A platform that offers financial advice to people who want to enjoy a better work/life balance has launched a guide explaining the importance of separating freelance business and personal money.
Lewisville, United States - November 23, 2020 /NewsNetwork/ —
A platform that provides financial advice to professionals, business owners, and affiliates has launched a new guide designed to help freelance workers separate their personal and business money. Eboni of Wealth Magnet Pro explains the guide is aimed at people like herself who want a better work/life balance so they can spend time with their family and manage their finances.
The full guide can be found at https://wealthmagnetpro.com/tips-on-separating-business-finance-from-personal-finance
The newly launched guide aims to help freelancers organize their finances while also providing them with the insight required to help them achieve financial freedom. The guide explains that once a business owner or freelancer begins working, they should separate their personal and business finances as it can be easy to confuse them.
In a worst-case situation, this can lead to bankruptcy explains the guide. In addition, having separate business finances means that if the business fails to perform, the owner’s personal finances will not be impacted. The first recommended step is to set up separate checking accounts, so the two monetary funds are not together.
A minimum level of due diligence is required to ensure the right account is used for the right transaction, which also makes it easier when calculating tax returns adds the guide. Credit cards are not always the best option for people, particularly if they have had a bad experience and got into debt.
However, a business credit card can be a good option for some freelancers or business owners as it can help them to build credit history for their business separate to their personal history. The business is considered a separate entity and should therefore be treated as one. Having a business line of credit can help people plan for business expenses without using their own money.
A spokesperson said: “This guide can help you learn how to differentiate between expenses for your business and for your personal needs. If an expense is undertaken for business purposes, you should treat it as one and not take money out from your personal bank account.”
To find out more, interested parties are invited to visit the link provided.
Contact Info:
Name: Eboni Allen
Email: Send Email
Organization: Wealth Magnet Pro
Address: 1019 W Round Grove Rd Suite #300-217, Lewisville, Texas 75067, United States
Phone: +1-972-265-9850
Website: https://www.WealthMagnetPro.com
Source: NewsNetwork
Release ID: 88987045
