Profit First Pt 4: The Behavioral Science of Profit First – And Why You Haven’t Done it Yet (Ep. 152)
You know Profit First could transform your law firm’s finances but something keeps you from diving in. Maybe it feels too complicated. Maybe you’re stuck in old habits, or you’re just not convinced it’ll actually work for you. If any of this sounds familiar, you’re in good company. Many ambitious law firm owners struggle to bridge the gap between knowing about better systems and actually putting them into practice.
This week on the podcast, Darren Wurz delivers the nudge you need to stop waiting and start building a more profitable practice. Darren uncovers the real reasons Profit First works and hint: it’s not about crunching numbers. It’s about how our brains work under stress, and how you can harness psychology to outsmart your worst financial habits.
Darren discusses:
- How your spending habits may be sabotaging your firm’s growth
- The behavioral psychology behind the Profit First System.
- The powerful impact of setting up separate bank accounts for profit, taxes, and expenses.
- How mental accounting makes saving effortless.
- Nobel laureate Richard Thaler’s work on mental buckets.
- Why people fear losses more than they value equivalent gains?
Resources:
- Book: Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
Connect with Darren Wurz:
- Want to work with our team? Schedule an Intro Call
- The Lawyer Millionaire Website
- LinkedIn: Darren P. Wurz
- Join The Lawyer Millionaire® Community
- Don’t Miss a Thing! Subscribe to The Lawyer Millionaire® Email List
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