Q: Dear Ruchi, I just started my business a few months ago. I have little revenue and what feels like never ending expenses. Recently someone told me I should make sure I pay myself first. Is that true? I feel like I need to use that money elsewhere. How can I pay myself already?
A: That is a definite yes! First and foremost, paying yourself is an investment in your future. As soon as you are profitable and have cash flow available, pay yourself. Period.
Remember, your business isn’t a charity. You started it to be profitable, right? Everything has to start somewhere and sometimes small.
When I first began Watch Her Prosper, my paycheck was only around $750 a month. Then as I began to grow I hired someone to help me scale and invested in people and platforms I trusted. Once everything began to sync, my paycheck was soon bumped to $1,500 and so on, and so on. It still continuously increases, the same way my employees salary increases every year!
It is important to be excited about the energy that surrounds the feeling of paying yourself. When we undercharge and underpay ourselves, this can lead to burnout and resentment, and it’s also not sustainable for the long term. Keep continuing that momentum and feel proud about it. We tend to put ourselves last but we can’t forget to pay ourselves! You’d be surprised how many people do.
Here are some reminders as to why we should pay ourselves first:
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You’re prioritizing long term prosperity and starting strong habits from the beginning.
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Remember it will continuously increase just like a salary.
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It sets you up for financial freedom.
And here are some ways to start:
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Review your budget closely.
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Set goals and actions–strategize a timeline for yourself.
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Consider investing in the right financial support when you are ready.
Have more questions? Submit them here.
Here’s to your prosperity!
Ruchi
