The Wellness Accountant, Andy Wang, shares his thoughts on two of the most prominent books at the moment about personal finance and investing: Profit First and The Barefoot Investor.
We discuss the principles in these books, how business owners can apply it in managing their finances, and some common mistakes in managing your finances.
Check out the full episode!
QUOTES
“For a business owner, your income is scalable – it can fluctuate up and down.”
“Systems and cash flow matter in understanding your money.”
MENTIONS
- Profit First by Mike Michalowicz (book)
- The Barefoot Investor by Scott Pape (book)
SHOW NOTES
- [0:01:15.4] Catching up with Andy
- [0:02:13.7] Andy’s take on The Barefoot Investor
- [0:05:00.5] Difference between a wage earner and a business owner
- [0:07:19.7] Having systems around money
- [0:08:50.3] Andy’s take on Profit First
- [0:11:29.4] Profit First principles for money management
- [0:14:10.3] Common mistakes in money management and how to correct them
- [0:16:08.8] Where Profit First went wrong
- [0:20:23.7] Andy explains The Money Triangle
- [0:24:08.9] The “Money Hold” Principle
- [0:26:23.0] Connect with Andy
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