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Financially Simple - Business Startup, Growth, & Sale


Apr 8, 2019

In episode 145 of Financially Simple, Justin considers how often business owners should pay themselves, and how often.

No matter if you are just getting started or a seasoned business pro, how you pay yourself and how often must be considered to help maintain healthy Personal and Business Finances. Justin compares guarantees & distributions, W-2 and K-1s, and how to avoid living from paycheck to paycheck.

BLOG TRANSCRIPTION:
https://financiallysimple.com/how-much-should-pay-myself-my-business/

TIME INDEX:

01:27 - How Should I Pay Myself & How Frequently Should I Pay Myself from the Business

02:34 - The Basics

04:37 - Other Compensation Methods

04:48 - Guaranteed Payments vs. Distributions

06:08 - Why Does This Matter?

07:07 - W-2 vs. K-1

10:01 - How Often Should You Pay Yourself

12:22 - How to Move Away from Paycheck to Paycheck Living

15:20 - Wrap Up

 

USEFUL LINKS:

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DISCLAIMER:

The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States. Host Justin Goodbread is a serial entrepreneur, CFP (Certified Financial Planner), CEPA (Certified Exit Planning Advisor), CVGA (Certified Value Growth Advisor), Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional.