#36: HOW MUCH TO BRING HOME VS. LEAVE IN THE BUSINESS
01/23/25 • 27 min
In this episode I’m tackling one of the most common questions among business owners: how much money to take home vs. leaving in the business. I’ll cover practical strategies to create a financial balance between your personal and business budgets while prioritizing your goals. From budgeting basics to specific allocation percentages, I’ll give you actionable steps that will help you determine where your money should go.
Key Topics:
- The Importance of Budgeting
- Personal vs. Business Priorities
- Allocation Strategies for Margin
- The Power of Long-Term Planning
- Tools and Automation
Resources Mentioned:
- Episode 8: Transition When You’re in a Good Position
- Episode 26: How to Ditch Debt and Grow Your Business with Cash
- Episode 2: Don’t Fudge it, Just Budget
- Budgeting Tutorial on YouTube
Helpful Resource: Free Estimated Tax Guide
Email me with any questions you’d like answered in future Q&A episodes!
Recommended payroll software (affiliate links):
ADP
GUSTO
Recommended bank and the one I use in my business (affiliate link):
RELAY BANK
QuickBooks Online is my go-to accounting software. Get an amazing discount (30% off for 6 months) when you buy with my affiliate link below.
SIGN UP FOR QUICKBOOKS ONLINE
My favorite budgeting app w/ an amazing free version:
EVERY DOLLAR BUDGETING APP
My preferred business credit card with cash rewards (affiliate link):
If you have healthy behaviors around spending with a credit card, this is a great one to use and earn cash back. It also links up well with QuickBooks Online. If you have unhealthy spending habits with credit cards, please avoid using one! You need to be able to pay it off monthly and not carry a balance. I use this one for my business and it makes paying bills simple.
CAPITAL ONE BUSINESS CREDIT CARD
Check out all my FREE financial resources in one place
Follow me on social media:
Facebook
Instagram
LinkedIn
Pinterest
Disclaimer: This content is for educational and informational purposes only. Please consult with an accounting professional for direct advice based on your specific business situation.
In this episode I’m tackling one of the most common questions among business owners: how much money to take home vs. leaving in the business. I’ll cover practical strategies to create a financial balance between your personal and business budgets while prioritizing your goals. From budgeting basics to specific allocation percentages, I’ll give you actionable steps that will help you determine where your money should go.
Key Topics:
- The Importance of Budgeting
- Personal vs. Business Priorities
- Allocation Strategies for Margin
- The Power of Long-Term Planning
- Tools and Automation
Resources Mentioned:
- Episode 8: Transition When You’re in a Good Position
- Episode 26: How to Ditch Debt and Grow Your Business with Cash
- Episode 2: Don’t Fudge it, Just Budget
- Budgeting Tutorial on YouTube
Helpful Resource: Free Estimated Tax Guide
Email me with any questions you’d like answered in future Q&A episodes!
Recommended payroll software (affiliate links):
ADP
GUSTO
Recommended bank and the one I use in my business (affiliate link):
RELAY BANK
QuickBooks Online is my go-to accounting software. Get an amazing discount (30% off for 6 months) when you buy with my affiliate link below.
SIGN UP FOR QUICKBOOKS ONLINE
My favorite budgeting app w/ an amazing free version:
EVERY DOLLAR BUDGETING APP
My preferred business credit card with cash rewards (affiliate link):
If you have healthy behaviors around spending with a credit card, this is a great one to use and earn cash back. It also links up well with QuickBooks Online. If you have unhealthy spending habits with credit cards, please avoid using one! You need to be able to pay it off monthly and not carry a balance. I use this one for my business and it makes paying bills simple.
CAPITAL ONE BUSINESS CREDIT CARD
Check out all my FREE financial resources in one place
Follow me on social media:
Facebook
Instagram
LinkedIn
Pinterest
Disclaimer: This content is for educational and informational purposes only. Please consult with an accounting professional for direct advice based on your specific business situation.
Previous Episode
#35: 6 TIPS FOR GETTING TAX SEASON READY
Feeling overwhelmed by tax season? You're not alone! Whether you're super prepared or prone to avoiding finances until the last minute, I created this episode to make it easier and less stressful. I break down six actionable tips to help you stay organized, maximize deductions, and tackle tax season like a pro. From gathering essential documents to tracking estimated taxes, this episode is packed with practical advice to make tax time a breeze!
The 6 Tips I’ll break down for you in this episode:
- How to gather and organize essential documents.
- The importance of knowing your tax deadlines.
- Tips for reviewing and preparing your bookkeeping.
- Tracking and saving for estimated taxes.
- How to foster effective communication with your financial team.
- Why tax planning throughout the year is crucial for saving money.
Resources Mentioned:
Email me with any questions you’d like answered in future Q&A episodes!
Recommended payroll software (affiliate links):
ADP
GUSTO
Recommended bank and the one I use in my business (affiliate link):
RELAY BANK
QuickBooks Online is my go-to accounting software. Get an amazing discount (30% off for 6 months) when you buy with my affiliate link below.
SIGN UP FOR QUICKBOOKS ONLINE
My favorite budgeting app w/ an amazing free version:
EVERY DOLLAR BUDGETING APP
My preferred business credit card with cash rewards (affiliate link):
If you have healthy behaviors around spending with a credit card, this is a great one to use and earn cash back. It also links up well with QuickBooks Online. If you have unhealthy spending habits with credit cards, please avoid using one! You need to be able to pay it off monthly and not carry a balance. I use this one for my business and it makes paying bills simple.
CAPITAL ONE BUSINESS CREDIT CARD
Check out all my FREE financial resources in one place
Follow me on social media:
Facebook
Instagram
LinkedIn
Pinterest
Disclaimer: This content is for educational and informational purposes only. Please consult with an accounting professional for direct advice based on your specific business situation.
Next Episode
#37: DIY vs. OUTSOURCED BOOKKEEPING
In this episode I highlight the pros and cons of DIY versus outsourced bookkeeping for chiropractors. Whether you're a hands-on entrepreneur looking to save costs or considering outsourcing to free up your time, this episode covers the factors you need to consider before making your decision. Learn about the benefits, challenges, and hybrid approaches that can help you maintain accurate and timely financial records, no matter the stage of your business.
What You'll Learn:
- Why accurate bookkeeping is essential for chiropractors.
- The pros and cons of DIY bookkeeping, including cost savings and control.
- How outsourcing bookkeeping can save you time and ensure compliance.
- Key questions to ask yourself when deciding the best route for your practice.
- Hybrid approaches to bookkeeping that balance involvement and professional oversight.
Resources Mentioned:
- Free Chiropractic Sample Profit & Loss
- Episode 11: Understand Your Profit & Loss Like a Boss
- Episode 12: Understand the Meat of Your Balance Sheet
- Episode 10: Get in the Flow with the Right Pros
Helpful Resource: Free Estimated Tax Guide
Email me with any questions you’d like answered in future Q&A episodes!
Recommended payroll software (affiliate links):
ADP
GUSTO
Recommended bank and the one I use in my business (affiliate link):
RELAY BANK
QuickBooks Online is my go-to accounting software. Get an amazing discount (30% off for 6 months) when you buy with my affiliate link below.
SIGN UP FOR QUICKBOOKS ONLINE
My favorite budgeting app w/ an amazing free version:
EVERY DOLLAR BUDGETING APP
My preferred business credit card with cash rewards (affiliate link):
If you have healthy behaviors around spending with a credit card, this is a great one to use and earn cash back. It also links up well with QuickBooks Online. If you have unhealthy spending habits with credit cards, please avoid using one! You need to be able to pay it off monthly and not carry a balance. I use this one for my business and it makes paying bills simple.
CAPITAL ONE BUSINESS CREDIT CARD
Check out all my FREE financial resources in one place
Follow me on social media:
Facebook
Instagram
LinkedIn
Pinterest
Disclaimer: This content is for educational and informational purposes only. Please consult with an accounting professional for direct advice based on your specific business situation.
Financially Adjusted - #36: HOW MUCH TO BRING HOME VS. LEAVE IN THE BUSINESS
Transcript
Hello there, my entrepreneurial friend! Thank you for tuning in with me today and for being an amazing business owner and checking in with something that will give you knowledge like this podcast to help you in your business. I feel like that deserves a big pat on the back because you showed up to learn something about your business to move the needle forward when it comes to being a better steward of the money you get through your business So just give yourself a pat on the back for being her
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