Q&A: Setting Aside Funds and When to Pay Yourself
Episode description
Shaz looks at the question of how to set aside funds to pay yourself first and how to create a sub-account that can be used to fund repairs on your property portfolio.
Paying yourself first at a commercial rate is vital but it’s something people struggle to get right as business owners but if you don’t value yourself who else will value you?
KEY TAKEAWAYS
- It’s extremely important to pay yourself a commercial rate as quickly as possible
- If you don’t value yourself who else will value you?
- Pay yourself first at a commercial rate
- If your business can’t afford to pay you the amount you are worth work out how to move the business forward to a point where it can pay you that figure.
- Its good discipline to have a sub-account with a monthly amount transferred into it monthly for repairs.
- It will help you to become more disciplined.
BEST MOMENTS
‘Many people only pay themselves last and at a very low rate’
‘Think about a figure that you are worth’
‘Sub accounts will mean you have clarity over your accounts’
VALUABLE RESOURCES
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on: