Skip to main content
No. of Recommendations: 2
Because with each additional account there is more work and hassle (tax reporting, making sure it doesn't go below the min balance)

*shrug* To each his own. Personally, I don't think it's that much added work (one sheet of paper, adding an alert in Quicken to scream at me if I get too close to the minimum balance - which usually doesn't come into play since 99% of the accounts I have don't require one - etc.), considering that I'm replacing accounts, not adding new ones. This is especially true if any account I open is with a company that I already have other accounts at (USAA, ING), as they're already sending me paperwork.

But then, that's me. I can tell someone, off the top of my head, the balance/due date/billing date/interest date and rate of every single account I have to within $100 and a day or two, because that's just...what I do. It'd be a very long, boring list for the listener, though :-)

Others may not have the OCD-ish mind I have for my finances, and that's probably a good thing *g*. The time to effort ratio would be much higher, and it would be, as you said, much more of a hassle.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.