In episode #983, we discuss when or if you should take profits from your company. Tune in to hear when you should plan for this.

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TIME-STAMPED SHOW NOTES:

[00:27] Today’s Topic: When Should You Take Profits In Your Company?
[01:02] Neil started a company when he was 16 and didn’t start taking profits until he was 20/21.
[01:21] He thinks he was foolish for waiting so long.
[01:35] If you need the money, take what you need to survive.
[02:24] It’s also wise to reinvest your profits.
[02:50] Things can go wrong, so putting profits aside for emergencies is smart.
[03:35] Know your living expenses, so you can determine what you need.
[04:05] Maybe you want to travel or live a good life; if that is important, take the profits.
[04:41] Some companies don’t do dividends, because they are re-investing them.
[05:20] Don’t expand beyond your core business.
[06:46] That’s it for today!
[07:30] We hit our goal of 1 Million downloads! So, we will be throwing a free event in Los Angeles this June. Check out this website if you would like to attend. Remember: we are capping the event at 500 people, so sign up now, if you’re interested! DM Eric if you would like to participate in the VIP dinner.

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