The 5 Bank Accounts Every Small Business Needs

[@GrahamCochrane]

►► From no audience to income in 30 days. Download my FREE 30 Day Online Income Jumpstart Guide → GrahamCochrane.com/jumpstart

[@bridgetbello7]

I will be open the 4 account

[@bridgetbello7]

I will be open the 4 account

[@jessicacruz2974]

Found your channel just this week, I am a self employed independent hairstylist with an LLC and i am so happy I found you. I have my business accounts opened already keeping my business separate from my personal but I want to open a retirement account asap. I appreciate you and the info you share! Thank you for being upfront and real about running a business! You’re great!

[@themoneyfinderic6738]

Very nice! Over the years I have divvied up my finances into over 20 different accounts. It makes it much easier to know exactly where your money is going.

[@GilPolkMusic]

STELLAR. This week you've inspired me to head to my SBA and register my music activity as a business. Then I'll speak with my banks from your video bare bones checklist. Thank you Graham

[@amylockett970]

​@Graham Cochrane I've been binge listening to you on KZbin whilst I'm at work. QUESTION - So I've made every single classic mistake you've warned small business owners about. I'm heavily in personal debt and have been using all the business money to live on and pay debts and use my partners wage to pay staff.. is there any coming back from this? I feel like I'm in too deep to turn this around!!

[@bernicegyasi3343]

Only God knows how long I have been searching for you after listening to you on a friend’s phone 😩😩😩

[@GrahamCochrane]

Haha. Oh man. Glad you found me!

[@fwanz]

This content is gold. Thank you!

[@jessicajackson3510]

This is so so so helpful! There is not enough conversation in the entrepreneur world about money and finances.

[@frankiecruz2744]

Question if I may: If I have a Tax-Withholding account for taxes, then what advantage is there to go tax-deferred for my Retirement account such as a Traditional IRA or 401K? If I'm covering my taxes (more or less) with my Tax-Withholding account, shouldn't I look into something tax-free (i.e. Roth IRA) instead of tax-deferred? Thanks in advance and kudos for another outstanding video.

[@rgregoryrowley1709]

This is great content that we often do not hear from others. Thanks

[@ellend123]

if I already have a Roth IRA, do I need to open up a new retirement account or can I have money funneled to that from my s-corp account? Thank you, Graham! I'm a new viewer!

[@ExplanatoryLive]

More episodes like this, please. Would like to learn so much more about this. Need to open up at least 3 new accounts this week after watching this.

[@mercyjalpert4494]

Graham, do you a list of the best 5 Free Business Checking accounts? Enjoyed your video and found it helpful. Tax Withholding Bank Account is one I haven't opened yet.

[@StephaniePerry]

Thank you for this Graham! I JUST opened 2 new savings accounts for my business last night...taxes and regular monthly expenses. Time to get started on my homework. I'll definitely open the longterm savings account. And I'll do some research on a beginner investment account. 💗

[@PLATFORMHD]

That's really cool, but who actually do that?? In a perfect world, definitely but real life Always makes offsets one way or the other. Check this out 😜 kzbin.info/www/bejne/nGi3aGttetxknNk

[@keithdmello]

Love this very practical advise

[@gtroydotcom9256]

Extremely informative. As always 🙏

[@charwalter2]

I’m opening up my accounts today, just needed to know what to open.

[@CBIWebServices]

Re-watching this, and I have a question: Are the Emergency Savings and Long-Term Savings accounts for the business only? Or are they/can they be used for personal expenses as well?

[@martyclement]

Great stuff as always, I’ve been diving deep into your podcast , I started at episode 1 and I’m up to episode 7, I’ve been learning lots!

[@allisonlrichard]

Am researching savings accounts to open and am curious the difference between ones that are specifically labeled business savings and ones that are general savings. Is it necessary to have one the bank considers a “business savings”? I’m not seeing any benefits but want to make sure I’m not missing anything.

[@GAMAschool]

what do you use to make your downloadable guides? and why am I having such a hard time figuring it out!?!? :-) thanks in advanced

[@ElephantManPodcastNetwork]

Great work. The content is great. Free content is great paid content must be amazing.

[@melissamoretti9857]

I've watched a few videos on this topic and you are the first to mention some type of retirement fund. It makes complete sense, I would have set up a retirement fund with my 9-5 so I would have to with my own business! I do have a question...Can investing with my business funds in general serve as the 'retirement fund'? Does it have to or should be a retirement fund (I-401k)? I've recently started to look into investing my own personal money into mutual funds, can I take the same route with my business profits?

[@GrahamCochrane]

Great question Melissa. You don't have to use an actual retirement account for your investments - however there are some sweet tax advantages to them. I do both. I max out my Individual 401k and I invest more business profits right into mutual funds in a brokerage account.

[@melissamoretti9857]

@@GrahamCochrane Alright, perfect. I will definitely look into that, thank you!

[@iamvictorperez1482]

Timeless insight Thanks 🙏

[@bobupgren-SDL]

Hey Grant, love your stuff. Do you ever do coaching/consulting for ministries and/or non-profits?

[@familiaklass7590]

I'd be interested in something like that as well.

[@userstorm7271]

Do the accounts have to be in the same bank

[@TomSharples]

Just opened my business checking with MONZO here in the UK has loads of great features such as automatic Tax savings when I deposit funds. Will be setting up my emergency savings next. Thanks for all the help :)

[@ludwingvivas7570]

Hey Graham, this sounds similar to Mike Michalowicz’s method (Profit First). Do you recommend his method as well?

[@jphorgan1507]

The Pumpkin Plan is a great book by Mike Michalowicz

[@ExplanatoryLive]

Good points right here!

[@jeffdorris5321]

Nice work 🎇🎆✨

[@LeboneMphahlele]

Hi Graham I am all the way from South Africa , just met you today 🤑you are a good teacher , wow👏 , we will be lauching our business May 2021, we only opened 1 accoutns for business transactions , we will be opeing the remainign 4 , but we need to know if we need a savings/cheque account for the everyday business transactions?

[@Missbee15]

You read me like a book😅

[@dafingaz]

🙌🏾 totally unrelated: what are your thoughts on the cryptocurrency and NFT space?

[@UnconventionalReasoning]

So many things to do. So many things to do! AAAAAAAAAAAAAAAAAAAAHHHH!!! :-D

[@blakejackson4483]

1

[@timson3489]

$500 to pay your bills?? Lmao wtf do you live haha, I'm paying $800 for A fucking studio, that's just rent!