Money can have such an impact on your life, good or bad. When you hear the word money, you may cringe, get excited, or just feel indifferent. From an early age, we begin building a story around money that triggers those reactions and dictates what money means to us. Our beliefs around money and building wealth can influence how much joy or suffering we feel, and the coming and going of money in our lives can have a huge impact on our energy.
This week, we explore the difference between being wealthy vs. rich, and how to get conscious about your money beliefs. Hallie and I talk about how our own families handled money growing up and the impact that had during our adulthood. We also talk about how to choose your financial role models, the importance of saving and investing, and the power of living below your means. Developing consciousness around your money will get you ready to seize the best opportunities that come your way.
In this episode, you will learn about:
- How you think about money has a lot more to do with what you were taught through experience than actual money itself.
- “Wealth” is hidden; “rich” is seen.
- It doesn’t matter what you make, it’s all about what you save and invest.
Take a listen and let us know what you think with a comment below! If you like what you hear, make sure to subscribe and share with a friend.
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Timestamps:
[3:27] How you grew up around money leaves a big imprint on how you naturally view it throughout your adult life. Hallie was taught to be mindful, save, and find honor in working hard. Adam’s father left IBM to be an entrepreneur, and he saw what it looked like to use money to invest in things and as a sign of success. Some people grow up in a “keeping up with the Joneses” type family, while others scrape by or are somewhere in the middle feeling as though they have everything they need.
[8:52] Do some investigation around your beliefs around money. First, you need to get clear on what your conscious thoughts and patterns are, and then mindset changes can happen from there.
[13:50] How does your money earn money? What is the plan for your salary, or for how you invest the money you do have coming in? Most people don’t have a plan, but most people also aren’t big on taking risks. Wealth does have a bit of luck to it, and we discuss how making big decisions in business is similar to walking a tightrope, where you can fall on either side. Speaking of luck, Bill Gates went to the only high school in the U.S. with a computer and he took advantage and used his skills to capitalize on his luck.
[18:33] Real estate development is one area you don’t want to depend on luck because you can’t get out of it. You are an investor if you can handle the negative cash flow of a building, you are a risk-taker if you can’t.
[20:20] If you are not paying attention to your expectations, your income will cause you suffering. As income rises, people tend to increase their expectations in alignment or further out than their income, so they never actually feel the happiness they think they will and satisfaction always feels out of reach.
[27:10] It feels better to live below your means than putting a front on to make it seem like you have all this money. There is so much power and peace in getting your “freedom number” and clearing the rest of the mental clutter that comes from feeling like you need to keep up or live above your means.
[30:28] Unless you know how much they are making and saving, you can’t determine someone’s wealth. “Wealth” is hidden, “rich” is seen. We don’t know what people owe, how much is paid off, how much they are in debt. It doesn’t matter what you make, it’s all about what you save and invest.
[38:11] You will always feel better long-term about investing or saving the majority of your money. You can have fun and spend on experiences that are deep, rich, or even just a good time, but you don’t have to do or buy something just because you can.
[40:37] Before you want to model your career and life after someone, make sure you are looking at the big picture and following their whole life.
