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Featured Post
Learn about the system that has made over 500,000 businesses permamenently profitable!
Managing Your Personal Finances
Better Biz Info | A Profit First Professional Firm | Profit First in Kansas City, Missouri
The Profit First system founded by Mike Michalowicz has helped over 500,000 companies achieve increased profitability. But did you know that the same principles can be applied in your personal finances? Keep reading to learn about Profit First At Home.
Don't know about First? Learn the basics here.
"The best thing money can buy is financial freedom."
-Rob Berger
How to Do It:
When you implement Profit First in a business, you will open the 5 foundational accounts. For Profit First At Home, the accounts are a little different:
Open Your Accounts
1. INCOME: this account is for deposits only
2. VAULT: a savings accounts to cover the unexpected/emergencies.
3. RECURRING PAYMENTS: for the recurring, fixed, varying, and short-term bills.
4. DAY TO DAY: for groceries, school supplies, etc.
5. DEBT DESTROYER: all money remaining after transferring your predetermined amounts into each of the other accounts goes into this account. Goodbye debt!
Determine Your Percentages
Just like in Profit First for Business, you'll need to figure out your allocation percentages for each account (how much of your income to transfer into each account on a regular basis). We have a unique process and automated calculator to help you figure this out. Once you have your percentages, you can start to figure out your allocation schedule!
Decide On An Allocation Schedule
Once you have your percentages figured out, you should now decide how often to do your allocations. This is when you will take money from your income account and transfer it (in those predetermined percentages), to each of the other accounts. The amount left in your Day-to-Day account is what you have left to spend on unplanned/unknown purchases until the next allocation day. We recommend aligning allocations with your pay dates.
I now have more time and freedom to do the things I really want to do.
-Karen Lovekamp
A Proven System
The concepts taught in Profit FIrst are not new. In fact, I've been encouraging my kids to open a savings account and save 10% of their income in that account for 30 years! Profit First just organizes that philosophy and provides even more great strategies to help you achieve the goals you've set for your life and for your business.
Whether you are implementing Profit First in your business or at home, the system will help you achieve both financial visibility and freedom. It will help you manage your expenses and prevent you from overspending. It will help you save for the future and help you to always be prepared for your obligations.
Want to learn more about Profit First? Click the button below to learn the basics, or download the first two chapters for free!
Let Us Help You Achieve Financial Freedom
We are a Certified Profit First Professional Firm. I help small business owners to customize and implement Profit First in their business and in their lives. I will help you to gain financial freedom so that you can experience less stress and achieve your personal and business goals. Schedule a free profit call with us today to finally achieve profitability in your business.
Profit First has changed our business, it has changed our lives. It has given us freedom that we never had!
-Mandy Shanks
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