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paying yourself pays off in the end.

Discussion in 'Starting a Lawn Care Business' started by loom-gen, Nov 28, 2007.

  1. loom-gen

    loom-gen LawnSite Member
    Messages: 150

    I have a friend who was self employed in the auto business. He made lots of money and spent it on all kinds of cool stuff. He then sold the building and payed off all his depts. He failed However, to pay himself. You know wright himself a check every two weeks and do the withholdings and all that. Now he's retired and has to work and just barely makes it. If he had started his retirement from the day he started the business he would have had at least 800,000 saved. FICA and an IRA can be a great blessing when we are sixty five and don't want to cut grass any more.
  2. mattfromNY

    mattfromNY LawnSite Bronze Member
    Male, from Central NY
    Messages: 1,582

    Ever since I began working for someone else, I had money taken out each wk., and put into a 401k. Since I've been on my own, I switched to a Roth IRA, and have $XXX taken out of my checking acct. automatically on the 10th of each month. I dont see it and I dont miss it, but at the end of a few months when I finally have time to check my acct. balance online, it sure looks nice!
    It is a very easy thing to set up with any investment broker, and very easy to change the amount going in. Through the summer months, when things are a little busier, I have $xxx invested each month, but when winter rolls around, I lower the amount a little.
    Not to mention, I began mowing for my investment broker this year, and he has referred me to a few of his comrades. Win/ Win for both of us.
  3. bohiaa

    bohiaa LawnSite Fanatic
    Messages: 5,220

    Glad to see this topic posted

    A lot of people dont know how to manage the money. I'm a bit Guilty of this too, Like the post starter stated, I have a lot of cool stuff, and I pull from my bsiness account,

    I too have started an IRA however you may want to look at vanguard,

    it seems to be the hotest thing going now...

    Thanks again for posting
  4. topsites

    topsites LawnSite Fanatic
    Messages: 21,653

    I started late, must've been 34 before it dawned on me at all.
    Now I'm past 40 and I got enough to call it a 'starter' retirement account and I have to save at least 5g a year, what a pita.
    Had I only started when I had my first job I wouldn't have had to put but half the money aside, compound interest...

    Guess this thread makes me glad I saw it when I did.
  5. paul vroom

    paul vroom LawnSite Senior Member
    Messages: 260

    I don't save anything because I write about two letters a week and I am sure that Trump will eventually believe that I am his son.
  6. casco73

    casco73 LawnSite Member
    Messages: 246

    what do you mean by this????
  7. Grits

    Grits LawnSite Silver Member
    from Florida
    Messages: 2,994

    You will have to excuse Paul. He is one of the more eccentric on this site.
  8. Turf Commando

    Turf Commando LawnSite Bronze Member
    Messages: 1,186

    had a good chuckle on that one....

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