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Today, we dive into personal versus business finance and why you need to know the difference. This is one area a lot of people get into trouble with – but try to look at this as an area of opportunity.
Whether you're a person who owns a business, either as a side hustle or as a full-time business, it's critical you understand your personal finance vs. your business finance. Especially when you’re just starting, it’s very easy to mix both. And if you're not being intentional about it, you're going to struggle with this.
That’s why you need to learn how to draw that line between the two so you can understand your numbers better and reimagine entrepreneurial success.
In this episode, you will hear:
- Why it’s so difficult to separate business finance vs. personal finance
- The difference between personal vs business finance and why you need to separate them
- Understanding tax-deductibility and tax liabilities
- Banking, credit cards, and loans (and why you need to keep them separate)
- Personal liability attached to your business
- Paying personal expenses out of your business funds (and vice versa)
- Personal budget vs. business budget
- Profit First: Why the profit account is very powerful!
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