Profit First: Profit First in Your Personal Life
A quick recap of Chapter 9 and Chapter 10
Please do not implement chapter 9 until you have completed at least 2 full quarters of Profit First
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
How To Dial In:
Please join my meeting from your computer, tablet or smartphone.
You can also dial in using your phone.
United States : +1 (224) 501-3412
Access Code: 345-911-869
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!
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'