I will have 3 banks. The first one is my personal checking account. Nothing will change there other than the windfall of money that would partially be in my checking account. All of my personal bills will be paid through this account, and any personal income will come to this account. I won’t take all of my profits, but will receive a salary for my services.
The second bank will be a business account. As mentioned, all three of my businesses will fall under the FSP Enterprises name. This will be the bank account that will pay all of the bills from the 3 businesses. I am not sure which bank I will choose, but considering that there are two banks in walking distance from my location, it would be one of these two banks.
The third bank will be a Swiss bank account. Most wealthy people use this to hide from taxes. I will not use it for those means. I would assume that I will have tens of thousands of dollars coming into my account. FDIC only insures up to $250,000 per person per bank. This means if the bank goes belly up, and I have more than $250,000 – I will lose whatever is in excess. This is a risk I would rather not do. I will use an accounting software to manage my business assets, and keep my personal money, and business money separate in this software/spreadsheet. The Swiss account will hold all excess resources.
By doing this, it will protect my assets, and assures that I won’t have to worry. Once my accounts drop below $25,000 – I will deposit $200,000 to maximize the money I will be insured for, and work my way down. Income from the business will deposit into the business account, and excess will be moved to Swiss Account. The personal income will go from the investment accounts to the Swiss account directly. Again, once I need to, I can add funds from the Swiss account to the personal checking account anytime I will need to.