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A look inside the wallet of New York Times bestselling author Rachel Hollis, plus the Jay-Z motto she lives by

Rachel Hollis, author of The New York Times Best Seller, "Girl, Wash Your Face," opens up her wallet and shares financial advice, including a motto from Jay-Z.

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Photo courtesy of Alexa Sorenson c/o The Hollis Company
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Rachel Hollis hosts her own business podcast, has a notebook line at Target and runs a lifestyle media company.

While she attracts people across the globe as a motivational speaker, Hollis is most well-known for being the No. 1 New York Times Bestselling author behind the self-help book "Girl, Wash Your Face."

On the heels of launching her newest book, "Didn't See That Coming," the Texas-based author caught up with CNBC Select to discuss what she carries in her wallet and the financial advice she lives by.

What's in Rachel Hollis' wallet

A gift from one of her best girlfriends, Hollis' wallet contains some of the basics: two credit cards (one personal and one for business), a debit card, her AAA Membership card, all the insurance cards for her plus her four kids and a key card to her office.

Having just traded in her California driver's license for a Texas one, her wallet also carries a paper placeholder until the new one arrives in the mail.

"I've lived in Texas for two and a half years, but I just got my driver's license," Hollis tells CNBC Select. "I did that because I was so desperate to make sure that I was able to vote."

Along with some coins, she also has $20 in cash stashed inside. Hollis admits loving her cash-back rewards, but says she always carries cash when she travels.

"I worked in the service industry for a long time, so I'm a really big tipper," she says. "I know what it feels like to have someone tip you well."

In addition to the usual pocketbook belongings, Hollis also has a $75 gift card to a nice sushi restaurant in Austin and a memorable keepsake: a little medallion decorated with a guardian angel. It was a gift from a woman who came up to her at a book signing eight years ago.

The Jay-Z motto Hollis lives by

Jay-Z is known for incorporating financial tips into his song lyrics. He is even said to have once mentioned in an interview that if you can't buy something twice, you can't afford it — a motto Hollis lives by when it comes to managing her own money.

"I read that once and I was like, that is the way that I want to live my life," she says.

Having steered clear from using credit cards until she got married, Hollis today is very cautious about how she spends money, especially on her credit card, to avoid debt. 

"I really am terrified of anyone having a credit card to be something that gives them money they don't actually have," she says. Her number-one rule is to never buy things on her credit card that she can't afford in cash. This way, she can pay off her balance in full every month and never pay high interest.

Hollis even teaches Jay-Z's motto to her young kids and instills early on the importance of saving up for a big purchase, such as a laptop or device. "I just really believe there's incredible value in anticipation and building up to something," she says.

If you haven't yet started saving, it's never too late and you don't need much to open up a high-yield savings account. Look for one that doesn't require a deposit to sign up or any monthly maintenance fees and minimum balances to earn interest.

The Varo Savings Account meets all this criteria and offers a higher return than most other savings accounts right now.

Varo Savings Account

Information about the Varo Savings Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Bank Account Services are provided by Varo Bank, N.A., Member FDIC.
  • Annual Percentage Yield (APY)

    Begin earning 0.20% and qualify to earn 3.00% if you meet requirements^

  • Minimum balance

    None; $0.01 to earn savings interest

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    None

  • Overdraft fees

    None

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if you have a Varo Bank Account

Terms apply.

If you want to make sure you have easy access to your cash while it sits in a savings account, opt for the Synchrony Bank High Yield Savings. Like Varo, Synchrony has no fees but also offers an ATM card to its savings accounts for convenient withdrawals.

Synchrony Bank High Yield Savings

Information about the Synchrony Bank High Yield Savings has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Synchrony Bank is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.50%

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    None, but may result in account closure

  • Overdraft fees

    N/A

  • Offer checking account?

    No

  • Offer ATM card?

    Yes

Terms apply.

This story is part of CNBC Select's "What's in Your Wallet" series, which profiles celebrities and media personalities on the contents of their wallet and the best financial advice they've received. For interview recommendations, email reporter Alexandria White at allie.white@nbcuni.com.

Don't miss CNBC Select's "What's in Your Wallet" with: Arianna HuffingtonTony Hawk and "Queer Eye's" Bobby Berk.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.