In episode #983, we discuss when or if you should take profits from your company. Tune in to hear when you should plan for this.
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TIME-STAMPED SHOW NOTES:
- [00:27] Todayâ€™s Topic: When Should You Take Profits In Your Company?
- [01:02] Neil started a company when he was 16 and didnâ€™t start taking profits until he was 20/21.
- [01:21] He thinks he was foolish for waiting so long.
- [01:35] If you need the money, take what you need to survive.
- [02:24] Itâ€™s also wise to reinvest your profits.
- [02:50] Things can go wrong, so putting profits aside for emergencies is smart.
- [03:35] Know your living expenses, so you can determine what you need.
- [04:05] Maybe you want to travel or live a good life; if that is important, take the profits.
- [04:41] Some companies donâ€™t do dividends, because they are re-investing them.
- [05:20] Donâ€™t expand beyond your core business.
- [06:46] Thatâ€™s it for today!
- [07:30] We hit our goal of 1 Million downloads! So, we will be throwing a free event in Los Angeles this June. Check out this website if you would like to attend. Remember: we are capping the event at 500 people, so sign up now, if youâ€™re interested! DM Eric if you would like to participate in the VIP dinner.
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