What are the different types of financial accounts and which ones should I have?

There are several types of financial accounts that can be useful for different purposes. Here are a few common types of accounts:

1. Checking account: A checking account is a basic bank account that allows you to deposit money, write checks, and make electronic transactions. It's useful for day-to-day expenses.
2. Savings account: A savings account is a type of deposit account that typically pays a higher interest rate than a checking account. It's a good place to save money for short-term goals, like an emergency fund.
3. Money market account: A money market account is similar to a savings account, but it may have higher interest rates and stricter withdrawal limits. It's a good place to park cash that you may need access to in the short term.
4. Certificate of deposit (CD): A CD is a type of savings account that typically offers a higher interest rate in exchange for keeping your money on deposit for a fixed period of time.
5. Retirement account: Retirement accounts, such as a 401(k) or IRA, are designed to help you save for retirement.
6. Investment account: Investment accounts, such as brokerage accounts, allow you to buy stocks, bonds, mutual funds, and other investment products.

Ultimately, the types of accounts that you should have will depend on your individual financial situation, goals, and risk tolerance. A financial advisor can help you determine which accounts are best for you and how to use them to achieve your financial goals.