Ep. 38 Master Your Money: Profit First Strategies with David Richter

The Next Deal Podcast

In this enlightening episode, Justin and Vince sit down with financial expert David to explore the transformative principles of the "Profit First" system. Discover how to not only make money but also keep more of it! Whether you're a seasoned entrepreneur or just starting out, this conversation is packed with actionable insights that can help you take control of your finances and build a sustainable business.
**Key Topics:**
- Setting up your financial accounts: Make, Spend, Keep
- The significance of intentional money management
- Tips for new investors on optimizing marketing budgets
- How to ask better questions to drive business growth
**Resources Mentioned:**
- Profit First Book (available on Amazon)
- The Big Leap by Gay Hendricks
- The Seven Habits of Highly Effective People by Stephen Covey
Join us for this insightful discussion and learn how to create a balanced approach to your finances, ensuring you enjoy both your business success and personal life. Don't forget to like, subscribe, and hit the notification bell for more expert insights!
**Connect with David:**
- https://www.facebook.com/david.richter.395/
**#ProfitFirst #Entrepreneurship #FinancialFreedom #BusinessGrowth #MoneyManagement #David #Justin #Vince**
1. 00:14 - 🎙️ Podcast Kickoff
Justin introduces the podcast and shares summer challenges.
2. 01:42 - 🙌 Guest Introduction
David shares his background and journey into finance.
3. 04:41 - 📊 Starting from the Ground Up
Discussing the importance of tracking finances effectively.
4. 06:56 - 💰 Understanding Money Flow
David emphasizes knowing how to manage cash flow.
5. 12:04 - 🧠 Entrepreneurial Mindset
The significance of being intentional with finances.
6. 14:12 - 📈 Marketing Investments
Vince shares experiences on investing in marketing.
7. 15:10 - 📚 Fundamental Financial Accounts
David outlines essential accounts for business owners.
8. 21:24 - 🌟 Peace of Mind
The benefits of intentional money management for stress reduction.
9. 23:05 - 🔍 Working with Leads
Justin discusses optimizing existing leads instead of seeking more.
10. 25:02 - 📅 Weekly and Monthly Reviews
David suggests regular financial reviews for better management.
11. 29:23 - ⏳ Time Management
The importance of prioritizing personal and business time.
12. 39:55 - 💡 Spender vs. Saver
Discussing the balance between spending and saving in business.
13. 41:13 - 🏆 Profit First Mindset
David connects personal priorities with financial management.
14. 45:07 - 📞 Connecting with David
David shares how to reach out for more insights.
15. 46:22 - 🎉 Closing Remarks
Justin wraps up the episode and thanks the audience.