Money Mindset Basics

Introduction 

In the previous section we set the stage for building your online business.  Now we’re going to dig into three money mindset tactics that every entrepreneur (or would be entrepreneur) needs to adopt.  

It took me years to grasp these ideas. 

I think it all began when I took a risk and purchased The Millionaire Fastlane by M.J. Demarco.  My initial hesitation to buy the book was simple: I judged the book by the cover. 

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The cover flaunted a gaudy picture of a Lamborghini; hundred dollar bills were everywhere and a bunch of other spammy, get-rich-quick-looking-stuff was on the cover. All this stuff made me feel guilty and slimy inside. 

Heck, even as I write this now, I’m beginning to experience anew those uncomfortable feelings of deceit, worldliness and superficial materialism. 

Ugh... Yuck. 

But here's the thing: this book had thousands of favorable reviews and all of them looked legitimate.  And it appeared that a real person wrote each review.   So I figured I would investigate and give the darn book a good read so I could draw my own conclusions.   

After grabbing the book, I quickly dove into the content.  

Demarco writes with a raw, uncensored bluntness that I found refreshing.  It was almost as if he didn’t care if you agreed with him.  He wasn't writing so much to convince as he was just writing about what worked for him. 

He tells the story of how he was a nobody chaperoning people around in a limo.  Day in and day out his job felt meaningless and he wanted more. 

Living in the Northern Midwest area of the United States meant it snowed all the time.  Well one time, he was waiting in the car for his guest to enter and while watching the snow gently pile up the hood and he asked himself, “What the heck am I doing with my life!?” 

So he moved to Arizona, where the sun almost always shines, and he started working on building a website based on connecting clients with Limo services all over the nation. 

He poured himself into the business.  While his friends went out to drink he went inside to make.   

To build.   

To think.   

To learn. 

After spending years and years teaching himself how to develop web applications and after studying how to market his business, he put his theory to work and his little side project started to take off.  He eventually sold it and became a millionare. 

So why am I sharing this?

The point of the story is that by saving money and investing in stocks you will never earn enough money to truly make a difference.   

The old method of thinking is the one that says: 

“Get a degree, get a job, word hard and retire rich.” 

The problem is that this is the slow method that results in wealth accumulation very late in age.  I mean honestly are you looking forward to retiring at age 65 years when you’re almost too dead to enjoy what you’ve worked for? 

So here's what's up: today, we’re going to talk about the money mindsets that you absolutely need to adopt if you can ever hope to stand a chance of making a difference in the world. 

I learned most of these mindset tricks from MJ. Demarco and Ramit Sethi (author of I Will Teach You To Be Rich, another sketchy sounding book I know).  The point here is it was truly eye-opening for me once I began to apply the principles of hard work I learned from these guys.

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Money Mindset Basics 

The first thing I need to say is that as we walk through these mindset basics it will feel foreign. In fact, you might impulsively reject what I’m saying because it sounds too easy or feels too uncomfortable.  You might also be tempted to judge the information before you've given it a chance to generate  value in your life.  Don't do it!  Just trust me on this one and hear me out.

Also, by the way, one more thing – you may have already heard of most if not all of these money mindset secrets.   That's okay.

My goal is not to inundate you with more information.  If you don’t actually adopt these mindset changes then they will be meaningless and therefore ineffective for you.  So I would like to encourage you to ruminate on these concepts.  Don’t rush through these deceptively easy mindset secrets.  

Try to actually think through what it actually means and try to come up with practical ways you can start making these money mindset secrets work for your unique situation.

All of these mindset techniques have been proven to work.  I did not invent them but simply discovered what has worked for others (and for myself) and I feel like it’s my duty to share this with you. 

So I don’t want to keep you waiting any longer, let’s jump right in to the first money mindset secret: 

People Will Pay You For The Results You Get Them 

This is a huge mind shift adjustment. 

You see, most people think that they don’t have the credentials to teach anyone anything.  

Let me guess: you probably feel like you don’t know enough.  Or you always feel like you’ll say something wrong.  What if you get sued?  What if you say something untrue?  Don’t you need to go learn your topic to the point where you are the most prominent expert in the world?  Don’t you need certifications?  Don’t you need case studies? Proof is important right? 

Hold on a second.  

Yes, all these things are important, as far as they go, but the most important thing you can do right now is to get out of your own way and focus on getting results for your ideal customer. 

Here’s the thing: your customers really don’t care if you’re credentialed.  The only thing your target market really cares about is whether or not you can solve their burning problems in the shortest time possible.  If you can do this and make their road to success fun along the way, oh man, then you’ve got a sure win in your pocket. 

What I’m getting at is that you need to: 

“Think like a Producer, Not like a Consumer.  Stop Consuming.  Start Creating” 

All of your life you’ve been taught by the world to consume.  Give me.  Netflix binge watch.  Download games.  Buy more food.  Get more cars.  More information.  I need more! 

What I’m asking you to do is shift your thinking from yourself to your audience's needs.

This is what it means to be selfless.  You need to sit down and meditate on your audience's problems, make their problems become your own personal problems, and then chart the best path toward a resolution.   

Divide Your Income From Your Time 

The next thing you need to think about is how to focus on your time. 

From the very beginning you were taught to work for your time but have you ever considered how your time can work for you? Is this really possible? 

Yes. 

The way to make your time work for you is to build a digital asset.   

• You research a market you know has a burning need they are willing to pay for 
• Next, you build a digital asset that can satisfy that need. 
• You release your beta product to your market for free to get testimonials and case-studies.
• Then you integrate the market feedback into your product and launch it to an email list you've been delivering value to for months. 

If this sounds like a lot of work that’s because it is.   

But I want you to notice something.  In this system you front-load the work in the beginning so that at the end, after your product is already created, you can use automation systems to scale your business.  You can automatically send emails to continue checking in on your customers.  You can use online e-commerce platforms to automatically drive traffic from Facebook ads into your webinar recordings so you can continue to receiving revenue without you physically needing to be there.

This is the smart work system: hustle in the beginning so you can automate in the ending.

Don’t worry about the nuts and bolts of how to do this right now.  I promise you I’ll share every practical detail about how to make this work later.  Also, I want you to try to silence that small voice ushering up excuses right now as to why you shouldn’t do this. 

It’s very easy to talk yourself out of doing something before you even start.  You might be thinking: 

“But Vonnie, I don’t know how to do webinars, and even if I did I don’t want to be in the spotlight.  And besides, I’m a perfectionist.  The lighting and cameras would have to be perfect. No I can’t do this.” 

We will address all the most common objects and fears as we go through this course so please just be patient with me! 

My goal is to give you the proven blueprint for building and scaling an online business so you can make a positive difference in many lives doing something you love.  I want you to experience the freedom of doing what you love without needing to trade dollars for hours. 

Stick with me – I promise this is a lot simpler than you think.  I’ve been doing this for over a decade, have read blog posts and received training from the best in this market including Jeff Walker, Amy Porterfield, Ramit Sethi, Melanie Duncan, Russel Brunson, Rick Mullready and Yaro Starak.  I’ve literally spent over 10 years learning, implementing, failing, and testing through trial-and-error until I cracked the code of what works. 

Patience will pay I promise. 

The More You Get The More Value You Can Give 

The third money mindset you need to adopt is that the more income you earn the more you can give. 

This might sound strange at first because you might be thinking that you want to make money so you can take that dream vacation you’ve always wanted or pay off your mortgage or send your kids to a nice school.  All those things aren’t necessarily bad but you need to shift your mind away from thinking about what you can GET and toward what you can GIVE. 

This is what I mean:

I’m going to be giving you the step-by-step road map to building a successful online business.  And some of the things I’m going to share will sound strange.  For example, one of my favorite internet entrepreneurs has this money concept he calls “Move The Free Line” 

Eban Pagan says that we need to shift the value scale so that we are giving away our BEST content for free.  That’s right.  The very best content you have, that yields the most results in the lives of your audience, don’t charge for that.  Give away 80 to 90% of your best content and then when you ask for the sale, you’ll have a customer for life. 

Why? 

Because now you’ve earned the trust of your audience.   

People will think, “Wow, if he’s willing to give away all this great content for free, I wonder what his paid content is like?” 

And when that happens, as Ramit Sethi often says, “price becomes a mere triviality.”  It doesn’t matter if your online product costs $20, $200 or even $2,000 USD. 

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Here is a little secret: if you can convince people your product will produce their desired results, in the shortest possible time while removing their major objections during the sales process, you can sell anything. 

I know that’s hard to believe but I’ll break all this down in future posts.   

Now It’s Your Turn 

“Everyday is a bank account, and time is our currency.  No one is rich, No one is poor, We’ve got 24 hours each” 

If anyone knows who said that quote, please let me know by leaving a comment as this is one of my favorite money quotes.

You have the same 24 hours as the President of the United States of America.  The bottom line is everyone is busy but what decisions can you make right now to start getting your mind in the right track? 

Here’s what I would like you to do this week: 

1. Make a list of 5 practical ways you can start thinking like a producer and not a consumer.   
2. Separating your time from your income requires using technology.  Some people freak out about this.  (Again don’t worry, I’ve tried all the major systems, have been doing this for many years and have made almost every mistake you can think of so I’m qualified to help you.)  I would like you to write down the first word that comes to mind when you think of using technology to free up your time.  Just one word.  Write it down and move on to step three. 
3. What’s your number one fear when you think of giving away your best content for free? What if people pirate your stuff? What if they just take all the free stuff and never buy? Why should you even do this as there are more qualified people than you on the internet?  Go ahead and list out your top 3 fears regarding this question.  We’re going to come back to it in a future post. 
4. Think about this for a moment: when you go to the gym and your trainer is helping you shed the weight, do you care if he has any qualifications other than a proven track record of getting client results? Would you trust a doctor to operate on you if he had a million credentials but no successful surgeries?  

We all know results matter most so spend about 15 minutes  today thinking about the results you’ve gotten for yourself, your friends and your family over the past year.  You might be surprised what you come up with.  

In the next post we’re going to dive into the nuts of bolts of your profit roadmap.  It’s going to be a fun post and I can hardly wait to go through it with you. 

See you soon.