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You are here: Home / Business Mastery Notes / Profit Planning and Personal Money

Profit Planning and Personal Money

March 22, 2023 By Jeremy Shapiro

The most recent session of our Business Mastery Program wrapped up Module 6 on Financial Management. Here is what we touched on from my notes during our session:

  • The different ways that you as a business owner get paid
  • The important differences between salary, 1099, distributions, loans – and the worst form of payment you never want.
  • The incorrect way that many business owners get paid – even in surprisingly large businesses!
  • The most common cycle of The Rat Race
  • How to decide what to pay yourself – and when to make that decision
  • The importance of payroll taxes and Social Security contributions
  • When social security typically maxes out – and pays out
  • How to figure out of your business can support your salary – and when it can’t
  • When to start investing – and where many business owners invest
  • How to know when you can pay for your dream car – and the sure sign that you shouldn’t even though you think you can
  • Which of your accounts to fill first
  • Just how little cash the average American can put their hands on if they needed it today
  • When to use credit cards – and when not to
  • How to remember why you’re working in the first place
  • What investors look for in businesses and investments
  • How to analyze your personal balance sheet – just like a business
  • How to define WHAT you have
  • The 7 (and a half) main categories of Assets
  • How to define WHO owns the assets
  • How we define Equity and Net Worth
  • What it takes to get out of the Rat Race
  • How to know when you can live off the fruits of your investments
  • The 4 categories of expenses that your Personal Income covers
  • Which category too many people put at the top of the list when it belongs at the bottom
  • How to make sure the category you most want to spend on doesn’t get left behind

*As always, we’re not attorneys or financial advisors and this is not legal or financial advice! Always consult your legal counsel and financial professionals about what’s right for you and your business.

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Filed Under: Business Mastery Notes, Finance

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