For starters when one owns their own business or franchise as entrepreneurs they pay themselves first and then pay tax later after our expenses take shape. When one works for a company as an employee up to 50% of our earnings is paid upfront in tax. Then the remainder is given to you as your pay cheque.
The word freedom has been a hot topic lately and when one owns their own franchise or business they earn this right to pay themselves first, in addition to enjoying the freedom that comes with it. So why would most not try and start their own business or purchase a franchise and have more freedom & lifestyle and pay themselves first? Or create a side gig to see if it has legs and then turn that into a full-time business. Or simply purchase an existing business or buy a franchise and grow it could be another way.
The answer is that many do not try or even entertain paying themselves first in Canada or buying their own freedom because they are in too much debt or have too much monthly overheads. I have seen many clients sell it all and clean the desk right off and start their own business. Many have chosen to start fresh with a clean slate. As they noticed with their overheads being so high one can never start a business unless you run into a lot of cash and purchase an existing business. There is nothing wrong with clearing it all off the desk and starting fresh and creating a new business model for your own-self. As it’s a sense of a reset in your own life and tends to be very liberating when you do. I have done many desk clearings myself and fortunately worked out well. It recreated a new freedom life multiple times over and allowed one to not be trapped by someone else.
Try and give this some thought and if you would like to chat more about this you can call my toll free 1-855-816-1743 and we can have a chat together
