Coaches rave all of the time about their “6 figure businesses” but when you look behind the scenes at how much they are paying themselves, it's very minimal or in some cases non existent. What if you could not just make 6 figures in revenue, but actually PAY YOURSELF 6 figures too? The first time I did that, man, it was freaking EXCITING! Watch the episode for some sweet paycheck hacks that'll help expedite the process!
Take a hint from Batman guys. Yes, he is a superhero, and saves the day just like you do for your clients, but he's also a gazillionaire. He makes an impact AND gets that pay day.
After all, it's hard to fully focus on the impact you want to make in the world when you're worried about making ends meet at home. So here are four paycheck hacks straight from the Bat Cave:
Tip #1: It's About The Action, Not The Amount!
Paying yourself is a HABIT. That's why at first, it's not necessarily important that you pay yourself a lot as much as it is that you create a CONSISTENT HABIT of paying yourself SOMETHING. Besides, as you pay yourself consistently, you'll get USED to the cash flow it takes to make that happen and it'll become "normal". So even if it's just $1000 per month or $2000 per month - maybe more - maybe less - the amount itself doesn't matter. The most important thing is you MUST get into the HABIT of taking the ACTION of paying yourself. Period. THAT is what really matters.
Tip #2: Automate the Action
Because paying yourself is, as you just learned, all about the ACTION, a good way of getting yourself into the habit is by simply AUTOMATING the action itself! A lot of banks have the ability to set up automated transfers from your Business Checking to your Personal Checking. Set that up, and then you won't even have to think about it. If you're manually paying yourself each month, every single time you'll get into your head about whether you should do it and how much you should take out. If it's automated, you never have to worry about having those fears or doubts. Just set it up once, and you're done!
Tip #3: Avoid Lump Sum Monthly Paychecks
A lot of coaches and biz owners either pay themsleves at the end of the month after looking at how much they have in the bank and randomly decide on the amount they can take out that month (which means there's no consistency or predictability in the AMOUNT and that's not good for your business or for you personally). OR, they just pay themselves whenever they get around to it and there's no predictability in terms of WHEN you'll get paid, and that's not good for you either… Instead of doing that, pick an amount you can commit to CONSISTENTLY month after month even if it's minimal at first, and then pay yourself weekly or bi-weekly. You want to avoid having a large sum come out of your account at the end of the month, which will dampen your balance all at once and startle you and your cash flow. Instead, space out the payments weekly or bi-weekly for easier money management and predictability in your cash flow.
So if you want to pay yourself more - Remember, it's the action that matters, not the amount..So, automate the action..And when you do, choose an amount you can commit to CONSISTENTLY each and every month. Then, automate it weekly or bi-weekly for easier cash flow management.
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