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Always Keep Your Business and Personal Finances Separate

In this audio snippet, you'll hear about:

• One of the biggest mistakes that I see small business owners make, when they're sole proprietors, is keeping their business finances together. It's almost impossible to separate out your financial health when you're lumping your business finances in with your personal finances.
• It gives you a nice structure from which to keep your personal and business finances separate

Travis: You know, one of the biggest mistakes that I see small business owners make is keeping their finances together with their personal and their business, and it's almost ipossible to separate out your financial health when you're lumping your business finances in with your personal finances.

Jake: Absolutely. I think you're absolutely right when you say that is a major mistake that a lot of small business owners make. And one of the things that we list out as a task that everybody should do is get a separate bank account for your business. Get a separate credit card for your business. So all the charges for your business are in one place. And your personal charges and expenses are in another place, so you've got that separation.

It's so important to do. I can't even stress how important that is to get done.

Travis: yeah, so in addition to all the asset protection that it gives you, it gives you a nice financial structure from which to monitor the financial health of your company.

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