What is going on everybody?
I’m excited for this video I’m going to show you today because this is something I’ve been wanting to make for a long time. But I wanted to make sure that I was set up correctly. So I could show you exactly like why I do what I do like the business aspect of banking and trying to keep track of all your finances. Today guys, what I’m going to be talking to you about is how to use Profit First banking for wholesaling. Now the Profit First banking method, and maybe some of you don’t know what it is, so I’m going to, I’m going to show you what it is today. But by the end of this video, you’re going to know exactly how to use Profit First banking, not only for your wholesaling business, but for your personal life for your rentals, Profit First banking is legit, and I’ll tell you I have experienced in my life of not using it, and I’ll tell you exactly why that’s bad. So stay tuned, I’m telling you right now, you’re not going to want to miss out on this because you’re going to know exactly what Profit First banking strategy is what I used to do before I switched banks, like what was the strategy that I had with paying out and splitting up into different envelopes?
The way I’m, you know, spend my money and save my money. The problem with normal banking, why I switched from Wells Fargo recently to profit first model North one, which actually helps you set up the profit first model, and where do you go to set it up?
Let’s dive right into the first thing that a lot of you probably want to know, you probably want to know what is profit first banking method? Okay, fine. Like what the heck is that Nate? Well, the Profit First banking method, we’re gonna go immediately, because you guys already know, we all go to my mind map that I give out for free that shows you how to run your wholesaling business doing a deal from step one through 10. But if you go to this side, right here, where it says after you’ve mastered the process, and you want to scale up your business, I go over here higher level things like hiring taxes, acquisitions, and finances, managing your bank account. Now if you start making money, you need to be able to handle your finances. And this is the best way to do it. Alright, everybody. So right here is the profit first model. Alright, so what the profit first model means is you’re going to get revenue in your company, you’re gonna get money that goes into your bank account, we all have had this setup in our banking in our in our lives, we have one account, all the money goes into one account, and then you have to determine you just spend out of the account. And you really don’t know how much is allocated for payroll, you don’t know how much is allocated for taxes, you just have it all in one bank account, and you’re just hoping it never runs out. So with the Prophet first model, what this does is it shows you depending on how much money you bring in a year in your business, how much you should allocate to different bank accounts or envelopes. So as soon as revenue comes in, let’s say a $10,000 wholesale fee comes into your business, you should be able to split that $10,000 of real revenue up into percentages of 5% for profit 50% For owner pay taxes, operating expenses, and depending on how big your company gets, or how much money you make the difference in percentages changes. So what I would do guys is if I got paid a check of like $10,000, in my personal life, this would go I’d say okay, we’re going to have 10% for taxes 15% for taxes, I pay tithing, I pay faster for my church, how much of it goes to travel, how much goes investments, and then I would have to manually Take this money and transfer it into accounts, I would have to manually go okay, Wells Fargo transfer this much to this account for taxes. And I had a bunch of accounts. And the problem with Wells Fargo is you have to have a minimum balance of like $500 per account. So if you want to run a model like this, you have to have like $4,000 of accounts just sitting there with how many accounts that you have. Now, I was like, That’s annoying, but I did it for a while and I was like I think there’s got to be a better way. So I heard about the profit first model and that there’s actually services that will work with you and give you multiple accounts with no fees, no minimum fees in there. And I was like okay, let’s check it out. So I had to actually get to in a position where I could start switching So I recently just switched Okay, so I’m going to show you how I’ve set up these and why the North one the link that I provided for you guys if you want to check it out, if you sign up you get 50 bucks and I get 50 bucks so and then check it out if you want but let me tell you why this is dope. So if you’re starting out your business or your personal life and you’re like hey, I really struggle with just having my money in one account I’d like for to separate so I know exactly where the money should go That’s what North one does. So right here for example, This Is My Business account, all the revenue goes into the deposit account and automatically without me having to do anything it takes 35% of the revenue the money that gets deposited and allocates it to owners pay so I know already it’s already there, it already has to go there then it goes into profit and debt of having to pay off profit or actually have some debt just to be straight because I have some houses that aren’t selling so I got to save some money up to pay those off and taxes Okay, so that is how this is set up for my business and then I just opened this up and I’m liking the way it works. I was like well you know, I’m gonna freakin open it up for my rental. So this is a rental that I have and I want to do the same thing. So when the the revenue from the rent call comes in. By way, it just opened this up like yesterday so that I had to deposit 40 bucks just to get it going. So as soon as that $40 came in, it started, or it should have started, I guess this one didn’t didn’t roll yet, because I just created these. But what it will do is as money comes in, it will allocate funds to investments 35% of the 40, then it would allocate 10% for taxes 10% For tithing, and 10% for travel, or 35%. For Job, sorry, this is actually my personal business account. This isn’t for my rental. So this is how I actually run my life. When I get paid to paycheck. What I do is I say okay, out of the whole amount that I just got 35% is going to be allocated to stocks, putting more back into my business 10% for taxes. I always pay tithing, 10% for tithing, God first and 35% for travel, and the rest would be used as money for use for expenses. Okay, so that is for my personal life that I set up. And it’s pretty cool. Because like I said, back in the day with Wells Fargo, I had to freaking go in here, type in how much I just got paid, split it up, put it to each account, and it took longer than I like, right. So if it can audit through automation, if it can do it automatically, I was all about that. So again, this is personal, my personal life money comes in and gets deposited automatically gets dispersed to the envelopes, the accounts that you want no minimum balance required freaking money. All right. Now another thing that was cool for like I told you for one of my rentals, same thing 40 bucks got sent in just to start the account, and the envelopes are already set up. So for my rental 10% gets allocated for maintenance 5% for profit 8% for property management, which I own this with my brother in law, but we manage it, my wife manages it. So we get paid 8% to manage it. And then there’s taxes that we’re saving up. So I’m actually gonna do this with all my accounts, because I think it’s saves me so much time. And I’m actually able to look at Mike my business and be like, Okay, well look, there’s $40 For example, let’s say there’s 10,000, there’s $10,000 in here, but it’s technically not $10,000 All meant is spent on like marketing, okay, I would actually have to go to the deposit account, which is your operating expenses, and I’d say how much money is in there that is actually allocated for marketing. That is how you’re supposed to do it, you wouldn’t want to take out of the owners pay, you know, money if, like I said, if there’s $10,000, and it’s all split up, but you realize you only have like $4,000 for operating expenses in the deposit account. But you have a $10,000 mailer campaign, you need to send, for example, well, you’re like, well, shoot, I don’t have that, because I gotta get paid, there’s got to be profit, there’s got to be taxes. So again, this is dope, I love it. Because it’s automatic saves you time. Again, you can do it with your business you can do in your personal life. Because the problem with again, the traditional banking is you get one or two you get a savings account, you get a checking account, most of your money goes into checking and a big old count, you think you have $40,000? You’re like, oh, yeah, cool, I’m gonna have I got money or whatever how much you have. And then you realize we’ll shoot $10,000 That is actually taxes, you know, I pay tithing. So 10% of that is for tithing, I actually my wife wants to go traveling. So out of that 40, the taxes are taken out tight and sick. And I actually don’t have as much to travel as I thought, and I got to pay the bills. So if you guys aren’t using this method, I definitely recommend it. Because most of the high level entrepreneurs and mentors that I have, they recommend doing the Profit First Bank account. So I’m setting up all my banks, my LLC, and my business accounts with this. And by the way, I think this is just for businesses. Well, yeah, so all these are business accounts that I have all this setup as right. And I still have to do a little bit more. But I wanted to show you guys because it’s so cool. So if you go to North one, well, if you use my link, you get 50 bucks, I get 50 bucks, and you get 50 bucks, why not? You know, I already sent this to a couple my buddies that have business accounts, forget Wells Fargo, they’re cool, they’re nice over there when I walk in, but the problem with Wells Fargo again, is I’ve asked them, they want me to keep a stupid minimum balance of $500 per account. So I want to run this this scenario with five, six accounts, I gotta have $3,000 Just sitting there all the time. You know, to some people that might not be a big deal, but for me, I’m like I don’t want just $3,000 Sitting there especially that’s just one business right? If I wanted this for all three for my businesses, I gotta have 9000 $12,000 Just sitting there to bank now bump that forget that Wells Fargo Get with the times row you don’t need minimum balance of $500 just to get get rolling. So if you guys are interested again 50 bucks, no big deal to me if you don’t sign up I don’t care but this has been huge for me I’ve heard about profit first for a very long time. And now I’m implementing my business and I feel a lot more relaxed I feel a lot better about you know the situation of like where my money is going and how to manage it. Forget a spreadsheet you don’t need that you can literally have an account that as soon as it gets gets deposited, it will go into the specific envelopes or accounts that you want so you don’t have to worry about it. Okay, well one thing I want to show you guys as well before I log off his I have everything for you to run your wholesaling business. This is the greatest training ever that I give away for free. Okay, it shows you every step on how to wholesale and even go on the right side it shows you How to scale your business. And I have this part where says finances and manage your bank account. It’s right here. It’s all here. Okay? So if you’re curious of like how much you should allocate to different funds, different accounts like this, if you’re not sure this will tell you okay, this is going to tell you how to split up 35 1015 So I’m right in that range at them while I was around here, but I think you know, with the wholesaling business, I’m probably going to be right around there, my wholesaling business and the coaching business will be probably right around here.
I mean, I hope it’s around here but you just have to go with the scale to see how you’re doing check it out here you can get the link so you can sign up we both get 50 bucks I just went over exactly how to do this scenario to set it up. I mean, it’s really easy. You just go to North one sign up right here it takes like five minutes to fill out your information. I got my accounts within like two days like setup like these are all set up and it’s something I’m pumped about right and maybe you guys can tell I’m pumped because I’ve been wanting this for a long time but I hated the fact that I had to do this automatically on all my accounts is a waste of my time. So anyway my free gift to you is if you don’t have it grab the mind map it’s going to give you the link it’s going to show you I’m going to put this video right here that I did in it so you can watch it later and over and over again and manage your money. The biggest reason why companies go out of business is they run out of money so if you’re worried about running out of money, you won’t if you can manage it and you know exactly what’s paying off what if again, if you have one giant account and you think all this is going to come out of it, you’re all going to be fine. You’re probably going to get get yourself in trouble thinking you have more money than you really do hope that was helpful. And if you guys have any questions if you need anything hit me up let me know.