Put away 1/4 Million in the bank.

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eima
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Profit First is a financial management strategy designed to help business owners prioritize profit over revenue. The idea behind Profit First is to allocate a percentage of income for profit first, then to use the remaining funds to cover expenses. This way, the business owner ensures that they always have enough money for themselves and can avoid the trap of spending more than they earn.

The Profit First system typically involves breaking down revenue into various accounts, with each account designated for a specific purpose. For example, a percentage of revenue may be allocated to a profit account, a tax account, an owner's compensation account, and an operating expenses account.

By focusing on profit first, business owners are forced to make intentional decisions about how they spend their money. Instead of putting all revenue towards expenses and hoping that there's something left over at the end of the month, business owners can prioritize their financial goals and ensure that they always have a cushion for unexpected expenses or economic downturns.

Overall, the concept of Profit First is about creating a sustainable and profitable business by putting profit at the forefront of financial decision-making.
Category
Berel Solomon
Tags
business, profit, jewish
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