Going into Business? Keep your Personal Finances Safe

Going into business for yourself can be a fun, enjoyable, and profitable experience. Still, you need to keep your personal finances safe no matter what career move you are making. If you're not careful, you could jeopardize years of hard work and savings. This isn't to say that you should stay away from starting your own business, but you do need to be particularly careful about several things.

When I decided to leave the corporate world for a career in freelance writing, many people thought that it would negatively effect my finances. And for good reason. There are thousands of stories of people who tried to branch out on their own, but who ended up losing everything in the long run. I used three strategies to ensure that I wouldn't be the next person to join this group.

Keep your business and personal finances separate
This may sound easy, but if you're not careful, you could start intertwining the two without knowing it. This makes the IRS cranky. The simplest way to avoid this is to open a separate bank account for your business venture. Sure, this will take you some time at your local branch, but in the long run it is a step that you do not want to avoid.

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