Busting the Money Myths
Picture this! You are having a meeting with your ideal customer. They have expressed an interest in working with you. You have gone through your call checklist and you tell them it was lovely to meet them and then it all goes a little pear shaped and you end up leaving the meeting with nothing!
Has that every happened to you?
Well the good news is that you are not the first person this has happened to. The one thing you do need to do is understand why it didn’t go the way you expected. One of the main reasons deals are not finalised is the fear of talking about money.
Here are the most common money myths I have come across and my response to them.
Myth 1: Money is the root of all evil.
I have grown up hearing this, or rather, feeling it, every day.
The understanding that wanting to make money was not cool. We all went to work for money to pay your bills, the idea that wanting money made you untrustworthy.
The Truth is, money is a commodity which is used to buy things with. As simple as that. Money can be seen as energy and depending which side of your brain you use, will depend on how you affect your energy.
In ‘Rich Dad Poor Dad’ Robert Kiyosaki talks about being guided by either, your emotions (Left-Hemisphere of brain) or logical thought (Right-Hemisphere of brain). Which can explain why, no matter how much I earned in the past I always had the same amount of money saved.
Myth 2: It’s not polite to talk about money.
It has been quoted many times that we are more comfortable talking about sex than we are talking about money. (Check out Louise Hays 101 Powerful thoughts). Whether or not you think this to be true, I do believe that this has had a profoundly negative influence on women.
Sheryl Sandberg in her book ‘Lean In’ talks about how women find asking for pay rises hard conversely their male bosses find it hard to hear them.
Unfortunately, not being comfortable talking about money is detrimental to your business. In order to grow a successful company, talking, thinking and planning around money is the key to your success. Yes, I will say this again, being comfortable about money is the key to your success in business.
Myth 3: You must work hard to make money.
This is the one I struggle with most. I was brought up to believe in working hard for your money. Work hard, earn an honest pay for an honest day’s work … etc….
When I started working for myself, this translated into my working long hours. I would fill the time with (a lot) of, social media scrolling, telling myself I needed it for research. The truth was that I felt safe in being busy and working hard. That would mean I would have enough money to pay my bills.
The reality of it is, working for yourself means that how you look at ‘being busy’ is different. The hours you work need to be focused hours so that you are getting paid for what you do. Invest in yourself and make money work for you. Making money work for you means working smarter for it – not harder.
I have found that the more ‘fear’ you have around money, the more likely you are to be a busy bee.
Myth 4: I just do not understand money.
This is one that I hear a lot of. Women report worrying about many money decisions. As a result, some women will give up their financial power by not getting involved in the financial decisions made in their household. Therefore. when it comes to running a business, they do not know where to start.
The good news is that you can learn to confidently make money decisions. There are plenty of resources available to help you become more confident around money. This includes books, newsletters, and online tools for money management. Check out my 1 to 1 Creating your Cash Fountain here. Understanding the numbers in your business is a learned skill, one you can start today.
Myth 5: I am ashamed of my finances, so I do not want to deal with it.
It sounds crazy, but so many people bury their heads when it comes to planning and cash management.
One creative client said she was afraid to come to me in case I told her to stop her business as it would never make money. Firstly, as I said to her, no one has that power! Your business is your baby. However, if you are losing money, the laws of probability would suggest, that you will find out eventually that you need to close the business. Your fear of of facing your money problems will not make them go away.
It is important to do the figures. Become intimate with your numbers. Figure out how much debt you are in, how much you will need to pay your bills.
We need to get comfortable talking about money. If we never talk about money with our friends, our partners or our parents, then when we need to talk about it – in the meeting with your ideal customer – we won’t have the vocabulary to advocate for ourselves.
Knowing your numbers will give you the confidence to take the fear out of meetings. … You know you’re worth it!
Check out my 1 to 1 Creating Your Cash Fountain, where I work with you to plan your next 12 months.
Where to find me:
Next week, week 3 of 10 – Setting Goals – Dream big or bite size?