Matt Shoup

  • Home
  • About
  • Author
  • Speaking
  • Work With Me
    • Leadership Jiu Jitsu
    • Fluency in the Language of Leadership
  • Blog
  • Join The Community
+1-970-217-6060

Pay Yourself First

by Matt Shoup / Thursday, 31 July 2014 / Published in Blog

For years, I, along with many other entrepreneurs, have followed the formula of generating revenue and then once all my expenses were covered, enjoying my profit. The problem was and is that this is a broken and senseless formula. My good friend, Mike Michalowicz, has made it his mission to share another formula for entrepreneurs that involves profiting and paying yourself first. At first, this concept seems a little strange, but it makes total sense. Check out his TedEx talk about this here.

In his talk he speaks about our livelihood and income being a piece of the leftovers in our business. Kind of takes the coolness out of being an entrepreneur! I could share more and more of the concepts about what Mike talks about, but he does a better job than I do, so check out his video. You may also want to grab a copy of his new book, Profit First.

So are you waiting to pay everyone else first and then settling for the leftovers? If so, how has this formula worked out for you? What would happen if you profited and paid yourself first?

  • Tweet

About Matt Shoup

I exist to inspire and ignite entrepreneurs to own and and run their organizations with excellence. I do so by speaking, coaching and writing books. When I am not building my business, I enjoy training, coaching and competing in Jiu Jitsu, traveling and living in Spain, and spending lots of time with my family. In all I do, I am always enjoying a cup of Café con Leche.

What you can read next

Stop Setting Goals and New Year’s Resolutions. Small Business Advice for 2018.
What Entrepreneurs Can Learn from Cam Newton
Why People Matter More Than Profit in Small Business

1 Comment to “ Pay Yourself First”

  1. Jason Noel says :Reply
    July 31, 2014 at 3:00 pm

    It was a great book Matt, I bough it when you posted it on facebook. Great perspective on profit and business finances. I really enjoyed all of the personal stories within the book as well.

    Thanks for the post!

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

CONNECT WITH MATT
Matt Shoup Logo
  • Home
  • About
  • Author
  • Speaking
  • Work With Me
  • Blog
  • Join The Community
TOP