11 Sep Pay Yourself First
I had left my high-paying corporate career and whilst it looked like I was free there was one big problem…
I needed to replace my income from my former job.
During this time I learned an important business principle:
As an entrepreneur, you can’t count on a paycheck so you need to pay yourself first.
I ended up paying everyone but myself!
This was causing me and my family great stress.
With my family’s financial security on the line, I:
– Put a percentage of my monthly earnings in savings.
– Stopped spending money on nice-to-haves and saved wisely.
– Created a strategy to minimise risk due to the uncertainty of business
– Looked at my budgeting as a percentage rather than a dollar amount.
– Explored the possibility of opening up different forms of savings accounts.
Next thing you know, I was able to take the appropriate financial steps for both my business and my family.
I gained financial security and freedom to be a real father to my kids..
I also sought out a group of like-minded individuals with clear business goals.
Now, I fund research for a disease that’s easily caused drinking the sugary drinks I use to sell.
So if you’re struggling to make your business sustainable, ask yourself:
Am I creating a business that allows me to pay myself first?