David Richter

form or version or other book like have you read rich dad poor dad like he says a million times like pay yourself first like we're out hit that book and the rest of his series then there's a bunch of other books that say the same concept like the richest man in babylon a portion of all you have is yours to keep the seven habits of highly effective people says put first things first same thing it's the same concept in profit first it's like if you're running a for-profit business

form or version or other book like have you read rich dad poor dad like he says a million times like pay yourself first like we're out hit that book and the rest of his series then there's a bunch of other books that say the same concept like the richest man in babylon a portion of all you have is yours to keep the seven habits of highly effective people says put first things first same thing it's the same concept in profit first it's like if you're running a for-profit business

You need to be thinking about profitability. You should be making money because without it, you won't be able to grow, scale, or have people on the team or give or travel or whatever you want to do with your business. And so he's just like, here, here's a system. That's what I loved about Profit First. It went a step further than all those other books and said, here's a system to actually do that.

You need to be thinking about profitability. You should be making money because without it, you won't be able to grow, scale, or have people on the team or give or travel or whatever you want to do with your business. And so he's just like, here, here's a system. That's what I loved about Profit First. It went a step further than all those other books and said, here's a system to actually do that.

And that's what Justin was alluding to with the bank account set up a couple minutes ago. You know, it's like it literally revolves around you being intentional with every dollar, whether you love Dave Ramsey or hate him, he's made the envelope system very popular in the personal finance space of like being intentional with every dollar.

And that's what Justin was alluding to with the bank account set up a couple minutes ago. You know, it's like it literally revolves around you being intentional with every dollar, whether you love Dave Ramsey or hate him, he's made the envelope system very popular in the personal finance space of like being intentional with every dollar.

And literally he's telling you, take your dollars out of the bank and put them in envelopes, you know, and earmark them for certain things. But in business, you're not going to do that. You're going to set up bank accounts. And because a lot of people here's the wrong thing.

And literally he's telling you, take your dollars out of the bank and put them in envelopes, you know, and earmark them for certain things. But in business, you're not going to do that. You're going to set up bank accounts. And because a lot of people here's the wrong thing.

Here's what I see a lot of people that and just where we were and just where lots of people that I've worked with our they have one big bank account. And that's the big black hole bank account. We call it now. It's like money goes in money gets sucked out to the swirling vortex of doom never to be seen again. And that's when you're asking yourself, where did my money go?

Here's what I see a lot of people that and just where we were and just where lots of people that I've worked with our they have one big bank account. And that's the big black hole bank account. We call it now. It's like money goes in money gets sucked out to the swirling vortex of doom never to be seen again. And that's when you're asking yourself, where did my money go?

And it's like you have no clarity. And that's where separating out the money into different bank accounts to know where your money is gives you clarity, which gives you control versus the chaos that's just ensuing in that bank account.

And it's like you have no clarity. And that's where separating out the money into different bank accounts to know where your money is gives you clarity, which gives you control versus the chaos that's just ensuing in that bank account.

And the specific bank accounts, if you're listening to this now, this might be a time to take out your paper and pen and write these down because this is an actual action step you can take from this episode. You can set up the fundamental accounts from Profit First. The first three are the golden trio of bank accounts. I call them the golden trio because I'm a huge nerd.

And the specific bank accounts, if you're listening to this now, this might be a time to take out your paper and pen and write these down because this is an actual action step you can take from this episode. You can set up the fundamental accounts from Profit First. The first three are the golden trio of bank accounts. I call them the golden trio because I'm a huge nerd.

I love Harry Potter, Star Wars, all the big epic sagas. They've got three main heroes, right? Luke Hanleia, Harry, Ron, Hermione, like making sure good wins along the way. And it's a fun story. And then when you get to the end, good ultimately conquers over evil, right? Your business, though, is so much more important than those. And it can take a lesson from it, too.

I love Harry Potter, Star Wars, all the big epic sagas. They've got three main heroes, right? Luke Hanleia, Harry, Ron, Hermione, like making sure good wins along the way. And it's a fun story. And then when you get to the end, good ultimately conquers over evil, right? Your business, though, is so much more important than those. And it can take a lesson from it, too.

Like we need three main heroes in our business, and that's the golden trio. They help you keep more of the money. I'm literally going to give you three bank accounts that will help you focus on the profitability of the business. The first one is profit. The second one. Yeah. Shocker, right? Second one is the owner's comp, which I love just as much. We'll talk about that in a second.

Like we need three main heroes in our business, and that's the golden trio. They help you keep more of the money. I'm literally going to give you three bank accounts that will help you focus on the profitability of the business. The first one is profit. The second one. Yeah. Shocker, right? Second one is the owner's comp, which I love just as much. We'll talk about that in a second.

Then the owner's tax account. I love these three bank accounts because they all focus on you, the owner, the difference between all of them. Profit is more of like, why did I start my business? And it's like the big want, like, what do I really want from it? Do I want to take, you know, crazy trips? Do I want to give, you know, a lot of money away?

Then the owner's tax account. I love these three bank accounts because they all focus on you, the owner, the difference between all of them. Profit is more of like, why did I start my business? And it's like the big want, like, what do I really want from it? Do I want to take, you know, crazy trips? Do I want to give, you know, a lot of money away?