Kathi Lipp and business/life partner Roger Lipp return for part 3 of this series about Profit First, and how the system has brought peace to their financial lives. Last week, the couple described the framework of the Profit First financial system and explained what role each of the five accounts serve. Today, they are here to tell you how their own Profit First system is set up. Roger and Kathi reveal the specific percentages of their income that they distribute to the prescribed accounts (profit, operating expenses, taxes, and owner’s draw), and give some insight into what their goal percentages are, and how they plan to achieve them. They also talk about benefits of establishing a system right from the beginning of your career such as:
- Legitimizing what you’re doing
- Giving you records to look at and make decisions based on
- Establishing healthy financial habits
Plus, the pair offers valuable advice about how to plan for unusual financial income sources like speaking deposits or book advances; or expenses like replacing a computer or attending a conference.
If you’re tired of finances being a source of stress, you can’t afford to miss this series. Make sure you listen in to episode 1 for an overview of the Profit First system, and episode 2 to learn more about the framework.
Meet Your Hosts
Author, Speaker, Communicator Academy Creator and CEO
Roger is a productivity and quality engineer for a Fortune 50 company.
Roger helps teams reach their full productivity potential by teaching them practical and simple steps to reach their goals. Roger and his wife, author Kathi Lipp, teach communicators how to share their message through social media and email marketing.
He and Kathi coauthored Happy Habits for Every Couple with Harvest House Publishers.
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