With your 24 word seed, and with the PIN, you unlock your main wallet.
But you can add a 25th word, what they call a passphrase, and that is another wallet entirely. You can set a secondary PIN that unlocks it.
Benefits: 1) 25th word is a security that protects your entire wallet. You should not memorize 24 words, but you can memorize one and write the other 24.
2) your main wallet, the one accessed by the 24 words and main PIN should have money, but not a lot, in case someone forces you to transfer it to them.
3) in case you are afraid of forgetting the 25th word, split your recovery seed form into two, write the first 12 on one form, and the other 12+1 on the other one, and store it at two separate locations, like aunt or parents house. Have a Full 24 word recovery form at home, just so you can "prove" to a robber that that is your wallet.
You can have as many wallets as you want, just use a different 25th word for each. You can even ha ve a single ledger on your family, with each family member having a secret passphrase and sharing the nano S security features. Going to the menu you can access these other wallets by inputting the passphrase, and It Will be unlocked until it is turned off.
Official Ledger support article: http://ift.tt/2BuGlPI
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