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The Profit First System with Mike Michalowicz
Business Processes Simplified Podcast
How to Remove Tendency and Reward Yourself
When you transfer money from an income account into your profit account first, there's an endorphin release. So that's a very powerful reinforcement mechanism. You then allocate money to owner's compensation. That's the pay of the owner and is another reward mechanism. Now it's reward yourself, reward yourself, protect yourself. The last account is what's of service to the business, the operating expenses. And by allocating money in that sequence, it actually builds the financial muscle and excitement saying, wow, I'm profitable"
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