By: O.L./Sway Buckley
One of the first business lessons learned is the importance of paying ourselves FIRST. Whether it was a business class or our CPA telling us this, the point was driven home from the beginning.
Initially, we needed to understand why it was such a big deal to pay ourselves first. But as the business grew, we quick;y realized how easy it is to get distracted with everything else that needs to get paid.
We learned that paying ourselves first meant:
- Creating a financial cushion by putting funds to the side for savings for a 'rainy day
- Setting aside funds in a tax account to not get behind on owing Uncle Same
If one doesn't pay themselves first, it's a bigger headache on the back end. We all know that rainy days always come, and in addition, Uncle Sam is always coming for his!
Some categories are:
How can a couple pay themselves first in these areas? Here are a few examples:
- Marriage: Plan your marriage like you plan your business. Set aside sacred time to enjoy and grow towards your marriage goals. Schedule this first before planning the business.
- Mentally/Emotionally: Check in this season to see what each spouse needs to feel supported and cared for. Every little convo matters, so make time for it and do it. This is an example of paying yourselves emotionally first.
- Monetarily: Put funds aside to support your unique goals. It may be a little at a time, but the simple act of doing it means you're prioritizing it.
Paying yourself first is not just a business rule to live by but a marriedpreneur rule. If you're a marriedpreneur couple seeking a system to bring all the pieces together and pay yourselves first, schedule a success-mapping call with us here.
O.L. & Sway
O.L. is a former banker turned real estate consultant and entrepreneur. Sway is a former CEO of a staffing firm she started on her dorm room floor to pay for college. Together they co-own Marriedpreneur Life Consultancy, equipping married entrepreneur couples with high-level systems to scale without strain. They're the co-hosts of The Marriedprenuer Life Podcast, which was praised as one of Wedding Wire's top relationship podcasts. Learn more at MarriedpreneurLife.com.