Although I would love to mail a copy of Profit First to every entrepreneur I follow on social media and through their websites, that might be a little creepy … so I’ll stick with a review.
An eye-opening, enlightening, and humorous (in a snarky kind of way) read, I cannot recommend this book enough – and I haven’t even implemented the system yet (don’t worry – I’m on it!). It just makes so much sense!
My husband is first on the list of people I’m going to persuade (read: ask very firmly) to read this book, but he’ll be far from the last. Michalowicz may focus primarily on businesses, but he also (briefly) addresses using the Profit First system in your home – highly valuable information for those who are sick of watching money leave with no idea where it went.
The Profit First Process:
Overall, the system seems pretty simple. However, some of the steps do seem annoying … I mean, a minimum of seven bank accounts? It sounds extreme. After Michalowicz explains the system, though, it seems (a bit) more reasonable.
Besides, if we are getting to the nitty-gritty, if fees and minimum balances are waived, why not have a handful of bank accounts? It’s definitely simpler than trying to keep cash or subdivide a single account.
Stop worrying about the funny looks (when you open all of those accounts) and go out and do it (talking to myself here, too)!
I plan to purchase a physical copy of Profit First (I borrowed a library copy), because it’s the kind of book you read until the spine falls apart (and then buy a new copy and repeat the process). On top of that, I want to mark up and underline and take lots of notes (I feel like a barbarian already) – but there is so much information jam packed into this book that it’s slightly ridiculous. In a good way.
Recommendation:
Read Profit First, entrepreneur or not, but especially entrepreneurs. Your wallet will thank you.
Christian, wife, “hybrid” mama, I run the site All Behind A Smile to help others like me.
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