Pay yourself first. 💰

2022 is the year of the Self Maed entrepreneur. Subscribe to the Self Maed Report for a behind-the-scenes look into my business progress, new ventures, success stories and lessons learned.

This is lesson 5 of 11 after 1 year in business.

I learned this lesson late last year from Profit First, the motivation behind the Self Maed Report. This book is an imperative read for any current or aspiring business owners and honestly, for anyone trying to improve their money management skillz.

One of the many lessons that Profit First hones in on is the importance of paying yourself first. Whether personally or professionally, you have to pay yourself before you pay down your debt, your bills, outstanding invoices, all of it.

Because you gotta eat, right?

The challenge for many business owners is figuring out how to pay themselves when they’re not making enough income to cover all of their expenses.

And that’s why paying yourself first is key. By doing so, you have a clear idea of what’s leftover and can better create lucrative products and services that will fund your lifestyle (and keep your business afloat).

Profit First recommends that business owners making under $100,000 in gross revenue take home 50% of that so that’s the rule I’m going by.

​I can’t recommend this book enough. It does such a great job of making could-be complex accounting systems easy to understand.

The inaugural Self Maed Money Report drops Monday, January 31st. Each month I give a full report of the prior month’s earnings, expenses and business lessons. It has a bit of a Friday Report vibe so I’m obvi going to include my favorite internet finds and helpful resources.

The first report is a rundown of Life Maed Easy’s 2021 Profit + Losses. If you wanna get all up in my business (and learn a few things while you’re at it), subscribe for just $5 per quarter.

SUBSCRIBE TO THE SELF MAED REPORT

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Stay profitable,
Maegan