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Learn the benefits of putting yourself on a salary as a business owner to better manage and save money. Discover how this practice can help you balance personal finances and allow your business to thrive. Find out why establishing a salary is crucial for managing expectations, ensuring sufficient funds for growth, and avoiding hindering business expansion.
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Quick takeaways
- Putting yourself on a salary helps maintain financial discipline and enables your business to generate higher profits for long-term growth.
- Treating your business like a machine that prints money and living within a budget allows you to allocate excess funds towards business growth and personal wealth building.
Deep dives
Put yourself on a salary
To save money and allow your business to grow, it is important to put yourself on a salary. Treat your business like a machine that prints money. Instead of constantly taking out the profits, reinvest a portion back into the business. By living within a budget and maintaining financial discipline, you will be able to make more money in the long run. Taking a smaller salary now will enable your business to generate higher profits, which can be used for investments, paying off debt, or further expanding the business.
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highlights
Listen to the best highlights from the podcasts you love and dive into the full episode