Mike MichalowiczBusiness Author & Keynote Speaker Empowering Entrepreneurs

Money Answers Part 8 - Q&A How to fix your finances THIS WEEK #money #shorts #financialfreedom

28 Apr 2026 · 1 min

Watch on YouTube

0:58

In this short Q&A, Mike Michalowicz addresses the feeling of being financially stagnant and offers a concrete, one‑week action to start fixing it. He advises viewers to create a single, dedicated bank account named after their biggest financial worry. By allocating a set amount of money to this account every pay period (typically bi‑weekly), the account becomes an irreversible commitment that forces disciplined spending and provides clarity on available funds for other expenses. The account’s purpose is to cover the primary concern (e.g., rent) and, over time, the method can be expanded by adding additional accounts for other financial goals. The core principle is that small, irreversible moves generate momentum, making larger financial changes sustainable.

Chapters

I feel like I'm treading water financially, not drowning, but not getting ahead either. If I could only do one thing this week to start fixing it, what would you suggest? Well, always start off with the one account. Any change we bring about our life, if we do the extreme version of it, is very hard to maintain and we often revert back. But if we do small incremental but irreversible moves, you sustain the momentum. So we do is we go to your bank and we set up one bank account. That's it. It's about your biggest worry or wonder. So what do you question most about Whatever it is that you think about most, we're going to set up that one account and then we're going to allocate money to it. The magic here is a low lift and it's irrevocable in that shutting down the account is probably something you will never do. And so every time you log into your bank account, you are faced with this account. Give it a nickname of that biggest concern. Allocate the necessary money every 2 weeks whenever you get paid to ensure your rent is covered. Then by the end of the month, it starts relieving that worry and gives you clarity over what's available for everything else. You don't have enough— as much, I should say. So now you have to spend within the confines of what you have. And then over time, add additional accounts. But start off always with one account.