It doesn't have to be a formal business account, but it needs to be like mentally you need to segment the money and all revenue flows in here. And then set up some kind of reoccurring salary to yourself, you know, whatever it is, twice a month, once a month, maybe once a week. It's where you can comfortably pay your bills, you can comfortably save, you can do what you need to do, but you're not living out of the business account. Then once the business account grows or your business grows, give yourself a pay raise or maybe take a distribution. If you had a really good year and the business account is really has built up a lot, maybe take some money off the top as a, you know, distribution as a bonus. Yeah, absolutely. You got to treat yourself like an employee of your business or else the business is never going to be able to grow to what it fully could. That is so good. I recently just learned about a self 401k. Can you explain that a little bit? Yeah. So if you are self-employed, you can set up a solo 401k. That's a solo. Yep. For yourself. You can put away $24,500 a year into it, either pre-tax or Roth. And the benefits of really, I mean, business owners have a ton of options regarding different retirement accounts. Because you also have what's called a SEP IRA or simplified employer pension. And you can put up to $72,000 a year into that, up to 25% of gross income. So there's a lot of different tools business owners can use. And like, you know, it depends on if you have employees or not. Because other things, when you start growing your business, like you want to attract and retain talent. And so you want to offer good benefits. You want to offer your employees retirement plans. You want to think about the vesting period. Like, you know, if you give them matching to their retirement plan, you know, maybe they have to stay with you for a certain number of years before they get the match. And if they leave, the match is returned back. But it encourages employees to stay with you. So being a business owner, you have so many different strategies you can implement. And I don't personally specialize in business owners directly, but one of my partners does. And so when I come across business owners and there's a lot of complexity, all he does is business owners. Large businesses, small businesses.

little bit of cost in the setup and there is an annual fee it's not significant uh in my client's case it's a couple of hundred dollars a year for the services provided the reporting that goes to the irs for that but what happens here is is it combines the employee and employer contributions just like your former employers 401k might have but this time you're on both sides of the fence you're both the employer and the employee so you can contribute from both sides the total limit is seventy thousand dollars and there's a seventy five hundred dollar catch-up for those over 50 on the employee contribution side but the total is seventy thousand dollars so you can get a lot of income in to that account it can be managed by a financial advisor that is a great option another option might be the SEP IRA these are a little bit simpler to set up SEP it stands for simplified employer pension and it is very easy to open that account and it is self-directed just like any IRA could be and you can contribute up to 25 percent of your net self-employment income and the limits are high on this too up to seventy thousand dollars and no catch-up needed the limits are already high but i think the thing with the SEP is you've got to be paying yourself significant amount of income for this to make sense because even though the overall limit is very high it is constrained 25 percent of net self-employment income and that net is important so if you made a hundred thousand dollars all of the other things have to come out of that before you figure that 25 percent so it can be a little bit more restrictive but it's also very easy to do and then the final one would really only come into play and i should say in both of those situations the SEP or the solo 401k you're not going to want to have many if any employees that needs to be just you so if it's a consulting business of you maybe your spouse maybe one other person those might be options because in the SEP IRA's case you have to do for those employees what you do for you but in the simple IRA if you are going to build a business and have employees john this is a great option yeah the simple IRA is basically a small business 401k plan you can set it up where you have a dollar for dollar match of the employees contribution up to three percent of their salary so your exposure on the employee