EP355: How to Set Up Profit First for Real Estate Investing – Interview with Mike Michalowicz
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Finances are an integral part of running any business, and real estate investing is no different. Figuring out how to properly and effectively structure your finances can be confusing, but I’ve discovered a method that has totally changed our business!
On today’s show, Natali and I are sitting down with Mike Michalowicz, the author of Profit First. Profit First is a simple and effective formula aimed to transform your business in order to earn more profit! Mike is a business guru—you don’t want to miss this episode of Investing in Real Estate!
On this episode you’ll learn:
- How often you should do profit distribution.
- What percentage of businesses are non-profitable.
- How the Profit First concept began.
- Why the normal business plan is flawed.
- The exact number of checking accounts your business should have.
- The importance of rewarding yourself.
- Why you should prioritize profit in your real estate business.
- How you can incorporate Profit First if you have debt.
- How to use Profit First to maximize tax benefits in your business.
- The importance of putting a system in place, and why willpower doesn’t work.
- And more!
The Pumpkin Plan by Mike Michalowicz
Tax-Free Wealth by Tom Wheelwright
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