Money in the Bank

Hello, my friend and future millionaire. 

Welcome to this episode of The Money Wheel. 

My name is Don Shade. 

Now in the last couple of episodes we’ve covered a lot of key points like establishing your domain name, setting up your email address, and establishing your business entity.

This entity defines what you’re going to look like as a business through the eyes of the IRS.

Now it’s time to cover the importance of setting up your business banking account based around what type of business you do.

If your business is mainly based on online sales you’re going to be fine dealing with any bank you prefer, even a local bank.

In contrast, if you’re investing in real estate/property in multiple states/areas, you may want to look for a larger bank that is more commercialized so that you can access branches as you’re traveling across the state or country.

Now, one of the things that I will warn you against is there are pros and cons to both big and small banks, so research your options.

One pro with a larger bank, when you open a business account and you have a good credit rating, they will often offer you a line of credit or a credit card on that business account, and this money can help you run your business if needed.

Even if you choose not to use this credit it’s a nice option to have as a safety net. 

With that being said, if you’re in that position with a solid credit score, you could research one of the bigger banks like JPMorgan Chase, Bank of America, Wells Fargo or Citigroup.

If you don’t have decent credit or your credit is maxed out the benefits of a big bank may not apply to you and it could be simpler & easier to open a commercial (business) account with your current bank or one that is convenient to your business.

So that’s everything I have for this episode. 

We’ll see you on the next episode of The Money Wheel.