1 00:00:00,160 --> 00:00:02,840 Speaker 1: What do you look for when deciding who to open 2 00:00:02,880 --> 00:00:05,480 Speaker 1: and account with? What are red flags that let me 3 00:00:05,559 --> 00:00:06,760 Speaker 1: know who not to bank with. 4 00:00:06,840 --> 00:00:08,280 Speaker 2: Some of the things you want to think about. You 5 00:00:08,320 --> 00:00:10,680 Speaker 2: want to make sure as a business owner that your 6 00:00:10,720 --> 00:00:13,640 Speaker 2: money is separated from your personal income. You don't want 7 00:00:13,680 --> 00:00:16,320 Speaker 2: to be merging them together, even if you feel like 8 00:00:16,320 --> 00:00:18,520 Speaker 2: you're not making too much money right now. I think 9 00:00:18,560 --> 00:00:19,919 Speaker 2: it's critical to do it now. 10 00:00:20,040 --> 00:00:21,880 Speaker 3: If you are somebody whose business deals with a lot 11 00:00:21,920 --> 00:00:25,000 Speaker 3: of cash transactions, you probably want to have a physical 12 00:00:25,040 --> 00:00:27,440 Speaker 3: bank branch location that you can go to and you 13 00:00:27,440 --> 00:00:30,880 Speaker 3: can deposit those cash payments rather than having to put 14 00:00:30,920 --> 00:00:33,200 Speaker 3: it in an envelope and mail it to a digital bank. 15 00:00:33,240 --> 00:00:35,159 Speaker 3: I wouldn't personally feel comfortable doing that. 16 00:00:39,960 --> 00:00:43,240 Speaker 1: Hey, hey va fan, welcome to the BAQA. I feel 17 00:00:43,280 --> 00:00:44,720 Speaker 1: like it's been a minute since we've had a straight 18 00:00:44,800 --> 00:00:48,600 Speaker 1: up BAQA. I have my lovely co hosts who have 19 00:00:48,680 --> 00:00:51,480 Speaker 1: stuck around to help me answer this question from y'all. 20 00:00:52,159 --> 00:00:55,520 Speaker 1: I have yan Elli Espinal, the director of financial Education 21 00:00:55,600 --> 00:00:59,400 Speaker 1: for next Gen PF Next Gen Personal Finance and also 22 00:01:00,120 --> 00:01:02,600 Speaker 1: mis Be Helpful, which is her personal brand, and she 23 00:01:02,720 --> 00:01:06,160 Speaker 1: is the author of the personal finance book Mind You Money. Hey, Nelly, 24 00:01:06,880 --> 00:01:07,319 Speaker 1: what's up? 25 00:01:07,400 --> 00:01:08,440 Speaker 4: Glad to be back, and. 26 00:01:08,480 --> 00:01:12,440 Speaker 1: We have Mark Russell of Better Wallet Fame. Hello, Mark, 27 00:01:12,560 --> 00:01:18,640 Speaker 1: Welcome again to the BAQA. Now I think by Mark 28 00:01:18,640 --> 00:01:21,800 Speaker 1: aka say it no. If you say Chris, then it's 29 00:01:21,840 --> 00:01:23,720 Speaker 1: gonna like do the whole thing and I'm gonna mess 30 00:01:23,720 --> 00:01:27,560 Speaker 1: it up again. You guys couldn't be more different, so 31 00:01:27,920 --> 00:01:32,080 Speaker 1: I'm sorry it was a Freudian slip. All right, Mark, 32 00:01:32,120 --> 00:01:34,960 Speaker 1: not Chris. Let's get into the question for today. Oh 33 00:01:35,000 --> 00:01:37,400 Speaker 1: we had a question from Amber, who sent us an email. 34 00:01:37,600 --> 00:01:41,440 Speaker 1: So old fashioned either way. If you want to submit 35 00:01:41,480 --> 00:01:45,720 Speaker 1: your questions personal finance, business related relationship, will take them all. 36 00:01:46,000 --> 00:01:48,920 Speaker 1: You can email me Brandambition Podcast at gmail dot com. 37 00:01:48,920 --> 00:01:52,160 Speaker 1: You can also contact me on ig at Brand Ambition 38 00:01:52,240 --> 00:01:56,840 Speaker 1: Podcast on the Gram. Amber wants to know Mark and 39 00:01:56,960 --> 00:02:00,360 Speaker 1: ya Nellie. She says, I'm not sure if you've covered 40 00:02:00,360 --> 00:02:02,920 Speaker 1: this already, but I was listening to a recent episode 41 00:02:03,040 --> 00:02:06,080 Speaker 1: about credit cards and y'all touched on credit cards for 42 00:02:06,200 --> 00:02:09,639 Speaker 1: business a little bit. My question is what about business 43 00:02:09,680 --> 00:02:12,359 Speaker 1: bank accounts. I'm planning on starting my own business soon, 44 00:02:12,440 --> 00:02:14,360 Speaker 1: but I'm not sure where to open a business account 45 00:02:14,400 --> 00:02:16,320 Speaker 1: or what benefits I should be looking for in a 46 00:02:16,360 --> 00:02:19,720 Speaker 1: bank what do you look for when deciding who to 47 00:02:19,800 --> 00:02:22,600 Speaker 1: open an account with? What are red flags that let 48 00:02:22,639 --> 00:02:24,920 Speaker 1: me know who not to bank with? Thank you for everything. 49 00:02:24,919 --> 00:02:27,959 Speaker 1: You're amazing love this question. Thank you Amber. That's a 50 00:02:28,000 --> 00:02:28,680 Speaker 1: great question. 51 00:02:28,880 --> 00:02:31,200 Speaker 4: It really is. Let's set up these business bank accounts. 52 00:02:31,240 --> 00:02:31,640 Speaker 4: I love that. 53 00:02:31,960 --> 00:02:33,960 Speaker 1: Yeah, I'm curious to know where you guys bank. 54 00:02:34,280 --> 00:02:37,359 Speaker 2: Yeah, so I'll start. So I mentioned P and C. 55 00:02:37,880 --> 00:02:40,799 Speaker 2: I've been with P and C since I was seventeen, 56 00:02:41,080 --> 00:02:44,520 Speaker 2: and naturally when I was looking to open up a 57 00:02:44,560 --> 00:02:47,160 Speaker 2: business bank account, I use P and C for that. 58 00:02:47,680 --> 00:02:49,800 Speaker 2: In terms of what I was looking for was an 59 00:02:49,919 --> 00:02:54,440 Speaker 2: established relationship. Obviously, security is really important, the intuitive design 60 00:02:54,480 --> 00:02:58,040 Speaker 2: on the website, having an app, all the things I 61 00:02:58,080 --> 00:03:01,080 Speaker 2: think all that's really important. The ability to move money 62 00:03:01,120 --> 00:03:03,919 Speaker 2: from the business bank account to the personal account, move 63 00:03:04,000 --> 00:03:06,040 Speaker 2: from the check into this savings, right, I have to 64 00:03:06,080 --> 00:03:08,560 Speaker 2: be able to do that pretty easily. In terms of 65 00:03:08,720 --> 00:03:13,120 Speaker 2: companies that I personally wouldn't use, do you have the 66 00:03:13,400 --> 00:03:16,000 Speaker 2: well as Fargos of the world, for all the reasons 67 00:03:16,080 --> 00:03:19,800 Speaker 2: that we all know and don't love Bank of America, 68 00:03:19,800 --> 00:03:22,720 Speaker 2: I wouldn't use them either. Personally. These are all personal 69 00:03:23,120 --> 00:03:27,240 Speaker 2: I just never but for me, the boxes that would 70 00:03:27,240 --> 00:03:30,760 Speaker 2: want to check is. I want to have an established relationship. 71 00:03:30,800 --> 00:03:33,200 Speaker 2: They know who I am, they I've been working with 72 00:03:33,240 --> 00:03:35,400 Speaker 2: them for a while. I want to make sure they 73 00:03:35,440 --> 00:03:40,000 Speaker 2: have an app. Security is really important. Ability to connect. 74 00:03:40,120 --> 00:03:42,520 Speaker 2: I literally log into my account. I have my personal 75 00:03:42,520 --> 00:03:45,560 Speaker 2: account and I have my multiple business accounts. So the 76 00:03:45,640 --> 00:03:47,600 Speaker 2: ability to be able to set up all those accounts, 77 00:03:47,640 --> 00:03:51,160 Speaker 2: because I even have one for taxes as well, so 78 00:03:51,280 --> 00:03:56,680 Speaker 2: all that's extremely important. I probably wouldn't, in my opinion, 79 00:03:56,760 --> 00:03:59,800 Speaker 2: go with a credit union because I think credit unis 80 00:03:59,800 --> 00:04:02,520 Speaker 2: are Credit unions are great for getting out loans and 81 00:04:02,560 --> 00:04:06,040 Speaker 2: getting low interest loans and all that, but I don't 82 00:04:06,120 --> 00:04:09,440 Speaker 2: think they have the security or the technology that I 83 00:04:09,640 --> 00:04:15,080 Speaker 2: feel comfortable with with my business information. And for anyone 84 00:04:15,120 --> 00:04:17,200 Speaker 2: who's like, why would I get a business bank account, 85 00:04:17,240 --> 00:04:19,560 Speaker 2: some of the things you want to think about. You 86 00:04:19,600 --> 00:04:22,000 Speaker 2: want to make sure as a business owner that your 87 00:04:22,000 --> 00:04:24,960 Speaker 2: money is separated from your personal income. You don't want 88 00:04:24,960 --> 00:04:28,279 Speaker 2: to be merging them together. And even if you feel 89 00:04:28,320 --> 00:04:30,359 Speaker 2: like you're not making too much money right now, I 90 00:04:30,400 --> 00:04:33,640 Speaker 2: think it's critical to do it now because eventually you will. 91 00:04:33,720 --> 00:04:36,800 Speaker 2: Right I'm a manifested for you, I'm sure manifesting for yourself, 92 00:04:37,960 --> 00:04:40,120 Speaker 2: and the worst thing you can ever possibly do is 93 00:04:40,160 --> 00:04:42,560 Speaker 2: try to figure out, okay, what should be paying taxes 94 00:04:42,600 --> 00:04:46,960 Speaker 2: on versus what is already text for my nine to 95 00:04:47,040 --> 00:04:50,280 Speaker 2: five job. So having that separate, having that business bank 96 00:04:50,320 --> 00:04:53,360 Speaker 2: account makes your accounting way more easier. And if you're 97 00:04:53,360 --> 00:04:56,040 Speaker 2: doing your own accounting right now, it will be a 98 00:04:56,080 --> 00:04:59,560 Speaker 2: headache if you had the two combined, and your accountant 99 00:04:59,560 --> 00:05:02,039 Speaker 2: will hate if you have an account or a CPA 100 00:05:02,920 --> 00:05:07,080 Speaker 2: if they are combined. So I would say sooner rather 101 00:05:07,120 --> 00:05:10,440 Speaker 2: than later, make sure that they are separate, open up 102 00:05:10,480 --> 00:05:13,240 Speaker 2: an account, and kind of use that checklist to figure 103 00:05:13,240 --> 00:05:16,280 Speaker 2: out what kind of company you want to go with. 104 00:05:16,960 --> 00:05:19,000 Speaker 3: Yeah, I love that, and also think about what kind 105 00:05:19,000 --> 00:05:22,880 Speaker 3: of business you have amber Because my business is fully digital, 106 00:05:22,880 --> 00:05:25,520 Speaker 3: it's all online. I never really accept cash payments at 107 00:05:25,560 --> 00:05:28,039 Speaker 3: all ever, so I don't need to worry about coming 108 00:05:28,080 --> 00:05:30,920 Speaker 3: to a bank branch with a bunch of cash to deposit. 109 00:05:31,160 --> 00:05:34,080 Speaker 3: So that's not even something I would consider. Whereas my 110 00:05:34,400 --> 00:05:37,279 Speaker 3: family has a small business that's a restaurant, actually not 111 00:05:37,320 --> 00:05:39,400 Speaker 3: so small anymore. They're doing really great with this in 112 00:05:39,440 --> 00:05:42,440 Speaker 3: New York. There's a Dominican restaurant in stant Island. If 113 00:05:42,440 --> 00:05:44,440 Speaker 3: you're ever there. It's called Boy your restaurant and bar 114 00:05:44,839 --> 00:05:47,640 Speaker 3: excellent Food. It's some of my family members have been 115 00:05:47,640 --> 00:05:49,280 Speaker 3: growing that business for so long, and it's a cash 116 00:05:49,320 --> 00:05:50,320 Speaker 3: flow and business's cash. 117 00:05:50,320 --> 00:05:52,560 Speaker 1: Have you like a lot of people come in family restaurant. 118 00:05:53,040 --> 00:05:56,560 Speaker 3: Yeah, my sister and her husband own it, and they obviously, 119 00:05:56,680 --> 00:05:58,760 Speaker 3: you know, have a lot of cash coming in and 120 00:05:58,760 --> 00:06:02,440 Speaker 3: out of the restaurant, right cash. Restaurants are cash heavy businesses. 121 00:06:02,480 --> 00:06:04,080 Speaker 3: You know, you come in, you buy lunch, pay seven 122 00:06:04,120 --> 00:06:05,880 Speaker 3: dollars for a plate. You know, you give cash usually. 123 00:06:05,920 --> 00:06:09,600 Speaker 3: So that is a very different business banking need versus 124 00:06:09,600 --> 00:06:12,359 Speaker 3: my business banking needs as a digital business more primarily 125 00:06:12,440 --> 00:06:15,160 Speaker 3: so for me, it was I wanted a digital bank, 126 00:06:15,160 --> 00:06:17,000 Speaker 3: and I wanted one that would that would have low 127 00:06:17,040 --> 00:06:19,760 Speaker 3: fees or no fees at all. Ideally one that would 128 00:06:19,800 --> 00:06:21,719 Speaker 3: allow me to use the software that I use for 129 00:06:21,760 --> 00:06:23,599 Speaker 3: my taxes and accounting, which is quick Books. 130 00:06:23,800 --> 00:06:25,880 Speaker 4: I wanted it to automatically sink with quick Books. 131 00:06:25,920 --> 00:06:28,839 Speaker 3: So I started researching, Okay, what banks, what business banks 132 00:06:28,920 --> 00:06:32,960 Speaker 3: automatically have automatic sinking with QuickBooks and also allow me 133 00:06:33,000 --> 00:06:35,400 Speaker 3: to just pull data really easily between them and Blue 134 00:06:35,480 --> 00:06:36,960 Speaker 3: Vine is the one that came up for me. I've 135 00:06:37,000 --> 00:06:39,680 Speaker 3: been using blue Vine scent for years now, and like 136 00:06:40,240 --> 00:06:42,680 Speaker 3: super easy. I put all my payes in there. So 137 00:06:42,800 --> 00:06:44,839 Speaker 3: whenever I do business with somebody of ten eighty nine 138 00:06:44,839 --> 00:06:48,440 Speaker 3: contractor somebody who's editing my videos, somebody who's doing whatever partnerships, 139 00:06:48,720 --> 00:06:51,000 Speaker 3: I automatically add them into pay send them their payment. 140 00:06:51,080 --> 00:06:53,080 Speaker 3: Ten ninety nine are really easy in quick books, So 141 00:06:53,360 --> 00:06:56,960 Speaker 3: in terms of like accounting plus banking, I really love 142 00:06:57,000 --> 00:07:00,320 Speaker 3: that like synergy between them, and I also so just 143 00:07:00,360 --> 00:07:02,640 Speaker 3: love the fact that, like the money moves very quickly. 144 00:07:02,640 --> 00:07:04,719 Speaker 3: I don't have to wait seven business days for people 145 00:07:04,800 --> 00:07:07,000 Speaker 3: to get paid or for me to get paid. 146 00:07:07,160 --> 00:07:09,800 Speaker 4: So those are things I chose to prioritize. 147 00:07:10,000 --> 00:07:12,640 Speaker 3: But again I recognize it as a fully digital business, 148 00:07:12,640 --> 00:07:14,480 Speaker 3: I don't necessarily have to worry too much about cash. 149 00:07:14,680 --> 00:07:16,600 Speaker 3: So if you are somebody whose business deals with a 150 00:07:16,640 --> 00:07:19,360 Speaker 3: lot of cash transactions, you probably want to have a 151 00:07:19,400 --> 00:07:22,160 Speaker 3: physical bank branch location that you can go to and 152 00:07:22,200 --> 00:07:25,120 Speaker 3: you can deposit those cash payments. That just makes your 153 00:07:25,160 --> 00:07:27,720 Speaker 3: life a lot easier, right, rather than having to put 154 00:07:27,760 --> 00:07:30,040 Speaker 3: it in an envelope and mail it to a digital bank. 155 00:07:30,360 --> 00:07:33,680 Speaker 3: I wouldn't personally feel comfortable doing that. So those are 156 00:07:33,680 --> 00:07:35,720 Speaker 3: some things I would add to Mark's list in terms 157 00:07:35,760 --> 00:07:37,760 Speaker 3: of like what you want to consider to go shop 158 00:07:37,800 --> 00:07:41,440 Speaker 3: for a good business bank account, and then also there's 159 00:07:41,480 --> 00:07:44,120 Speaker 3: suite of products because a business bank account is really 160 00:07:44,160 --> 00:07:45,920 Speaker 3: just the first step. You might also want to set 161 00:07:45,960 --> 00:07:47,520 Speaker 3: up a business investment acount. You might also want to 162 00:07:47,520 --> 00:07:49,160 Speaker 3: set up a solo for one K. You might also 163 00:07:49,200 --> 00:07:51,200 Speaker 3: want to get a business credit card or get a 164 00:07:51,200 --> 00:07:54,080 Speaker 3: business loan like Mark was talking about earlier. Hopefully they 165 00:07:54,080 --> 00:07:56,000 Speaker 3: don't deny you like PNC was trying to play him, 166 00:07:56,000 --> 00:07:58,480 Speaker 3: But you can kind of look at, like what are 167 00:07:58,480 --> 00:08:01,640 Speaker 3: the full suite of offerings for small businesses, and that 168 00:08:01,720 --> 00:08:03,440 Speaker 3: way you can kind of pick a good one from 169 00:08:03,480 --> 00:08:05,560 Speaker 3: the get go that has a whole ecosystem of products 170 00:08:05,600 --> 00:08:08,000 Speaker 3: and services that you might eventually grow into even if 171 00:08:08,040 --> 00:08:09,080 Speaker 3: you don't need it just yet. 172 00:08:09,160 --> 00:08:11,040 Speaker 2: Yeah, And I would say, yeah, it comes down to 173 00:08:11,560 --> 00:08:14,680 Speaker 2: personal preference because even in that example, like I couldn't 174 00:08:14,720 --> 00:08:17,720 Speaker 2: imagine going and having like a virtual bank, because there 175 00:08:17,760 --> 00:08:20,920 Speaker 2: are times where I have to give them a check 176 00:08:21,000 --> 00:08:22,960 Speaker 2: for a large amount that I can't go in to 177 00:08:23,000 --> 00:08:25,560 Speaker 2: pause in my ATM, or if I have to send 178 00:08:25,560 --> 00:08:28,240 Speaker 2: a wire for a higher amount, like I don't want 179 00:08:28,280 --> 00:08:29,640 Speaker 2: to do that over the phone. I wouldn't go and 180 00:08:29,680 --> 00:08:32,319 Speaker 2: talk to someone and have a personal banker that could 181 00:08:32,520 --> 00:08:35,120 Speaker 2: go and do it within a minute. So really it's 182 00:08:35,200 --> 00:08:37,960 Speaker 2: just a personal preference where I want to go in there. 183 00:08:38,000 --> 00:08:41,600 Speaker 2: So another item that would put in my checkbox is 184 00:08:41,600 --> 00:08:44,640 Speaker 2: that I need to have locations that are national. PNC 185 00:08:44,760 --> 00:08:47,160 Speaker 2: happens to be out at Pittsburgh when I was in Philly. 186 00:08:47,200 --> 00:08:49,680 Speaker 2: They're all over the place, and they're a little more 187 00:08:49,720 --> 00:08:52,440 Speaker 2: spread out here in Georgia, but we have three or 188 00:08:52,440 --> 00:08:56,160 Speaker 2: four locations within ten miles, so I can just drive 189 00:08:56,160 --> 00:08:58,439 Speaker 2: over there talk to my personal banker. They could take 190 00:08:58,440 --> 00:09:01,840 Speaker 2: care of everything for me. I couldn't imagine having someone 191 00:09:01,840 --> 00:09:04,640 Speaker 2: who's like virtual. But that comes down to personal preference 192 00:09:04,679 --> 00:09:06,600 Speaker 2: and then how your business is structured. 193 00:09:06,800 --> 00:09:08,720 Speaker 4: Yep, for sure, what what you need to go in 194 00:09:08,720 --> 00:09:10,400 Speaker 4: person for transfer. 195 00:09:10,080 --> 00:09:14,400 Speaker 2: Wire transfers and bigger checks over over ten thousand. 196 00:09:15,080 --> 00:09:17,680 Speaker 1: Yeah, he make a money like that. It's gonna say, 197 00:09:17,760 --> 00:09:21,559 Speaker 1: I'm definitely deposited like a big like a deposited checks. 198 00:09:21,880 --> 00:09:23,600 Speaker 1: But again, like you know, when I think when I 199 00:09:23,600 --> 00:09:28,280 Speaker 1: first joined iHeart, actually my first quarterly payment was a 200 00:09:28,360 --> 00:09:30,280 Speaker 1: check and I was like, we I'm about to do 201 00:09:30,320 --> 00:09:33,400 Speaker 1: what it is why are we doing checks? Because every 202 00:09:33,559 --> 00:09:35,960 Speaker 1: everyone else just wires that are you know, sends it 203 00:09:35,960 --> 00:09:39,880 Speaker 1: directly and happens. Yeah, it sends me. Really have to 204 00:09:39,880 --> 00:09:41,599 Speaker 1: go take the P and C. I won't show you 205 00:09:41,640 --> 00:09:43,480 Speaker 1: guys because you guys would take the numbers, but uh 206 00:09:45,400 --> 00:09:47,559 Speaker 1: I would love. Maybe I just need to be getting 207 00:09:47,559 --> 00:09:50,679 Speaker 1: more checks. Maybe if I was on that mark better 208 00:09:50,679 --> 00:09:53,920 Speaker 1: while at level, I should get more checks. They come 209 00:09:53,960 --> 00:09:57,000 Speaker 1: work for me, you know what. That's what I wanted 210 00:09:57,000 --> 00:10:00,640 Speaker 1: to ask you. Actually, Marcus like has no no, no, no. 211 00:10:01,040 --> 00:10:03,160 Speaker 1: Would you say work with you? Because never he. 212 00:10:03,200 --> 00:10:04,160 Speaker 4: Said work for you? 213 00:10:04,240 --> 00:10:07,920 Speaker 3: Work for That's what you miss girl, You missed that job. 214 00:10:07,960 --> 00:10:09,800 Speaker 1: Would you give me? What? What would you? What would 215 00:10:09,800 --> 00:10:15,400 Speaker 1: I do for you? Chief? Humble? Humble, officer in chief, 216 00:10:15,480 --> 00:10:18,400 Speaker 1: Keep you humble, Remind you when you say something. 217 00:10:18,480 --> 00:10:20,000 Speaker 4: It's a unique skill set. So you got to think 218 00:10:20,000 --> 00:10:20,520 Speaker 4: about that one. 219 00:10:20,600 --> 00:10:21,680 Speaker 2: Yeah, I'll need your resume. 220 00:10:21,840 --> 00:10:26,320 Speaker 1: My people will talk to her. Thanks. Hey, ba fam, 221 00:10:26,559 --> 00:10:28,880 Speaker 1: we got to take a quick break, pay some bills, 222 00:10:29,000 --> 00:10:32,360 Speaker 1: and we'll be right back. All right, ba fam, We're back. 223 00:10:32,600 --> 00:10:34,280 Speaker 1: I feel like I'm in an episode of Fear Factor. 224 00:10:34,360 --> 00:10:36,280 Speaker 1: I'm like trapped in this little office. My kid has 225 00:10:36,280 --> 00:10:37,880 Speaker 1: a dirty diaper. I have to change it, and I 226 00:10:38,000 --> 00:10:40,439 Speaker 1: just like there's no ventilation and I have to get 227 00:10:40,440 --> 00:10:44,840 Speaker 1: out of here. But I'm committed to the bitch. No, 228 00:10:45,800 --> 00:10:48,080 Speaker 1: it's a whole thing. I gotta go upstairs. Diapers upstairs. 229 00:10:48,400 --> 00:10:51,800 Speaker 1: Now he's two. Now, it's not an easy diaper change situation. 230 00:10:52,200 --> 00:10:58,160 Speaker 1: It's going to be fighting. I'll need a hose homes. Yeah, 231 00:10:58,240 --> 00:11:00,800 Speaker 1: he's fine. No, but I did want about moving to 232 00:11:00,800 --> 00:11:02,880 Speaker 1: Atlanta because if you listen to the episode this week, 233 00:11:02,960 --> 00:11:04,800 Speaker 1: y'all at the Brown Table, I mentioned I want to 234 00:11:04,840 --> 00:11:07,320 Speaker 1: move back to Atlanta, and I am. I feel like 235 00:11:07,400 --> 00:11:10,320 Speaker 1: my business would only thrive with me being in Atlanta. 236 00:11:10,360 --> 00:11:12,400 Speaker 1: I just look, there's so many more opportunities or so 237 00:11:12,400 --> 00:11:15,839 Speaker 1: many great brands that want to that already work with 238 00:11:15,880 --> 00:11:19,600 Speaker 1: Atlanta creators and creatives. And yeah, I just I just 239 00:11:19,640 --> 00:11:21,520 Speaker 1: feel like this is the kind of place where a 240 00:11:21,600 --> 00:11:24,079 Speaker 1: brand like Brown Ambition and Mandy Money we could thrive. 241 00:11:24,280 --> 00:11:27,040 Speaker 2: Yeah, it's powerful. I mean any conference I go to, 242 00:11:27,360 --> 00:11:30,280 Speaker 2: I end up meeting people who either become business partners 243 00:11:30,360 --> 00:11:33,920 Speaker 2: or clients because you have a lot of people who 244 00:11:33,920 --> 00:11:36,599 Speaker 2: are inspiring to do, aspiring to do the things that 245 00:11:36,640 --> 00:11:40,720 Speaker 2: you're currently doing, or they are trying to partner because 246 00:11:40,760 --> 00:11:44,280 Speaker 2: I mean, we really believe in collaboration for competition. A 247 00:11:44,320 --> 00:11:46,840 Speaker 2: lot of my friends are financial creators that are in 248 00:11:46,920 --> 00:11:50,720 Speaker 2: the different niches within personal finance, and we're always constantly 249 00:11:50,720 --> 00:11:53,319 Speaker 2: trying to find ways that we could boost each other's businesses. 250 00:11:53,960 --> 00:11:54,800 Speaker 2: And a lot of them. 251 00:11:54,760 --> 00:11:55,680 Speaker 4: Look like us. 252 00:11:56,120 --> 00:11:59,640 Speaker 2: So it's way more powerful than when I was in Philly, 253 00:11:59,640 --> 00:12:02,240 Speaker 2: where I fel like there were only so many financial creators, 254 00:12:02,960 --> 00:12:05,320 Speaker 2: and frankly even when I would go up to New York. 255 00:12:05,920 --> 00:12:09,640 Speaker 2: So I think if you're an established business coming into Atlanta, 256 00:12:09,679 --> 00:12:12,320 Speaker 2: it's a great thing. But if you're trying to get 257 00:12:12,320 --> 00:12:14,800 Speaker 2: into entrepreneurship and you're not really sure what your niche 258 00:12:14,840 --> 00:12:18,199 Speaker 2: is going to be, it could be a distraction and 259 00:12:18,480 --> 00:12:21,200 Speaker 2: you could find yourself losing a lot of money pretty quickly, 260 00:12:21,280 --> 00:12:24,280 Speaker 2: because there's a lot of people who, unfortunately try to 261 00:12:24,320 --> 00:12:28,199 Speaker 2: exploit folks that are trying to get rich quickly here 262 00:12:28,240 --> 00:12:30,520 Speaker 2: in Atlanta. But if you know the direction that you're 263 00:12:30,559 --> 00:12:33,120 Speaker 2: going in, you know what conferences you need to be at, 264 00:12:33,160 --> 00:12:35,240 Speaker 2: what groups you need to be a part of, who 265 00:12:35,240 --> 00:12:38,000 Speaker 2: you need to talk to, and folks are more willing 266 00:12:38,040 --> 00:12:43,720 Speaker 2: to introduce everyone to whoever referrals are big. Everyone that 267 00:12:43,880 --> 00:12:46,960 Speaker 2: is on my team that's from Atlanta was a referral 268 00:12:47,000 --> 00:12:48,880 Speaker 2: from someone else, or I just happened to be at 269 00:12:48,880 --> 00:12:51,440 Speaker 2: a conference. I'm like, you're great at videos, can we 270 00:12:51,520 --> 00:12:53,400 Speaker 2: like work together? I have something coming up here in 271 00:12:53,400 --> 00:12:55,120 Speaker 2: a couple of weeks, And they're like, yeah, sure, no problem. 272 00:12:55,559 --> 00:12:57,920 Speaker 2: So that's a big deal at least for me and 273 00:12:57,960 --> 00:12:58,520 Speaker 2: for the brand. 274 00:12:59,080 --> 00:12:59,880 Speaker 4: Yeah for sure. 275 00:13:00,360 --> 00:13:02,520 Speaker 1: Ooh, so when I come, I have an instant plug 276 00:13:02,640 --> 00:13:03,439 Speaker 1: like you can connect me to. 277 00:13:03,600 --> 00:13:04,800 Speaker 4: That's what he's saying. 278 00:13:06,000 --> 00:13:08,920 Speaker 1: That's what I heard. That's what I heard, and I 279 00:13:08,960 --> 00:13:10,559 Speaker 1: do feel like I have Yeah. I mean, just being 280 00:13:10,600 --> 00:13:12,640 Speaker 1: from here, I have so many friends and it's just 281 00:13:12,640 --> 00:13:14,560 Speaker 1: just come come on home, Mandy, is what it's saying 282 00:13:14,640 --> 00:13:18,800 Speaker 1: to me. Hey, ba fam, we got to take a 283 00:13:18,880 --> 00:13:21,640 Speaker 1: quick break, pay some bills, and we'll be right back. 284 00:13:22,559 --> 00:13:25,640 Speaker 1: All right, ba fam, We're back my business checking. I 285 00:13:25,640 --> 00:13:27,920 Speaker 1: also have Bluevine. I like an online only bank. I 286 00:13:27,920 --> 00:13:31,360 Speaker 1: don't mind the inconvenience of not talking to humans. In fact, 287 00:13:31,400 --> 00:13:35,679 Speaker 1: I prefer to not speak to them. But to your point, 288 00:13:35,679 --> 00:13:39,239 Speaker 1: Mark about financing, though, I do think having a relationship 289 00:13:39,280 --> 00:13:41,880 Speaker 1: with a local community bank and the best thing about 290 00:13:42,000 --> 00:13:44,280 Speaker 1: I think you mentioned I was distracted by my kid. 291 00:13:44,360 --> 00:13:46,719 Speaker 1: I think you mentioned something about how you know you 292 00:13:46,720 --> 00:13:49,640 Speaker 1: wouldn't necessarily work with a credit union, But there are 293 00:13:49,720 --> 00:13:54,000 Speaker 1: some local community banks and credit unions that are really 294 00:13:54,040 --> 00:13:57,040 Speaker 1: like the point of them, or the core of what 295 00:13:57,040 --> 00:14:00,719 Speaker 1: they do in communities is support local businesses. So if 296 00:14:00,720 --> 00:14:03,480 Speaker 1: you're someone who's opening a local business, maybe a brick 297 00:14:03,480 --> 00:14:06,120 Speaker 1: and mortar business, like, and you're going to be a 298 00:14:06,120 --> 00:14:08,280 Speaker 1: part of that community, you might find it really beneficial 299 00:14:08,320 --> 00:14:11,280 Speaker 1: to establish a relationship with the local bank or credit union, 300 00:14:11,880 --> 00:14:14,320 Speaker 1: and you know they have a vested interest in banks 301 00:14:14,320 --> 00:14:17,520 Speaker 1: in your community, and they may look more favorably upon 302 00:14:17,600 --> 00:14:20,680 Speaker 1: you than like a big lender who's like, who are 303 00:14:20,720 --> 00:14:21,960 Speaker 1: you totally agree? 304 00:14:22,040 --> 00:14:24,040 Speaker 2: I'm a part of Like on the personal side, like 305 00:14:24,080 --> 00:14:27,280 Speaker 2: I have many of credit unions from my alumni association 306 00:14:28,200 --> 00:14:31,880 Speaker 2: to even where my high school was, where I have 307 00:14:32,000 --> 00:14:34,400 Speaker 2: that personal connection. If I really need a loan, I 308 00:14:34,440 --> 00:14:37,600 Speaker 2: can get to them. But from a business standpoint, yeah, 309 00:14:37,640 --> 00:14:40,920 Speaker 2: it is much tougher to go after these bigger companies 310 00:14:40,960 --> 00:14:43,520 Speaker 2: that you're just the number in their head, even though 311 00:14:43,560 --> 00:14:46,000 Speaker 2: that's where it brought them more than seven figures. 312 00:14:46,200 --> 00:14:49,080 Speaker 3: It's like right, right, well that's a good thing about 313 00:14:49,120 --> 00:14:51,040 Speaker 3: online banks though, because I will tell you one of 314 00:14:51,080 --> 00:14:54,160 Speaker 3: the cool things I have with Bluevine. I have a 315 00:14:54,200 --> 00:14:58,080 Speaker 3: Bluevine Business line of credit, so I can spend up 316 00:14:58,080 --> 00:15:00,160 Speaker 3: two one hundred thousand dollars at any given point. It's 317 00:15:00,160 --> 00:15:03,120 Speaker 3: a pretty low rate, like seven point tenty percent, which 318 00:15:03,160 --> 00:15:05,560 Speaker 3: I mean is high generally, but like for business, not bad, 319 00:15:05,960 --> 00:15:07,840 Speaker 3: and I could pay it back monthly if I ever 320 00:15:07,880 --> 00:15:10,200 Speaker 3: do borrow from it. So it's it's similar to a 321 00:15:10,240 --> 00:15:12,800 Speaker 3: credit card and how that works for your personal spending, 322 00:15:12,960 --> 00:15:15,320 Speaker 3: but it's for the business, and that line of credit 323 00:15:15,400 --> 00:15:17,240 Speaker 3: is revolving, so like if I pay it back, it's 324 00:15:17,240 --> 00:15:19,760 Speaker 3: available again onlike a personal loan, which you know, you 325 00:15:19,760 --> 00:15:21,120 Speaker 3: pay it down and then at zero and then you 326 00:15:21,160 --> 00:15:22,520 Speaker 3: have to apply for a new loan if you want 327 00:15:22,520 --> 00:15:25,960 Speaker 3: a new one. So I really liked the Bluevine business 328 00:15:26,000 --> 00:15:28,240 Speaker 3: line of credit. And also the fact that they are 329 00:15:28,280 --> 00:15:30,520 Speaker 3: a digital bank means that they're a lot more friendly 330 00:15:30,640 --> 00:15:32,800 Speaker 3: and open to digital businesses. 331 00:15:33,200 --> 00:15:35,680 Speaker 1: So that's something Yeah, I've never considered. The problem is 332 00:15:35,680 --> 00:15:37,480 Speaker 1: getting approved for stuff with blue I've never done a 333 00:15:37,520 --> 00:15:39,440 Speaker 1: line of credit, but I know with my credit card 334 00:15:39,440 --> 00:15:42,320 Speaker 1: I had no problem yep, opening up. I opened up too. 335 00:15:42,360 --> 00:15:45,160 Speaker 1: I have two different business bank accounts with them. Yeah. 336 00:15:46,560 --> 00:15:48,400 Speaker 4: Yeah, they're great and honestly pretty responsive. 337 00:15:48,400 --> 00:15:50,640 Speaker 3: Because the other day I had to I was bringing 338 00:15:50,640 --> 00:15:52,720 Speaker 3: on a new client doing a partnership with them, and 339 00:15:52,760 --> 00:15:55,120 Speaker 3: they needed the bank account information. So I sent them 340 00:15:55,120 --> 00:15:56,600 Speaker 3: a document that had it and they were like, no, no, 341 00:15:56,640 --> 00:15:59,040 Speaker 3: we need a letter from the bank. So I was like, oh, 342 00:15:59,120 --> 00:16:01,200 Speaker 3: so I had to contacte. I literally just sent a 343 00:16:01,240 --> 00:16:04,720 Speaker 3: quick email in the in the online account and I said, hey, 344 00:16:04,720 --> 00:16:06,600 Speaker 3: I need a letter, like a verification letter from the 345 00:16:06,640 --> 00:16:08,400 Speaker 3: bank saying that I have my business bank account here 346 00:16:09,120 --> 00:16:14,880 Speaker 3: less than twenty hours, like not even the whole day already, girl, 347 00:16:14,920 --> 00:16:15,600 Speaker 3: I already had it. 348 00:16:15,520 --> 00:16:16,000 Speaker 4: In my email. 349 00:16:16,000 --> 00:16:17,440 Speaker 3: They sent it to me as a pit of attachment. 350 00:16:17,480 --> 00:16:19,440 Speaker 3: I was like, oh, look at that boom. So in 351 00:16:19,480 --> 00:16:21,840 Speaker 3: terms of responsiveness, has been really great, even though you 352 00:16:21,880 --> 00:16:23,760 Speaker 3: don't really talk to a person, but they still are 353 00:16:23,760 --> 00:16:24,600 Speaker 3: really responsive. 354 00:16:25,000 --> 00:16:26,480 Speaker 4: And look at that. I could have just downloaded it 355 00:16:26,480 --> 00:16:27,480 Speaker 4: from my account. I didn't know that. 356 00:16:28,080 --> 00:16:30,280 Speaker 2: Yeah, you know what, and you could also have you 357 00:16:30,280 --> 00:16:32,960 Speaker 2: could also have two, Like there's no limit on how. 358 00:16:32,880 --> 00:16:34,480 Speaker 4: Many, right, That's so true. 359 00:16:35,080 --> 00:16:36,800 Speaker 1: That is so true bank accounts you have. 360 00:16:37,320 --> 00:16:39,840 Speaker 2: Even having this conversation, I'm like, maybe I should have 361 00:16:40,040 --> 00:16:42,600 Speaker 2: this virtual one where the majority of the money won't 362 00:16:42,600 --> 00:16:45,560 Speaker 2: go through there. But maybe if I create another product 363 00:16:45,680 --> 00:16:48,200 Speaker 2: or whatever, it might be a separate business, then that 364 00:16:48,240 --> 00:16:49,880 Speaker 2: could be routed through blue Vine. 365 00:16:50,280 --> 00:16:53,040 Speaker 1: So yeah, and to her to Amber's question about like 366 00:16:53,080 --> 00:16:54,840 Speaker 1: what to look out for, I was the big thing 367 00:16:54,880 --> 00:16:56,880 Speaker 1: for me or fees. So there's no fees with blue Vine. 368 00:16:56,920 --> 00:16:59,080 Speaker 1: I'm not paying a I had worked with a big 369 00:16:59,120 --> 00:17:01,360 Speaker 1: bank before and it was like a five dollars a 370 00:17:01,400 --> 00:17:03,320 Speaker 1: month fee unless you had a minimum you know, those 371 00:17:03,320 --> 00:17:07,760 Speaker 1: stupid minimum balance requirements per month. Fees are a big one. 372 00:17:07,960 --> 00:17:12,240 Speaker 1: And the ability to do to pay people through your account. 373 00:17:12,280 --> 00:17:13,720 Speaker 1: So I like jan Ellie, I use a lot of 374 00:17:13,720 --> 00:17:15,920 Speaker 1: contractors and you can set them up as clients in 375 00:17:15,960 --> 00:17:18,760 Speaker 1: your portal on Bluevine and pay them. And if there 376 00:17:18,840 --> 00:17:21,360 Speaker 1: is a fee, it's very nominal. It's like one percent 377 00:17:21,520 --> 00:17:25,040 Speaker 1: or something. And I feel like PayPal, quick books fees 378 00:17:25,200 --> 00:17:28,560 Speaker 1: and the fees of sending. So whatever the thing is 379 00:17:28,560 --> 00:17:31,120 Speaker 1: you do in your business the most, whether you're accepting 380 00:17:31,160 --> 00:17:34,280 Speaker 1: payments virtually or sending payments virtually, like what is the 381 00:17:34,320 --> 00:17:37,080 Speaker 1: cost of those fees and how well it integrates with 382 00:17:37,160 --> 00:17:39,440 Speaker 1: the other platforms that you might use, like Gusto or 383 00:17:39,520 --> 00:17:42,280 Speaker 1: quick Books yep, things like that. Yeah, and just keep 384 00:17:42,280 --> 00:17:44,200 Speaker 1: asking your friends. I mean, we're your friends in your head, 385 00:17:44,240 --> 00:17:46,080 Speaker 1: but if you have other friends who are business owners, 386 00:17:46,119 --> 00:17:48,399 Speaker 1: ask them what they use, and then you make the 387 00:17:48,400 --> 00:17:51,199 Speaker 1: best choice based on what you need and what's right 388 00:17:51,240 --> 00:17:51,520 Speaker 1: for you. 389 00:17:51,840 --> 00:17:53,600 Speaker 3: Yeah, and just quickly look up like what are the 390 00:17:53,600 --> 00:17:55,679 Speaker 3: best business bake a concert twenty twenty five based on 391 00:17:55,680 --> 00:17:58,600 Speaker 3: online reviews? Based on things like that. I mean, I 392 00:17:58,920 --> 00:18:01,160 Speaker 3: chose Bluevine because it can coming up, but there were 393 00:18:01,320 --> 00:18:03,280 Speaker 3: quite a few other ones, like the MX Business Bank 394 00:18:03,320 --> 00:18:05,720 Speaker 3: account came up quite a bit in my research, and 395 00:18:06,160 --> 00:18:08,880 Speaker 3: Capitol One TD Bank like those came up for me too. 396 00:18:08,960 --> 00:18:10,560 Speaker 4: I just ultimately went with Blue Vine. 397 00:18:10,600 --> 00:18:12,200 Speaker 3: But if you just start doing a little bit of digging, 398 00:18:12,240 --> 00:18:14,760 Speaker 3: you'll see the same accounts coming up again and again 399 00:18:14,800 --> 00:18:17,159 Speaker 3: from reputable sources. And then you're like, okay, so, like 400 00:18:17,200 --> 00:18:19,560 Speaker 3: there's a pattern people really like this account, So that's 401 00:18:19,600 --> 00:18:20,800 Speaker 3: one that I might want to look into. 402 00:18:20,920 --> 00:18:22,560 Speaker 1: All right, y'all, that's gonna wrap up. B a q 403 00:18:22,720 --> 00:18:25,640 Speaker 1: A let me rue, could you say bye bye? Brown Ambition. 404 00:18:29,440 --> 00:18:30,040 Speaker 4: Boundaries. 405 00:18:34,440 --> 00:18:36,560 Speaker 1: He's like, I'm going to send you my W nine 406 00:18:36,560 --> 00:18:40,840 Speaker 1: and then I, yeah, say bye bye. Brown Ambition. Bye 407 00:18:40,880 --> 00:18:46,640 Speaker 1: bye bye bye. See your next week. Be a fan. 408 00:18:46,720 --> 00:18:48,919 Speaker 1: Thank you, Chris, you did it again. 409 00:18:51,080 --> 00:18:56,880 Speaker 3: No, she's literally is just programmed to say Chris and Andy. 410 00:19:00,000 --> 00:19:02,920 Speaker 1: It's so crazy on Ellie, You're right. It's like mar 411 00:19:03,680 --> 00:19:09,720 Speaker 1: do not bite me. He's a bier. All right, Bye, guys. 412 00:19:09,800 --> 00:19:12,919 Speaker 1: I'm not going to try to say names again. DA 413 00:19:12,960 --> 00:19:18,920 Speaker 1: sorry about that, you guys. Bye bye, okay va fam, 414 00:19:18,920 --> 00:19:21,280 Speaker 1: Thank you so much for listening to this week's show. 415 00:19:21,400 --> 00:19:24,640 Speaker 1: I want to shout out to our production team, Courtney, 416 00:19:24,800 --> 00:19:29,680 Speaker 1: our editor, Carla, our fearless leader for idea to launch productions. 417 00:19:30,080 --> 00:19:33,520 Speaker 1: I want to shout out my assistant Lauda Escalante and 418 00:19:33,680 --> 00:19:36,960 Speaker 1: Cameron McNair for helping me put the show together. It 419 00:19:37,040 --> 00:19:40,600 Speaker 1: is not a one person project, as much as I 420 00:19:40,680 --> 00:19:43,200 Speaker 1: have tried to make it so these past ten years. 421 00:19:43,320 --> 00:19:46,560 Speaker 1: I need help, y'all, and thank goodness I've been able 422 00:19:46,600 --> 00:19:48,919 Speaker 1: to put this team around me to support me on 423 00:19:48,960 --> 00:19:51,640 Speaker 1: this journey and to y'all be a fam. I love 424 00:19:51,680 --> 00:19:55,639 Speaker 1: you so so so so much. Please rate, review, subscribe, 425 00:19:55,640 --> 00:19:57,600 Speaker 1: make sure you're signed up to the newsletter to get 426 00:19:57,600 --> 00:20:00,879 Speaker 1: all the latest updates on upcoming episode modes. Our tenth 427 00:20:01,160 --> 00:20:06,000 Speaker 1: your anniversary celebrations to come, and until next time, talk 428 00:20:06,040 --> 00:20:07,400 Speaker 1: to you. Soon be a bye.