Business vs. Personal Use

I'm thinking of buying a MacBook Pro for use at the office and home. I need to strictly segregate data from both locations--sensitive business information from work and sensitive legal information from my role as president of a neighborhood assn.
I don't want to use a partitioned hard drive and I can't justify the expense of a MacBook Pro with two internal hard drives (if that's even an option). Is it possible to boot a MacBook Pro using an external hard drive and maintain strict data segretation? Or is there a better way of doing this?
Thanks very much.
angus

Simplest way would be to set up two different non-admin accounts, each with its own home directory. Set up permissions in each so that only the user has access to the contents (Unix equivalent: 700 permissions), then use one for business and another for home.
As long as root remains disabled (default in out-of-the-box MacOS X installs) and no account with administrator privileges logs in, the data from one account is kept segregated from the other thanks to MacOS X/Unix intrinsic security mechanisms. Is it safe and secure? Well, several tens of millions Unix users have worked that way without compromising their data for many years now.

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