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Marketing School - Digital Marketing and Online Marketing Tips

How to Pay Yourself Without Slowing Down Your Growth #1738

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.61.4K Ratings

🗓️ 18 May 2021

⏱️ 6 minutes

🧾️ Download transcript

Summary

How To Pay Yourself Without Slowing Your Growth In episode #1738, we talk about the mentality you need to adopt so that you can take only what you need while growing your business. The main thing to focus on when starting and growing your business is to reinvest as much of your profit as possible back into it. This means changing the way you think about gratification and getting as creative as possible with how you save money! TIME-STAMPED SHOW NOTES: [00:25] Today’s topic: How To Pay Yourself Without Slowing Your Growth. [00:30] The many expenses of starting and growing a business. [01:04] Putting all of the money you earn back into your business. [02:46] Work out how to legally write off as many expenses as possible. [03:37] Figure out how to be more scrappy! [04:00] The late gratification philosophy of many great entrepreneurs. [05:03] That is it for today! [05:04] Go to marketingschool.io/live to join our community!   Links Mentioned in Today’s Episode:   Copilot   Leave Some Feedback:     What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review.     Connect with Us:    Neilpatel.com Quick Sprout  Growth Everywhere Single Grain Twitter @neilpatel  Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:00.0

Welcome to Marketing School, the only podcast that provides daily top level marketing tips

0:06.4

and strategies from entrepreneurs that practice what they preach and live what they teach.

0:11.8

Let's start leveling up your marketing knowledge with your instructors Neil Patel and Eric

0:16.8

Sue.

0:17.8

All right guys, before we start, we got a special message from our sponsor.

0:24.1

If you want to rank higher on Google, you got to look at your paid speed time.

0:28.6

And fast your website loads the better off you are with Google's Corvital update that

0:33.2

makes it super, super important to optimize your site for low time.

0:37.7

And one easy way to do it is use the host that Eric and I use dream host.

0:42.1

So just go to dream host or Google it, find it, check it out, and it's a great way to

0:47.1

improve your low time.

0:48.6

Today, we're going to talk about how to pay yourself without slowing down your growth.

0:56.1

So intuitively, what are we trying to say here, Neil?

1:00.2

When you are running a business, you need money to pay your bills, your rent, your food,

1:06.0

your car payments, your gasoline, whatever it may be.

1:09.3

If you have the luxury of starting a business when you're young enough or the luxury to move

1:12.5

back in with your parents, if you're young enough, you hopefully you'll still live with

1:15.7

your parents, then you don't have to worry about those expenses.

1:19.3

But for most of us, we do.

1:21.1

So the question is, is how do you pay yourself?

1:24.3

And when you pay yourself, how do you do it in a way where it's not going to actually hurt

1:27.6

your company?

...

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