Pay Yourself First: How To Pay Yourself as an Entrepreneur
Social Proof Podcast
Social Proof Network
4.9 • 2K Ratings
🗓️ 9 September 2023
⏱️ 14 minutes
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Transcript
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| 0:00.0 | It's time to stop running your business like a hustler, |
| 0:03.0 | like just somebody is trying to go get some money |
| 0:05.0 | and run your business like an actual business owner. |
| 0:07.8 | You know how that happens? |
| 0:09.0 | Your business hires you. |
| 0:11.1 | Even though you started the business, |
| 0:12.6 | the business hires you and you put yourself on payroll. |
| 0:16.7 | And that business has payroll for other people. |
| 0:20.0 | Now those other people might be your spouse. |
| 0:22.3 | It could be your kids. |
| 0:23.4 | I paid my daughter $12,000 a year |
| 0:26.0 | because that $12,000 that I paid my child is a text. |
| 0:29.4 | So that money is either going to go to your child |
| 0:32.2 | or it's going to go to the government. |
| 0:33.8 | You decide, I rather keep it in my house. |
| 0:36.4 | My wife is on payroll. |
| 0:38.1 | You need to run your business like a business owner. |
| 0:40.3 | Most of you are taking money from your business |
| 0:42.3 | and you take that money and you pay your house low, |
| 0:44.4 | you pay your rent, you pay your car. |
| 0:46.4 | For one, that kind of stuff will end on jail. |
| 0:48.9 | But two, you want to grow and lay a strong foundation |
... |
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