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How to Pay Yourself from Your Nonprofit for Beginners - 2024

Starting a nonprofit often involves a mix of passion and sacrifice, but it's essential to ensure that your dedication doesn't leave you financially vulnerable. In this YouTube video, we'll guide you through the crucial steps to pay yourself as the Executive Director of a nonprofit, even when resources are limited. Join us as we dive into practical strategies for managing your nonprofit's finances while ensuring fair compensation for your hard work: Point 1 - Open two bank accounts: Learn why separating personal and organizational finances is key to maintaining clarity and accountability. Point 2 - Set your Target Allocation Percentages: Discover how to establish realistic salary goals based on your nonprofit's revenue and expenses. Point 3 - Move Money Monthly: Explore a simple yet effective method for transferring funds from your nonprofit's account to your personal account on a consistent basis. Point 4 - Save up 6 months before taking: Find out why building a financial safety net is crucial before initiating salary withdrawals. Point 5 - Keep padding to give yourself a raise: Learn how to adjust your salary over time to reflect the growth and success of your nonprofit. Whether you're a budding nonprofit founder or a seasoned leader looking to optimize your organization's financial management, this video offers practical advice to help you navigate the complexities of compensating yourself while staying true to your mission. Tune in to empower yourself with the knowledge and tools needed to build a sustainable future for both you and your nonprofit. ___________________________ PRACTICAL AND APPROACHABLE NONPROFIT STRATEGY THAT HELPS ORGANIZATIONS GET CLEAR, GET FOCUSED, and GET FUNDING SO THEY CAN BE IMPACTFUL without being overwhelmed by all the traditional nonprofit advice. Nonprofits don’t have to be grueling and Executive Directors shouldn’t be constantly exhausted. It takes courage to step out in faith and follow a calling and I believe the world needs the solution your nonprofit offers. Running a thriving nonprofit takes leadership, strategy, program evaluation and intentional fundraising but it doesn’t need to be overwhelming. Everything you do can be maximized and leveraged to accomplish your mission in one solid, cohesive way. Stop working for a nonprofit and start working For Purpose, On Purpose. *********************************************************************** HELPFUL TOOLS & RESOURCES 💰 FREE FUNDING ONE PAGER TEMPLATE: https://www.forpurposelive.com/page 📄 5-Day Grant Mastery course: https://www.forpurposelive.com/grant-... 🏁 STRATEGIC PLANNING REINVENTED - IMPACT ROADMAP: https://www.forpurposelive.com/impact 🧘‍♀️ ULTIMATE IMPACT Weekend Retreat - Founders Only: https://www.forpurposelive.com/retreat ➡️ FREE LOGIC MODEL TEMPLATE: https://www.forpurposelive.com/logic #️⃣ METRICS THAT MATTER WORKSHEET: https://www.forpurposelive.com/metrics 📅 NONPROFIT COMMUNICATIONS PLAN: https://www.forpurposelive.com/calendar *********************************************************************** Come say hi on social: TikTok:   / forpurposelive   LinkedIn:   / rebecca-britt-75a769a7   Instagram:   / forpurposelive   #nonprofit #nonprofitleadership #nonprofitstrategy #impact NOTE Know that this description may contain affiliate links to help you easily find the tools, products, programs, and/or services mentioned in the video. For Purpose Live may earn minimal sums by recommending and sharing links for various helpful tools, products, services, and programs. When the viewer uses the links provided the minimal commission we receive is of no cost to you and is greatly appreciated because it supports the channel! In saying that, the viewer is in no way obligated to use the provided links. Thank you for your ongoing support! *** For Purpose Live provides resources for educational purposes only. In saying that, results may vary. For Purpose Live encourages viewers to do their homework before taking any strategic action on the resources recommended or before purchasing any of For Purpose Live products, programs, or services.