The Causey Consulting Podcast

7 Deadly Sins of Money Mindset

January 07, 2021 Sara Causey Episode 59
The Causey Consulting Podcast
7 Deadly Sins of Money Mindset
Chapters
The Causey Consulting Podcast
7 Deadly Sins of Money Mindset
Jan 07, 2021 Episode 59
Sara Causey

If you're hearing this broadcast, congrats: you made it out of 2020 and into 2021. Unfortunately, I don't know that 2021 is going to be any better for us than last year was and it will be even more imperative that you have your mind right about money and finances.

Key topics:

✔️ You hafta hafta hafta know you can survive.
✔️ Just because news runs 24/7 does not mean you need to watch it 24/7.
✔️ Beware of frenemies. People who say they care about you, but put you down and naysay anything you try.
✔️ There are only so many hours in the day; make sure your money is working for you and not just you working for your money.

Need more? Email me: https://causeyconsultingllc.com/contact-causey/

Show Notes Transcript

If you're hearing this broadcast, congrats: you made it out of 2020 and into 2021. Unfortunately, I don't know that 2021 is going to be any better for us than last year was and it will be even more imperative that you have your mind right about money and finances.

Key topics:

✔️ You hafta hafta hafta know you can survive.
✔️ Just because news runs 24/7 does not mean you need to watch it 24/7.
✔️ Beware of frenemies. People who say they care about you, but put you down and naysay anything you try.
✔️ There are only so many hours in the day; make sure your money is working for you and not just you working for your money.

Need more? Email me: https://causeyconsultingllc.com/contact-causey/

Unknown:

Hello, hello and welcome to today's episode of the Causey Consulting Podcast. I'm your host, Sara Causey and I'm also the owner of Causey Consulting, which you can find online anytime at CauseyConsultingLLC.com. So if you're listening to today's broadcast, congratulations, you made it out of 2020 and into 2021. Maybe not congratulations. Because if you thought that 2021 was going to be some magical panacea, and the pandemic was going to go away, and the political turmoil was going to be settled down, I'm afraid you are wrong. Money is always an important topic. And I think right now with people worrying and wondering what's going to happen with the economy, with the stock market, with politics, it's more important now even than it was last year to talk about survival and your money mindset. How do you feel about money? Deep down, what do you really believe? And so in today's episode, I want to kick off 2021 by discussing what I consider to be my Seven Deadly Sins of Money Mindset. A-#1, the very first thing is not trusting your own abilities. You have to know that you can survive. Back in July, I recorded an episode called Do you know you could survive, and it's even more relevant now than it was then. If you've never read Susan Jeffers book, Feel the Fear and Do It Anyway, you absolutely must read it, go to the library and borrow it, find a cheap copy on Amazon. But for the love of God, if you haven't read it yet. This is the time. One of the major things that she advocates for in that book is cultivating your own ability to trust yourself. Maybe you got into some form of learned helplessness or perpetually being a victim. Maybe you had parents or grandparents that didn't encourage you, maybe they put you down and told you that you weren't smart enough or good enough to do something. Or maybe you've had a frenemy, who you know, somebody that was in your life that you thought really had your back, but it turns out that they're a snake and they've just put you down a lot. Maybe you've been in an unhealthy marriage or an unhealthy partnership, and you realize that your spouse or your mate really hasn't been very supportive and has tried to keep you down. You have to build that sense of trust in yourself. And one of the things that Susan Jeffers advocates for is when your mind is starting to race and it's coming up with all of these what if scenarios, what if the stock market crashes? What if I lose my job? What if I get downsized, what if I can't do this? Or can't do that? Or what if this? You take a deep breath and you say I'll handle it. I've survived all of the turmoil, all of the my worst days so far. I'm still living. I'm still here, there's still hope. So whatever happens, I will handle it. I hate to sound alarmist here. But I genuinely feel that people who refuse to cultivate that sense of trust in themselves are not going to make it. I am still running at a 100% accuracy rate of being able to predict when businesses are going to fail. solopreneurs in particular, and just the other day, I saw yet another one. Someone who was an almost client that talked himself out of working with a coach talked himself out of getting any help that folded. Folks, listen to me very clearly. This is the time to know that you could survive and to cultivate that sense of trust in your own abilities. If you fail to do that in 2021, God help you-- I do not know what will happen. Again, I hate to sound alarmist, but I want to really drive that point home. The second deadly sin is all or nothing, always or never thinking or throwing the baby out with the bathwater. This manifests itself in other areas

besides just money. It might be:

I cut half an inch off my hair today and my spouse didn't even notice. He's always so selfish. He never notices when I do anything good. Or, man, the virtual Zoom classes were not going well today and I lost my temper and I yelled at the kids. I'm the worst parent ever. I'm sure they hate me. I'm just scum. Making catastrophic, big, huge sweeping statements like that also shows up in your relationship with money. If I don't close this deal today, I guess I'll just go stock shelves at Dollar General. If I don't land this client today, I guess I'll just go mop floors. I never do well on sales calls. I always feel foolish and get tongue-tied. In my experience from a coaching perspective, as well as having been an entrepreneur with a business that failed before myself, people that allow themselves to get into that highly catastrophic always are nothing throw the baby out with the bathwater thinking, are so many times more likely to fail. They don't stop and smell the roses, they don't stop and celebrate the small victories. They don't take things in bite-size, manageable portions. It's like the old adage about how do you eat an elephant, one bite at a time. And so it is with running a business. If you make every single potential sales call the most important thing in the world. It's so much pressure on you, and the prospect and the universe and everything, it's like you're exponentially increasing the odds that it will fail, as opposed to if you had showed up for the call relaxed and laws are fair and just saying, Hey, I'm not attached to the outcome, I'm going to show up, I'm going to give it my best if I can help this person I will. If I can't, I won't. And we'll move on. But it's not the end of the world. And by the way, I will be in the next episode talking about sales calls. More specifically, I read a story earlier today that really inspired me and I want to share some insight about you know, in my opinion, Gone are the days of the high pressure sales tactics, shaming people if they can't afford your service, I've really turned around the way that I approach sales calls and I want to share that insight with you. In the meantime, the second deadly sin of all or nothing always or never thinking, if you've been guilty of doing that, start cultivating a different attitude. The third deadly sin is doing the same thing over and over again, even if it's stopped working, or it has never worked for you. You don't want to double down on a strategy that isn't working. And you don't want to get into the logical fallacy of sunk costs. Well, dammit, I've already spent $10,000 on this, it just has to work. I can't live in a world where I gambled away that much money and this strategy just doesn't pay off. Or, well, I I've done this contingency based search, and I've been doing attempts on it for the past month, I just can't bear to think that I've wasted that much time out of my life. That's the logical fallacy of sunk costs. You can continue to throw good money after bad and you can continue to waste time on something that is never going to pay off. There is such a thing as strategic quitting, and knowing when to change strategies because something is not working. You know, in one of the previous episodes, I told the story of Tom and Sam, and how Sam was supposed to be this great social media guru that got me no results at all. And I think back on some of the tactics that he wanted me to use. And I'm like, those strategies never worked for anybody. So I like I don't even know where he got his credentials from to be saying all of that. But here's the thing, we can get into this mindset where we say, well, I've paid this guy this money, and I guess I feel like I should let him try to help me out. You don't have to do that. If your gut instincts are telling you that you're you've accidentally made a wrong turn and you need to you turn out of there. Listen. The fourth deadly sin is watching too much news and or hanging out with naysayers and cynics. Just because the news runs 24/7 does not mean that you need to watch it 24/7. You need to give yourself some sanity breaks. wherever you live if you have the opportunity to get out in nature to get exposed to sunshine, fresh air, even just taking your shoes off and sticking your feet in the dirt. Almost any connection that you can get with the natural world unplugged away from your cell phone away from the laptop away from the news talk radio and people being mad at each other. It will help so much and earlier in this I mentioned frenemies Be careful of people that discourage you. We have some people may have your best interests at heart. There may be times when they need to give you some tough love. There may be other times when people are just down on you, they doubt your abilities or they're jealous. They had something that didn't succeed, or they see you trying to live your dream. And they think, well, how come you get to be free? How come you get to do what you want to do and make good money? And I don't. So they'll try to put you down and keep you from realizing your goals. You need to be smart enough to intuit Okay, is this person trying to give me some good advice? Is it coming from a place of care and discernment? Or are they just trying to drag me down, use use your good antenna, use good discernment about that. And if you find that somebody is just always telling you that you can't make it, you can't do it, you're never gonna amount to anything, run in the opposite direction. The fifth deadly sin is ignoring all data and being stubborn about reality. I want to highlight this by telling a quick story. I have a friend who for many years was in the newspaper business. And he started to notice that subscriptions to the paper were going down. And you have to keep in mind, I'm old enough to remember when everybody subscribed to the newspaper, that was a big deal. That's how you got informed. Now then the.com boom happened and the internet and the digital revolution. And my friend could see, deep down, no pun intended the writing on the wall, he knew that more people were consuming digital content, subscriptions to the newspaper were consistently going down month after month. But he ignored that he really wanted to keep the status quo, he didn't want to think about having to go out and get another job or to utilize his journalism degree in a different way. So he waited until the newspapers started having massive layoffs. And he was on the job market at the same time that a lot of other unemployed journalists were on the job market. And it took him some time before he found another job. It was in a similar niche, he was still able to use his journalism degree. But he spent quite a good time on unemployment and burned through a lot of his savings. And I'll never forget sitting across from him at the table talking about all this. And he said, You know, I saw the signs. And I was willfully ignorant. Like, I just didn't want to believe that this job that I loved was about to come to an end. Don't ignore the data and be stubborn about reality. If you've started a business, and you've given it ample time to take off, and there's just a failure to launch, don't ignore it. Don't bury your head in the sand and go, Oh, well, maybe someday, my ship is going to come in, well, maybe it won't, you know, to use myself as an example. I had many feast famine cycles during my first iteration of self employment, and it almost killed me. I mean, I had suicidal depression. If you've ever listened to the episode, the dark night of the soul, I talked about that. And it raped my finances. It was horrible. I was like, teetering on the edge of having to declare bankruptcy. And it's really taken something for me to build myself back from that. Don't ignore reality, the power of positive thinking, the law of attraction, all of these things are important to get what you want out of life. What you want to be careful of is the how and the when it may be that your self employment success happens in a different way than you think it may happen that your successful business is a different model than what you currently have. You need to be open minded enough to not make an extreme commitment to a strategy that just doesn't work, and then keep doing it over and over again. The sixth deadly sin is having negative thoughts or limiting beliefs about money. A good segue in from just talking about the law of attraction, honestly, there's a book called The Power of Your Subconscious Mind by Dr. Joseph Murphy. And I want to read a passage from that. And I'll be honest, there's probably going to be some people who hear this passage and get offended. If that's you feel free to turn this broadcast off. But if you like money, and you want to make more of it, you need to turn this broadcast up. So here's the passage. "There is no virtue in poverty, and is a disease like any other mental disease. If you were physically ill, you would think there was something wrong with you, you would seek help and do something about the condition at once. Likewise, if you do not have money constantly circulating in your life, there is something radically wrong with you." End quote. Whether consciously or unconsciously, if you have limiting beliefs about money, or negative beliefs about money itself or people who have money, it will poison the well that might be Things that you were told by parents or grandparents or members of the clergy, people who meant well, and who I'm sure had your best intentions at heart, but maybe they had their own hang ups that they were trying to transfer onto you. Money is evil, rich people are evil, rich people can't get into heaven. Money is bad. If somebody is rich, it's because they cheated and lied and schemed in order to get their sales people are all bad, I hate making sales money, I don't need that much money, I don't need much in order to get by, I shouldn't reach so high in my life. If you are thinking those things, whether you're aware of it or not, it will hamper your ability to make money, not just in 2021. But anytime. And finally, the seventh deadly sin is not making your money work for you. There are only so many hours in the day, there's only so much physical and emotional stamina that you have in any given 24 hour period. Some days, you may be very energetic and rip roaring to go. Other days, you may feel lousy, and you may not even want to work a traditional eight hours a day, you have to make your money work for you. People get hung up on working for their money when it needs to be the other way around. Now, there are plenty of practical ways to achieve this idea of your money working for you can be investments, high yield savings accounts, day trading, and so on. I believe in addition to those practical steps, which you should be doing, you also have to get your mind right about it. I started day trading with five bucks. And it was at a time in my life where I was rebuilding from that failure of the first business and $5 was a little tough. You know, there are some people out there who think if you have money, it's because you always have had money. Some people are Trust Fund babies, some people were born with the proverbial silver spoon in their mouth. But not every successful entrepreneur is like that. Now I've had times in my life where money was very, very tight. I in fact, I remember a time after I bought my first house and I was working at a technical writing job. After I paid my bills, and bought my groceries and put gas in the car. I had $7.35 to my name. And I remember thinking like, you know he could do is laugh because what do you do you use it better to laugh than to cry about it. And I thought better not have any emergencies. You know, my discretionary income is $7.35 right now, so God forbid anything happened. You know, so I know what it's like to look at the bank account and feel depressed. And I know what it's like to look at the bank account and feel happy. And I'd rather feel happy than if to feel sad about it. My the point I'm making here is even if all you can do is scrape up a buck or to start day trading with it or save it up till you've got enough to open some kind of a high yield savings account, but have some strategies of passive income or investments, things that multiply things that pay off dividend dividends, so that you're not trading hours for dollars. Because you're going to limit your income, you're going to limit your potential and you're going to limit the ability to grow and to be able to take days off. And when you're self employed. There's no PTO from a company. There's no paid vacation days that you get in order to have time off and to not be trading those hours for dollars. The money has to come from somewhere. Well, why not have that money working for you instead of you working for that money. If you enjoyed today's episode, please share it. If you haven't already, take a quick second to subscribe to this podcast and leave a review for us on iTunes. Bye for now.