Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 0
We are a stereotypical mom and pop company. All incoming money goes into one checking account. We don't actually get paychecks. We could but that seems like an unnecessary formality. I try to keep as much money in the checking account at all times as possible. There isn't any back up income anywhere if unexpected expenses arise. Contract workers, materials, designer commissions, utilities, mortgage, etc.. all comes from that account. In other words, our salaries are in that account. It would be the same as if we wrote ourselves paychecks and deposited back into the account, to reinvest in the company. The money that came from that account to deposit in our Roths would be considered some of our salaries. So far, I have put $4,000 in my Roth and $1,000 in my wife's Roth from that account. The IRA transfers contained contributions that were mad long ago. Since me and my wife do the majority of the hands on work there is very little time for accounting/clerical type duties.
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.