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Why Underpaying Yourself is Hurting Your Business (And How to Fix It for Scaling Coaches)
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In this episode of Harmonious Wealth, host Iyanna Vaughn discusses the critical importance of paying yourself as a CEO and the detrimental effects of underpaying oneself. She emphasizes that underpaying creates a false sense of profitability and can lead to burnout and resentment. The conversation covers how to establish a sustainable business model, create a CEO payday system, and manage personal finances effectively to ensure financial stability and growth. The episode concludes with key takeaways and the importance of having a financial strategist to guide financial decisions.
Takeaways
- Underpaying yourself creates a false sense of profitability.
- You can't scale a business that relies on you taking less.
- If your business only works because you're underpaying yourself, it's not actually working.
- Your business should be a wealth builder for you.
- You need to stop working so hard just to pay your team.
- A business that relies on you underpaying yourself is not sustainable.
- You have the flexibility to choose your payment system.
- Set your bill dates to accommodate your paydays.
- Be smart with your credit to avoid financial stress.
- You need a financial strategist to improve your finances.
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Website: https://lovelyfinancials.com
30 episodes
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