No. 79 - Are Your Financial Expectations Holding You Back?
Oct 22, 2019
Our December Business Bootcamp (2020 Vision - Goal Setting Day) is focusing on getting your Vision and Plans for 2020. The aim is to ensure that you are in the best possible shape to make 2020 your ‘best year yet’ in your Business.
That got us to thinking about where your thinking would need to be and what you would need in place to make the very best of that time.
The fundamental first step for any successful Business is finance. So, this week I want us to focus on our ‘Money Mindset’. The key question being:
‘Are your financial expectations holding you back?’
So, what do I mean by this?
Well, whilst the definition of ‘success’ means different things for all of us, as a Business Coach it’s my job to remind you that making money in your Business is not a maybe or a choice - if you want to build a sustainable Business you have to be clear ‘where’s the money’ in your Business model.
You See you don’t just want to earn ‘enough’ (enough to get by; enough to plug the gaps) you need to earn ‘more than enough’. Enough to give yourself the best possible platform to build on... enough to ensure that your efforts give you choices. Freedom to make the right choices for you, your family, your friends and your clients.
It’s obvious really isn’t it?
So, why on earth do so many of us find it so hard to say and to do?
Well, as with everything in life - in order to achieve something you have first believe something. I mean truly believe it. For many of us the problem here starts way back in childhood.
For most of us our expectations for ourselves are framed by our own life experiences and the people we surround ourselves with.
So, your first task this weeks is to be aware (fully aware) of what your financial expectations are and how they have developed and been shaped.
- So, how financially successful do you strive to be? Are you clear?
- What are your financial ambitions for your Business?
- Can you clearly say how much you want to turnover in your Business to earn ‘more than enough’? Enough to be free? Enough to have the choices that you deserve?
Can you say it out loud?
You need to be able to.
You need to frame your thinking in ‘abundance’.
Given that our thoughts control our actions - look back, be honest with yourself.
How have your financial expectations been framed right from when you were young?
What are your fundamental money beliefs?
As I look back I can clearly see how my parents demonstrated the two extremes - one truly having an Abundance Mentality and one at the complete opposite end of the scale with a Scarcity Mentality.
That looks something like this:
My Dad - Mantra (Beliefs) & Rules (Practices)
- ‘Money is meant to go around’
- There will always be more
- You can (and should) be generous
- Freely help others (the law of reciprocity)
- Strive always to grow
- The best is yet to come
- The ‘pie’ is growing all the while
- I CAN CHANGE THINGS AND MAKE THINGS HAPPEN
My Mom - Mantra & Rules
- ‘Money is hard to get and you have to work very hard to get it’
- There will never be enough money
- Save all the money that you have
- Others will have to look after themselves
- Times are tough
- The ‘pie’ is shrinking all the while
- Avoid financial risk at all cost
- WE ARE NOT IN CONTROL OF OUR DESTINY
Not the most clear of platforms to build on. But without doubt when it comes to my financial thinking I am my fathers daughter! Remember it’s him that gave me his copy of “Think And Grow Rich” when I was just 14.
But that doesn’t mean that through the years my Mothers words have not reverberated through my head... particularly in the tough times when I have learned some of my biggest financial lessons.
So, what background noise do you have to rise above?
- What are the hang-overs from the past that you need to logic out?
- What ‘myths’ (about pricing; what people will pay; the value of your offerings) are you allowing yourself to believe?
- What financial ‘mistakes’ have you not forgiven yourself for?
- What excuses are you making that hold you back?
Going forward, what will you have as Your Money Mantra? (Beliefs) And what will you set out as Your Money Rules? (Practices)
Here are mine - you can use them as a starter:
MY MONEY MANTRA (BELIEFS)
- I am good with money
- Money comes to me when I need it
- Remember the ‘value’ that you deliver
- Money is meant to go around
- There is NO LIMIT to what I can earn
MY MONEY RULES (PRACTICES)
- Never Work for free (even when speaking for free invoice and discount)
- Pay yourself first
- Save / Invest every month (and increase the sum by 10% every quarter)
- The ‘Price’ is based on the Value and Experience that I am sharing (not the amount of time I spend delivering)
- Spend time with people who have the level of income that you aspire to - watch their habits and learn from them
- You will earn the sum of the five people that you spend the most time with
- Set yourself targets and measure them regularly
- Invest your time and money in creating assets
- Never borrow to buy luxuries (buy with income from assets)
- Invest in what you know
- Always have money (cash) around you (you need to see cash; feel cash in your hands)
- Carry cash; break bigger notes first; save the change and smaller notes!
Want to make 2020 your best year yet?
What is your MONEY MANTRA going to be?
What are your MONEY RULES?
Why not join us at Bootcamp on 10 December and get 2020 off to a flying start?
Until next week,
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