In episode #983, we discuss when or if you should take profits from your company. Tune in to hear when you should plan for this.

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TIME-STAMPED SHOW NOTES:

• [00:27] Today’s Topic: When Should You Take Profits In Your Company?
• [01:02] Neil started a company when he was 16 and didn’t start taking profits until he was 20/21.
• [01:21] He thinks he was foolish for waiting so long.
• [01:35] If you need the money, take what you need to survive.
• [02:24] It’s also wise to reinvest your profits.
• [02:50] Things can go wrong, so putting profits aside for emergencies is smart.
• [03:35] Know your living expenses, so you can determine what you need.
• [04:05] Maybe you want to travel or live a good life; if that is important, take the profits.
• [04:41] Some companies don’t do dividends, because they are re-investing them.
• [05:20] Don’t expand beyond your core business.
• [06:46] That’s it for today!
• [07:30] We hit our goal of 1 Million downloads! So, we will be throwing a free event in Los Angeles this June. Check out this website if you would like to attend. Remember: we are capping the event at 500 people, so sign up now, if you’re interested! DM Eric if you would like to participate in the VIP dinner.

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