How much YOU should pay yourself as a business owner 😀

Рет қаралды 101,118

Күн бұрын

This is how much you should pay yourself as a business owner. Just enough to save, invest and grow your business.
Like this video, if you want a longer-form version!
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Hi! My name is Evan, I'm a business owner and entrepreneur that loves to help previous versions of myself. I started an accelerator that has helped thousands of people start their businesses. To learn more about me and what I can do to help you, check out vanader.com or click the link above!
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Hi! my name is Evan and I'm super stoked you want to learn more about me!
I show people how to build their businesses. I learn a skill, test it with my own companies and share it!
I got my start by selling CDs at 13 years old. I’ve worked as a fry cook, I’ve mowed lawns, built go-peds, managed restaurants, sold mortgages, worked in Hollywood, and sat at a desk. I’ve cold-called, done graphic design, pounded pavement, traded crypto, and worked on an ambulance.
I finally settled down and devoted my life to becoming a firefighter in my early 20’s. It took me 5 years of training, fire academies, and paramedic school to finally land that job.
I spent 8 years of my life answering 911 calls. Now I get to pursue my real passion, which is building businesses and educating.
My first successful company is called Scorch Marker.
I was building a commemorative plaque for the fire department in my woodshop and desperately wanted to burn our motto “together in, together out” into the wood. So I pulled out my wood-burning tool, plugged it into the wall, and screwed the whole thing up!
But my wife and I had found another way. We created a chemical solution that reacts with heat. We were inspired by KZfaq creators! You apply the liquid to wood, apply heat, and the wood burns only where you drew! Pretty cool right? We invented the world’s first wood-burning marker - Scorch Marker.
Little did we know that this was the beginning of something big. We agreed to spend $500 of our savings to see if we could turn the idea into a product. 2 years later and we got into retail, became a bestseller on Amazon, created jobs, and made a lot of mistakes.
It’s the mistakes that are important. Those are the valuable, teachable moments that doers get to enjoy and learn from. They make you stronger.
Building, maintaining, scaling, running, or managing a business is not easy. But it can be done!
That's why I'm here. To teach what I've learned so you don't have to make the same mistakes that I did!
Can't wait to hear from you!
Evan
Vanader.com

Пікірлер: 114

@mikejvevo3153 2 жыл бұрын

"Don't buy dumb shit" got me rolling

@jettywetty9398 Жыл бұрын

😂😂😂😂I did not expect that

@romancummings6194 3 жыл бұрын

Evan, as usual Job well done. You honestly have a gift, what would normally take other 20 mins you break down in under 2.

@m.creekrenovations 5 ай бұрын

You won’t initially be taxed on the owners draw but when you file your taxes you will have to claim it as taxable income. So you will have to pay federal and state income tax

@seiscincocero 3 ай бұрын

So I salary better than owners draw

@qwertyuiop1232123212 19 күн бұрын

@@seiscincocerosalary will require payroll tax on business side plus taxable income on personal side. No matter how you do it the government will double tax you

@Coach_Ryan 9 ай бұрын

Great information, explained very well! Remember, focus on that work life balance as much as you are focused on the business growth. You CAN have it all.🎉

@BABossGod 5 ай бұрын

I'm thankful for your channel. Not only are you educational, entertaining, and exceptional, but you chose a KH music track and that alone tells me you know about the light and darkness of business. Thank you for all you do 😊

@kouxiong7773 10 ай бұрын

Kingdom hearts theme song, that was a good game. When life was simple

@LightofJoshua 5 ай бұрын

Yup I miss those days

@Gigachad583 2 ай бұрын

I was just about to comment😂😂

@jeremygeorge4823 Жыл бұрын

Kingdom hearts and business?? This is the rarest intersection I’ve seen all month

@talithamitchner309 Жыл бұрын

It’s the pen hitting the paper for me… I watched it fives times just for that reason alone…. Lol

@WorthNineDigits 6 ай бұрын

I understand the owner’s draw is not taxed but how much money should be put aside for taxes on this illustration?

@drewhitchcock Жыл бұрын

Dat kingdom hearts beat lol

@Vanader Жыл бұрын

The nostalgia…. Haha

@LightofJoshua 5 ай бұрын

Yea I love Dearly Beloved Ok time to get back to watching his KZfaq shorts

@joe_mckirdy 6 ай бұрын

I hope that is per month cause no one can live on 10k per year unless its a part time company.

@ninodaghost 9 ай бұрын

Owners draw is all I needed to know thanks 🙏

@Vanader 9 ай бұрын

No problem 👍

@deedeescarberry5981 2 жыл бұрын

I’ve literally been looking for someone to write it out like this! Thank you! Just missing the calculation for taxes..?

@InnovativeSolja Жыл бұрын

I noticed that…

@todmiddleton3638 Жыл бұрын

I normally hold back 20- 25% of the profit until end of the year to ensure taxes are covered.

@Valkyrie_3d 6 ай бұрын

@@todmiddleton3638taxes are insane

@jenninemorel7693 4 ай бұрын

It depends but the suggestion of 20 to 25% is a good start. Deposit it into a separate account to help from spending it.

@marcelinopacheco6002 Жыл бұрын

THANK YOU THANK YOU THANK YOU. You are a blessing

@moneymijotv 8 ай бұрын

This definitely helped me understand a little more! Like the Kingdoms Hearts start up music in the background 🗝️ need to use that! Lol

@SimplyDruYT Жыл бұрын

I love the dark ending! Gotta love the twist in genre teaching to harsh reality. Nice!

@mislabarco4668 3 жыл бұрын

Succinct and friendly. Thank you.

@anthony661990 Жыл бұрын

I've been looking for this. More specifically a video broken down monthly. And taxes for the company. I'm so confused but this helps. I don't want to do this wrong

@Vanader Жыл бұрын

Anthony. I feel that. I’m glad this helps. Dm me on IG if you need more help

@eiba6528 10 ай бұрын

When you say you are not going to get tax in owners draws a second time, can you explain that?

@wjkrug 7 ай бұрын

I think you forgot tax expense on that 10k lol

@dijonvolner6024 6 ай бұрын

Came here to ask about that. Maybe it's included in the $70k

@benlangman_2727 6 ай бұрын

Wait you have to pay taxes on that too? even though you already subtract it from your business profit?

@JonG27 6 ай бұрын

Straight to the point great job ty

@77Tadams Жыл бұрын

This is helpful because I need to set this up for the SCorp

@WhyOhWhy123 6 ай бұрын

So reinvest 66% and draw 33% of total nett profit.

@NashBrooklyn 6 ай бұрын

DBDS is always the best advice however 33% of the profit as a personal income can lead to a bad habit that leads to a quick downfall / bankruptcy - in other words pay yourself $1 like muxelon does - and invest everything else back into your company buying out competitors which are also called as your business model enhancers as quick as you can - and that is how you will end up a billionaire -

@thegentleman03 5 ай бұрын

But we got bills to pay?

@scasey1960 6 ай бұрын

Good luck with a business that offers a 30% margin. Also, don’t forget the taxes including the self employment tax (goodbye 40% of earnings).

@voidconcepts Жыл бұрын

Like the dearly beloved mix in the background 😘👌

@blvckent.tv2.069 10 ай бұрын

Been looking for a solution like this.

@SoCalJeepro Жыл бұрын

Thank you bro

@flyingdutchmanindustries5877 6 ай бұрын

Very well done.

@1conu593 6 ай бұрын

Better is stop buying shit you don’t need right away or that you can buy aftermarket with no functionality loss

@Timtimzi 6 ай бұрын

I love the kingdom hearts background music

@BelovedbyAdonai Жыл бұрын

THANK YOU!!! :)

@Vanader Жыл бұрын

You're welcome!

@chriall 7 ай бұрын

Came for Business help. Got a surprised with a sudden wave of Kingdom hearts Nostalgia instead 🤣

@james-ud9lp Жыл бұрын

Both of those rules are very hard and I'm trying to follow them everyday

@indiahollinquest7850 Жыл бұрын

I love it!!! Number 1 secret, don’t buy dumb shit😂😂😂😂

@Vanader Жыл бұрын

Thanks for watching india

@arfriedman4577 6 ай бұрын

You also need to live within your means and be happy. Stay away from debt. Don't buy stuff you don't need and stop wasting money on luxury items. Don't keep up with jonses.

@marianneelliot-hansen 6 ай бұрын

If you don’t have that much money, you can just remove the key and put a % instead then it will fit with any amount of sales you get

@perrywolfgang5558 Жыл бұрын

What if I wanted to take a portion to re invest in a new bussiness?

@marketingempiregroup Жыл бұрын

Hey, for real though, this is legit. I must say after seeing this I’m curious to learn a little more about your business 🤔 Let’s connect.

@francineb855 11 ай бұрын

I love that pen 🖊️ 😅 when can I get myself one of those?

@cameron-zl9bl Жыл бұрын

So you take this out of business account? I’m new to this whole thing.

@sirguy6678 2 ай бұрын

Do refrigerators still come in boxes?

@DesmondWinn 5 ай бұрын

How would you do it if you have a 1099 contractor on your team?

@Journeywithblackbear 5 ай бұрын

Does reinvesting include employees?

@lancesterling8447 8 күн бұрын

That 30k is not just to reinvest. You have taxes, retained earnings, owners draw.

@user-kb5nb6hg4j 6 ай бұрын

The Big Guy get 10% right off the top.

@dijonvolner6024 6 ай бұрын

I'd say it's more than that

@AerialPerspectiveGIS 6 ай бұрын

If I'm doing an owner's draw do I have to be registered as an LLC or can I be a sole proprietor?

@jorgenajera8320 Жыл бұрын

Is there a certain day you pay yourself? Cause obviously its in your business bank acc. Is there a day where you have to transfer that fund or ?

@cheif3870 Жыл бұрын

Sales and expensive Got me dead 💀ain’t no way

@eiba6528 10 ай бұрын

owners draws are not taxable?

@lifeuhvriley 10 ай бұрын

So, are you saying 10% of the revenue, or 1/3rd of the profits?

@angel278596 9 ай бұрын

Monthly correct?

@SuperCraftyDesigns Жыл бұрын

This is for the year. Can you break it down? Monthly or bi-weekly?

@Vanader Жыл бұрын

you could use this same model monthly just take away a 0

@benlangman_2727 9 ай бұрын

$300 a month on living expenses how would anyone live off of that ?

@inwiththenew414 8 ай бұрын

@@benlangman_2727 this is when having a spouse or domestic partner comes in handy - that way you wont need to worry about making ends meet as much.

@gtarules1 6 ай бұрын

Is this per month?

@chind0na Жыл бұрын

Me actually collecting all the dumb shit to get rid of it.

@Vanader Жыл бұрын

Lol. We’ve all been there brother

@mook3137 6 ай бұрын

You start with damn near 50 % after taxes 😂

@johnshorba Жыл бұрын

Do you pay taxes on just the net, before you do an owners dray

@mikejvevo3153 2 жыл бұрын

So is the tax part of the expenses of the business

@Zivakoi Жыл бұрын

So essentially 1/3 of profits = owner’s draw and 2/3 off profits = reinvest in business

@dr.kawasaki7380 6 ай бұрын

🤪🤪Kingdom Hearts 🛐🛐

@robbfjr 6 ай бұрын

I recently started my LLC . Plumbing company. I am married and want to basically take care of all bills( 4500 / month ) while her check pays our lifestyle/entertainment I’ve been using Zelle to do this. My question is come tax time for myself. Am I claiming this money? If so is it taxed? I’m not taking any more than what is exactly needed monthly so I’m worried I’ll owe on my personal taxes for the money I’ve referred over the year

@slowmotion-songs 6 ай бұрын

If you're asking this question, you should probably consult an accountant. If your company consists of one member, you, it is considered a sole proprietorship, and you will be taxed as an individual, not as a separate entity. A partnership for example, could be taxed as an S-Corp, where you're essentially on the payroll of your own company, where you and the company are taxed separately. As a sole proprietor, you will have to pay "self-employment tax", which is social security and Medicare, since you don't have an employer withholding it from your paycheck. So in short, you must claim all income, then deduct only business related expenses from that income, and what ever is left is taxable. Regular living expenses are not deductible. Not sure how joint filling would work if married. Consult an accountant. It's well worth the money.

@isz98 8 ай бұрын

This consider a draw or salary ?

@thisnotjesus 6 ай бұрын

if the person is sayin "reinvest 20k" then they don't know the business

@Vanader 6 ай бұрын

i dont know shit trust me

@stevewenners 6 ай бұрын

This might have worked in 2020

@Taxecoe 5 ай бұрын

Nice pin my guy

@tjls123 Жыл бұрын

First you need to miraculously start off with $70,000? Then you need to somehow manage to recieve a 43% profit return every month? Good idea, thanks for the advice... How about a realistic situation where you're starting a business with 10k or less and getting a normal return of 15-20%. You get 2k in profit... now u reinvest $600 in your business and you'd have to live off like $1000 a month using this strategy, unrealistic... This information becomes much more useless when applied practically. You have to realize most people are poor, and people that have 70k on deck don't even need this kind of information.

@noulafrantz8589 Жыл бұрын

When you started a small business you would need a job to support you

@prabshah Жыл бұрын

Then why don’t one need to add themselves on payroll

@Vanader Жыл бұрын

You can only be on payroll of your own company when you are an Scorp or Ccorp

@blicka187inf Жыл бұрын

☑️💯

@GeauxRilla Жыл бұрын

Boost your audio

@Vanader Жыл бұрын

You got it

@IBK1001 Жыл бұрын

Ominikun you no get mind for the fracas that you’re just starting.

@vineet5678 3 жыл бұрын

Don't buy dumb shit lesson learned , like expensive cars , bike and dumb watches

@serfinf 6 ай бұрын

10k per month I hope. Cause 10k per year and ur in big trouble.

@Luey-E 9 ай бұрын

So is the $100k revenue post tax?

@Vanader 9 ай бұрын

pre tax

@Luey-E 9 ай бұрын

@@Vanaderthank you

@WorthNineDigits 6 ай бұрын

@@Vanaderhow much should be put aside for taxes in your illustration?

@soullessdevice 8 ай бұрын

In other words, don't buy things from temu

@BloodyIron 6 ай бұрын

"you're not gonna get taxed" yeah that's not going to be accurate in every country and tax jurisdiction on the planet. Don't believe that for a second you won't get taxed.

@andrewperez3091 6 ай бұрын

Simple run down. You’re totally forgetting about taxes on the profits from the business friendo.

@YouTubeUserToo 7 ай бұрын

Completely illegal to pay yourself solely by dividend. You should be paying yourself a market-competitive wage for the roles & responsibilities you hold.

@arfriedman4577 6 ай бұрын

Make sure you pay taxes.

@giosactive247 Жыл бұрын

Dont forget you have to pay taxes

@plmoki1235 5 ай бұрын

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