Photo courtesy of Tax Credits and Flickr
“When you let go of trying to get more of what you don’t really need, it frees up oceans of energy
to make a difference with what you have. When you make a difference with what you have, it expands.”
Lynne Twist
I originally shared this article on Facebook, where it sparked a lot of interest, so I decided to share it with you here. The original title is, “The 3 money-myths that keep coaches struggling financially (and the 3 keys to increasing your wealth and prosperity)”
It’s nearly 20 years since I left the world of paid employment. When I first started out on the journey of creating my own practice, there was a lot to learn (in fact, there still is!) And while I loved developing my coaching skills and mastering my craft, I soon realised that there was one thing that has a massive effect on your ability to earn a living doing what you love… Money!
Your understanding of and thinking about money has a huge impact on your ability to create a successful practice and make the kind of difference you want to make. And as I started to explore this mysterious substance, I discovered something shocking: Despite the important role money plays in our lives, most people haven’t got the slightest idea about what money even is, what it isn’t, what it can do & what it can’t do.
So I decided to write this article to help you clear up some of the myths about money, and the simple keys that can help you to radically increase your abundance and cash flow.
Money Myth 1 – The Myth of Financial Security
There’s no such thing as ‘financial security’. If you ask people what they mean by ‘financial security’ they’ll say things like this:
– ‘Feeling a sense of peace and security about money’
– ‘Not having to worry about money’
– ‘Knowing I’m going to be OK and have enough’
– ‘Having the freedom to do what I want to do’
While I’m a big fan of money (as you’ll read in a minute, it can be an incredibly powerful tool when you understand it), there are some things money can’t do, and here’s one of them:
Money can’t give you a feeling of peace, security and freedom. I’ve met numerous wealthy people who were feeling worried, stressed and insecure. I’ve also met plenty of broke people who were peaceful, happy and optimistic.
So am I saying you should be broke? NO! I’m saying there’s no causal link between how much money you have and how you feel. And why is this important? Because the less confused you are about money, the easier it is for you to generate it, enjoy it and use it effectively.
Money Myth 2 – The Myth of Money-DNA
When I was in my early 20s, I had a friend who was a multi-millionaire. I remember feeling envious, wishing that I had that kind of money (at the time, I was earning around £15,000 per year as a computer programmer). But the only sense of possibility I had was actually quite embarassing; I thought that maybe my friend would give me some of his money. I remember thinking that money just wasn’t in my DNA; that there was something about him that meant he could have money, and something about me that meant I couldn’t.
Of course, my friend never gave me any of his money; he gave me something much more valuable. He told me, “Your ability to generate money has nothing to do with your DNA or your upbringing. You have just as much potential as anyone else to generate all the money you require.” While I didn’t believe him at the time, this curious notion stayed with me, and I soon started to discover it was true. Nobody has ‘money-DNA’ or ‘poverty-DNA’. We all have the ability to create wealth and generate income (as you’ll read in the next section).
Money Myth 3 – The Myth of Not Caring
I regularly meet people who say, “I just don’t care about money; money’s not important to me”. Inevitably, it turns out that these people are struggling to make ends meet, and largely unable to do the things they want to do. When I scratch the surface, I discover they have huge amounts of thinking and feeling about money; thinking and feeling that they’ve often been unaware of. These thoughts and feelings have been keeping money away from them, and shaping their behaviour and results. When people say “Money’s not important to me”, it almost always turns out that the opposite is true; that money (and their thinking about it) is playing a hugely important role in their lives. In fact, this thinking is often the thing that is placing the biggest limitation on their ability to grow their practice and impact the people they want to reach.
So you’ve had the 3 money myths – now let’s look at 3 money-maxims. A maxim is a short statement that expresses a truth or rule of conduct. Here are 3 money maxims that can make a big difference to you and for you.
Money Maxim 1 – Money is a creative tool
Money is a wonderful tool for doing what it can do, but you can’t use it for what it can’t do.
Money is useless for giving you a sense of security, peace of mind & wellbeing. The best it can do is temporarily relieve the contaminated thinking that sometimes blocks you from experiencing the peace, security & wellbeing that’s already there within you.
So what IS money good for?
Money is brilliant for creating. It’s the ultimate creative tool.
When Richard Branson creates amazing new businesses, he uses money to facilitate the process. When Anita Roddick set out to create the Body Shop, money was one of the tools she used. When Steven Speilberg wants to make a blockbuster film, he uses money. And if you want to write a book, create a new product or hire a venue to run a training programme, money is a tool that can help you do that. I’m not saying that you need money to create things – you don’t, but it can greatly facilitate certain parts of the creative process, because… The purpose of money is as a creative tool. That’s what it’s for.
Money Maxim 2 – Insight, innovation and ingenuity are the source of all wealth
Wealth is the result of creating value for others. Whether we’re talking about an iPhone, lifesaving surgery or a summer holiday, the wealth created is a function of the value the buyer perceives. If you want to create value for others, you need to have an insight into what they perceive as valuable; their wants, needs and desires… Their problems, solutions and aspirations. When you understand these, you can create innovations that satisfy them. This is the source of wealth, money and prosperity; your insight, innovation and ingenuity.
Money Maxim 3 – Abundance and prosperity are your birth right
Every feeling of peace and security you’ve ever experienced has come from within you; from within the source of peace and wellbeing that resides within your consciousness. The experience of peace, freedom and security is your birth right. Every insight, inspiration and ingenious idea you’ve ever had has come from within you; from within the source of innovation and creativity that resides within your consciousness.
And here’s the coolest thing; that source of peace, freedom and inner security… that place of creativity, inspiration and insight that resides within you… That’s exactly the same source that resides within the most abundant, wealthy and prosperous people on the planet. You’re connected to the same source as everybody else.
The only thing that ever gets in the way of any of this is misunderstanding and limiting beliefs. Misunderstandings about who you really are. Limiting ideas about what’s possible for you. But these can be changed, quickly and easily.
I look forward to connecting with you there!
Big love
Jamie
PS. I’m looking for a small group of coaches and therapists for a project I’m starting next month. Here’s how you’ll know if you’re a good fit:
- You’re a coach, therapist or trainer (e.g. business coach, homeopath, psychotherapist, sports coach, NLPer, principles teacher etc)
- You likely charge by the hour, but want to move to a ‘coaching package’ model so you can increase your fees and make a bigger difference to your clients.
- You have room in your practice for at least one longer-term coaching package client, starting next month, and could accommodate a steady flow of clients if necessary.
- You’re willing to explore working with your clients online (E.g. via zoom or skype), even if you haven’t done that before.
- You’re committed to ‘making a go’ of your coaching or therapy business, ie. you’ve already decided to do this work professionally (even if you’re early in the journey).
- You have at least six months’ experience of working with clients (either paid, pro-bono or both).
- You’re up for being coached by me in a group context (one-on-one, no holds barred)
- You’re enthusiastic, friendly and open-minded, and
- You have a coachable spirit and are willing to step out of your comfort zone if necessary
If that’s you, then email me at info@jamiesmart.com and let me know where you are in your coaching journey (for example a) thinking about it, b) done some training but not putting it into practice, c) seeing some pro-bono clients & working with friends, d) seeing some paid-for clients, but not charging enough to go pro, e) seeing clients as my main income, but struggling to make a decent living, f) making a decent living and making a difference. g) Other: please specify… etc)
I’ll be selecting people in the next few weeks.
Talk to you soon!