The philosophy of [Profit First] is your set up the system so it aligns with the way you think and operate your money.
1 Use smaller plates – so you will naturally take smaller portions when serving. The less calories you take in, the easier it becomes to start losing weight.
Same with Profit:Use small plates – Instead of having one bank account, Profit First suggests you have four accounts into which funds get dispersed: A profit account, an owner’s pay account, a tax account and your current operating expenses account. That provides a more balanced view of your cash at hand.
2 Serve sequentially – eat vegetables first because they are nutrient rich. If you leave them until last, you won’t finish them
Serve sequentially – funds are always put into your profit account first, then to your owner’s pay account, next to your tax account and then what remains is your operating expenses. That signals that if you don’t have enough cash left to pay your expenses, then you’d better get busy cutting your expenses and overheads immediately.
3 Remove temptation – don’t have junk food handy or accessible. This forces you to eat the healthy food you have close at hand.
Remove temptation – To make it hard and painful to access some of your money, you should have your profit account and your tax account at another bank. That makes it harder to “borrow” from one account for another account, especially if you restrict access.
4 Enforce a rhythm – don’t eat when you’re hungry because that will make you eat
more. Instead, eat small portions frequently. Enforce a rhythm – With Profit First, you do your payable twice a month on the 10th and 25th of each month. You therefore see your cash accumulating and get a feel for where it really goes.
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