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Stop Using Your Business Like A Piggy Bank: How To Manage Cash Flow, How Much To Hold, And Where
Many entrepreneurs start off by simply transferring money from their business to their personal accounts without a solid plan, leading to financial stress when income becomes irregular. In this episode you'll learn:
- The importance of creating a "pay account" to manage your personal and business finances effectively.
- Strategies for planning your living expenses and saving for lean months.
- Key differences between operating as a sole proprietor versus an S-Corp, especially regarding tax planning and payroll.
- How to avoid common pitfalls like underestimating your tax liabilities and incurring penalties.
- The significance of building an emergency fund tailored to your business needs.
----------
✅ Financial planning for 30-50 year old entrepreneurs: https://www.allstreetwealth.com
✅ My personal blog & newsletter: https://www.thomaskopelman.com
Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.
View all episodes
By Thomas Kopelman
4.7
6464 ratings
Many entrepreneurs start off by simply transferring money from their business to their personal accounts without a solid plan, leading to financial stress when income becomes irregular. In this episode you'll learn:
- The importance of creating a "pay account" to manage your personal and business finances effectively.
- Strategies for planning your living expenses and saving for lean months.
- Key differences between operating as a sole proprietor versus an S-Corp, especially regarding tax planning and payroll.
- How to avoid common pitfalls like underestimating your tax liabilities and incurring penalties.
- The significance of building an emergency fund tailored to your business needs.
----------
✅ Financial planning for 30-50 year old entrepreneurs: https://www.allstreetwealth.com
✅ My personal blog & newsletter: https://www.thomaskopelman.com
Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.
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