106. Profit ≠ Paycheck: The 50/25/25 Rule to Create Personal Stability
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106. Profit ≠ Paycheck: The 50/25/25 Rule to Create Personal Stability
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Erica talks through the often-ignored issue of why business profits don't always translate into personal take-home pay. She introduces the 50/25/25 Rule to help consultants achieve financial stability, explaining how to divide profits into owner distributions, tax liabilities, and business reserves. Erica also discusses the nuances of tax planning based on location and household income.
00:00 Intro
00:51 The Profit and Paycheck Disconnect
01:27 Introducing the 50-25-25 Rule
02:53 Breaking Down the 50-25-25 Rule
05:28 Implementing the Rule with Rolling Averages
06:36 Adjusting for Taxes
08:03 Creating Financial Stability and Confidence
08:48 Final Thoughts
www.ericagoode.com
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Resources Referenced:
103. Forecasting for Real Life | https://www.ericagoode.com/podcast/ep103
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