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Old 07-11-2009, 11:21 AM  
Shap
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Join Date: May 2001
Posts: 8,313
Quote:
Originally Posted by tony404 View Post
I think a problem is they treat the money likes its all theirs. What I have found is best is setting up a llc and llc bank accounts. Having pay periods just like a real job. Those checks dont involve emptying out the account each pay period. Decide the bank account needs a base to anyways be there be 5k, 10 k , 200k whatever works for income and expenses.
We always had a rainy day fund since we started maybe it comes from me being in commission sales and my boss used to say for a salesman its best to live like its low tide. If it was fornt that fund we would went out of business when ibill fell apart. For 3 months we had zero money coming in and were buying a house and moving an office. That fund was a lifesaver.
Smart. I know you and I both took a huge hit with iBill. Hits like that can be the end of a business if you haven't properly planned and managed your money.
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