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Profit First for Personal Finance | John Briggs, Incite Tax

Free Business Resources: http://incitetax.com/wealth Can Profit First apply to personal financial management? Uh, yeah, totally. Look, Profit First as a system, like the guidelines that it offers, is really about spending money first on paper, setting aside money, and putting boundaries around your money, before you're actually tempted to use it on other things. What you need to know is you’ll open a number of separate bank accounts, each with a specific purpose and operation. You’ll have one main account that receives your income and is also used to pay for the basic expenses of your home and life. The others are more for saving for specific large important expenses. The separate accounts are critical for creating protective boundaries around your cash. Must Have Accounts Your main spending account would be OPEX (Operating Expenses), but for your household. So maybe you’d call it HOPEX (“Hop X” or “Hope X”, however you want to pronounce it). If you aren't using a TAX account with your business, you want a separate account for taxes to make sure that come April 15th when you owe taxes, that you have the money to pay for it. Strongly Recommended Accounts RETIREMENT, because you should be contributing something every month towards something so that you can retire. And then CHARITY. Well, it’s optional, but a lot of our clients, including myself, and I suspect you as well, like to be charitable. Optional Accounts Outside of that, really any big thing that happens in your life, you could have a separate account for. HOLIDAY SHOPPING, TRAVELING, NEW CAR, HOME IMPROVEMENT PROJECTS, etc. Allocation Percentages There's not really established percentages, in my opinion, that you can rely on at this point when it comes to what amount of your monthly take home income should go into each of these accounts. That's going to vary widely based on who you are, the quality of life that you want, how much your life costs, those types of things. But you can play with the percentages. Whatever you establish as a percentage, if it doesn't work, you can change it. You're being intentional about your money, so it gives you a sense of control, of knowing what you can and can't do in your personal life. That relieves a lot of stress, and it also makes it so you're personal spending is much more directed and contained because of the boundaries the separate bank accounts create. You will find by adapting Profit First to your personal financial management, that growing your wealth happens a lot easier. John Briggs | Tax Genius [email protected] 801-999-8295 Check out our InciteFUL Profit Podcast https://www.buzzsprout.com/1776114 Follow us on…   / incitetax     / incitetax     / incitetax     / incitetax   . . . . . profit first for personal finances, what is profit first, how does profit first work, personal financial planning, personal financial management, personal finances for self reliance, profit first accounts, profit first personal accounts