Be aware of systemic discrimination.

Sophisticated investors can share

horror stories about being denied preferential rates or even overdraft
protection for reasons that really boil down to gender or youth. Yes, it is
illegal to discriminate; yes, it still happens; and yes, if you do the work
involved with selling your business to a lender, you will likely find
someone who wants your business.
Look for a better deal. It pays to stay on top of what different banks are
offering. You do want to build a good working relationship with a lender,
but it’s always good to know what the competition is offering ... and then
ask for it!

KEY INSIGHT

Sophisticated investors know it’s good to have money in the

bank. If you can carry a sizable bank balance (say, $25,000), you
may be able to negotiate a bank deal whereby all fees are
waived. Better yet, you have a great rainy day fund for
contingencies (and a lot less stress!).

SOPHISTICATED INVESTOR TIP

If at first you don’t succeed ...

by Connie Campbell
One of the things I learned when I was just starting out was a
way to get the most out of my bank account.
My original bookkeeping business was named Connie and Co.
Mobile Office Services. I had a cute business card with a logo
that showed angel wings attached to a briefcase that was landing
at full speed. I reckoned that briefcase should be flying into your
business and not out of it. I soon learned to keep an eye on bank