Mike Michalowicz
speaker
1,537 appearances
2 recordings
1 series
first heard Feb 2026
last heard 20 Feb
Mike Michalowicz’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Feb 2026 with 2.
Appearances
Then we can access this vault.
But no one can make a rash decision.
I can't go in there and say, I need the money real quickly for the business and take it, nor can she.
So separate account, out of sight, out of mind, reserve that money for at least three months.
The only way to handle debt is by being profitable is the first thing to understand.
Because when I present on this, people come up and say, I have debt.
I can't be profitable yet.
I'm like, oh, you have to be.
So just real simple definition.
Debt is an expense you incurred in the past that you couldn't afford or chose not to afford, but used other people's money.
Only way to pay this is that you make more money than you're spending right now profit so that you can pay this back.
It's the residual leftover that you can use to pay it back.
So you have to be profitable.
So step one is if you have debt, you have to implement profit first.
You still allocate money to a profit.
But the tweak is until this debt's away, when the profit distributions come out, we use a large portion of it, sometimes upwards of 95% of that distribution to eradicate debt.
I'm not a fan of having debt.
I'm a fan of self-funding.
That's the position I put my companies in is that we have debt, we first get rid of it, and then we allow cash to accumulate in a vault account so that we have runway and we can be a bank to ourselves if we have to be.
One last tip about debt, and this is not my strategy.
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