The year before I started my business I managed to save up $12,000 for my launch. This was HUGE for me and I lived off of it for nearly 8 months after leaving my job.
Year 2 (last year) I had massive growth and started paying myself, went on 3 good vacations with friends, and lived without a care, not paying attention to how much was coming in or out.
Just got my T4 and realized I had paid myself nearly $90,000 (60k Net)! And honestly, I didn't save a penny of it or purchase any assets - how could that possibly happen? I am going to take a look tonight but I'm positive it will boil down to my three vacations, restaurants, and just generally not paying attention and wasting money. My expenses each month for living are less than $1000, and my car and phone are company expenses.
Honestly, have no clue how this could happen. Just cut up my platinum credit cards and taking control of this now.
So I suppose - a lesson? Once you start making good money - continue to live the same.
Year 2 (last year) I had massive growth and started paying myself, went on 3 good vacations with friends, and lived without a care, not paying attention to how much was coming in or out.
Just got my T4 and realized I had paid myself nearly $90,000 (60k Net)! And honestly, I didn't save a penny of it or purchase any assets - how could that possibly happen? I am going to take a look tonight but I'm positive it will boil down to my three vacations, restaurants, and just generally not paying attention and wasting money. My expenses each month for living are less than $1000, and my car and phone are company expenses.
Honestly, have no clue how this could happen. Just cut up my platinum credit cards and taking control of this now.
So I suppose - a lesson? Once you start making good money - continue to live the same.
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.