• 138: Why You Should Pay Yourself First

  • 2024/11/04
  • 再生時間: 12 分
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138: Why You Should Pay Yourself First

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    In this episode of Boosting Your Financial IQ, Steve Coughran emphasizes the importance of proactively managing finances in both business and personal life by following a simple yet powerful principle: pay yourself first. He guides listeners on how to set aside profit consistently by calculating a desired profit percentage, establishing a separate profit account, and making monthly transfers. Steve explains that if transferring money isn't possible, it acts as an early warning sign of potential issues like insufficient working capital or low profitability. He discusses managing accounts receivable, inventory, and accounts payable to maintain healthy cash flow and sustain business operations. Applying this approach enables smarter financial decisions, enhances long-term growth, and avoids common pitfalls that can undermine profitability. Steve encourages listeners to adopt this method to secure their financial future and make disciplined spending choices that contribute to lasting success.

    Here's how to get started with Boosting Your Financial IQ:

    • Step 1: Test your financial IQ for FREE
    • Step 2: Download the FREE app
    • Step 3: Take the Fundamentals of Finance course


    Disclaimer:
    BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.

    This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.

    Get the free BYFIQ app and Starter Course here: https://www.byfiq.com/app

    Support the show

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In this episode of Boosting Your Financial IQ, Steve Coughran emphasizes the importance of proactively managing finances in both business and personal life by following a simple yet powerful principle: pay yourself first. He guides listeners on how to set aside profit consistently by calculating a desired profit percentage, establishing a separate profit account, and making monthly transfers. Steve explains that if transferring money isn't possible, it acts as an early warning sign of potential issues like insufficient working capital or low profitability. He discusses managing accounts receivable, inventory, and accounts payable to maintain healthy cash flow and sustain business operations. Applying this approach enables smarter financial decisions, enhances long-term growth, and avoids common pitfalls that can undermine profitability. Steve encourages listeners to adopt this method to secure their financial future and make disciplined spending choices that contribute to lasting success.

Here's how to get started with Boosting Your Financial IQ:

  • Step 1: Test your financial IQ for FREE
  • Step 2: Download the FREE app
  • Step 3: Take the Fundamentals of Finance course


Disclaimer:
BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.

Get the free BYFIQ app and Starter Course here: https://www.byfiq.com/app

Support the show

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