Business Profit Maximizer #4 - How Much Should You Pay Yourself as a Business Owner - Dan Lok

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This video is about Business Profit Maximizer #4 - How Much Should You Pay Yourself as a Business Owner - Dan Lok

[PaanoTheTagalogHowToChannel]

Very very insightful question: In my absence, what would my family have to pay someone to do my job? Thinking about it, I realized my job isn't that easy (I just think it's easy because I am having fun). Person I need to hire needs to generate enough income for the business to pay for 8 salaries including their own and still have money left to reinvest and grow the company. Dan, maybe you should do a video (if you haven't already), on creating structure for your business so it can run and grow without you. And how to hire/train a for you--you know, just in case. Super love your videos, Dan. Thank you!

[eisha]

Focus on increasing profit. If you're worried about how much taxes you're paying you ain't making enough money. Thanks sifu!

[daaga]

Turn on captions and you can read the subtitles of what he saying

[SOULJAJOE]

He is really good at telling people what they want to hear :)

[wendycoffman]

This is eye opener for small business owners.

[Eugen.]

Hey Dan, we can barely hear the other guy, although he has a microphone, do something he says seems important. Thanks!

[Yanner]

Hey Dan, love your videos. I’m an accountant and you’re bang on in your videos. I offer advisory services in my I preach this to my clients.

[heatherfinch]

God your blunt...I needed to hear this stuff years ago....pay yourself first the market value ...Dan you should open up a online University ....think about it...

[SavageThrifter]

These guys over here taking about paying themselves $600, 000+ salary...and I'm still afraid to take a check hahah

[isaacgoldberg]

Can't we achieve both, saving taxes and knowing what the real profit is, by simply deducting the difference between what you're actually paying yourself and what the 'Market Wage Rate' is?

[juggerknaut]

In the theory of growth tho wouldn’t you still be better off paying yourself less and just tracking the market rate for what you do? If your significantly in the black and lets say your profit before paying yourself was 800k and you valued your production intelligence etc at 150k netting you 650k you’d still be better off paying yourself self 50 and just reinvesting the 100k and accelerating business growth 🤷🏽‍♂️

[a.m.aravind]

Make sense... Each lesson powerful. Thanks Sifu

[My]

First pay to yourself if you are not happy nobody else is happy in your company

[trevorgeall]

I am not my business. I am a employee.

Not 36k but 42k. That described me for sure. Find a market rate wage. THATS BIG.

You know what I’m realizing is this is a mindset issue. As opposed to paying myself well. I’ll invest in marketing, employees etc... yet this is a rat race. No one will do what I do for 42k. This also applies to the HTC program for me. Closing deal for other, allows me to make good money and I don’t have think about having those same overheads. I know this is early on a Sunday but I’ve got a lot of clarity here. Thank you Dan.

If you worry about taxes. You ain’t making enough.

[heather-vsqe]

Man your the Don Colinini....of business....

[amazonseasons]

In the UK it's £46k, and another X amount in dividends haha xD

[ACCOMPLISHEDSHEIS]

I SAY GIVE YOURSELF 50% AND LEAVE THE OTHER HALF FOR EXPENSES, INNOVATIONS, ETC.

[e_entrepreneur]

Hahah.. Salary or market standard. Nice.

[Crazyman]

can someone teach this guy to use a microphone

[mrbigolnuts]

If your worried how much tax your paying you ain't mak'n enough money.