Do you pay yourself first? Or do you pay yourself the ‘scraps’ left over once everyone else has been paid?
You have probably heard of the “Pay yourself first” concept, but the key question is, do you apply it?
As an entrepreneur, I know full well how it feels to pay everyone else first and then have nothing left for myself at the end of the month. I did it for a few years on my own entrepreneurial journey. After awhile it doesn’t matter how much you love your work or your business, if you are not paying yourself a good salary and paying yourself first you will be left feeling resentful and unhappy. Neither of these emotions are productive for a thriving business. Ask yourself…
- Who cares the most about this business?
- Who works the hardest in this business?
- Who is the most passionate about this business?
- Who has taken the risk on this business?
The answer, of course, is YOU and that is why YOU need to be paid first. Without you – your passion, hard work and talent – the business wouldn’t exist. Thus you need to be rewarded first.
The moment you prioritise yourself in your business, is the moment that you will begin creating wealth for yourself through your business.
The question most entrepreneurs (who don’t pay themselves first) ask is “but what if I can’t pay my bills at the end of the month?”
The answer: You are an entrepreneur and you’ll make a plan.
Some of your creditors may need to wait a week or two, but you will make a plan. I have experienced with the “Pay yourself first” phenomenon, once I started paying myself first the amount of money coming into my business increased to allow me to easily pay all my bills at the end of each month. I have observed this phenomenon it with many people who have done my Money Magic program too. I can’t explain why, but prioritizing yourself attracts more money.I prioritise my payments in this order
- Pay myself first
- Pay taxes second
- Pay my lifestyle third (budgeted and within my means)
- Pay my business expenses last (and pay them in order of priority most important service provider to least important service provider)
You started your business with the goal of making money and creating wealth for yourself. It is time to do so. No-one else has the job or purpose of making you rich and wealthy. That’s up to you. If you don’t put yourself first, no one else will.
Money Magic Seminars in October
In October, Donna McCallum (aka The Fairy Godmother) is doing her 3 hourMoney Magic Seminars around the country to empower YOU create real wealth.
During the session you will learn about your relationship with Money, why you have the current Money Habits you do and how to change them into empowering habits to create real wealth.
Cape Town – Tuesday 11 October 18h45 – 22h00
Johannesburg – Thursday 13 October 18h45 – 22h00
Durban – Saturday 15 October 10h15 – 13h30