account, which makes it easier to track if you are actually making or losing money