Broke As A Joke

A few weeks ago, a client said to me, “I’m not in it for the money, I just want to take care of people.” They hadn’t paid themselves in months and were about to take out another loan to cover the costs of the business. When I asked about raising prices to cover the rising costs of their business, this was their response.

Where did we learn in entrepreneur school that we had to sacrifice our pay in order to take care of strangers? Where did we learn that taking care of strangers came before taking care of our own familial needs? Because we learned it somewhere. Because most of us business owners are all hardwired like this. We give and give and give and then go bankrupt in the process. Or we make jussssst enough to live above poverty.

When I was operating at a loss and “had” to withhold my pay, I felt noble, happy, and giving. Whyyy? What is that about? It wasn’t until covid (2020) that I decided that I didn’t want to be broke as a joke. That if I wanted to help my children pay for college, I needed to make a livable wage. So I shifted the budgets and sold a few companies. I paid off all of our debt and have been able to cash flow college for my boys plus Eric, who is getting his PhD right now.

If this is you, here is the worksheet that I used to change how I paid myself:

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