Pay Yourself First
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The Number 1 Thing Every Entrepreneur Must Know: Pay Yourself First.
We’ve all heard it said time and time again, that you need to pay yourself first. And while this appears to be very simple, straightforward, and sound advice, the reality is that it’s not as easy as it seems. Often times it can be difficult to know just what it means to pay yourself first, especially as an entrepreneur, a small business owner, or a freelancer.
In this video I break down the idea of “Pay Yourself First” and give very practical application points that will hopefully help you take steps forward towards your financial freedom, wherever your position.
I struggled with this concept for many years, even though I had heard it touted by giants of personal development and personal finance teachers since my first years in college. However, it took me nearly a decade to learn how to actually pay myself first in my own small business and entrepreneurial pursuits. Now, that I understand it, and know how to specifically apply this principle, I consider it the number one thing that every entrepreneur must know: Pay Yourself First.
I used to think that taking my profits and using them to pay my bills, my rent, my groceries, and re-investing back into my business was paying myself first, but I soon found that I never had any money left over, I was always struggling to get out of debt, and my financial freedom simply wasn’t growing.
Because I had no steady paycheck to depend on, I didn’t understand how to consistently do anything with my money. All that changed when I read “The Richest Man In Babylon” by George S. Clauson, and quickly, as I began to apply the principles and lessons I had learned, I saw my entire financial future and financial present change before my eyes.
Now, I know that every time a dollar comes in, I split it up into very specific, very exact percentages, and I know exactly where to put each part. Not only do my bills and debts get paid, but I also see to it that with every dollar of profit that I make, I am adding to my fortune and my financial freedom.
I will teach you how to do this as well, and perhaps for the first time in your life you will learn what it means to truly “Pay Yourself First.”
Limitless North is a personal development channel that breaks down success secrets, tips and tricks for small businesses, self employed business owners, and those who are looking to become inspired, motivated, disciplined, and driven.
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