So you may have heard about Mike Michaelowicz’s book, Profit First and the revolutionary way that it can transform a business’s cash flow woes, but have you considered how it may benefit you and your personal finances?
Do you lay awake at night worried about your mortgage, in particular, how much interest rates have risen in the past year? Maybe you have been dreaming of a holiday to escape reality and you feel the closest you will get to that beachside day spa is opening the door of the dishwasher too soon and the steam smacks you in the face!
If that is you, you ain’t alone! But that doesn’t mean that you have to feel like this for all of eternity! With a few adjustments to your spending habits and some tricks of the trade, as a certified Profit First Professional, I can show you how implementing the Profit First strategies into your personal finances can make a huge difference!
The basic principles do remain the same, as these tried and tested strategies actually work and get you out of debt and start to save money (i.e. Life Profit)! Setting up multiple bank accounts is key to ensuring that the Profit First method will work for you, and just like in business, we suggest you start with five (5).
Ready to revolutionise your business's financial approach? Join us on a journey to financial success by embracing the Profit First Methodology. Partner with us now and pave the way for a brighter financial future.
You will be surprised when you start going through your recurring expenses how much money is being spent, straight out of your account that you currently do not even realise. Ask yourself, how many TV subscription services do you really need at one time? Are you really utilising that gym membership to the value that you are currently paying? Putting services on hold could save you hundreds, perhaps thousands of dollars a year.
Of course, there may be larger expenses, like that holiday to the Maldives that you have been dreaming of, a new car, perhaps even your child’s education or when they are older their wedding that you will want to save for. We always encourage our clients to open another account for these goals… When in doubt – Open an account!
We also encourage additional contributions to your Super account, for retirement. Even if you start at 1%, these contributions add up over the years. You may even be eligible for government co-contribution grants, we can discuss this with you if you need assistance.
The first few months may be a bit of trial and error until you get the allocations correct, but over time, we are confident that you will revel in the financially savvy ways that you started here at this moment.
If there is one thing that we hear time and time again with our clients when they have implemented these strategies in their business or personal lives, it is that they wish they had done it sooner! So, start today! Book a discovery call with me and let me help you get your personal finances under control and on your way to booking that spa holiday for real (no dishwasher steam required!).
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