Personal or Business Banking

Profits from your freelancing career can't simply be added into your personal bank account for the following reasons:

Mixing personal and business finances can lead to an impossible task at tax season.
You can be personally liable for lawsuits against your business.
You'll fail to build business credit.

When you go freelance, open up a business checking account and get a business credit card.

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5 Financial Questions to Ask Yourself Before Going Freelance

inc.com

TOPICS IN THIS IDEA

Money & Investments

Investing Tips for Married Couples

Investing & Retirement My team and I talked with millionaires all over the country for my latest book, Everyday Millionaires , and we found a shocking majority of millionaires had this one thing in common-they were in a strong, healthy and long-lasting marriage. It's not too surprising when you think about it.

daveramsey.com

Investing In Each Other

A strong, healthy, and long-lasting marriage has some key ingredients that make it work: Commitment, Hard Work, Consistency, and Intentionality.

The same ingredients are required for buildin...

Talk About It

Many times, partners do not see eye to eye, have different preferences or moods. Money is the No.1 issue that couples argue about, according to studies.

It is crucial to discuss financial goals and retirement plans with one's spouse, figuring out a strategy in advance, to avoid any confrontation later.

Saving up For Retirement, Together

Firstly, save up for the emergency fund, which is three to six months of expenses, and set it aside. After that, least 15% of your combined gross household income should go towards your retirement, once all debt is cleared.
If only one of the partner works, you still can save up for retirement using a Spousal IRA, provided a joint tax return is filed. For details, you can consult an investing professional.
It is also a good idea to clear up the old 401(k) accounts which are hanging around from the old jobs and put one's investments in order.

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Joanna

@joa71

Financial planning for Beginners - Top 10 Golden rules

Financial planning is the process which provides you a framework for achieving your life goals in a systematic and planned way by avoiding shocks and surprises. Read on to find out the top 10 rules that help to plan your finances better.

cleartax.in

Try making a budget

Create a full inventory of expenses in front of you: Categorize them into fixed and variable; urgent and non-urgent; necessities and luxury; avoidable and unavoidable.
You can c...

Financial planning

...is the process which provides you a framework for achieving your life goals in a systematic and planned way by avoiding shocks and surprises.

Maintain a personal balance sheet

It’s a statement wherein you can jot down your assets and liabilities.

Pull together your bank statements and other proofs of the liabilities
List down your assets like the bank balance, all investments, home value, and value of other assets.
Take a sum of all the assets to arrive at the total value of your assets.
List down your liabilities the (car loan, home loan, credit card balances etc.)
The sum of all the liabilities will show the value of the money you owe.
When you subtract the value of liabilities from assets, you get your Net Worth.

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