Profit First: Profit First in Your Personal Life

 

A quick recap of Chapter 9 and Chapter 10

Chapter 9
Advanced Techniques

Please do not implement chapter 9 until you have completed at least 2 full quarters of Profit First

Chapter 10
Living Profit First:
This chapter shows us how to implement profit first in our personal lives. If you own a business, your personal financial health is in lockstep with the financial health of your business.
The ultimate goal of the Profit First lifestyle is financial freedom. Financial freedom means that you have reached a point where the money you've saved yields enough interest to support your lifestyle and continues to grow.

Set yourself up for success

Add up all of your monthly bills, plus your annual bills and the debt you owe.
If you have any debt at all, stop accruing more.
Establish a personal Profit First habit. If you have debt, keep your retirement 1 percent in your retirement account
Set up your small plates.

5 rules for success

Always start by looking for a free option.
Never buy new when you can get the same benefit you would if you bought used.
Never pay full price if you can avoid it.
Negotiate and seek alternatives first.
Delay major purchases until you have written down ten alternatives to making the purchase and have thought each one through.

Chapter 1 and Chapter 2 Profit First Review

Wednesday 8/24/2016
6.30 PST
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I love that Mike has all the Profit First worksheets on his website, you can download them by clicking here.

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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