Maximizing Your Profits Using the Profit First Method & Great Money Mindset
Are you bringing cash into the business but not bringing the money home?
Is everything being “reinvested in the business” and you know “someday” you’ll be making more money than you did before you quit your job?
What if you can start making more money TODAY?
As with almost everything in life, you might be struggling with this either because of an emotional or cognitive issue or you simply lack the knowledge of dealing with it in a better way.
Today we are going to cover ALL of it.
Money Mindset, Stories & Emotions
Money is energy.
Depending on how you grew up or what you’ve been exposed too, you’ve created stories on what money means.
Is it hard to get money?
Do I need a lot of staff to profitable?
Will you always be in debt?
People can’t afford my services?
I can’t afford…
These are stories that are affecting the way you get and handle money.
If you think this is affecting you a lot, it may be best for you to get a money coach that helps you clear these blockages. If you need a good one, let me know, I’ve got one for you!
You can do some of this work yourself by getting clear on your money beliefs.
Follow these 3 steps to get started:
- Ask yourself, what do I believe about money? Or Money is… Journal whatever comes to mind.
- If you can identify when you created this belief (probably some point when you were younger) it will help you with the next step
- Take that belief and change it into one that helps you. Sometimes I find it helpful to write out 5 new statements for each one and then pick the one I like best.
Some people are scared of money and don’t even want to look at their bank account.
The very first thing you can do for your money mindset, is check your account each day, better yet track all your money.
I like having a money date once a week where I track all my money, pay bills and do any tasks related to money. I make it a real date by get myself comfortable with relaxing music, lighting a candle or even having a drink.
Profit First
Now for knowledge of dealing money in a better way.
My favorite way of handing money is using the Profit First Method by Mike Michalowitcz.
Now I am NOT a Profit First coach (Mike doesn’t even know me - yet!) but I have been using profit first the past couple of years and it is a complete game changer.
This the Profit First Method in short.
If you’d like to implement it correctly, you’ll want to read the book Profit First.
Profit First works on the psychology that we use whatever is in front of us.
You know how they say when you want to lose weight to take a smaller plate because then you’ll fill it up less and end up eating less?
We use this same psychology with money.
We create smaller plates, smaller bank accounts in which dish and use the money. (Don't worry, we're making you profit grow, not shrink!)
Start by create 5 bank accounts and rename with “Income, profit, owner's compensation, operating expenses and tax.”
Any money that comes in goes into the income account.
Then once a week you allocate a percentage of that income to the other 4 accounts, bringing the income account to 0.
This will be based on a percentage you have decided in advance. Depending on what your business situation is, the percentages will be different.
Now you can only spend money from each account for whatever that account is allocated for.
Want to buy a new piece of equipment?
That’s gonna come from operating expenses. If you don’t have the money in that account, you don’t get it.
Even if you have the money in a different account, you do not buy it.
This will make sure you have money for what you need - like taxes and payroll for yourself, AND it will force you to think creatively. You know how it goes, when you don’t have the money, you find creative solutions to your problems.
Here’s the deal with the profit account - The first of every quarter, you get all that money for yourself. Yup, pure profit just for you to have fun with.
You pour heart, blood, sweat and tears into this business.
You deserve to get something from it. And you’ll only get it, if you take it.
That's it! The Profit First method in really short. I strongly recommend you read the full book (or listen to the audiobook) Profit First by Mike Michalowitcz.
Profit First & Cognitive Functions
Now for the cognitive functions related to applying this knowledge-
With 28 cognitive functions, thinking skills, there are few that is needed to implement the Profit First method - that’s why they have Profit First coaches for those who need helping walking through it!
The one that jumps out at me most is categorizations.
Categorizations is about putting things in groups with their correct labels.
If you see things individually, instead of in a group you may struggle with implementing profit first.
Why can’t I just take it all out of income?
Your brain is resenting to group the expenses together because of this weak thinking skill.
I’d suggest you watch a video I made little while back Rewire Your Brain for Forming Categories.
Your Challenge
This week you're going to have to be more self-aware to pick that challenge that you need.
Do you need a better money mindset?
More knowledge?
Improved cognitive functions?
Figure out what area you need to work on most and take the action we shared in this episode.
Cheers to Peak Brain Performance!
Hi, I'm ST,
Just like you, I want to be more efficient and effective.
Most entrepreneurs want to grow their business but already got a lot of stress.
At LifePix University we help you rewire your brain to become more efficient and effective while experiencing more inner peace.
Learn more here.
Your Essential Guide
to Cognitive Functions
This guide will give you all you need to start improving your cognitive functions. Learn what all 28 thinking skills are, how they apply to you and what you can do today to begin improving them.
Cognitive Functions Assessment
Thinking is not one big thing. Thinking is made up of 28 parts, called cognitive functions.
Take the FREE assessment to see where each of your cognitive functions are currently at.
We're on for 1M downloads
By the end of 2025
Can you help us reach our goal?
Share this podcast with someone you love!
Maximizing Your Profits Using the Profit First Method & Great Money Mindset
Are you bringing cash into the business but not bringing the money home?
Is everything being “reinvested in the business” and you know “someday” you’ll be making more money than you did before you quit your job?
What if you can start making more money TODAY?
As with almost everything in life, you might be struggling with this either because of an emotional or cognitive issue or you simply lack the knowledge of dealing with it in a better way.
Today we are going to cover ALL of it.
Money Mindset, Stories & Emotions
Money is energy.
Depending on how you grew up or what you’ve been exposed too, you’ve created stories on what money means.
Is it hard to get money?
Do I need a lot of staff to profitable?
Will you always be in debt?
People can’t afford my services?
I can’t afford…
These are stories that are affecting the way you get and handle money.
If you think this is affecting you a lot, it may be best for you to get a money coach that helps you clear these blockages. If you need a good one, let me know, I’ve got one for you!
You can do some of this work yourself by getting clear on your money beliefs.
Follow these 3 steps to get started:
- Ask yourself, what do I believe about money? Or Money is… Journal whatever comes to mind.
- If you can identify when you created this belief (probably some point when you were younger) it will help you with the next step
- Take that belief and change it into one that helps you. Sometimes I find it helpful to write out 5 new statements for each one and then pick the one I like best.
Some people are scared of money and don’t even want to look at their bank account.
The very first thing you can do for your money mindset, is check your account each day, better yet track all your money.
I like having a money date once a week where I track all my money, pay bills and do any tasks related to money. I make it a real date by get myself comfortable with relaxing music, lighting a candle or even having a drink.
Profit First
Now for knowledge of dealing money in a better way.
My favorite way of handing money is using the Profit First Method by Mike Michalowitcz.
Now I am NOT a Profit First coach (Mike doesn’t even know me - yet!) but I have been using profit first the past couple of years and it is a complete game changer.
This the Profit First Method in short.
If you’d like to implement it correctly, you’ll want to read the book Profit First.
Profit First works on the psychology that we use whatever is in front of us.
You know how they say when you want to lose weight to take a smaller plate because then you’ll fill it up less and end up eating less?
We use this same psychology with money.
We create smaller plates, smaller bank accounts in which dish and use the money. (Don't worry, we're making you profit grow, not shrink!)
Start by create 5 bank accounts and rename with “Income, profit, owner's compensation, operating expenses and tax.”
Any money that comes in goes into the income account.
Then once a week you allocate a percentage of that income to the other 4 accounts, bringing the income account to 0.
This will be based on a percentage you have decided in advance. Depending on what your business situation is, the percentages will be different.
Now you can only spend money from each account for whatever that account is allocated for.
Want to buy a new piece of equipment?
That’s gonna come from operating expenses. If you don’t have the money in that account, you don’t get it.
Even if you have the money in a different account, you do not buy it.
This will make sure you have money for what you need - like taxes and payroll for yourself, AND it will force you to think creatively. You know how it goes, when you don’t have the money, you find creative solutions to your problems.
Here’s the deal with the profit account - The first of every quarter, you get all that money for yourself. Yup, pure profit just for you to have fun with.
You pour heart, blood, sweat and tears into this business.
You deserve to get something from it. And you’ll only get it, if you take it.
That's it! The Profit First method in really short. I strongly recommend you read the full book (or listen to the audiobook) Profit First by Mike Michalowitcz.
Profit First & Cognitive Functions
Now for the cognitive functions related to applying this knowledge-
With 28 cognitive functions, thinking skills, there are few that is needed to implement the Profit First method - that’s why they have Profit First coaches for those who need helping walking through it!
The one that jumps out at me most is categorizations.
Categorizations is about putting things in groups with their correct labels.
If you see things individually, instead of in a group you may struggle with implementing profit first.
Why can’t I just take it all out of income?
Your brain is resenting to group the expenses together because of this weak thinking skill.
I’d suggest you watch a video I made little while back Rewire Your Brain for Forming Categories.
Your Challenge
This week you're going to have to be more self-aware to pick that challenge that you need.
Do you need a better money mindset?
More knowledge?
Improved cognitive functions?
Figure out what area you need to work on most and take the action we shared in this episode.
Cheers to Peak Brain Performance!
Hi, I'm ST,
Just like you, I want to be more efficient and effective.
Most entrepreneurs want to grow their business but already got a lot of stress.
At LifePix University we help you rewire your brain to become more efficient and effective while experiencing more inner peace.
Learn more here.
Your Essential Guide
to Cognitive Functions
This guide will give you all you need to start improving your cognitive functions. Learn what all 28 thinking skills are, how they apply to you and what you can do today to begin improving them.
Cognitive Functions Assessment
Thinking is not one big thing. Thinking is made up of 28 parts, called cognitive functions.
Take the FREE assessment to see where each of your cognitive functions are currently at.
We're on for 1M downloads
By the end of 2025
Can you help us reach our goal?
Share this podcast with someone you love!
