SHIFT Work: Grow Your Business by Changing How You Think About Money and Wealth | Tai Goodwin
Tai Goodwin
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SHIFT Work: Grow Your Business by Changing How You Think About Money and Wealth

Money. So many solopreneurs, especially women, and especially heart-centered business owners, struggle with how to make it, ask for it, manage it and invest it.

My struggle with money started with one of my very first jobs as a cashier at Robin’s Bookstore. Even though I was in high school, I was working about 40 hours a week. But no one talked to me about saving money – in fact I didn’t even have a bank account. I spent most of my money on fashion magazines, books, fabric, food, hair and clothes.

By the time I graduated college, I had a better sense of how to manage my money. I just didn’t know how to earn it. I didn’t know I could negotiate my salary. I didn’t know about a 401K.  I remember spending  a lot of time in blame mode.  As a teacher, I blamed the “system” for not paying me enough. When I left teaching to join the dark side of the corporate world, I blamed my job for not paying me enough money and my boss for not offering me a raise when I was clearly performing above and beyond expectations. It took me a few years but by the time I got to New York, working in the training department at Barnes & Noble, I knew how to search for average salaries in my field and make counter offers.

Chances are if you’re dissatisfied with your income you’ve played the blame game, perhaps with different contestants like your spouse, family, education, background, or the economy. Regardless of what, or who you have been blaming, the truth is you have more control than you think when it comes to what you earn. And more importantly you have exclusive control over how to make what you earn work for you instead of against you.

Starting my business back in 2008, I uncovered a few more challenges with money: setting prices based on what I was worth and asking clients to pay for the value I was providing.

If you are stuck in a place of consistently underearning, being paid less money than you are worth from clients here are four reasons you are not making the money you desire (and deserve):

1. Your pricing is based on assumptions instead of your true worth. Just because you’ve decided that you can live off of $40,000 a year, doesn’t mean that you should base your pricing on that number. It’s also a mistake to base your prices either on your previous salary or a made up number that feels comfortable to you instead of the value of the results you provide. One more common mistake: assuming that your potential clients have the same or less discretionary income than you. Never assume you know what people can afford.

2. You have no clearly defined financial plan. Wanting to make more money so you can pay your bills is not a financial plan.  You need a sound plan that takes into account your expenses, your time and your value. Your financial plan should provide for needs, wants, reinvestment in your business, and goals for now (and for the future). I also encourage my clients to include resources for investing in others.

3. You are in conflict with what you feel about money and wealth. If you grew up in a home where there was myth and misinformation about how to money, it can be difficult to develop the habits of mind and wallet that lead to financial wealth. Until you address the negative associations you have about money you will be prone to self- sabotaging any progress you make towards reaching your financial goals. This includes the negative judgments you have about “rich” people as well.

4. You question your value. The issue of not charging what you’re worth has less to do with what your clients think about you and more to do with how you think about you. Stop using the excuse that people can’t afford your services when the truth is you don’t have the confidence to go after customers willing to pay what you are worth.

wealthBuilding wealth in your business starts with an internal SHIFT. Here are 5 beliefs that you need to let go of:

  • Belief #1: Material things equal wealth. Result: Your wealth is unbalanced – you have a lot of things but have created very little net worth for your self. The accumulation of things will never equal true wealth if you are not financially whole. For example – do you have this season’s Coach bag but don’t have a rainy day fund or life insurance? If you are stressed out trying to keep all of your possessions you are out of balance. Furthermore, settling for just the material things that money can by is selling your self short. You deserve true wealth and prosperity in every area of your life.
  • Belief #2: Wanting money makes me greedy. We’ve all heard – “love of money is the root of all evil.” But wanting money isn’t the same as loving it. Greed is when you will do anything, even if it means taking advantage of clients or hurting someone. There is no shame, guilt, or wrong in earning an income to support the quality of life you want to live – as long as you are in integrity. If conversations about money were mainly tied to struggle or survival you will have to work to overcome feeling guilty about having the income and lifestyle you want.
  • Belief #3: I’ll save later once I start making “real” money. This belief devalues the income you are currently earning and makes it easy to put off making real financial plans. The idea of “real money” being something to acquire in the future keeps you in a rat race, constantly trying to make more. Being better able to manage your money won’t automatically happen once you reach a certain number. You have a better chance of long term financial success if you start right now regardless of what your income looks like. It doesn’t matter if you put way $50 or the .50 left in your pocket at the end of the day.  Make a decision to save now.
  • Belief #4: I hate thinking about money- managing finances is hard. Just because something is hard doesn’t mean you walk away from doing it. While initially you may have a steep learning curve, the time and energy you invest in learning how to manage money has a huge ROI (return on investment). The internet makes access to financial tools and resources very super easy. If you are not a do-it-yourself kind of person find a financial advisor or coach who can help you establish long term financial goals for growing your wealth.
  • Belief #5: People with money are ________________. It’s hard to move into a position of prosperity if you hold judgment about people who have the kind of wealth you say you want. Consider the saying, “pointing one finger at someone else, leaves three fingers pointing back at you.” If you think wealthy people abuse and take advantage of their status, are snobs, show offs, greedy, selfish, etc… Why on earth would you want to be wealthy? People with money don’t hold the patent on selfish behavior or elitist ways of thinking.  In fact truly wealthy people understand the value of sowing into others and purposely give generously.

Reality: Changing your money mindset will change the flow, volume, and impact of your income, BUT…

You cannot just think your way into financial security. You have to be committed to doing the work. This is what separates profitable solopreneurs from struggling wantrepreneurs.

Brilliant women know that success comes from doing the work that others are unwilling to do. Start with the internal  SHIFTS and gradually integrate new behaviors to replace your old way of doing things. Be prepared – as you move out of your comfort zone it may feel uncomfortable and downright scary, especially if you have never seen anyone in your family or circle make the kinds of choices you’ve decided to make. Regardless of the expected bumps in your transformation, decide that you will stick to your new money mindset no matter what is said to you, about you, or around you.

Let’s talk about it: What myths about money do you need to let go of?

 

 

About the Author Tai Goodwin

Tai Goodwin on a mission to help 10,000 women entrepreneurs create more joy and wealth in their life and business. She's the CEO of Aligned + Bankable and creator of the Bankable Brilliance Course. An intuitive business growth strategist and teacher, her specialty is helping clients create bankable business models that allow them to increase their impact and income without burning out. Tai is a former corporate trainer with a master's degree in instructional design and over 20 years of experience designing course, training programs, and certifications. She is also the author of Girlfriend, It's Your Time and founder of Brilliant Business Girlfriends.

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5 comments
Vatsala Shukla says

Important points, Tai. Our money myths and sense of self-value do play a role in our wealth building whether we are in employment or in business for ourselves. I believe that if there is a problem, then there is a solution. We just need to find it. Our parents do influence our attitude to money. My parents taught me to always save 10% of any money that I earned, no matter how much and invest it. A good habit. The feeling of abundance when the small amounts we save (in proper wealth building instruments) compound with interest or use to pay off a mortgage and see our debts reduce helps manifest abundance in other areas of our life too.

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Debra A. Jason says

I sometimes make that “mistake” of assuming that a prospect can’t afford my services before I ever even tell them the investment that’s needed. I’m working on letting that go. I enjoy connecting with people who honor and appreciate the value of working together with me to get results. Thanks.

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    Tai Goodwin says

    This took me a long time to work through. Just like I am trusting my creator for providence, my clients are hopefully doing the same: their needs will be met. Even their need for coaching and consulting.

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