The Money Habit with Mike Michalowicz

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Jul 9, 2025

Mike Michalowicz, bestselling author and entrepreneur, shares insights from his latest work, The Money Habit. He tackles why even the smartest individuals struggle with money and the emotional traps that hinder financial success. Michalowicz emphasizes the power of small habits over drastic changes and discusses how different life stages impact financial planning. He also shares personal strategies to 'friction-proof' financial systems and the significance of aligning financial management with personal well-being.

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ADVICE

Track Subscriptions With One Card

Use a dedicated credit card for all subscriptions to track and control recurring expenses. - This method reveals hidden costs and aids in cutting subscription spending effectively.

ANECDOTE

Daughter's Piggy Bank Turns Tide

Mike Michalowicz shared a raw moment of financial despair when he told his family they might lose their house. - His daughter's offer to pay bills with her piggy bank marked a turning point in his financial perspective.

INSIGHT

Parkinson's Law Affects All Earners

No income level guarantees escaping financial strain due to increased spending with higher earnings, known as Parkinson's Law. - Even billionaires face financial challenges as their expenses often rise with available income.

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Why does it feel so hard to actually keep the money we earn?

In this episode, Bill is joined by bestselling author and entrepreneur Mike Michalowicz to explore the deeper patterns that shape our financial behavior. Mike shares insights from his upcoming book, The Money Habit, and offers an honest take on the emotional and psychological traps that sabotage even the most high-achieving business leaders. This conversation will change how you think about money.

Mike Michalowicz is the author of Profit First, The Pumpkin Plan, and Clockwork. His work has helped thousands of entrepreneurs grow healthier businesses, and his latest book, The Money Habit, dives into the behavioral finance side of entrepreneurship.

Topics explored in this episode:

(08:15) Why Smart People Still Struggle with Money

Success doesn’t always equal financial security.
Cutting your spending isn’t really the solution.

(12:40) The Lies We Tell Ourselves

We will always find new ways to spend our ‘new money’.
Mike explains Parkinson’s Law.

(20:30) Building Financial Habits That Stick

Tiny habits are more powerful than massive overhauls.
Mike shares how to “friction-proof” your financial systems.

(27:10) Different Life Stages Require Different Levels of Planning

There are seasons to making money and spending money.
No one wants to miss out on fun moments with their family because they're busy in the ‘earning’ stage.

(37:40) Relying on Will Power Does Not Work

Mike wanted to exercise regularly; how did he make that happen?
With money, find your daily practical pattern and then tact on a money-related action item on top of it.

Thanks to Mike Michalowicz for being on the show!

Connect with Mike on LinkedIn: Linkedin.com/in/mikemichalowicz/

Learn more about his work: Mikemichalowicz.com/

Preorder The Money Habit here: Mikemichalowicz.com/the-money-habit/

Bill Gallagher, Scaling Coach and host of the Scaling Up Business podcast, is an international business coach who works with C-Suite leaders to achieve breakthrough growth.

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