Feb 06 2022 33 mins 1
132: Keep What You Earn
(01:08-1:46) Now on this episode, I have completed an interview with Shannon Winston of Keep What You Earn podcast show, and I would like to share with you the interview done because in this show I talked about secrets of manifesting money quickly. Creating abundance in your life is not just the only ingredient to your financial success or to own your effort. You too, need another secret ingredient to own that level of success.
Turning Mess into Message
(04:29-04:54) I told my mom about all the different bullying situations that happened to me in school, and she told me this, turn your mess into your message now, even though I don't really get it at that point in time. But my tenacity and grit and determination grew because my mother was my source of mental and wellness and emotional support. And I persevered. And that's how I move forward.
Entrepreneur Rat Race
(05:48-06:38) But you see, it came to a point where I couldn't move anymore because I was stuck. I don't want to be a trainer of my life in terms of, like, I get paid, I work, I get paid, I don't work, I don't get paid. So I kind of have a quarter-life crisis at that point and ask myself this question, what am I going to do with my life? Am I going to be a slave to entrepreneurship? Now? I coined this term. A lot of people say it's the Rat Race. I call this the Entrepreneur Rat Race, which means you thought that you're an entrepreneur. You don't value your own time. You expect to be paid when you're a full-time job. But when you become an entrepreneur, you don't expect to be paid. You don't value your time. How do you spend your time every single day?
Key Driver’s to Mindset Shift
(07:34-07:48) The key thing that shifted my mindset was the desire to change and the awareness of it. So having the awareness and desire to change, I put myself through causes. I think skill set is something that it cannot be removed from us.
Gratification that most Woman Have
Rewarding Yourself
(09:18-09:44) A lot of women said I want financial freedom. I want financial independence. And, yes, we can give you the sense. That's why we give you the help. And it's done. Once they hit their 10K month or 20K month and then scaling upwards, I'm like, hey, what do you do with your money? Oh, I bought a Chanel bag. I bought this brand. I bought the wallet I've been eyeing for a long time. It's a childhood dream.
(09:48-10:07) It's wonderful to reward yourself versus when you make the money and then you are not managing the money. You achieve that financial independence you achieve to a certain extent. You are just getting started. But if you're not managing it your financial independence could be entirely lost.
Spending For Family
(10:42-11:11) Family is important, but that bloodline. Or I call it the cash flow of business. It is that flow that keeps the entire business going. What if a client delays paying you? What if you needed extra emergency funds for whatever purposes, extra marketing dollars to get a few. Just maybe two more clients to get that going. So I think that will be delay gratification.
How to protect your Financial Independence?
(10:08-10:27) So this is one thing that I always advise women to do. Always pay yourself first. I think that's very important and use whatever that has been. I would say segmented out to pay yourself first and then use that to apportion out whatever you want to buy eventually delay gratification.
(11:13-11:37) Something I will feel very practical is if you really want something that badly for yourself or for your family, why not get two more clients? I always suggest to my coaching clients would be like, find two more person who will pay for that. So you keep a base set of clients for the retainer fee or whatever that you've made. Invest back and then maybe get two more so that you can extra buffer for the item that you always wanted.
Build a Team
(12:28-12:46) Find a peer group like a Mastermind 3,4,5 of you. It doesn't have to be big, like a community. No, just a small group where you stay accountable, where you are supportive of each other. And there's no judgment in that group.
Tips on Money Management.
Hire a CFO or Chief financial officer.
(13:44-13:53) you're not a person who can keep the money, hire CFO, and that was exactly what I did. I hire somebody and control my money to take care and handle for me.
Get a Mentor
(13:55-14:00) Really get a mentor who really guides you. What to do?
Repeat one and two
(14:06:14:25) Because we are entrepreneurs, we don't really listen. We have our own opinions. We have our own mindset, how we should spend our money. I would say, if you want to hire somebody, engage somebody, believe in them, fully empower them fully. And really, I would say, don't be the bottleneck of your business.
Put your Goals in front of You
(15:03-15:26) Put your goals in front of you because out of sight, out of mind. So that's how I work with my clients and myself. I put my goals. Let's say something we want to buy or we want to hire somebody. At this rate, we put our goals down very clearly and on the board so that we will not when we have the budget.
What does Being Online Really Mean?
(18:17-18:47) What online and really being there and present really means will be how are you showing up for your clients and people you serve every single day? Now there's a difference if you only serve a client by showing up once a week versus someone who is newer than you in the marketing game or online game who's showing up two to three times a day every single day for the next 365 days.
(19:05-19:18) If you're going to put in only 4 hours a week versus someone who puts in 16 hours a day hustling to get things off the ground and make sure they are seen and heard, then that will make a lot of difference.
How to Create your Personal Brand and Stand Out?
(20:52-21:37) Create your own. I would say your own ocean your own area instead of going to a space and be number two, be rather your own category. King of category Queen. I think that would be key. Like for myself as sole rich women's founder, I'm not just a female entrepreneur network that does the usual business stuff. We are very call focused on helping women to go from offline to online to own the F-word. Now how do we do that's later on. But the messaging out there to the world is such so niche that when people think about I want to go online, I will think about Soul Rich Women,
(21:47-22:08) So be very distinct on how you're serving your people. And that would be the question you need to ask yourself, which is what is the one problem that I can solve for my customers immediately right now so that in future and moving forward, they will pay me for my advice and for my service.
Missing Out is part of Making Progress
(22:35-23:40) The formal factor, the fear of missing out is huge. And I acknowledge that I will not say, oh, it's not there. It is. There. So the way in one key way I always get them to overcome is think about like an octopus. I don't know if you know, octopus. Octopus has eight Lakes. So think about you are building your business like an octopus. First, build one Lake until the Lake is successful most of the second Lake and then the third Lake, and then the fourth League. If I put it into a sports metaphor, it will be the golf go to a golf course. You need to hit the first, then a second, and then your third, and then to the last hole right there is a progression in everything. So don't deny the fear of missing out. Accept it. Acknowledge it. Say ...
