I know that the concept of paying yourself first isn't new to most of us. But how many of us do it? Building a successful business, if that is your goal and I know it is, requires that you pay yourself first. As with any new skill, you may find this uncomfortable to do. I recommend opening a separate bank account, one that does not provide easy access to funds, but a place where you can skim 10% of everything you earn off the top. If that is too much right now, start with 5%. Just like you put aside the Good & Services Tax (GST) in a separate account (I hope!) you put aside 5-10% of all your revenues into this new separate account.
This money, as it accumulates is going to be where you give from and grow from. I want you to commit to paying yourself first both financially and physically.
Practice. Practice. Practice.
Once this has become a habit, which usually takes around 21 cheques (or infusions of money) you are going to want to increase the amount until you are pulling aside 20 percent. This is where the real fun starts and you will begin to see and feel the effects of your work. You will find that by taking care of yourself first, you will have more of everything. Then you can share it with others.
Share with me your tips that drive results for you.
Friday, September 12, 2008
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