006: Pay Yourself First (Episode 2 in the 4-Part "Time & Income" Series)
**Episode 2 of 4 in the Time & Income Series. To listen to Episode 1 in the series, go here.**
Finances are a tricky topic for any creative entrepreneur. Money talk is always difficult, even if your financial situation is pretty straightforward, but add in the complications that come with being a self-employed business owner, and things get really difficult really fast. Layer in the reluctance to focus on finances that is common among many creatives, and you have a recipe for disaster. But it doesn’t have to be that way. Today, we’re going to talk money, and we’re going to hopefully undo that complicated mess I just mentioned.
In this episode, you will learn
- What it means to pay yourself first, and why it's important to your life and work as a creative entrepreneur.
- Why you need to set up a separate business bank account to separate your personal and business finances.
- How to pay yourself a salary so you no longer feel the "feast or famine" cycle in your personal finances.
- How to save for your taxes so that tax time is never again a source of stress.
- What it means to pay yourself in your time, not just in your money.
This is the second episode in the 4-part Time & Income Series. You can listen to episode 1 in the series here, and the next two episodes in the series will be released over the coming two weeks, with new episodes released every Tuesday.
In this episode, I reference two important books that can really help you as you work to gain mastery over your business finances:
- The Money Book for Freelancers, Part-Timers, and the Self-Employed by Joseph D’Agnese and Denise Kiernan
- Profit First by Mike Michalowicz
Here is the "adult coloring book" version of the daily mantra discussed in this episode.
A full transcript of this episode can be found here. Full transcripts of every episode will always be available at the Starving Artist No More Blog.
Thank you for listening. Please feel free to reach out to me at www.StarvingArtistNoMore.com, with any questions, comments, or feedback. I'd love to hear from you.
