• Kale

Millennials, 3 first steps to your financial fresh start

What you need to do during days 1–30 of your new, better, financial life.

New year, new month, new day, whatever. There’s a reason you need a financial fresh start and it’s likely not that you are absolutely crushing saving/investing and want to crush even, harder?

So let’s start with the three most important things you need to do to kick this SOB off.

1. Open a new checking account that doesn’t suck

If I had to guess, you’re still using a checking account that mom & dad opened for you or that you opened in college because well, it was close to campus and they gave you a flyer.

Well, time to grow up and graduate!

You can read why here [3 checking accounts that don’t suck — link], but go open a Consumers Credit Union Rewards Checking Account.

It’s way better than what you have now and getting signed up should only take about 5 minutes.


2. Open a new savings account that is amazing

No doubt in my mind that the process of opening a checking account as part of step 1 will exhaust you for at least a week.

So on week 2, it’s time to open a fancy new savings account to create the ultimate financial power couple.

Just like before, you can read why here [3 savings accounts that aren’t terrible — link], but long story short, go with a Froogal savings account.

It’s not only way different, but it’s also way better than what you have now. Plus it will be a vital complement to your checking account so this whole thing can run smoothly.


3. Open your first investment account

I know what you’re thinking — easy there cowboy, you got me to open a new checking and a new savings account, and now you're assuming that I’ve got a pile of extra cash I can now use for investing?

Plus, isn’t investing for rich people? (kidding here, but you get my point)

You’ve probably said this exact phrase “I should invest”.

Well let’s not build Rome in a day here, but let us lay the first brick of our future kingdom by opening an investment account.

Don’t worry about what to invest in or even having extra money to use for now.

One last time, you can read why here [3 investment accounts that you need now — link], but I recommend that you use a Fidelity individual investment account (temporarily until Robinhood adds fractional share purchasing and hopefully mutual funds).


I would like to have recommended Robinhood outright, but they still need to add the few crucial aspects I mentioned. The other concern to look out for these guys is the classic case of being valued at billions of dollars and then morphing into “just another brokerage” without any new innovation, it happens people. (here’s a link to them anyway)


Until that day comes, Fidelity will do just fine for you.

And that’s it. Go have a beer/glass of wine, you’ve completed an entire month's worth of life-changing financial activities.

Rest up, month 2 is on its way.

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