Episode 642

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Published on:

9th Jul 2025

The Money Habit with Mike Michalowicz

Why does it feel so hard to actually keep the money we earn?

In this episode, Bill is joined by bestselling author and entrepreneur Mike Michalowicz to explore the deeper patterns that shape our financial behavior. Mike shares insights from his upcoming book, The Money Habit, and offers an honest take on the emotional and psychological traps that sabotage even the most high-achieving business leaders. This conversation will change how you think about money. 

Mike Michalowicz is the author of Profit First, The Pumpkin Plan, and Clockwork. His work has helped thousands of entrepreneurs grow healthier businesses, and his latest book, The Money Habit, dives into the behavioral finance side of entrepreneurship. 

Topics explored in this episode:

(08:15) Why Smart People Still Struggle with Money

  • Success doesn’t always equal financial security. 
  • Cutting your spending isn’t really the solution.

(12:40) The Lies We Tell Ourselves

  • We will always find new ways to spend our ‘new money’. 
  • Mike explains Parkinson’s Law.

(20:30) Building Financial Habits That Stick

  • Tiny habits are more powerful than massive overhauls.
  • Mike shares how to “friction-proof” your financial systems.

(27:10) Different Life Stages Require Different Levels of Planning

  • There are seasons to making money and spending money. 
  • No one wants to miss out on fun moments with their family because they're busy in the ‘earning’ stage. 

(37:40) Relying on Will Power Does Not Work

  • Mike wanted to exercise regularly; how did he make that happen? 
  • With money, find your daily practical pattern and then tact on a money-related action item on top of it.

Thanks to Mike Michalowicz for being on the show!

Connect with Mike on LinkedIn: Linkedin.com/in/mikemichalowicz/

Learn more about his work: Mikemichalowicz.com/

Preorder The Money Habit here: Mikemichalowicz.com/the-money-habit/

Bill Gallagher, Scaling Coach and host of the Scaling Up Business podcast, is an international business coach who works with C-Suite leaders to achieve breakthrough growth.

 

Join Bill in the Growth Navigator Coaching Program: https://ScalingCoach.com/workshop 


Bill on LinkedIn: https://www.LinkedIn.com/in/BillGall

Bill on YouTube: https://www.YouTube.com/@BillGallagherScalingCoach 


Visit https://ScalingUp.com to learn more about Verne Harnish, our team of Scaling Up Coaches, and the Scaling Up Performance Platform, which includes coaching, learning, software, and summit. We share how the fastest-growing companies succeed where so many others fail. We help leadership teams with the biggest decisions around people, strategy, execution, and cash so that they can scale up successfully and beat the odds of business growth. 



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About the Podcast

Scaling Up Business with Bill Gallagher
Do you dream of an easier way to scale and grow your business? Do you wish you didn’t have to work so hard and put in as many hours? Do you find growth too slow, or hard to sustain?

This podcast—Scaling Up Business with Bill Gallagher—can help you achieve and maintain the growth you want.

A message from your host: “I’ve been in your shoes as a founder, CEO, and executive leader. I’ve coached and trained many leaders just like you over more than 15 years to grow their businesses successfully and profitably. But more than that, I’ve helped give them their time and sanity back. My core strength is making the growth process easier, faster, and way more fun.”

A dynamic thought leader, Bill talks with fascinating and brilliant guests each week, including visionary CEOs, trailblazing entrepreneurs, best-selling authors, renowned business strategists, and more.

Broadly, each episode focuses on one of the four major decision areas every entrepreneur and company must get right: People, Strategy, Execution, and Cash. More specifically, the show explores topics such as:

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* Employee Engagement.
* Crisis Management.
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* Influence & Persuasion.
* Business Strategies.

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For information on Bill Gallagher’s coaching and training programs, and Scaling Up Workshops, visit www.ScalingCoach.com

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William Gallagher