I’m in the lucky place
where I don’t need
income from
the Romance Novel Business.
I have other sources of income
to pay my core bills.
I could reinvest every cent
I earned from the books.
I don’t do this.
I pay myself a salary.
Why?
Because I’ve helped build
enough businesses
to know
that a business could implode
over night.
Paying myself a salary means
I’ve benefited in a small way
from the business I’ve struggled to build.
I have something to show for it.
My loved ones see I’ve gotten something
from all the hard work
I’ve invested into it.
This is important
psychologically.
It increases the odds
I’ll build another business,
perhaps a more successful
or lasting business.
Joel Wishkovsky,
Co-founder of
Simple Contact,
shares
“If you are starting a company,
make sure to pay yourself.
I made an enormous error
not paying myself
at my first company,
going nearly three years
without a salary
and depleting all of my savings.
It’s unsustainable,
it leads to bad decision making
and ultimately,
puts you in
an incredibly precarious financial position
that can be avoided.”
Pay yourself something,
preferably enough to cover
your basic needs.