Podcast Episode #545: Profitable Systems, Money Habits & Entrepreneurial Freedom – Mike Michalowicz
Episode #545: Dentist Freedom Blueprint Podcast
Profitable Systems, Money Habits & Entrepreneurial Freedom – Mike Michalowicz
Joining us today is bestselling author, Mike Michalowicz, to tell us about his upcoming, and most personal book yet, The Money Habit. Mike shares how past failures led him to rethink profitability, creating the Profit First system, now used by over a million businesses. He expounds on the “four-week vacation test” from Clockwork, and how most entrepreneurs mistakenly equate growth with success, and how to break through the marketing noise by doing the opposite of what everyone else is doing.
Mike introduces his unreleased book, The Money Habit, and how it came about as a solution for entrepreneurs and employees who struggle with managing money at home. He shares how using a simple system for building savings to meet needs, wants, and dreams can help couples eliminate resentment, gain clarity, and build confidence. It’s important to define your goals early and save intentionally. Real freedom isn’t about waiting for retirement—it’s about making work optional by building margin and purpose into life today.
Minute Markers:
01:43 – Intro to the conversation with Mike Michalowicz.
03:36 – The story behind Mike’s first book, Profit First, and why growing as fast as possible isn’t profitable.
05:20 – The Clockwork business fire-drill of the “4 Week Vacation”.
07:09 – Signs that the owner is the bottleneck in the company.
08:43 – Fix This Next – How the book addresses identifying what order to fix problems in.
11:17 – Differentiation vs being a commodity – Mike’s Get Different Book on standing out.
13:55 – Mike’s upcoming book – The Money Habit – delves into personal and business finances.
16:05 – Getting spouses on the same page with personal finances, without resentment.
21:04 – How Mike decides what to write next.
23:29 – What mindset can do, and why you’ve already won the lottery.
24:46 – The greatest urgency: why entrepreneurs need to avoid herd mentality.
27:45 – Discussing vision and freedom, and building it for your family.
Featured on the Show:
Mike Michalowicz Website | LinkedIn
The Money Habit Book
Pre-Order the book on Bookshop.org
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In this episode, we finish up the second part of my interview with Rob Swanson and his eight rules of investing. (If you haven’t listened to part 1, be sure to go back and give that a listen before jumping into this one.) Today, we pick up where we left off, covering rules four through eight and talking about everything from decision-making to cash flow and risk reduction.
Listen in as Rob shares his incredible insight and experience in real estate and investing to give us a few rules that help make our decisions and investments more solid. You will hear about the importance of looking at margins before buying and what boxes need to be checked when it comes to predicting a solid income stream. Rob also discusses how to define and mitigate the different risks involved so that you can come out on top.
Alastair MacDonald is a private advisor to established entrepreneurs, investors, and business owners, as well as a TEDx speaker who lectures on economic, social, and financial forecasts. Join me today to hear part two of our conversation at the Freedom Founders Mastermind, where we dive into the concept of certainty, how to hedge against a volatile economy, and why the abdication model is no longer one that works.
Listen in to learn the reasons why Alastair is not worried about consumer price inflation (and what he’s really worried about instead) and why the 401(k) is not always the investment that it is made out to be. You’ll learn why he is most concerned about the issue of division and polarity in the Western world, why your business is your best asset in a volatile economy, and how you can maintain its viability to weather the most intense economic storm.
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2. Attend A Workshop:
If you’re committed to Freedom, but still building a practice, paying down school debt, or growing investment capital, our hands-on Freedom Blueprint Workshops are your entrance ramp onto the fast track! Visit www.freedomfounders.com/workshop to claim your seat!
3. Apply To Visit The Mastermind:
If you’d like to join dozens of dentists, docs, and practice professionals on the fast track to Freedom (5-7 years max), visit www.freedomfounders.com/step-1 to apply for a seat.
4. Want to Work Directly with Me?
If you’d like to work directly with me and a small group of my closest investment colleagues, with direct access to the dealmakers and asset classes that I invest in, just send a message to my Executive Assistant (Lindsey@FreedomFounders.com), and put “Fast Access” in the subject line. Or, call (972) 203-6960 Ext 144 and leave a brief voicemail for Lindsey. Let her know you’re interested in the Fast Access program – we’ll set up a time with you to talk, find out about your goals, and see if there is a fit.