🎯 Work Smart Wednesday - January 31, 2024
How to FEEL financially secure, what I think is the best thing you can buy for your business, and a quote on perception
Work Smart Wednesday
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1. 😌 Your financial security depends on this
What is your number - the amount of cash you need to feel financially secure?
You might have an idea about what that number is now, but when you get there the goalposts will almost certainly move, the number will change.
I have been fortunate enough to meet (and be mentored by) some extremely wealthy people - in some cases, people worth hundreds of millions of dollars - the vast majority had not reached their number.
However, I have met, worked with, and helped other people reach their number.
So, what is the difference between those that reach their number and those that don’t?
In my experience, the difference is not the number they aimed for. The number is somewhat irrelevant. I learned that there is a big difference between being financially secure vs. feeling financially secure.
I used to think the first creates the second, but it rarely does. While feelings can be facts, facts don’t create feelings. If you spend 20+ years worrying about money, it’s going to be hard to stop worrying regardless of how rich you get.
I help people create the facts, to grow a successful business and get into a strong financial position. Even for those that create their facts in other ways, that work often needs to be complimented by coaching and/or therapy to help people adjust to their new lifestyle - to help their feelings catch up with their facts.
The difference between those that reach their number and those that don’t is simple: a self-awareness of what the person is optimising for - money, or happiness.
Much like in business, when you are aware of what you are optimising for it is much easier to take action to achieve your objective. The first step to fixing any problem is building awareness.
ACTION: Define your financial goals beyond numbers
Take time to reflect on what financial security means to you beyond a specific monetary value. Consider aspects such as lifestyle, experiences, and peace of mind. When you cost it out, you will often find your ideal life is much cheaper than you thought. In any case, it is worthwhile to create a list of both financial and non-financial goals that contribute to your overall sense of security.
2. 🎁 The best thing you can buy
For me, the thing that most helped me feel financially free is the same purchase that I strongly believe is the best thing money can buy: time.
The subject of this article makes $750k a year, yet complains about being busy all the time. He has the means to solve his problem, so why is he still so busy?
It is often one of two reasons: he isn’t aware of his problem, or he wants to have his problem.
Both situations are extremely common. Busy people often misdiagnose their problem as a lack of time, when it is often a lack of quality systems or a poor mindset. Other people have misplaced pride in being busy, falsely equating busyness with productiveness.
Being the person that got you to where you are today is unlikely to get you to where you want to be tomorrow. The toughest lesson I help my clients with is often the mental adjustment required to go from here to there.
Spending money to buy time is one small part of that adjustment, but an important one. It is the key step between going from a struggling freelancer to a successful business and is rooted in knowledge of opportunity cost.
At some point, your time becomes more valuable than your money.
If you earn an average of $100 an hour, but it only costs $30 an hour to pay somebody to do a task you don’t like, you lose $70 an hour by doing that task yourself.
Your time would often be better spent doing the tasks you are good at, that you enjoy, or simply taking the time to rest so you are more effective at completing your core tasks. You have to shift from the common “employee” mentality of the cost being $30, to the cost being the $70 opportunity cost of the lost hour of time.
A gigantic leap in mindset that takes time and guidance to learn. It is critically important to learn when to buy time if you wish to be a successful business owner.
ACTION: Conduct a time audit
In my opinion, a time audit is the best ROI exercise a business owner can perform. You will be able to identify your “effective hourly rate” (more on that next week), including which tasks you should outsource and which tasks you should get rid of altogether. It is the most effective way I have found to reduce the time you spend in your business while increasing profits. Here is my free guide on how to conduct your first time audit: https://www.johnjdmunn.com/freeresources
Comic by
3. 💡 Quote I'm pondering
“99% of the harm is caused in your head, by you and your thoughts. 1% of the harm is caused by reality, what actually happens and the outcome. Often, the problem isn't the problem. The way you think about the problem is the problem” - Steven Bartlett
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I used to believe that changing my facts would change my feelings. I now know that they are different things, and both require their own work individually.
I always instinctually understood that my facts influence my feelings - being without money when younger did often influence me to feel bad in many ways - but it took me a long time to realise how much my feelings influenced my facts.
Feeling optimistic about the future and feeling confident in my own ability allowed me to take calculated risks and achieve the success I desired. Feelings are like skills, they can be worked on and developed. Much like rest, feelings aren’t a reward for success but part of the puzzle that helps you achieve success.
That's it! I can't wait to hear what you think. What did you find most useful? What do you want more or less of? Reply to this email now and let me know
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Have a great week,
John
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