I want to talk to you about wealth. Not money. Wealth is very different.
Wealth is built on three pillars, and as a freelancer, it’s very important to pay attention to all three because we’re only usually heading towards one of them.
- Money, and
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Let’s start with the foundation.
The foundation of your business, and of your life, is your mindset. I have found over and over again that freelancers are riddled with barriers. They are often perceived, but they are barriers nonetheless. They are limiting, ineffective, and negative beliefs, and there can also be limiting blocks in their lives, perceived as well.
You need to be looking for these barriers, blocks and beliefs that are in the way of you achieving the financial freedom that you’re striving for, and it is imperative that you take care of those first. As you know, if you haven’t got the money that you’re after, there is something in your thinking or the way that you’re operating that is preventing you from accomplishing that goal. It is because your mindset is just not there – something is in your way. The number one thing that you need to take care of is your mindset.
Next, I want to talk about money. Now money is very, very important. I was working with a lady yesterday who wants to get to $100,000 per month, which is a fantastic number. The first thing out of her mouth was, “I’m going to give most of it away.”
Every time I get on a call with a woman, they want the money but they immediately add a justification on the back end as to why it’s okay for them to have it. It is really important to understand that when you’re at that level of income, you cannot give it all away. You absolutely must pay a certain percentage of taxes. You have to save a certain amount, and then you have to live on a certain amount. There is rarely enough to give it all away – you can’t even give 50% of it away.
We have to get clear on what earning more actually looks like, and we have to get real about money. We’ve got to understand how it works.
You need a bookkeeper and an accountant – somebody that can help you grow. If you don’t have a container for your money and understand how it works, you’re going to get into some serious trouble. You absolutely need that financial foundation for your business, and you need to have some money saved. Giving it away is a story that we’re telling ourselves to justify our own worth, but you’re in business to make money. Understanding this is very important.
The third part of wealth that we rarely ever talk about is lifestyle.
I was having a conversation with one of my people the other day and she mentioned that she couldn’t wait to get to the place where she can book a flight that is $300 more than another because it’s more convenient for her and her life. Maybe you want to take the upgraded flight, stay a day later, go to more events or take more holidays.
We are limited in our lifestyle because of our mindset. A lot of freelancers are working way too hard and thinking they can’t lift their head up from their business, so they have no lifestyle. I’ve talked to a lot of people in business that are afraid they’re going to implode because they need to take a break, but they don’t have the structures in place to do so.
The other key aspect to lifestyle is your relationships. Are you in relationships that are working for you? Are you still filled with anxiety around something or someone in your life? Are you still afraid to communicate what it is that you need?
I had a call with a lady recently who doesn’t want to be the mum that’s there 24/7 – and she feels guilty about it. Who says she has to live her life that way? Here’s the truth: she can’t and won’t build her business until she takes care of those feelings, because the guilt is in the way and it is the truth for her.
We need to give ourselves permission to live the life that we really want to live or we will not do the work that’s necessary to build the business that we’re here to build.
You need to have a mindset that is conducive to where it is you want to go. If you have beliefs, barriers, or blocks in the way, those need to be addressed.
In terms of money – how much do you actually need to make? Do you have the financial foundation set for your business? Do you have it set up in a way that you can eventually move from active to passive income? Most freelancers want to head towards passive first when they haven’t done the work!
And consider your lifestyle. Have you given some thought to how you actually want to live? I think you have, in the secret confines of your heart! Maybe you’ve started to express it outwardly but other people in your life discredit it. Maybe you think to yourself, “Who do I think I am? I can’t actually have that home on the beach in Mexico, right?” That is one of my dreams, and it took a long time for me to say that was okay.
Which of the three do you need to work on first? Which of the three do you think you’ve been ignoring? There are different levels at different times. I’ll go through mindset, more money, lifestyle, and then come back to more mindset work, more beliefs, more lifestyle. It normally circles around and around.
I am so thankful for a mentor in my life that helps me to really understand money. And I’ll tell you right now, she has never talked about giving her money away (so there’s a hint)!
Next time, I’m going to talk to you about the #1 way that you can ensure that you are successful in your freelance business. It starts with an M (and it’s not “Mentor”)! It’s vital. When I really got this, it was like a light switch went on and it completely changed the game for me.
Let’s be wealthy.