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what s wrong and what s wrong is we humans are not logical. we are behaviorroll. noshl mall. what comes last gets ignored. old accounting, sales expenses saying profit. profit is last. wait until the end of the year and say i didn t make it this time maybe next time, but with sales minus profit equals expenses that s what i m suggesting. take your profit first. you assure profitability. i get it. okay. that s your point put profit first. basically say this is how much i want to make now i better make all of my expenses fit here. right. you actually have to reverse engineer your profitability. use the envelope system. i suspect that helps you on this. it was the old envelope system. my mother actually when she would get a check. cash it in put a portion into food, mort and so fo would go to food store, use the food envelope and tre was always enough money.
they are not profitable. what s wrong? we, humans are behavioral, emotional. what comes last gets ignored and first gets pryor tidesed. all accounting says profit is last. wait until the end of the year, oh, i didn t make it this time, maybe next time. with sales minus profit equals expenses, a predetermined expense goes to profit. you ensure profitability. i get it. put profit first. say this is how much i want to make. now, i better make all my expenses fit here? reverse your profitability. use the envelope system? my mother would get a check rk cash it, put a portion to food, mortgage. at the food store, she used the food envelope. there was always enough money.
bit of wiggle room. there needs to be a miscellaneous category for the pop-up gifts and parties that come up. that s right. gift for linda, i think she s about a $25 friend. are you going to regift to me? the other thing you say is pay cash. why is that important? yeah. this is a holiday season it s not an excuse for us to go into debt. the worst thing in the world is to be paying for christmas in march. we don t want to do that. so we want to make sure that we pull out the amount of cash that we need to spend, and we use the envelope system. each person that you decide who you re going to buy for, put an envelope together. and when it s gone, guess what? stop spending. and i know it s a crazy thought but we need to be mature and disciplined to be able to do that. we also need to do our homework. we need to start this process early now and that gives us an opportunity to shop around. gives us the opportunity to see who has the best deals and when is the best time to buy?
one of them is leading the republican presidential pack. the other is bringing up the rear in this hour. newt gingrich and jon huntsman are facing off in a lincoln-douglas stale debate in new hampshire, where the first in the nation primary is just 29 days away wp. with the calendar closing in, flying between gingrich and its nearest rival, we are talking about mitt romney. jim has the latest for us. jim? with the holiday ises the debate, it could be summed up as newty versus nice. but the real fight is with mitt romney and it is anything but nice. there is enough journalists swarming around newt gingrich under this pharmacy to givefully candidate a migraine. just enough room to talk with handful of voters and a parrot in the store. but the real squawking in gingrich s ear is coming from mitt romney who said the former speaker should give up the big money he earned advising the housing giant, freddie mac. one of the things that i think people recognize in washington is th