Money Matters Radio Show #06 - How to Pay Yourself—Yes, There's a Right Way!

Money Matters Radio Show #06 - How to Pay Yourself—Yes, There's a Right Way!

Radio Show Summary

This week on Money Matters, Kash answers the question every business owner has whispered to their QuickBooks at least once: “How do I actually pay myself?” From bookkeeping pitfalls to legal must-knows, we dig into owner’s equity, the difference between salary and distributions, and why Profit First isn’t just a buzzword—it’s a game plan. Kash makes it crystal clear how to build a system that supports both your personal income and business sustainability. Spoiler: you can pay yourself without blowing up your books.

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Key Takeaways

[Episode 21] How to Pay Yourself as a Business Owner (Without Tanking Your Finances)

In this preamble episode, we set the stage for financial tidiness and sustainability, complete with trivia and wit to boot.


Key Takeaways:

  • The balance between personal financial needs and business sustainability is crucial – don’t rob your future self!
  • Familiarize yourself with bookkeeping to avoid confusing those precious numbers.
  • Grow together: share the wisdom and bring your fellow business mavens along for the ride.

[Episode 22] Owner’s Equity & Legal Structure: Know Before You Pay Yourself

We peel back the layers on owner’s equity, legal structures, and how these influence how you should – and are legally allowed to – pay yourself.


Key Takeaways:

  • Your legal business structure determines how your compensation should be structured – don’t ignore this!
  • Ensure profitability and cover your business expenses first to maintain financial health.
  • Aim for "reasonable compensation" to keep the IRS from knocking at your door with reclassification threats.

[Episode 23] The Profit First Method: Get Paid Without Guessing

Here, we dissect revenue allocation and introduce a nifty method where your profits take precedence – yes, you read that right!


Key Takeaways:

  • Review income, expenses, accounts receivable, and payable.
  • Compare budget vs. actuals to adjust strategy.
  • Schedule this review—don’t leave it to chance.

[Episode 24] How Do I Pay Myself as a Small Business Owner?

In our latest installment, we explore the nitty-gritty of compensating yourself while juggling the usual small business headaches like taxes and financial separation.


Key Takeaways:

  • Understand the tax implications and differences between taking a salary and a distribution.
  • Avoid the cardinal sin of mixing personal and business finances; keep them separate like oil and water.
  • Keep your accounts pristine and make sure personal accounts are squared away before meeting that scary CPA!

Meet Your Host

Kasfia “Kash” Rashid is the founder of Kash the Bookkeeper, a financial education firm that helps small business owners demystify their books and lead with confidence. Known for her no-fluff, practical teaching style, Kash has helped entrepreneurs around the world understand, manage, and leverage their money through her global radio show Money Matters.

Mentioned Resources:

  • Sample reconciliation checklist (referenced during Episode 21)
  • Monthly review questions discussed on-air
  • Report templates and interpretation guidance

Final Thoughts

Time to make paying yourself a priority, not an afterthought. Start by looking at your current business structure and make sure it supports how you want to take income. Then, map out your personal monthly expenses so you can reverse-engineer how much your business needs to earn. If you’re not already using something like the Profit First method, try setting aside a fixed percentage of every sale for owner’s pay. Keep business and personal accounts separate—and make your money moves with purpose.


Getting value from Money Matters? Subscribe and leave a review to help other business owners find the clarity they need. Forward this week’s episodes to someone who’s ready to stop guessing and start leading with their numbers.

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