087: Break Out of Your Money Zone (and Uninstall Negative Money Beliefs) Using 80/20 and 10X

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Important Quotes & Terms

• Jeff Bezos: "Entrepreneurs must be willing to be misunderstood for long periods of time."
• Lao Tzu: "The journey of 1000 miles begins with a single step"
• T. Harv Eker: one foot on the brake
• Grant Cardone: you must put 10X the amount of effort you think you had to put in to create that goal
• Resources: positive affirmations about money
• Resources: Socratic questions to change limiting beliefs into empowering beliefs

Reasons We Became Entrepreneurs

• Result: travel, retire, better house/car
• More time for what matters
• Break out of the daily grind
• Freedom
• Control
• Less stress, work
• Build something undeniably great with your name on it
• Crack the code (or nut) using your intelligence
• Help others to build their business, write a book, lose weight, etc. Change lives.
• Get the high score

Reasons You're Trapped in That Money Zone

• self-esteem (you think you're not smart enough or don't deserve it), too old or too young, fear of change, fear of losing friends, comparisons to your parents and friends
• scarcity mindset insetad of an abundance mindset
• it's hard to speed towards a brick wall: you tend to slow down when those bills get paid, instead you need 10
• problem: what we resist persists

Quick & Easy Solutions

1. Meanings don't exist: any meanings or conclusions you come up with are in your own head. There is no absolute truth. Only many truths you have created.
2. Locate the source: Write down the specific issues that are holding you back from making more money -- people, attitude, obligations
3. Counter example: Find the exception that proves the rule: when were you productive? When did you have more money than you needed at the time?
4. Provide real value for others
5. Cut out the negative people (and customers) in your life
6. Write down a daily metric for how you're doing (as in, money, sales, content created)
7. Write down issues to correct them

Socratic Questions

1. Clarification: why do you say that?
2. Assumption: what could we assume instead?
3. Evidence: what's an example?
4. Perspective: what would be an alternative?
5. Consequences: how does it affect other things?
6. Meaning: what does it mean and where does it come from?

Questions to Correct Mistaken Beliefs

1. What's the evidence for this?
2. Does this ALWAYS hold true or has it ever been wrong?
3. Does this take the big picture into account, both positive and negative?
4. Are you being fully objective? Where did this idea come from? Or is it only emotional?

Negative Self Talk

• Worrier: anxiety. Worst case scenario, overestimate the bad, exaggerated images of that. What if? Change to: so what?
• Critic: self esteem. Judging. Ignores positive qualities and emphasizes the bad. I'm ok with the way I am.
• Victim: depression. Helpless, powerless, regret. Belief that nothing will change or is too difficult. One step at a time.
• Perfectionist: burnout. Says you should be working harder. Intolerant of mistakes and setbacks. It's ok to make mistakes.

Podcast: Play in new window | Download (Duration: 37:16 — 34.1MB) | Embed

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Filed in: Archive 1: 2012-2016 • Mindset • Podcast