All Forum Posts by: Malinda Gibbons

You have to do what makes sense for you. Tony from the BP Rookie podcast has said before that he uses 20+ bank accounts to handle his and his wife's personal monthly budgeting. Works for him, no way in the world would it work for myself. I have two personal bank accounts, emergency fund and everything else. If you are going to have an LLC or getting serious about REI then you should treat it like a separate entity. My rentals(6 doors across 2 properties) have a bank account for Sec deposits and then an operating account. I use credit cards to manage which expenses go where but they are all paid in full, every month by the corresponding bank account (personal or business operating accounts). I don't have to shuffle money back and forth that way yet I can easily find the transactions I am looking for. Your system is only as good as its implementation so it has to be easy for you. Good luck!