Online Marketing Made Easy with Amy Porterfield cover image

Online Marketing Made Easy with Amy Porterfield

#647: Actionable Steps To Manage Your Money Like A Boss with Tiffany Aliche, The Budgetnista

Jan 25, 2024
50:25
Snipd AI
Financial education expert Tiffany Aliche shares actionable steps for managing your money like a boss. Topics include budgeting for beginners, saving for the future, building business credit, getting started in investments, and the importance of separating business and personal finances.
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Podcast summary created with Snipd AI

Quick takeaways

  • Opening separate bank accounts for personal and business finances is crucial for maintaining financial separation and accurately tracking income, expenses, and savings for each entity.
  • Budgeting plays a critical role in managing side hustle finances effectively by outlining income, expenses, and savings goals, separating personal and business expenses, and starting with existing skills to minimize the need for learning new ones.

Deep dives

The importance of separating personal and business finances

To maintain a clear separation between personal and business finances, it is crucial to open a business checking and savings account from the very beginning. This ensures that business income and expenses are kept separate from personal finances. Additionally, hiring a bookkeeper is highly recommended to help organize and manage business finances effectively. A bookkeeper can assist in recording transactions, categorizing expenses, and ensuring that books are balanced, making tax time much easier. It is also essential to work with an accountant to handle taxes accurately and receive guidance on maximizing deductions and benefits.

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