[00:00:00] We've made a lot of progress as a society in many of the areas that we needed to in the last few hundred years. But one thing that has not changed enough is money. If we want to be able to tip the scales towards the favor of marginalized people, we need to understand the secrets to making money in small business.
The more we talk about money and the secret. That usually stay at the golf club, the more likely we are to be able to make money. My mission is to get more money into the hands of good people, specifically good business people like you. This is Money Secrets, the place to learn about the money secrets of successful small business owners.Because I believe small business can change the world, and in order to do that, we need to be making lots of money. Let's go.
This podcast episode was recorded on the lands of the Wie people of the KO nation, and I'd like to acknowledge them as the traditional owners and [00:01:00] custodians of this land and water that I live. Work and play on. I'd like to pay respects to elders both past and present. And note that sovereignty has never been seeded.
This always was and always will be. Aboriginal and Torres Strait Islander land.
Hey there, it's Fi Johnston here, the host of the Money Secrets podcast. Today's episode is a little different, a few weeks back. We had a good money club session and it was such a powerful session. The exercise that I brought to the session was something that really, really hit home with my good money club members.
And I decided that I wanted to share it with you too. So what you are about to hear is a recording of a live session inside Good Money Club, where I'm going to take you on an adventure to try to understand what is sitting underneath your thoughts. I talk a lot about the fact that we can change the thoughts that we have [00:02:00] about money, but in order to change our thoughts, the first thing we need to be able to do is to hear.
Our thoughts about money. So this exercise is designed to help you get underneath the first few layers of thoughts so that you can really try to unpack what thoughts you actually do have about money. I really hope you enjoy this rather different podcast episode and at the end you are also gonna hear me interacting with some of the members.
But because I didn't want to breach their confidentiality, you'll only hear my part of the conversation. I really hope you enjoy and please reach out. Let me know what you thought about this. A different kind of episode. So many of us focus on skill building, right? I know a lot of you are addicted to education.
I'll just do another course and now I'll just find another thing that I'm gonna do and another one that I'm gonna do. But actually, skill building isn't always what we need to actually get further in our business. [00:03:00] Sometimes what we actually need to do is work on. The thoughts inside our mind because that actually impacts every single thing that happens in our business.
So learning to have some control over your thoughts is a skill too, and that's something that I want us to be always coming back to is like. You can have all the skills in the world, like I'm a chartered accountant. It's basically the highest qualification you can have in the accounting world. Does that mean that I came out of uni knowing how to make money?
No, definitely not. Had no idea. When I first started my business, I was a complete mess for a first couple of years. I knew everything I needed to know about money, skill-wise, but I had no idea of what to do in terms of mindset and like. Building confidence and those sorts of things. So skills and mindset are two different things.
So what I wanna do today, 'cause I know a lot of you tell me that, that you are not [00:04:00] always able to access the thoughts you have about money. And maybe that's because it's kind of under a few layers or because it's hard to slow down long enough to actually kind of hear the thoughts. So what I wanna do today is, um, I wanna do a slowing down kind of an exercise.
If you have a notebook and pen nearby, please go and grab it. Or you might wanna open up a Google Doc if that's your preferred way of kind of documenting things. Now, some of you may like to close your eyes. You can close your eyes or not totally up to you. So I want you to imagine an experience. So let's say you open Instagram.
You come across a post from a very good looking, shiny person and it says, I just did a six figure launch. What comes into your mind? What's the first thought? You open Instagram. Some [00:05:00] perfect looking shiny person is showing off about their six figure launch.
What's the thought that you have
now? We are leaving that moment and we are moving on to another moment. You are at Kohl's or Woolie's or wherever you shop. You go to pay for your groceries and there is not enough money in your account. So the fpos machine says, declined. What thought comes into your mind?
You're at the checkout, you've put the card in and it goes, Uhuh computer says No.[00:06:00]
Now you're in your car and you're pulling up at the lights and you look over to your right. There is a person driving A BMW, A brand new one. They're driving a brand new BMW. What's your first thought?[00:07:00]
Now we're moving into another environment. You are at an open house. You cannot believe that you've just walked into a house that is literally the house that you have in your mind as the one that you would like to buy.
The real estate agent gives you an idea of how much the property is likely to sell for and asks you if you'll be coming to the auction. What's your first thought?
Now you're back at your desk and you've realized that one of your clients is about a month overdue with one of their invoices, and it's a big invoice. It's a big invoice. It's an amount of money [00:08:00] that really makes a difference to you. And your client has not paid it, and it was due a month ago. What's your first thought?
And now it's the next day and you get an email from. Somebody who you think is your absolute ideal client, and they say, I wanna talk to you about working with me on this amazing project. When can we talk? What's your first thought?[00:09:00]
Now you've had the call with this ideal client and you've sent through the proposal, and the answer that they send back is, this is more expensive than I was expecting it to be. What's your first thought? This is more than I thought it would cost. What's your thought?
And now our next scenario.
It's time to pay the bass and your accountant or bookkeeper or whoever's doing your bass for you, or you have a look at the amount and it is bigger than any bass [00:10:00] you've ever paid before. What's your first thought?
It's our last scenario. Now
you're about to launch something new and you need to work out how much you're going to price it at. What's your first thought? You are about to launch something new and you need to put a price [00:11:00] on it. What's your first thought?
Are you a female or lgbtqia plus small business owner who wants to make more money, but you also want to do that while changing the World. Good Money Club is the place for you. It is a six month program experience and membership where you will get everything you need. To build your bank account, grow your business, and increase your impact.
We have no more than 40 members, so you get lots of really tailored and focused attention from me, and the doors are open right now, so head to my website, peach. bm.com au to find out all about Good Money Club. And if you are a good egg, a business owner who really wants to do great things for the world and make money and pay yourself more good Money Club is for you.
Can't wait to meet you in there. Okay? So feel free to keep working on that if you'd like to. But if you feel like you've already got [00:12:00] something from that exercise, come back to me and I wanna hear what thoughts came out of your brain. We all have a lot of brain junk. It doesn't go away just because like we worked on it.
That's like saying, oh, I ate healthy last week. I'm done now. Like, but yeah, we all have that brain junk that's like floating around. And the issue that most of us have, I think, is that we can't actually slow down long enough to actually hear what they are, and they come into our minds. So fast that we almost don't even hear them because they're so like, so immediate.
And what I want to be doing here is like slowing down, hearing the thoughts and trying to be curious about them, right? Trying not to judge the thoughts because the thoughts are just a thought. It doesn't. Mean it's true. It doesn't mean there's anything wrong with you or your mind. It just means that's one of the 100,000 thoughts you had that day.
And the cool thing is we can actually put something different in there. Like I found myself [00:13:00] reacting to A BMW on the weekend and I really tried to slow down with it and thought, you know, one day I should just buy A BMW. Like that would probably change my perspective on pulling up next to A BMW. But yeah, it's weird how we have these, this junk that just sort of floats around in there that's hard to scoop out.
So when someone says, this is more than I thought, or this is more than I can have. Forward or whatever, something hasn't worked out and instead of going into, I'm broken, this is wrong. I don't know what I'm doing. You've actually looked to change your approach and to me that is a sign of someone who believes in themselves and is willing to try something new coming up with some sentences that help you.
You might have a thought that is, yes, I charge the amount that actually gets results. I could charge less, but then we'd both be disappointed or whatever words feel right for you. Right. So, you know, that's where we are standing in our knowing that the way that we do [00:14:00] things works the best for our clients and that's why we do it that way.
So, sure, I could charge you $600 a month, but nothing we'd get. No. So then both of us would be unhappy. Yeah. So just love that idea of you changing the approach to what you're doing rather than internalizing it as being bad, broken, wrong, or any of those kind of words. I hope the triggering wasn't too deep.
Thank you so much for listening right up to the end. I hope you enjoyed this episode of Money Secrets, where we talk about the money secrets of successful small business owners. If you enjoyed the episode, I'd love it if you subscribe to the podcast, but leave us a review or share this episode with one of your friends.
I hope you learned something. I hope you got a new perspective and I really hope you enjoyed the listening experience.