🥕 This book made me rich... 🤑

Hey happy belated Father’s day if you were celebrating yesterday!

🥕 This Book Made Me Rich… 🤑

There are so many great entrepreneurial and business books. And I’ve read a ton of them when I was just getting going.

But there is one book that absolutely changed everything for me.

Profit First by Mike Michalowicz

It doesn’t matter if you have a business or not. This book will get your finances straight.

If you are living paycheck to paycheck or haven’t been able to breathe above water for a while, you need to read it.

The general overview is this:

All the money that’s coming into your general account needs to be spread out to 4-5 (or more sub-accounts).

If you have a business, these accounts can be taxes, operations, marketing and savings.

If you only get paid from a job, you can have accounts for debt, savings, day-to-day or even vacation.

Then when a dollar comes in, whether it’s from a job or business, it get’s split into these sub-accounts. Your operations or living expenses are typically the biggest ones, so you’ll likely put 30-60% of each dollar in there.

Then you’d split something like 15% for taxes, 10% for debt, 5% savings… and so on, until you maxed out on 100%.

Here’s why it works so well:

It keeps you on budget ALL THE TIME. If you want to go make a fun purchase or go out, you could only take from a specific account for that. If you don’t have enough in there, you can’t buy that thing or can’t go out.

More than 60% of Americans are living in really heavy debt. And this is the reason why. When all the money that comes in just gets thrown into one account and used without a rhyme or reason, there is always a surprised look on your face why you don’t have enough to pay rent at the end of the month.

The book goes into way more detail on this strategy. I beg you to read it. Thank me later.

This is the book that helped me get a hold of my finances early on and helped me expand my business quickly (because I had a specific account for that!).

Random meme of the day:

Catch ya tomorrow…

/Wise Carrot/

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