The SECRET to SUCCEED in Business: The Importance Of Pay Yourself First
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The podcast episodes, hosted by Justin Colby, emphasize the importance of prioritizing personal financial gain as a business owner. Colby highlights the distinction between an operator and an owner, stressing the need for a mindset shift to prioritize personal profits. He references the book 'Profit First' by Mike Malkowitz and shares his method of determining monthly expenses. Colby advises listeners to distinguish between essential and discretionary spending, urging them to assess their financial needs and determine the income they want to make, typically 2 to 3 times their basic needs. The formula 'sales minus profit equals expenses' is emphasized, highlighting the significance of paying oneself first. Colby shares his experience of transitioning from a business partnership and realizing the importance of ensuring that personal bills are paid before focusing on business expenses. The guidance aims to help entrepreneurs reevaluate their financial management and prioritize their own financial well-being, providing a fundamental guide for real estate investors and business owners.
The podcast episodes, hosted by Justin Colby, emphasize the importance of prioritizing personal fina