In this episode, we will talk about profit, and we will discuss how the misconception between revenue and profit can cause problems and misunderstandings. We will also talk about maximizing profits, what the 50% rule is, and the Wants and Needs Analysis. What You Will Learn In This Episode: - Why revenue or top line is NOT what we need to focus on when we want to increase profit - What is the best way to increase a company's profit - What is the 50% rule, and how to apply it properly - How the Needs and Wants Analysis can help us scale our profits Once our company starts generating considerable profit, it becomes easy to make mistakes. Instead of asking, can I afford this, the question should be, how can I make this affordable? When we talk about lifestyle and wealth, we need to think about our future, and getting in debt for a lifestyle is selling our future for our present. Resources: - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - The Fifty Percent Rule™ Framework https://melabraham.com/wp-content/uploads/TAE-007-50-Rule-Graphic.pdf - My website https://melabraham.com/ - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom, a book by Mel Abraham https://www.amazon.com/Entrepreneurs-Solution-Modern-Millionaires-Freedom/dp/1630473308/ - Find me on Facebook https://www.facebook.com/melhabraham/ - Find me on Instagram https://www.instagram.com/melabraham9/ - Find me on LinkedIn https://www.linkedin.com/in/melhabraham/ - Find me on Twitter https://twitter.com/MelHAb - Find me on YouTube http://www.youtube.com/user/MelHAbraham
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