I get ya :-). For me it was (is) a big deal- I only had two accounts and found myself in major financial stress when the tax time came, my quarterly HST due, etc. I never paid myself, and as a result I "borrowed" money from the business to pay for my personal electricity bills etc - so the discipline of having separate physical accounts totally changed the game for me! I am happy things are working the simpler way for you - thank you for the input

thanks so much for the kind words

best thing you can do :-) - it's crucial to know where the money is going...and the health of the business. Congrats on the move!

you are so welcome ☺

🤩

Thank you for the kind words :) - I am happy to hear that you enjoyed it.

It depends on what you want to accomplish - what the real challenge for you?

@@joeyragonacoach save more. What I want to accomplish depends on the percentage of allocation?

@@HenryLopezmatos yes - allocation percentages are the underlying strategy. If you want to save more, then it's pretty simple - allocate a percentage of your income that goes into a separate bank account every time you get paid.

This is an older video before Kajabi had the coaching features. Have you tried those?

Interesting, no I haven’t heard of these. I’ll check it out. Thanks!

I think because I had to edit the beginning where there was no sound, and I needed to comply with altered video setting, it disabled the live chat option. I double-checked and I cannot turn it back on - please post your comments here and I'll gladly answer

@@joeyragonacoach Thank you for the explanation, Joey! That original message up there was written by my daughter Xochitl after I had her watch your video. She says sorry it wasn't working properly for you and she's trying to remember what it was she wanted to comment but couldn't at the time. The overarching thought, she says, as I act as scribe for her here, is that she likes your approach! I saw you on Kajabi's webinar live recently, so we found your channel here. I'll reply to your email after that webinar next. Thank you for putting out such great and positive content about marketing! I'm a big advocate of ditching most pain point marketing for desire-based marketing to improve the world's mental health and still make sales.

thank you!!! sound kicks in about 5 minutes in :-) - I edited the silence out - thank you for the reminder

Glad you enjoyed it!

you are welcome. You will probably need to set up the advanced PF. Check out Mike's book for those tips. But from what I understand, your personal pay funds personal stuff. Including retirement investments

@@joeyragonacoach thank you 🙏🏽

you are so welcome ☺

Tell me more. Where are you struggling with it :-)

I am happy this helps!

@@joeyragonacoach yeah kajabi help center only gave the one option with page details but thanks to this little video I was able to connect my google ads to check out 🙏 too

@@syl_loves this is awesome - :-) now we've got you on track :-)

you are so welcome ☺ - by showing up AS you are, it will super easy to curate Dream Clients - because those who resonate with you and who you are will be attracted to you and your message

that is so awesome! do you have a dream client for the courses?

@@joeyragonacoach someone probably from 25 to 50 that is going through changes in their life and needs to find their joy and purpose using holistic care practices

​@@NaturalLifestyleLounge okay, that is a great start and I could be wrong, but it sounds more like an "ideal client avatar" ... I love to define Dream Clients as "best friends who pay you" But I digress - let me ask you - with that wide range of ages, could you put a group together and teach the exact same thing without anyone thinking "This doesn't apply to me"?

@@joeyragonacoach well if I look at my best friend, she is a wealthy 40-year-old stay at home wife.

@@NaturalLifestyleLounge how does that change your marketing and message? ;)

Thank you so much! I appreciate you being there and engaging with us

In Mike's book, he talks about different businesses and the extra / different allocations needed. In your case, you need another account for inventory. Just as someone with employees would need an account for payroll :-) . I highly recommend you grab the Profit First book so you can apply it to your specific situation. And most importantly, learn how to do the allocation splits specific to your business

It all depends on your business, how much you want to track and how you want to follow Mike's system :-) - personally, these accounts and moving money out of site saved my ass and got me back into profit :-)

can you give more context?

you don't use business accounts for all the other accounts. I use personal accounts.

Great idea. Which of these accounts would you recommend be checking vs savings, or it doesn't matter? My main business operating account and owners pay account are checking. My tax account is savings. Now I'm opening a business OPEX account, which sounds like it should be checking. @@joeyragonacoach

0:10 hi ! The downloads mentioned were from my private client mastermind where this video was originally shot-apologies for the confusion

aww thanks! appreciate the kind words and glad it helps :-)

The Opex is the Main business account I am talking about. I just didn't call it "OPEX" in the video. It is essentially my main income account. I don't find the need to have ANOTHER bank account just for income. All my money goes into my "main income" account - then I distribute out...and what is left over is my operating expenses (so the account then magically switches into an OPEX account :-) ) hope that helps

you are so welcome ☺️

you are welcome :-)

I use TD Canada Trust and Simplii

he does - all of the advanced stuff you can catch in the book :-)

Well, in my case, both of those accounts are the same. HOWEVER, the money that is LEFT OVER after I do the allocations ends up being the "operating" money - does that make sense?

@@joeyragonacoach - Yes, gotcha. Makes sense now. i've read book but it kinda glosses over the the idea of the income and operating accounts functioning as the same.

awesome :-) glad to help @@abaibrahim6709

Hi Minnie! Any bank will do. This is all standard bank accounts - except for the main biz operations one.

thank you!!!

you are welcome!! The only business account I have is the main OPEX. All the others are personal

This is a great question and harder to answer in one response. First, if you haven't read the book, you will get more insight on how to build a healthy business. But from my opinionated experience, if your expenses are driving sales, then you don't reduce them. You reduce other expenses. I suppose the question to ask first is, IS your business healthy? Are you able to pay yourself first? Do you have profit? ETC?

very cool - thanks for the tip :-)

You’ve got THAT right :) - I know exactly how you feel. I felt the SAME way in Nov 2016 when I adopted this. And it was NOT easy to NOT pay myself (because the allocation took the money out and I set a specific pay for myself every two weeks) when the money wasn’t there, because the business was struggling, I didn’t pay myself. Discipline hurts. But it’s what makes us stronger :)

that is correct. If you don't have enough money when you pay yourself and allocate for taxes, etc - then it means your business isn't healthy enough to sustain your expenses

@@joeyragonacoach Thank you! I will give that a try.

@@joeyragonacoach mmm so so

I hear you

@@joeyragonacoach OK gotcha. 👍🏾 thank you 🥰

my pleasure

You're very welcome!

No problem 😊

When you have employees, you probably need another account for payroll. I suggest you read Mike's book where he goes into more details in an advanced set up.

Glad it was helpful! thank you!!!