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I’m all about working smarter, not harder, and the holy grail of working less and earning more is passive income. I mean, what’s more efficient that making money in your sleep? But what do most passive income experts not mention? Setting up a passive income stream can be lot of work. Like.. A LOT of work (especially when you’re doing it for the first time). And although I’d still recommend putting in the work to create those passive income streams, I also want to share an easy win.
There’s one passive income stream every business owner should have, and it doesn’t take endless hours to set it up! It’s not sexy, in fact, it’s incredibly boring! But it’s a small way that you can earn more money, without having to put in a whole lot of extra work. The easy win? A bank account with APY terms that help you add extra cash to your bank account every single month. (I told you it wasn’t gonna be sexy!!)
In this episode, I’m sharing more about why I decided to switch to new banks, what I looked for, and why I ultimately landed with SoFi and BlueVine. Click above to tune into this episode and start making smarter money moves today!
What we Love Most About SoFi
Caleb and I moved our personal checking and savings accounts to SoFi almost a year ago, and we’ve increased our earnings (with no extra work) every month since. The extra cash added to our account every month is the obvious #1 benefit but there are many other things we love about SoFi. It’s a software first bank, which means their entire platform is optimized to create the best online banking experience. My husband is a software developer, and the platform has received the (very) official ‘Caleb Boyd stamp of approval’. Everything can be done, with ease, online. More time and less frustration – it’s music to my ears!
Within one account, we can move money into specific categories without setting up a dozen different savings accounts. Within our ONE savings account (which again, earns us money!), we can earmark funds for ‘Dream Home’ or ‘Kids’.
If you use my link, you can set up your free account and get a special sign-up bonus today!
Why I Use BlueVine for Business Checking
Sadly, SoFi doesn’t have a business checking option (yet!), but I found a solution. At the end of 2022, I moved my business checking account to BlueVine, and so far, I really love it!
The account setup was super simple, and right now you can earn 2.0% interest on your balance each month if you 1) earn $2,500+ or 2) spend $500+ each month. Even if you keep $5,000 in you bank account, that would mean an extra $100/year to mail Christmas cards to your clients, fund a business book haul, or give yourself some extra holiday cash!
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