I’m very clear that the way I pay myself each month would not be endorsed by your bookkeeper or accountant. It’s just unorthodox (I’ll say more about this later). But then again, the way most solopreneurs pay themselves is by seeing what is leftover after paying all of their expenses. What happens if there is nothing leftover?
Stress. Defeat. Struggle. Lack.
I’ll confess. I used to accept the breadcrumbs, too. I thought that everyone else should get the money before I did if I were being a responsible business owner. Now I know better. Paying yourself last is just a practice (sometimes hard to break) that will never grow your business.
If your intent is to see how much is leftover after expenses, there is no power in that. You get what you get. Some weeks and months may be fine, others…not so much. The best thing you can do to increase your income is to begin paying yourself off the top. You may feel a bit squeamish at first, but pick an amount that feels safe and decide that this month you are cutting yourself a check first, no matter what.
Once you do it a couple of times, you’ll notice that your income always covers that amount in addition to your expenses. Why? Because you’ve made a powerful decision that you are of value. Plus, isn’t it rewarding to see money coming into your account consistently?
Now, it’s time to bump it up. How much do you need to increase your paycheck to feel more ease and freedom with money?
Michael Beckwith changed my whole view on paying myself in his audio True Abundance. He said pay yourself and put money in your bank account. If you see money in there it feels abundant and therefore you’ll feel more secure about money. The payoff is feeling secure, successful and raising your vibration to attract more. You’re tithing to yourself.
That resonated with me in way that I decided to take immediate action. I began socking more money than ever into my savings each month. Not my retirement accounts, just a plain old savings account at my credit union. In just a few short months, I had saved more money than I ever had before! I was paying myself before my expenses, even when I knew I might not make all the payments on my expenses. But guess what? There was always enough money to do it all!
You are changing your wealth setpoint by paying yourself first. Now, I personally don’t cut myself a check every month in the same amount. I just pull out whatever amount that I’m inspired to.
Here’s another key point in paying yourself…give yourself enough to start taking action on the things you’ve been craving but have felt you don’t have enough money to pursue. I’m hot and heavy into finishing the construction on my house. So, I’ll see how much the new light fixture or barstools will be and decide that I’m going to pay myself enough to buy them. I have a list of all the items and services we need to complete our house in a very strategic order. I follow my plan.
I’ll do the same with things I want to invest in for my business, like a website makeover or hiring a marketing consultant. If you wait to make more money before you shift your expectations, you’ll be waiting a long time. Refer back to your business plan for the year so that you’re not randomly spending money.
Now, I’m not promoting spending ALL your money on stuff you want all at once. Balance is good. And, I AWLAYS have an intention that I will pay myself and everyone else in my accounts payable. I’m very clear that there is no other option. And so I prove myself right every time.
When you decide HOW you will spend your money, you’ll increase your overall vibe about profits. Start small until you can trust the process and you see positive evidence that you have more than enough money for all of it.
Then keep stretching your expectations about how much you want to see in your personal bank account.
No more breadcrumbs and leftovers. Don’t youthink you deserve it?
Jeanna Gabellini, is a Master Business Coach who assists high achieving entrepreneurs, corporate leaders & their teams to leverage fun, systems and intentionality for high-octane results. An entrepreneur for 20 years she has a treasure trove of kick-butt tools to give you peace & profits. A Gift For You! Get your complimentary Business Building Audio CD “Transforming from Chaotic Entrepreneur to Conscious Leader” for the entrepreneur who wants to be a SUPERpreneur: http://www.masterpeacecoaching.com/freecd