Q&A: Do I really need to open a business bank account?

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...

 

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Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,