Are you struggling to keep your personal and business finances separate? Wondering why it’s important and how to effectively manage these distinct financial areas? Looking for practical steps to ensure your personal and business finances don’t overlap? If these questions are on your mind, then you’re in the right place.
Hi, I’m Mommy N, Your Mommy Negosyo. In this video, I’ll guide you through creating clear boundaries for financial clarity and business success. We’ll cover five essential tips:
1. Understand the Importance of Separation
2. Set Up Separate Bank Accounts
3. Obtain a Business Credit Card
4. Pay Yourself a Salary
5. Keep Detailed Records and Receipts
We’ll dive deep into each tip to ensure you get the most out of them. Learn from real-life examples and avoid common mistakes like mixing personal and business finances, which can lead to tax problems and messy financial records.
Meet Kim, a mentee who learned the importance of financial separation the hard way. Her story highlights why you should set up separate bank accounts, obtain a business credit card, pay yourself a salary, and maintain detailed records. These steps helped her manage her Korean food business effectively.
Whether you’re a seasoned entrepreneur or just starting, these tips will help you maintain financial clarity and ensure business success. Subscribe to my channel for more financial management tips, and sign up for my newsletter for personalized advice.
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I’m Myrna “Mommy N” Tam Natividad, founder of Business Pinoy.
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Specialties include… How to Discover Your Business Calling, How to Start your Business, Getting rid of roadblocks in growing your Business, Personal Development
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Myrna “Mommy Negosyo” Tam-Natividad is the first-ever Female Entrepreneur of the Year Awardee of the Department of Trade and Industry in Zamboanga City for 2017 and the prime developer of Grow Your Business, Pinoy! Roadmap® (GYBP! Roadmap®). She was also chosen as one of the 100 Most Influential Filipinas in 2018 by the Global Association of Women called Filipina Women’s Network based in the US.
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We own commercial licenses for all the content used in this video and it was fully edited by us.
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