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Isn’t it amazing? You go to multiple people, you get different answers!
As you know, I make money off blogging. I make it in various ways, but I’m no where close to making money exclusively off blogging.
However, I’d like to have a separate account for the thing so I can manage it better.
Every time I try to ask someone how I should go about this, when the good breakpoint is, etc. I get wildly different answers—sometimes from the same person.
You would think that it would benefit banks to actually have a clear answer.
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I incorporated my online business which I like – it makes the separation clear. But I certainly don’t think you need to go that far. I think it is largely a matter of what a person wants to do. I think it would be nice to just setup a separate checking account and credit card. Then you can keep all your expenses separate easily. And you can deposit any earnings in there. If you have profits you can explicitly “pay yourself” which will give you a very easy way to see how much you earn in cash (you can earn a great deal more than cash – enjoyment, building up your online brand, educating yourself…).
.-= John @ Curious Cat Investing and Economics Blog´s last blog ..Save Money on Cell Phone Service – Price Reductions =-.