We all have debt, don’t we?
We all hate debt right?
Do we all have good concepts around paying ourselves first and managing debt?
Have you been raised with the belief that debt can be a good thing?
Haven’t we be raised believing that we need credit to get a good credit rating?

Well, guess what … I’m about to tell you we have all been completely misled all our lives!

Am I some superhuman who is so wealthy that I don’t have any debt and pay cash for everything?  Hell no! I would certainly like to be though, after all, who wouldn’t?

My current plan is to be completely debt free in ten years, hopefully less, without outlaying extra monthly payments. At present, I have a large mortgage, car loan and some minor sundry debts including a credit card.

If I continue my current monthly repayments as they are I’m scheduled to be debt free in 27 years.  I don’t want to be a slave to my debt for that long.  So, how am I going to slash 17 years off the life of my debt and it not cost me more in monthly payments I hear you ask.

I started implementing Profit First in my business about 6 months ago.

It has completely changed the game for me.  Not only do I pay myself first, I also now get a quarterly profit distribution from the business. All thanks to Profit First.

I have chosen to use most my quarterly profit distributions to destroy debt. The rest I keep to spoil myself with a reward for the hard work.  After all, if we don’t reward our efforts from time to time our human nature sees us losing interest.  Profit first works with our natural human behaviours not against them.

Since implementing Profit First, I have managed to pay off a couple of old debts that have been haunting me since my divorce days.  They are now GONE! What a relief it is to know that they no longer exist and that that part of my life is completely behind me. I can happily move forward.

I’m now well on my way to paying off my 5-year car loan within 18 months of taking it out.  How awesome is that? I have a big red circle on that special date in January 2018 when it will be paid out and a celebratory dance will be had.  I will then focus on my enormous mortgage. By creating a debt snowball and directing my profit distributions every quarter into debt, I will be on track to achieve my goal.

After experiencing firsthand how effortlessly Profit First works and how easy it is to implement I became a Certified Profit First Professional Accountant.  One of the very few in Australia, but I have no doubt that we will see our numbers grow over the coming years.

Want to learn how Profit First can destroy your debt and see you take quarterly distributions from your business?  Book in now to our workshop where you will learn the basics of Profit First.