#2618 - Q&A: “Should I use the ProfitFirst model?”
Side Hustle School
Chris Guillebeau
4.7 • 3.3K Ratings
🗓️ 2 March 2024
⏱️ 6 minutes
🧾️ Download transcript
Summary
In this episode, we delve into whether the Profit First model (from our friend Mike Michalowicz) is a viable financial strategy for a freelance graphic designer.
Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.
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Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.
Show notes: SideHustleSchool.com
Email: team@sidehustleschool.com
Be on the show: SideHustleSchool.com/questions
Connect on Instagram: @193countries
Visit Chris's main site: ChrisGuillebeau.com
Read A Year of Mental Health: yearofmentalhealth.com
If you're enjoying the show, please pass it along! It's free and has been published every single day since January 1, 2017. We're also very grateful for your five-star ratings—it shows that people are listening and looking forward to new episodes. 😎 🙏🏼
Hosted on Acast. See acast.com/privacy for more information.
Transcript
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| 0:00.0 | Are you ready for a Monzo business bank account? It's made to help you navigate cash flow and tax season. |
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| 0:24.0 | Tees and sees apply. |
| 0:25.0 | Soul traders or limited company directors in the very beginning of a new month episode 2,618 here and we're going to talk about the |
| 0:46.3 | model known as Prophet First. |
| 0:48.8 | This actually comes to us from my friend and perhaps your friend as well, Mike |
| 0:51.7 | Mackelowitz. Mike is a great guy. I've talked |
| 0:53.6 | about his books a couple times. So he's created this whole model that's like an |
| 0:57.5 | alternative accounting model essentially, not just accounting, but a whole financial |
| 1:01.4 | strategy. And a listener is calling in from Corpus Christi, Texas. |
| 1:06.6 | This listener has been doing graphic design and they want to kind of remix their accounting |
| 1:11.6 | or their financial management and they're thinking about using |
| 1:14.4 | profit first. |
| 1:15.8 | So I'm happy to talk about this because as I said Mike as a friend, I think beyond just the fact |
| 1:20.1 | that he's a cool guy, this model is actually very helpful for lots of people. |
| 1:24.2 | And his whole premise, you know, the whole premise of profit first is that a lot of businesses |
| 1:28.4 | don't actually make money. |
| 1:29.8 | A lot of small businesses are very focused on expense and they put the owners last, like the |
... |
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