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Financial Empowerment through the Profit First System

August 11, 20231 min read

August 11, 2023

Season 1, Episode 13

Description:

Ready to revolutionize your approach to personal finance? We're diving into the Profit First system—a remarkable strategy pioneered by Mike Michalowicz that puts you at the center of your financial universe. Discover how setting boundaries and prioritizing your financial well-being can significantly impact your income allocation, guiding you to set aside profits, taxes, and operating expenses from the get-go. We'll also walk you through the practicalities of setting up separate bank accounts, because trust us, it's not as complicated as it sounds.

Our exploration doesn't stop there. We take a balanced look at the pros and cons of the Profit First system, from the necessity of multiple bank accounts to the importance of truly comprehending your financial figures. Hear our thoughts on why a regular review of your financial statements is crucial and why relying solely on your bank balance for making finance decisions could be a costly mistake. Tune in, and let's turn the page on the way you handle your finances today.

Subscribe to the Profitable Painter Podcast

profit firstpainting business
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Daniel Honan

Daniel Honan is a former painting business owner and military intelligence officer with an MBA and a degree in Accounting. He's been in your shoes. Everything from cold calling for estimates, in-home consults, managing crews, to running payroll. With his accounting, intel, and painting industry experience, he's put together a back-office system to help painting contractors crush it by helping them know their numbers and what they mean, save big in taxes, and streamline and automate their processes to save time and money.

Back to Blog
blog image

Financial Empowerment through the Profit First System

August 11, 20231 min read

August 11, 2023

Season 1, Episode 13

Description:

Ready to revolutionize your approach to personal finance? We're diving into the Profit First system—a remarkable strategy pioneered by Mike Michalowicz that puts you at the center of your financial universe. Discover how setting boundaries and prioritizing your financial well-being can significantly impact your income allocation, guiding you to set aside profits, taxes, and operating expenses from the get-go. We'll also walk you through the practicalities of setting up separate bank accounts, because trust us, it's not as complicated as it sounds.

Our exploration doesn't stop there. We take a balanced look at the pros and cons of the Profit First system, from the necessity of multiple bank accounts to the importance of truly comprehending your financial figures. Hear our thoughts on why a regular review of your financial statements is crucial and why relying solely on your bank balance for making finance decisions could be a costly mistake. Tune in, and let's turn the page on the way you handle your finances today.

Subscribe to the Profitable Painter Podcast

profit firstpainting business
blog author image

Daniel Honan

Daniel Honan is a former painting business owner and military intelligence officer with an MBA and a degree in Accounting. He's been in your shoes. Everything from cold calling for estimates, in-home consults, managing crews, to running payroll. With his accounting, intel, and painting industry experience, he's put together a back-office system to help painting contractors crush it by helping them know their numbers and what they mean, save big in taxes, and streamline and automate their processes to save time and money.

Back to Blog

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