The Profit First Approach
Book your Ascend Mastermind Discovery call HERE
Today’s guest, Curtis May, is the host of The Practical Wealth Show Podcast and the creator and owner of Practical Wealth Advisors. Curtis has been planning for individuals for more than 35 years, and he is passionate about helping his clients save money and live the very best life they can right now. The primary focus of his financial planning firm is to help businesses and families become financially free by following the principles of wealth creation that have endured for centuries around the world.
Subscribe on iTunes, Spotify, or listen here:
What problem do we solve?
In this episode, Gary Wilbers interviews Curtis May, a financial advisor and host of the Practical Wealth Show podcast, about mastering cash flow management for business owners. Curtis shares his insights on achieving financial stability and freedom by prioritizing profit, paying yourself first, and creating a business that generates passive income.
Small Business Answer Man Show Notes:
- Curtis May, a financial advisor and host of the Practical Wealth Show podcast, who shares his approach to mastering cash flow management joins Gary on the podcast.
- Curtis explains his philosophy on cash flow management, emphasizing the importance of paying yourself first, just as you would your employees, and setting aside money for taxes.
- He recommends creating a profit-and-loss statement weekly and allocating 15% of gross revenue for owners’ pay.
- Curtis highlights the importance of building a business that generates passive income and assets that produce income without active involvement.
- He advises business owners to focus on creating a business that can operate independently, rather than relying on active income from their business.
- Curtis stresses the need for a solid financial foundation before investing and cautions against placing money in a 401(k) or other investment vehicles that may limit liquidity and control. Instead, he recommends investing in cash-flowing assets like real estate or notes that provide a steady income stream.
- Curtis concludes by recommending Jay Abraham’s book, “Business Without Risk,” as a resource for business owners looking to grow their revenue without spending money on advertising.
- Curtis resource: Debt Free 4 Life
Curtis May’s Advice for Leaders:
- Prioritize profit and pay yourself first
- Set aside money for taxes
- Build a business that generates passive income
- Focus on creating a business that can operate without you
Clarity Navigator Discovery Session – Sign Up HERE
Learn more about Gary’s Mastermind group at goascend.biz/the-mastermind-solution