Preview Mode Links will not work in preview mode

Financially Simple - Small Business Support


The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planning professional), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

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.

Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! 

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:

Financially Simple

Financially Simple on YouTube

Financially Simple on Facebook

Financially Simple on Twitter

 

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.