Ep #184 - How & When to Take Cash Out of Your Business

Today's episode of the Grow Money Business podcast is all about cash. Join us as we talk about what to do with the cash in your business, how much cash you need to have in your business, the appropriate time to take cash out of your account, how you should pay yourself as the business owner, how you can take cash out in a tax-sensitive manner, and more. [02.21] A rainy day fund – Starting the conversation, Grant explains the importance of having an emergency fund. [09.42] Extra Cash – How to Use Extra Cash Effectively [15.31] Setting a target – We discuss how to set a target for an upcoming large expense. [20.40] Pass-through entity – Grant explains how a pass-through entity works. [27.12] C corporations – We talk about what to do with extra cash when you are the owner of a C corporation. Resources How to Pay Yourself as a Business Owner nerdwallet.com/article/small-business/how-to-pay-yourself-as-a-business-owner Salary vs. owner's draw: How to pay yourself as a business owner quickbooks.intuit.com/payroll/salary-or-draw-how-to-pay-yourself-as-business-owner/ Traction: Get a Grip on Your Business by Gino Wickman amazon.com/Traction-Get-Grip-Your-Business/dp/1936661837