22 | How to Determine Your Paycheck as an Entrepreneur

If you are a solo entrepreneur, you’re responsible for paying yourself. A lot of my clients pay themselves all of the money they make. They pay their bills, and their paycheck is whatever is left. There’s a lot they don’t consider. And it’s not a sustainable system. I want you to know exactly what you need to pay yourself and where your money needs to go so you can feel more in control and create the financial security you deserve. Today, I’m talking about how to determine what you need to pay yourself, really knowing your numbers as a business owner, and identifying what’s possible for your money in the future. The earlier in your business that you can build these systems and habits the better off your business—and you personally—will be financially. Regularly paying attention to how money flows in your business will help you fulfill your vision, whatever it may be. In this episode, you’ll learn... Why you need a consistent system in place for how you pay yourself [01:19] How to determine what you need to pay yourself and why you need three different tiers of budgets [02:34] Why you need to prioritize savings and retirement funds [04:15] To remember to account for taxes before paying yourself from your net profits [05:42] The importance of understanding your current and past year’s numbers [07:20] How looking at your numbers quarterly helps you project revenue goals [08:56] How to identify what’s possible for your money [09:26] To consider all the different jobs of your business’s money [10:19] To average your past 12 months of expenses to understand where your money is going [12:37] How paying attention to your money and its purpose creates possibility for the future [16:46] Tune in to this episode to learn how knowing your numbers can help you pay yourself what you need and grow your business sustainably. Get full show notes and the episode transcript: https://wealthovernow.com/how-to-determine-your-paycheck-as-an-entrepreneur Links mentioned in this episode… EP 310: Unlearning Default Thoughts With Financial Coach Keina Newell | What Works with Tara McMullin Ep 19: How to Use Financial Visioning to Achieve Your Money Goals | Money Files