Episode 092: Why You Should Pay Yourself First (Profit First Accounting)

Why You Should Pay Yourself First (Profit First Accounting)

Today I’m bringing on a money management expert named Nick True to talk about why you should pay yourself first and also why you should set aside your profit first. 

Setting aside profit first is something I’ve recently decided to do inside my business and it’s become a game changer for me. I find a lot of entrepreneurs are really good at marketing and sales and strategy, but believe it or not, they’re pretty bad with managing money. 

And I recently read a quote that I think was from Shems Heartwell you may remember him from Episode Number 22. He posted something on Instagram a few weeks back that said, “the best hunters are the best trackers”. And this got me thinking. If I’m going to be one of the best hunters inside this game of business, then I need to level up my tracking ability. I better level up my ability to track money. And since I’ve been doing that it has been serving me big time. I’m so excited for Nick to share this wisdom with you too. 

What You’ll Hear In This Episode

  • The guilt that Nick carried for having not figured out money.
  • Some of the biggest mistakes entrepreneurs make when it comes to managing their money. 
  • How does Nick help people get out of that paradigm of a success equation around money?
  • Nick’s advice to entrepreneurs about debt. 
  • How to start in taking control and guiding the flow of your cash in funding your ideal lifestyle or experience?
  • How to look at your financial situation and how to face it?
  • Big profit first, is it a good way for business owners to start directing their flow of money?
  • What wisdom would Nick give to his younger self to help collapse time and get results faster? 

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Links Mentioned In This Episode