The basic idea is ok, just crazy to have more checking accounts to balance, after all if you can't do a written budget every month, what makes you think you are going to balance 10 checking accounts.
YES a different account for your business/rental property is a necessity. This is the only sane thing to do, that makes it easy to find out if you are making money or not.
I liked your idea about setting up multiple checking accounts for different rental properties and what not, however what are your feelings/ideas about having to reconcile all of these accounts. also, what do you think about disabling the "visa" feature on a debit card-that way you would only be able to withdraw cash from ATMs and not swipe your card that is ,respectively, linked to your checking acocunt
Reconciling?? I'm showing you the lazy man's way to do it. There is no reconciling! :)
I wouldn't yell at you if you disable the Visa feature. But, I personally use my visa check card for practically everything I buy. I should do a video on the pros and cons of cash/check card/credit card/check/electronic payment.
actually if you do it right you only need 1 checking account.
and if you know what you are doing you put everyting on your card an pay your card in full when it is due.
unlending 3 years ago
The basic idea is ok, just crazy to have more checking accounts to balance, after all if you can't do a written budget every month, what makes you think you are going to balance 10 checking accounts.
YES a different account for your business/rental property is a necessity. This is the only sane thing to do, that makes it easy to find out if you are making money or not.
13cats13 3 years ago
Reconciling?? I'm showing you the lazy man's way to do it. There is no reconciling! :)
And I'll admit that 10 is a bit much.
instock21 3 years ago
why not create an LLC or corporation for each checking account while you are at it. Too complex. just dont spend more that you make. easy.
unlending 3 years ago
I liked your idea about setting up multiple checking accounts for different rental properties and what not, however what are your feelings/ideas about having to reconcile all of these accounts. also, what do you think about disabling the "visa" feature on a debit card-that way you would only be able to withdraw cash from ATMs and not swipe your card that is ,respectively, linked to your checking acocunt
MyUTubeUSRNME 3 years ago
Reconciling?? I'm showing you the lazy man's way to do it. There is no reconciling! :)
I wouldn't yell at you if you disable the Visa feature. But, I personally use my visa check card for practically everything I buy. I should do a video on the pros and cons of cash/check card/credit card/check/electronic payment.
instock21 3 years ago
some good ideas...thanks
xray1895 4 years ago
are you feeling ok?
caputnick67 4 years ago
Fine, thanks. I'm working on my next video, "Banking Chatter".
instock21 4 years ago
lol that was my dad, he sometimes forgets to log out of mine and go to his account :D
caputnick67 4 years ago
he look wired
thebulljr 4 years ago
sensible saving time on boring sorting out finance
jditas 4 years ago