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.
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!
Hello! I’m Constance Moonzwe.
I want to help you fall back in love with your business. True power is being whole. The challenges that you are facing are not of the average person. As entrepreneurs, we are unique, but our problems are common!
Loneliness in decision-making processes, solving problems, and planning, wrapped in occasional doubt and fear grips us from time to time. Are you interested in learning how to get to your next million quicker, happier, and whole?
...then join the book club here: https://goo.gl/LzgJy5
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