It is time again for this reminder…
A business building buddy
told me he’s reduced
the number of bank accounts
in his household
to two
– one business account
and
one personal account.
He was proud
because he was saving
$5 a month
by closing his wife’s account.
What he did
was put himself and his wife
at risk.
He is the sole owner
of the business,
the highly visible
founder
and spokesperson.
Lawsuits are becoming
so common;
they should be expected.
If…when his business is sued,
the person/entity
will likely sue him
also.
They are less likely
to target his wife.
But he has now ensured
his wife has no funds,
no funds to pay the mortgage,
no funds to buy food,
no funds for anything.
If he’s the victim
of identity theft,
the results will likely
be the same
– disastrous.
Your spouse or romantic partner
needs her or his own bank account.
She/he requires his/her own credit card,
her/his own credit history.
Don’t risk your family’s security
to save $5 a month.