The _Money System_ That Changed My Life Forever 30-min Class
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
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.
- 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
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.