048: Paying Yourself Profit First with Mike Michalowicz

Scott Mulvaney — Fri, 10 Feb 2017 17:45:00 +0000

Profit First Accounting and Paying Yourself:

This episode is about stepping out of your comfort zone and flipping your finances and accounting on its head. In business we have been following the same formula for generations, Sales-Expenses=Profit. This means profit comes last, which ultimately means you come last. It is time to flip that formula and enjoy your profit now with today’s co-host. Mike Michalowicz is the author of the book Profit First, a book that I have mentioned many times on LIVETHEFUEL. Mike has launched three multi-million dollar businesses and sold the second to a Fortune 500 company. Mike is also the author of three other great books, The Toilet Paper Entrepreneur, The Pumpkin Plan and the most resent Surge. This is a great episode for anyone who wants to have a little more financial freedom in their life/business.

On This Episode You Will Hear:

[spp-timestamp time=”03:45″] What book should I be reading now? The answer, what is your biggest challenge right now? You will then find the right book to read.
[spp-timestamp time=”05:23″] Where the book, Profit First came from. Mike had start a lot of different businesses and lost a lot of money. Building those companies was not profitable, he was surviving check by check. He sold two companies and one to a fortune 500 company. He thought this was the way to make money and became an angel investor to try and repeat the process but he lost money fast. This was the necessary wake up call he needed. The mentality of being profitable one day in the future is wrong. The classic accounting formula of Sales – Expenses = Profit, which means your profit comes last, is archaic.
[spp-timestamp time=”11:46″] Afraid of change. Mike has literally flipped the accounting formula and put Profit First. It’s the pay yourself first system for your business.
[spp-timestamp time=”15:07″] Parkinson’s Law: As the supply of the availability increases, our demand for it increases, but as it decreases we become more frugal, innovative and use less of it. Mike uses a cookie to describe Parkinson’s Law. When we force ourselves to use less money in our business our behavior changes.
[spp-timestamp time=”21:35″] “Money to brains ratio” and “Keeping up with the Jones’s”. The 401K. When you first adapt to Profit First, it can be painful to begin with. Very quickly, when you see those profits stacking up, it makes it all worth while.
[spp-timestamp time=”25:24″] Dividing up your income into different accounts.
[spp-timestamp time=”32:46″] If you don’t know what you are doing, get help. There is no shame in asking. Scott is visiting Profit First HQ.
[spp-timestamp time=”35:38″] Profit First Professionals: Experts that maximize companies profits permanently.
[spp-timestamp time=”37:01″] Profit First Professionals launched 2 years ago. Profit First Professionals came from people who had read the book but wanted help implementing it and someone to hold them accountable for it. Now they have 160+ bookkeepers and accountants supporting it.
[spp-timestamp time=”38:11″] 99% of Accountants that have come across Profit First have converted to the philosophy. The ones that don’t are the ones that are not willing to change the way they do things. Profit First accountants apply logic and overlay that with behaviors. A lot of accountants just can not make that leap.
[spp-timestamp time=”40:08″] Some people want to go all in when they read Profit First and set aside huge percentages but that’s like putting a frozen mug into a hot oven, eventually it will shatter. One of the important steps of Profit First is to take small steps.
[spp-timestamp time=”42:42″] Taking small incremental steps and relating accounting to the fitness world. Profit First is a Dial not a Switch.
[spp-timestamp time=”45:18″] Quarterly Distributions.
[spp-timestamp time=”47:02″] When the profit comes out, it is for you to experience financial freedom. This is not to be used to reinvest in your business, that’s a whole different envelope aka account. If you are putting it back into the business you are defeating the system. If you cannot pay your expenses, you cannot afford your expenses, so you have to find a better way.
[spp-timestamp time=”48:43″] Final Words

[spp-tweet tweet=”Get comfortable with being uncomfortable with #ProfitFirst @MikeMichalowicz on @LIVETHEFUEL #Podcast, #author #Speaker”]

Profit First Links and Resources

People Mentioned

Final Words

Mike’s life purpose is to eradicate Entrepreneurial poverty, that’s why he does what he does. It’s about stepping into the un-comfort zone. Progress is made when people do something new when something has impeded their progress, what impedes progress is doing what is familiar. Get comfortable with being uncomfortable. That is where growth is. That is where the opportunity is.

Action Steps

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The post 048: Paying Yourself Profit First with Mike Michalowicz appeared first on LIVETHEFUEL.

007: Wearing the armor of injured veterans with Noah Galloway

Scott Mulvaney — Mon, 19 Sep 2016 13:00:00 +0000

It’s time to pay tribute to injured veterans. Good day everyone, and welcome to another episode of LIVETHEFUEL! If you are new to the show, we are here to FUEL Your Health, Business, and Lifestyle. Today’s co-host has been around the block a bit; we have with us an American soldier, veteran, a double amputee, a recipient of the Purple Heart Award, and a fellow fitness junkie. He inspired a nation as a contestant on Dancing With The Stars, team winner of the TV Show American Grit, a motivational speaker, the list is endless, and now he’s an author of his new book “Living With No Excuses.”. The injured veterans personal brand has grown to be a powerful one, and we love sharing it!

If you have been following him on social media of late, you would see he has been doing the rounds promoting his book on various TV shows, networks, visiting military bases and hospitals. Our co-host today is a part of our injured veterans himself, the man, the myth, the legend, Wearing the armor of injured veterans with Noah Galloway .

On the episode you will hear:

[spp-timestamp time=”4:41″] Getting past the front desk
[spp-timestamp time=”6:00″] Listening to audio books and hearing from the authors
[spp-timestamp time=”9:48″] Rebuilding mentality and physically
[spp-timestamp time=”11:28″] Being blown off the road, having a hole in his jaw then having it wired shut.
[spp-timestamp time=”13:38″] Can’t drink Ensure shakes anymore
[spp-timestamp time=”15:34″] Noah’s Dad, a fellow amputee experiences of pain med addiction
[spp-timestamp time=”19:30″] Military training influences other divisions
[spp-timestamp time=”22:15″] When it comes to fitness, Find someone who is at your level and workout with them
[spp-timestamp time=”23:29″] Training Crossfit style and getting into kettle bells
[spp-timestamp time=”24:34″] Dancing with the stars
[spp-timestamp time=”25:53″] Building a powerful personal brand and working as a team on American Grit
[spp-timestamp time=”29:36″] FUELED to work harder to be worthy of such attention
[spp-timestamp time=”32:08″] Life balance and making his kids his priority
[spp-timestamp time=”36:57″] Accomplishing goals, reading his own audio book and being vulnerable
[spp-timestamp time=”41:53″] Inspiring other veterans
[spp-timestamp time=”44:41″] Find and choose your priories and stick with them

[spp-tweet tweet=”Find and choose your priorities and stick with them – Noah Galloway on #LIVETHEFUEL EP 007 livethefuel.com/007″]

Links and Resources

People Mentioned

The Injured Veterans Final Words

Find and choose your priorities and stick with them. When you have those prioritized, don’t sway yourself way from them. Try not to get too eager to move quicker than you should. Don’t try to speed things up, stay true to who you are; people will respect that, and you will grow at the pace you need to go.

The post 007: Wearing the armor of injured veterans with Noah Galloway appeared first on LIVETHEFUEL.

Great Audio Book – LIVETHEFUEL

048: Paying Yourself Profit First with Mike Michalowicz

Profit First Accounting and Paying Yourself:

On This Episode You Will Hear:

Profit First Links and Resources

People Mentioned

Final Words

Action Steps

007: Wearing the armor of injured veterans with Noah Galloway

On the episode you will hear:

Links and Resources

People Mentioned

The Injured Veterans Final Words