[myself]

Originally Posted by mitown

Whatt differnt bank acounts should I open

Personally I'd have to suggest a savings account (like EmigrantDirect.com or ING Direct.com). Both have $1 minimum deposit so that shouldn't be too hard. A checking account (to pay your bills).

As for what to do with your earnings. Here's are 2 thoughts:

• 30% savings, which should be split between short term (i.e. savings account, money market), long term (i.e. laddered CDs, stock market brokerage account, investment properties).
• 5% fun money (movies, new gadgets, etc.).
• 30% housing expenses (even if you're staying at home, start saving a lot for your first house).
• 15% transportation costs (i.e. car, gas, insurance).
• 25% taxes (i.e. federal, state, local)

The 2nd thought (save everything and live off of investments):

• 25% taxes (i.e. federal, state, local)
• 75% investment (i.e. savings, CDs, brokerage, investment properties, etc.)
• If you were spending $500/month to spend, you'd have to save up $120,000 if you earned 5%, however if you had saved $120,000 and could earn 8% on it, you'd be getting $800/month in interest from it.