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The 5 Buckets of Profit First | Growing Money with Sean Trace
Manage episode 518645833 series 3465773
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What’s up everyone! In this episode of Growing Money with Sean Trace, it’s just me today, and I’m hyped to share a huge win. I finally paid off my credit card! And the reason I was able to do it is because I started using something that completely changed how I handle money in my business: The 5 Buckets of Profit First.
I’ve always been the type who struggled with managing money, but after working with an amazing certified financial planner, I started applying the Profit First method and it’s been a total game changer. I break down how I divide every dollar that comes in into five buckets: Profit, Owner’s Pay, Taxes, Operating Expenses, and Emergency Savings. Each one has a purpose, and together they keep my business running lean, smart, and stress-free.
This system taught me that profit isn’t an event, it’s a habit. Paying myself first, setting money aside for taxes, capping what I spend on the business, and building an emergency cushion, it’s completely shifted my mindset. Last month I even had to dip into my reserves, but I paid them right back. Now I’m watching my debt drop and my financial confidence rise.
If you’ve been hustling but still feel like your money’s running you instead of the other way around, this one’s for you. Tune in to “The 5 Buckets of Profit First” to hear how I’m making my money work for me, not against me. Let’s grow that cash flow together.
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