What It's About
A listener seeks advice on business banking. What do they really need to know?
Notes from Chris
Episode 1364
I had a Classroom episode a while back called “Don’t listen to this boring episode”. It was all about some of the basic questions that I get all the time. I’m not going to pretend that it’s a sexy topic, but I will say it’s important. One of the very few clear recommendations I have is that when you begin to earn income apart from your day job, you need a separate bank account. Today’s listener questions that advice and wants to know if there’s another way. I’m open to being challenged … let’s hear what he has to say."Hey there Chris, this is Danny from Bozeman and I’ve been following the show since episode 1 — still loving the puns. In the SIDE HUSTLE book, you mentioned that it’s important to have a separate bank account for any business income and expenses. But I thought most banks have a lot of fees, and I want to avoid that. Can’t I just use my personal account but keep detailed records of what is personal and what is business? Do I really need a business bank account? I look forward to hearing your thoughts."Listen to today's episode to learn more...
SEE ALSO:
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- IT Guy Earns Extra $50,000/Year Restoring Vintage Radios: He wanted to start a side business and put his engineering degree to good use. When he stumbled across two 1950s radios, he found an idea that was right on his wavelength.
- Lather, Rinse, Recycle: Soapy Problem Leads to Clean Solution: An account manager solves the mystery of “What happens to soap after it’s used in a hotel room?”—and turns it into a sustainable side hustle.
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