Episode Summary:
In this episode, Michael Crosa and Elaine Zambos dive into the concept of Profit First, a financial strategy designed to help business owners build sustainable profits by prioritizing savings. Elaine explains that many businesses fall into the trap of spending everything they earn, perpetuating a cycle of financial instability. Drawing comparisons to dieting and the classic envelope budgeting system, the duo explores how small, intentional changes can lead to major financial gains over time.
The Profit First method encourages business owners to pay themselves first by setting aside a portion of income before paying other expenses. Elaine shares personal experiences of how applying these principles allowed her to buy a car without needing a loan, demonstrating the power of disciplined savings. They also discuss the psychological impact of managing cash vs. digital payments and how being mindful of spending habits can foster healthier financial practices.
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To learn more about BNI and find a chapter meeting near you, head over to https://bnisetn.com
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This episode is sponsored by Heather Hendrickson at The Hendrickson Agency, a local insurance agency properly protecting your most precious possessions. Heather believes in putting people over policies so a good referral for her would be a property owner in Georgia or Tennessee looking for somebody who can offer a personal touch and true care and consideration. Find out more By finding the Hendrickson Agency below:
423-243-3200
https://www.facebook.com/HHendricksonAgency/
https://www.instagram.com/thehendrickson.agency/
https://agents.farmers.com/tn/chattanooga/heather-hendrickson/
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Honorary sponsor for this episode is Be The Change Youth Initiative, a BNI-member non profit empowering youth and reducing suicide rates by engaging them in community transformation. A good referral for Be The Change Youth Initiative would be businesses and community organizations who are passionate about community involvement and supporting younger generations. Learn more and get involved at https://bethechangeyi.com/
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BNI Southeast Tennessee does not collect money from members beyond membership dues. Sponsorships are managed by Chattanooga Podcast Studios and used to pay for production costs.
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