Personal or Business Banking - Deepstash

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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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MORE IDEAS FROM THE SAME ARTICLE

Keeping track of contracts, invoices, overdue payments, and tax can become a burden.

There are several low-cost and free accounting and business management software options to help you stay on top of your finances. During tax season, it may be useful to make use of a professional accountan...

As a freelancer today, you can work from anywhere.
New freelancers like to live in a city where it's easier to network or source new clients. They might like to choose somewhere where their money will go further, taking into account housing costs, tax rates, and freelancer ecosystems.

As a freelancer, you are solely responsible for your retirement.

Ensure to budget for yourself in this regard. Opening up an IRA or Roth IRA seems to be the obvious step.

... before going freelance. Health insurance costs will likely mean private, high-deductible insurance plans through the Affordable Care Act.

You may also need liability insurance, depending on your field or your clients.

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The pros and cons of freelancing

In the world of freelancing, you are your own boss. You can choose when you want to work and pick the projects you want to work on. 

Freelancing is also hard work. You will have no steady paycheck and must manage your finances and workload. You have to source your own clients and risk not g...

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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 building wealth when one is with a life partner, planning to spend your entire life together.

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  • 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 create a hierarchy of needs and decide which one’s to address first. It’s all about prioritizi...

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