#2121 - Q&A: "Help, my bank said I can't open a business account!"
Side Hustle School
Chris Guillebeau
4.7 • 3.3K Ratings
🗓️ 22 October 2022
⏱️ 5 minutes
🧾️ Download transcript
Summary
How do you keep your business and personal finances separate? Ideally with a different bank account—but this listener is having trouble opening one.
Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.
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Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.
Show notes: SideHustleSchool.com
Email: team@sidehustleschool.com
Be on the show: SideHustleSchool.com/questions
Connect on Instagram: @193countries
Visit Chris's main site: ChrisGuillebeau.com
Read A Year of Mental Health: yearofmentalhealth.com
If you're enjoying the show, please pass it along! It's free and has been published every single day since January 1, 2017. We're also very grateful for your five-star ratings—it shows that people are listening and looking forward to new episodes. 😎 🙏🏼
Hosted on Acast. See acast.com/privacy for more information.
Transcript
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| 0:00.0 | When it comes to money recommendations, you're trying to figure out your side also, what |
| 0:12.1 | do you do about money? |
| 0:13.1 | Well, first of all, you make it. |
| 0:14.8 | That's one good thing. |
| 0:16.1 | But secondly, don't forget to set aside money for taxes. |
| 0:19.9 | That's also important. |
| 0:21.0 | You start making money, you need to pay taxes on it eventually. |
| 0:23.8 | So sometimes people get into an issue where they have forgotten to set aside money for |
| 0:27.3 | taxes. |
| 0:28.3 | You end up making a good profit and then all of a sudden it's kind of a big chunk |
| 0:31.4 | that they have to pay at some point. |
| 0:33.1 | So that's important. |
| 0:34.4 | What else? |
| 0:35.4 | Oh, just kind of a big one here. |
| 0:36.9 | Keep your business finances separate from your personal accounts. |
| 0:40.8 | So how do you do that? |
| 0:41.9 | Well, ideally, you need a separate bank account. |
| 0:43.9 | That is the simplest and easiest thing. |
| 0:45.9 | It's not usually that difficult to get set up. |
| 0:47.5 | It should be free or close to free. |
| 0:49.9 | There also isn't usually much red tape or hoop jumping that you need to do to open this |
| 0:54.5 | account at most banks or credit unions. |
... |
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