Should I Reinvest or Pay Myself More? - Ask Clay Anything
Thrivetime Show | Business School without the BS
Clay Clark
4.7 • 1.5K Ratings
🗓️ 31 July 2022
⏱️ 13 minutes
🧾️ Download transcript
Summary
Should you finally pay yourself well or should you reinvest in your business? When is it time to reap the fruits of your labor and when is it time to keep reinvesting in your business? Business coach Clay Clark breaks it down.
Transcript
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| 0:00.0 | Welcome back to The Thrive Time Show. |
| 0:04.6 | Have a business question, email us today, and info at thrivetimeshow.com. |
| 0:13.6 | Alright Thrive Nation, welcome back to the conversation, it is The Thrive Time Show on |
| 0:17.5 | your podcast download. |
| 0:19.8 | My name is Clay Clark, I'm the former US SBA entrepreneur of the year, and is tradition |
| 0:25.4 | whenever we have a big conference here, I tend to sound a little bit horse. |
| 0:29.6 | And so I got to go like Mariah Carey here the next couple days and just become a complete |
| 0:34.0 | diva and try to minimize speaking so that when the big event comes around, I'll have a voice. |
| 0:40.6 | But right now I've got kind of that, I'm not really sure what, but yeah, we'd classify |
| 0:44.1 | my voice. |
| 0:45.1 | But I apologize for sounding a little bit horse, of course, we have a question that was |
| 0:50.0 | emailed from a thriver, now the subject line is reinvest into business or self. |
| 0:56.3 | It says while trying to grow, how do you balance paying the business and paying yourself? |
| 1:02.4 | I've heard you talk about a war chest, not immediately spending too much into your business. |
| 1:07.0 | I've also seen many business owners who run their business like a slum lord and are |
| 1:12.2 | only taking out of their business. |
| 1:14.6 | What is your rule of thumb and what percentage do you reinvest in your business and also reward |
| 1:20.1 | yourself along the way? |
| 1:22.1 | Alright, so that's a great question. |
| 1:24.4 | Let me frame this question maybe a different way and kind of break down the five steps |
| 1:30.0 | that I would advise anybody. |
| 1:34.0 | Step number one is you determine your break even point and to our listener, you might already |
... |
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