Money Talk: Taboo Topics
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Money is one of the most under-trained subjects in school, and the lack of talk has created the biggest taboo and habits about how we perceive money in our lives at every stage.
What is balancing a checkbook? Did you learn how to write a check?
Did your family have or struggle with money?
Did you learn how to manage debt or how to use a credit card?
What do you do when you receive a windfall of cash?
How/when do you plan for retirement?
The truth is many families struggle with money, and that struggle is (often) our only source of learned behavior: what is said, what is not said, and how we see it arrive and depart in our lives.
But through all of this, I want to break down 3 myths about money in your business.
Myth #1: Making money is hard
Stop making money hard work. Seriously, this is a mix of strategy and manifestation (and Allyson Byrd is my favorite money manifestation vibe).
Strategy to make sure you’re getting paid a rate YOU need to get paid, and because you may need the right investments in systems and teams in place to become scalable. (link to the cost per use / ROI blog post).
And manifestation that you believe you are WORTHY of the money. Basically, get out of your own way, but this one is easier said than done, so treat manifestation like a meditation. Turn your brain back to it, provide the framework, and build it into your daily practice.
Myth #2: My business is super busy, and needs me to run it.
First, congratulations on generating significant leads. You clearly have a funnel and network that is producing results.
But, in Jerry Springer fashion, I’ll say “that was a lie.” Sure, you might be the only one doing the primary work, but I bet you’re wearing WAY too many hats in your business, and this boils down to outsourcing or cutting unnecessary tasks or ineffective profit centers. Not sure what that looks like? Use the E/N/D approach outlined HERE and add in what you think it would cost to have someone else complete the task for you.
Or get extra strategic and create your three-tier service offering for each level so you can serve your customers on demand without needing to be involved:
Tier 1 (most expensive) - 1:1 Offering
Tier 2 (mid-priced) - Group Offering
Tier 3 (least expensive) - Digital-Only Offering
Myth #3: Money is running through my hands like water.
First, you need to figure out WHY this is happening, and you can START HERE to figure out your current money situation.
Second, you should read the book Profit First. If you’re running through money quickly, and can identify the source (or in this case - the lead), then you can more quickly move into the profit first model to figure out HOW to put yourself on a budget (so you can make more $$ with ease) or create automatic discipline in your spending.
And finally, once you have additional funds, you can then move into one of the philosophies of YNAB (affiliate link!), my favorite budget tracking tool: Age your money. ⠀⠀⠀
Aging your money is simple: it means you're not spending the money as soon as it hits your bank account. The money has a purpose, and watching your money age and grow is a sign that you're planning ahead. And a bonus to aging your money, you might even sleep better at night.
Any more money myths you want debunked? Send them my way!
