Profit First: Destroying Debt

 

Day 7,

Chapter 6.Destroying Debt

If you have business debt, this chapter is worth reading twice.

According to Mike Michalowicz; Well dressed poverty is still poverty. Just because your business is making lots of money, doesn’t mean you’re are hanging onto it.

But remember; Even when you and your business are in a ton of debt, you must establish a habit of putting your profit first, and paying yourself. Getting and maintaining a healthy business boils down to one  simple formula. You must consistently spend less that you make. Solution to debt If you want to get out of debt, you must get more enjoyment out of saving your money than you do spending your money.

Action Steps

Step 1. Start the Debt Freeze. Stop any recurring payments and cancel anything you don’t need.

Step 2. Start the Debt Snowball. Pay off your smallest outstanding debt first.

For today’s selected podcast/blog click here: http://www.wsj.com/articles/SB10001424052748703989004575653102675023416

To Whole Businesses ~ Constance


I love that Mike has all the Profit First worksheets on his website, you can download them by clicking here.

You can also get access to Mike’s Wall Street Journal articles, book excerpts, and entrepreneurial tips by subscribing to his website. He has the first couple of chapters of Profit First for free!
www.mikemichalowicz.com/subscribe

 

 

Meet me on March 15th for a discussion of the book  'Good to Great'  https://www.meetconstance.com/upcoming-events/beverlyhillsbookclub

Pick up a copy of February’s book  'The Goal: A process of Ongoing Improvement