EP#44 Managing Your Money Using Profit First
So many small business owners think they need to be making more money before learning how to manage it… but the truth is, learning to manage your money is what unlocks your ability to earn more.
In this episode of Money Secrets, Fi shares why learning to manage your money is actually the key to making more of it — and how simple systems like Profit First can transform your confidence, clarity, and pricing.
Listen to Episode 44
What You’ll Learn in This Episode
Why learning to manage your money is the key to making more — and how fear of money can quietly block your revenue.
How the Profit First method works (and why it brings calm and clarity to your finances).
The power of using percentages to plan your income — and see instantly if your pricing is sustainable.
Separating your money into different bank accounts creates confidence and clarity about where your money goes.
How understanding your real take-home pay can help you set brave, sustainable prices.
Why building money confidence often starts with simply trusting yourself to manage the money you already have.
Transcript: Managing Your Money Using Profit First
Money Secrets Podcast – Episode 44
Introduction
We've made a lot of progress as a society in many areas, but one thing that hasn’t changed enough is our relationship with money. If we want to tip the scales in favour of marginalised people, we need to understand the secrets to making money in small business.
The more we talk about money — especially the secrets that usually stay behind closed doors or on the golf course — the more empowered we become. My mission is to get more money into the hands of good people, specifically business owners like you.
Because I believe small business can change the world. And to do that, we need to be making more money.
Acknowledgement of Country
This episode was recorded on the lands of the Wurundjeri People of the Kulin Nation. I’d like to acknowledge them as the Traditional Owners and custodians of this land and water that I live, work and play on.
I pay my respects to Elders past and present, and recognise that sovereignty has never been ceded. This always was, and always will be, Aboriginal and Torres Strait Islander land.
Learning to Manage Money Before You Make More
Many small business owners believe they need to be making more money before they can start managing it properly.
But the truth? Learning to manage your money is what allows you to make more of it.
In this episode of Money Secrets, I (Fi Johnston) unpack how tools like Profit First can build trust, reduce fear, and give you the clarity and confidence to grow your revenue. Because if your business isn’t paying you a decent wage — what are we doing it for?
Why Fear Blocks Income Growth
So many of us are secretly afraid of money.
We worry that if too much flows in, we’ll mess it up, spend it badly, or owe more tax than we can handle.
That fear can quietly hold us back from earning more. When we don’t trust ourselves with money, we subconsciously keep our income small — because more money feels risky.
By learning how to divide your income into clear categories, you remove that fear and prove to yourself that you can handle more.
How Profit First Flips the Script
Profit First, a framework created by entrepreneur Mike Michalowicz, takes the traditional accounting formula:
Income – Expenses = Profit
…and flips it into:
Income – Profit = Expenses
Instead of waiting to see what’s left over, you decide in advance how much profit you’ll take, and only spend the rest.
Here’s how it works in practice:
Income is paid into one main account
From there, money is transferred into four key accounts:
Owner’s Pay (your wage)
Operating Expenses
Tax
Profit
By assigning percentages to each category, you know exactly how much you can spend — and how much you’ll keep
Clarity Creates Confidence
When you log into your bank account and instantly see:
how many weeks of wages are covered
what’s set aside for tax
what’s available for operating expenses
…you remove the anxiety and guesswork. You can make clear-headed business decisions, instead of relying on hope or panic.
This visibility also shows you, very quickly, whether your current prices are high enough.
For example, if only 45% of your income reaches your pocket, that $100/hour service rate actually pays you just $45/hour. Seeing the true numbers makes it clear when it’s time to raise your prices.
Good Money Club
Are you a female or LGBTQIA+ business owner who wants to make more money and create meaningful change? My 6-month program, Good Money Club, is designed to help you do exactly that.
We work on your pricing, positioning, business model, and mindset — so you can build your bank account and your impact. Read more about Good Money Club.
The Confidence to Charge More
Understanding where your money goes gives you the confidence to earn more of it.
When you trust yourself to manage income responsibly, you stop fearing growth. You stop sabotaging your revenue because it no longer feels dangerous — it feels doable.
With tools like Profit First, you can:
Build a safety buffer
Pay yourself consistently
Set clear pricing that truly reflects your value
Because if your business isn’t paying you well, it’s time to change how you manage (and value) your money.
Final Thoughts
Money confidence doesn’t come from making more — it comes from knowing what to do with what you already have.
Once you have a clear system for managing your income, you’ll feel safer raising your prices, bringing in bigger clients, and taking the risks that help your business grow.
When you trust yourself with money, earning more stops feeling scary — and starts feeling inevitable.
Outro
Thank you for listening to Money Secrets. If you loved this episode, please subscribe, share it with a friend, or leave a review. Your support helps us get these conversations into the hands of more good people who deserve to thrive in business.
We’ve come so far as a society in many ways, but money is one of the areas where progress hasn’t been enough. If we want to tip the scales in favour of marginalised people, it starts with understanding the secret: money in small business.
In this podcast, Money Secrets, host Fiona (Fi) Johnston—Chartered Accountant, small business advocate, and impact enthusiast—dives into the conversations we need to have about money. The secrets that once stayed behind closed doors (or on the golf course) are finally out in the open.
Fi’s mission? To get more money into the hands of good people, like you. She believes small businesses have the power to change the world, and the key to making a bigger impact is to make—and manage—more money.
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Thank you to everyone involved for bringing this podcast together. We are excited to hear from you with any questions, feedback or suggestions for future episodes that you might have. Send a Direct Message to @peach.business
If you are excited for what’s to come, please like this episode, follow the podcast and share it with your friends. We are thrilled you're here.
Want to find out more about Good Money Club? It's for female and non-binary business owners ready to make more money and impact. Join us?
Check out my FREE Pricing Training you need to set your prices for profitability.
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This podcast episode was recorded on the lands of the Wurundjeri People of the Kulin Nation and I'd like to acknowledge them as the Traditional Owners and custodians of this land and water that I live, work and play on. I'd like to pay respect to elders both past and present, and note that sovereignty has never been ceded. This always was and always will be Aboriginal and Torres Strait Islander land.
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