Why I Have 35 Savings Accounts... (And You Should Too)

About this video

Centeno shares unconventional personal finance strategies he wishes he had started earlier, including automating savings across multiple dedicated accounts, working with multiple banks to compare services and rates, strategically increasing credit limits and reducing interest rates, monitoring subscriptions and fees, and maximizing insurance and credit card benefits.

Key takeaways

• Centeno automates ‘paying yourself first’ by maintaining 35+ savings accounts across multiple banks, each designated for specific goals, which helped him make substantial progress on major purchases and expenses over eight years
• Centeno works with seven banks to compare offerings and optimize for different needs—some for international transactions, some for local access, some for online services—and uses this approach when negotiating loan rates
• Centeno negotiated his secured credit card from a $500 limit with 25% interest to $4,000 unsecured with under 8% interest by repeatedly requesting increases as his credit score improved, and similarly increased an American Express line to $50,000
• Centeno reviews statements regularly to dispute small fees, argues for refunds on first-time charges, switches cards to avoid foreign transaction fees, and selects cards based on rewards he actually uses rather than theoretical benefits
• Centeno maximizes credit card benefits by verifying coverage for extended warranties, rental car insurance, and travel insurance rather than purchasing them separately, and he reviews subscriptions every six months to eliminate unused services

Episode details: published June 21, 2022 · 21K views · 18:38 long. Summary written by Self Growth Videos from the episode itself. The style advice summarized here is Antonio Centeno’s own teaching and opinion, presented for education; product recommendations are his, not ours. Summaries are written by Self Growth Videos from each video itself.

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