Jul 22, 2023
In this episode, I shared my preferred method of organizing money using multiple accounts. Let's discuss the importance of having separate accounts for different purposes, starting with small amounts. This is based on my own experience of having money saved up for unexpected expenses, in which I recommend setting up multiple bank accounts. Yes, that's correct! Seventeen bank accounts for various business and personal uses—tips on allocating funds, paying taxes, and ensuring proper financial management. That is why I created a PDF download that you can get from my website so you can set it as an example for yourself. Just go to https://www.keithkalfas.com/budget.
In addition, the free live virtual event on July 26th focuses on mastering business profitability. Attendees will gain important financial insights and receive a free PDF download with key takeaways. Register for free:https://www.keithkalfas.com/events
If you want to transform your financial situation and learn the money system that changed your life, tune in to this episode!
“Every time you have money coming in through payroll, you
want to take a percentage of that money and save it. It could be
10% of all the money that comes in.”
- Keith Kalfas
Topic Highlights:
4:09 - The importance of having a business checking
account.
- Three main accounts,
business, savings, and payroll.
- Personal checking,
personal and business checking.
- Hire a payroll company
to process the payroll.
- Payment bi-weekly to
save money.
9:54 - How to save money for the
winter?
- Open a winter savings
account.
- The following is an
emergency savings account like a rainy day fund.
16:49 - Some of these accounts might be empty if you
don’t make much money yet.
- The trick
is to find out a tiny percentage of money.
21:00 - What are the other accounts you can
utilize?
- The good
faith fund account for giving back.
- A joint
checking account with your wife/husband.
- Open up
multiple bank accounts and label them.
- Get a
sketchpad or a notepad and figure out what works for
you.
Key Takeaways:
- Putting 30% of gross profit into business savings account for taxes. Regular allocation of money into different accounts to ensure proper payment of taxes.
- Importance of having separate accounts for different purposes. Start with small amounts and gradually increase savings in each account.
- Setting up multiple bank accounts for business and personal use, including a Good Faith Fund for giving back.
Connect with
Keith
Instagram: https://www.instagram.com/keithkalfas/
Facebook: https://www.facebook.com/thelandscapingemployeetrap
Website: https://www.keithkalfas.com/resources
Youtube: https://www.youtube.com/@keith-kalfas
Resources/People Mentioned:
Mastering Profitability in Lawn Care. Free virtual event.
Register at https://www.keithkalfas.com/events.
Free downloadable BUDGET PDF: https://www.keithkalfas.com/budget
Profit First: Transform Your Business from a Cash-Eating
Monster to a Money-Making Machine Kindle Edition by Mike
Michalowicz: https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making-ebook/dp/B01HCGYTH4.