Welcome friends to Episode #70 of the Own Your Best Life Podcast. If you’ve been trying to figure out how to make or have more money, I’m so excited for you to dive into today’s episode. We’re going to dive into your biggest obstacle and how that’s keeping you from reaching your financial goals.
People often think about saving when they think about having more money. While I am a big proponent of understanding your full financial equation including expenses, I am also a strong advocate for knowing where you need to focus first in the process of having more money. Making sales, bringing in more revenue, and having more income is going to be what drives your financial success. Expenses are limited in a way that sales or income is not.
When I first started working and making money, I remember that my goal was to save for business school. I was making a $40K-$50K salary my first year out of college which grew to $70K within 5 years. Within those 5 years I was able to save $100K for business school so I know the power of saving money as well. Yet, even though that was a decent amount to save, I could only save the amount that I was making – so if you want to save and have even more money – the most effective thing to do is to also focus on making more money while saving.
The one thing I noticed when more money started coming into my bank account whether it was through a corporate job or my own business is that I became more comfortable with having more money. Comfort with money matters because your biggest obstacle around having more money is going to be your own thoughts and beliefs around money.
Thoughts and beliefs around worthiness of money is a key driver of feeling comfortable and certain that money is and will be in your life. I knew and believed that I was worthy of more money so it didn’t create any worthiness or fear stories to take the steps to go back to school, apply for jobs and prepare for work that would bring in more money. Yet, these beliefs can come with an upper limit and they are not the same for everyone. For someone, 100K might feel like a huge amount of money and for someone else 300K is not enough. We don’t get what we can have – we get what we believe we can have.
Think about what you feel you want in terms of money right now. Be specific. More money can mean $1 or it can mean $10,000.
Here are a few questions to ask yourself:
- How much more money do you want to have in your life? In what time frame? When you can get specific around the idea of what you want, you make it real. The time frame is something I would caution you to hold loosely. While it’s helpful to have a timeline, we sometimes also give up because it didn’t happen in the timing we wanted, yet it could still happen – so let the timeline be a guide for near-term vs long-term and not a rule that causes you to give up completely.
- Why do you want the money? What will you do with it? Think through what it is that you want that money for and all the places it will go. Investments, education, bills, savings – what’s most important for you right now in terms of financial priorities.
- What are 10 ways for you to create that money in your life? Think of both earning and saving ideas.
- Which of these do you want to do? Prioritize what you want to focus on first.
Now that we’ve addressed the practical steps we can take to have more money, let’s go back to the obstacle and how to overcome and reshape your belief and comfort around money.
The Money TRIAD
I like to think that there is a triad for beliefs for money and it includes you, other people and the vehicle money comes in.
“You” means that you believe you are worthy of money. You believe that there is nothing wrong with money and that you are comfortable having the money in your life.
“Other people” means that you believe other people will benefit from you having more money. Deciding that it’s good to have more money for other people too. Instead of thinking the common thought that “wanting more money is greedy” you can shift into the thought of “wanting more money is of service”. You’re serving people, you’re helping others when you have money, you’re bringing safety or additional opportunities for your family. Perhaps you can even think about money coming from another person means that they’ll benefit from having you serve them and add value to their life or organization.
“Vehicle for money” means that thing you do for money to be exchanged. Perhaps you’ve inherited money – in order for you to feel that you can have the capacity to hold that money you’ll want to believe that the container the money came in is a force for good in your life. “Vehicle” can also mean what you’re selling. For example, do you think that what you’re selling is worthwhile? If so, you’ll likely be more creative and find more opportunities to sell that good or service. “Vehicle” can mean the value you bring as an employee. Do you believe that you can command a higher salary or price point for your services because of the work you do and the value you bring?
Money as energy
This is the power of understanding that money is a type of energy. When you focus on just the money, you limit the power of money because you only see it as a tangible dollar amount. When you focus on the energy of money as an exchange for what I bring into the world, as something you are capable of holding and receiving because you are worthy and as something that is going to benefit others – it brings you into a different conversation around money.
You start thinking about all the possibilities around making money and having more money. Instead of believing that people don’t want to pay you, or that it’s too much – you believe that people obviously want to give you money and there’s not too much because there’s definitely a good use for that money.
If you struggle with the concept of getting a raise or promotion – or charging a higher price, you can find so many examples of people who are paying that amount of money to someone else. These examples show you that it is possible and that it’s not true that it can’t be done. There are also many examples of how that’s not too much money when you know what to do with your money.
Solve the problem at hand first, which is that you want to bring in more money.
Let it be your next higher quality problem of figuring out what you want to do with all of your money.
Never forget that in this process, do not compare and focus on giving and being that best version of yourself that is adding so much value in so many ways, that it is inevitable that money will come into your life.
How can you make it inevitable? By believing in yourself, others and the vehicle of money. Focus on that one question instead of the timelines and you’ll keep giving, serving and receiving.
If this topic resonates with you and you want to see transformational results in your life, you’ll love coaching. Getting coached consistently is the spark that will light the fire of inspiration to make the change you’re looking to make. It is the first step in making a massive shift and moving obstacles out of your way so you can move forward. You can go to www.mayempson.com/contact to learn more.
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