Build the Foundation with Core Accounts
Now that you’ve committed to this journey, it’s time to set up the foundation of the Profit First system—your five core bank accounts. These accounts will help you organize your money and prioritize profit, taxes, and paying yourself first.
In this lesson, I’ll guide you through the process of setting up accounts for Income, Profit, Tax, Owner’s Compensation, and Operating Expenses.
Action Steps:
Select a Bank!
If you still haven’t picked a bank - DO IT!
If you want a short cut, go back to Step 1 and fill out the Relay setup form on that page.
2. Open your Accounts
Open and rename your 5 Profit First Accounts:
Income, Profit, Owner’s Pay, Taxes, Operating Expense (you can shorten this to “Opex”)
What Happens Next:
In a few days, you’ll get the next lesson in your inbox! Next up: figuring out your percentages.
BONUS PRO TIP
When you set up your Profit and Tax accounts, set those up as Savings Accounts if you have the option. Those accounts may accumulate balances over time, so make the money work for you!
Missed a lesson?
Missed a lesson or need to go back to review? Use the links below to navigate:
