Tina Tower [00:00:00]:
Hello and welcome to her Empire Builder Show. I am your host, Tina Tower. And today we're talking all about money, specifically busting money myths to help to increase your wealth, which is something that, you know, wealthy women change the world. So I have always been very passionate about helping women create more wealth through business and then personally. So what we want to talk about is if you're not making the kind of money that you want to make, it's twofold. Sometimes it is strategy, and sometimes it is beliefs. It's a combination of both of those things. Most of the time, I'm talking strategy.

Main Episode

Tina Tower [00:00:40]:
Very rarely do I put the belief part of it in there. So that's what I wanted to devote today to, is the five beliefs, the five myths that I see that hold people back from making more money. And awareness is always the key. I find that once you are aware of these, if they are true for you, then you're able to start reframing that. You're able to start rewriting that belief so that it can be something that is a bit more helpful in your life so that you can build more wealth. Now, myth number one is making money is hard. Do you believe that making money is hard? And I think that we are conditioned to believe that it is. Whereas, like, I think there's always more money in the world.

Tina Tower [00:01:25]:
And yes, we do have to work hard, but it doesn't take all the constant hustle and grind and getting nowhere. I believe that if you want to create more money, it is out there. There is abundance of money. And what you have to do is figure out your right strategy to be able to go and get a piece of that. So the struggle, you know, I do think sometimes we glorify the struggle. And I'm not one to say everything is easy and business is never hard, because I do think that hard work is necessary in order to build your business and build your wealth. However, I think there's a line with that. I think that if you look at hard work alone, the world is filled with people that are working extremely hard but aren't getting anywhere financially.

Tina Tower [00:02:13]:
And so, yes, you need to work hard, but you need to work hard on the things that are going to maximize the results that you have so that you can then obtain that wealth. Money flows where value is created. And so when you go to look at making money, I have this thing that I talk about with a friend of mine where we talk about $100,000 ideas. And he was talking about, unless it's at least $100,000 idea, he's not even going to contemplate it. I like that game because it means that we're always thinking with how we can view business as the game and going, okay, there is a ton of opportunity out there and you get rewarded based on the problems that you solve and the value that, yes, we want to work hard, but we also want to be super, super leveraged so that when you are putting the work in, you are choosing the thing that is filled with the most value. You are choosing the thing. An analogy that I heard the other day was say you've got a soccer pitch there and you've got all the soccer balls lined up and you're trying to kick the balls through the goal. When you've got all of them, pretend the soccer balls are the opportunities available to you.

Tina Tower [00:03:33]:
Now you can have some soccer balls that are like bowling balls, super heavy, super laden, and then other ones that are like those bouncy ball rubber things that just fly through the air really, really easily straight into the goal. What I find is sometimes people will spend all their time and effort on trying to kick the bowling ball through the goal instead of the easy one. And so a lot of the time when I look at why people aren't making as much money as they should be, it's because you're choos the hard thing rather than where the easy money and where the value is lying. So it's really looking at, are you not choosing, like, ease doesn't have to mean laziness. I still think you need to work hard. You still got to kick that ball. But don't choose harder than what you need to choose. Myth number two is that wanting more money is greedy.

Tina Tower [00:04:28]:
This is one that I find a lot of us were raised with. I know that whenever we drove past someone when I was a child that was driving a BMW, my mum would go, oh, what a wanker. Just because of the car they drove. And then in 2016, I bought a BMW because I wanted to show that I didn't hold that belief that it was okay to have nice things. And let me tell you, I freaking loved that car. I felt so. It was such a sexy car. I loved walking up to that car.

Tina Tower [00:05:00]:
And at no point did I feel like I was a wanker. I loved it. And so I think, especially for women, we're tall to be modest. We're taught to be very grateful for everything, of which I think is a valuable trait, but to not want more than what we have and not to be too much. And I think that wanting more is Fantastic. You can be both content and want more at the same time. You can be grateful for what you have while still striving for more. And that doesn't mean you're greedy.

Tina Tower [00:05:34]:
It means you want a big life. It means for a lot of women especially, they, like wealthy women, change the world. Women naturally are more philanthropic. They help their families more, they help their communities more, they give more money away. Like the world just works better when women hold more wealth. We know that statistically, so really we're doing a service to the world by holding more wealth. So I do think that in a lot of instances, money has been painted as shameful and shallow and selfish. And for some people, I think that is the case.

Tina Tower [00:06:09]:
But what I see most often is money does exacerbate who you already are. So if you're an asshole, it might make you more of an asshole. If you are kind and generous, it'll allow you to be more kind and generous. Money gives you a lot of opportunity. And so I think if you're feeling like you're somehow selfish or greedy for going after more money, that that shame needs to be analyzed with where that's coming from. Wealth. What I find just amplifies who you are and definitely amplifies what you are able to give to the world, which is such a cool thing. And when kind, generous and mission driven people have money, the world changes for the better.

Tina Tower [00:06:53]:
Myth number three is that you have to be great with maths or finances to build wealth. Now let me just dispel that one for you straight away. So I in year 12, like our final year of schooling, I got 56% was my math score. I was not great at high school maths. Even now with my kids doing their final years of school and looking at their maths, I can't do their maths. But do you think that matters? We learn so much. I always look at their schoolwork and go, why aren't they learning taxation? Why aren't they learning about personal finances and investing? A lot of what we're taught at school, school, and then we build shame around we're not good at numbers does not translate into real life at all. And what I found is a lot of really smart people that were good at maths at school are actually really rubbish at everyday life.

Tina Tower [00:07:45]:
And so it's probably going to work in your favor if you were not good with numbers in high school. What I have found is practice makes perfect. If you keep an open mind and you start looking at just knowing your numbers and getting familiar with Your numbers, you're able to really build those financial skills with time. So a lot of entrepreneurs will ignore their numbers because they feel like they're not good with money. But knowing your numbers will improve every single aspect of your business, because the whole goal of the business is to build something sustainable and profitable so that you have the freedom and flexibility to build whatever you like in your business and in your life. Knowing your numbers is power. If you don't know your numbers, that's when you're going to constantly be running out of money and knowing if you look at your expenses, your income as an example, you'll see your income coming in. And then if you're sitting there going, I don't know where all that money went, that is the situation you never want to be in.

Tina Tower [00:08:42]:
You always want to know where your money is going and be able to control that, be able to count your own beans, because that means that you will have more money left. There is a conversation I have with my husband. A lot is going. Even when we were struggling financially, like making a lot less money than other people, I was going, we always seem to have more money than other people. Like, there were people that earned three times the amount that we did that were always struggling financially. But we always felt like we could still travel, we could still do different things, because we watched our money really closely. We made sure that every dollar that we had come in that we were consciously spending that, either spending it on expenses or investing it, or spending it as wisely as we possibly could. We never traded it flippantly.

Tina Tower [00:09:32]:
We never said, like, it doesn't matter. Every dollar was accounted for. And so what we want to do is get curious. We want to start tracking that income. We want to start tracking your expenses. I recommend doing it weekly. If you're only doing it, like at the end of the financial year with your accountant, then it's a big gap between that and weekly. I'd start with quarterly, then I'd start introducing monthly, Then I'd start looking at it weekly so that you can start to get all of the knowledge around that and get best with your money.

Tina Tower [00:10:05]:
So use simple tools. I love Xero. It's my favorite accounting software. But also you should be tracking your cash flow every week. So if you've got a bookkeeper, that makes things so much easier because they're able to do all your reconciliations, all your reporting, and present it to you every week so that you can see how on track you are, ask a lot of questions. So when you're talking to your bookkeeper. When you're talking to your accountant, it's your responsibility to know as the business owner what's happening inside your business. So you want to ask questions.

Tina Tower [00:10:37]:
Until you understand things, never feel like you can't ask questions. I know I talk to some people and they're like, can I just ask you this accounting question? Because I feel like it's a stupid question and I'm too embarrassed to ask my accountant in that situation. I'm like, either get a new accountant if they're making you feel stupid, or just go and ask the question because that's what you're paying them for. And also legally that's your responsibility. So you want to start really getting that knowledge because knowledge does equal power and the awareness is what's going to bring more profit in your business as well. Myth number four is that it is selfish to charge high prices. Now, if you feel guilt for charging your worth or charging what others are charging in your space or more than others are charging in your space, even though your course is filled with value and filled with transformation and results and so much goodness, then this is going to get in the way of you earning what you should be earning. So what I want you to replace that belief with is high prices equals high commitment.

Tina Tower [00:11:46]:
So what I mean by that is if you charge a low cost for a course, so say it's like a $97 course, then a lot of people would just like flippantly buy that. You'll see it and go, oh yeah, I'll see it off the back of a Facebook ad and yeah, I'll give that a run. And they're going to buy it. They're not going to think about it. If you charge 997 for a course, what people are doing is they're having to think about that, they're having to be discerning. So they're having to make the decision, which means they're committed. That means people are more likely to actually complete the course to actually get those results, which means you're going to feel great because you've got the impact that you set out to create for your clients. It's also going to give you those customer stories, which is going to grow word of mouth, going to get all those great testimonials, which is going to grow your business sustainably instead of that churn and burn sort of environment you're also going to replace it with.

Tina Tower [00:12:38]:
When people invest, they show up. This is prevalent in memberships. If you have a low cost membership, really hard to get people engaged really hard to get people to show up. When it's more a medium or high priced membership, people care, they're there. And so you're going to get those better results. Your price is going to reflect your impact, not necessarily your time. So always look at what is the impact you're giving people, what is the result that you're getting people? And that's how you can charge. And myth number five is, if I just work harder, I'll make more money.

Tina Tower [00:13:15]:
Now this is true to a point. So I do think when you're starting, hard work is a prerequisite. However, it gets to a point where you have to then let that belief go because you can actually do more harm than good. If you just turn up your hustle, you will actually make less money than if you switch your belief at that time. So you can trade time for money to get your business off the ground. Definitely. But then it gets to the point where if you keep trading time for money, you're not being able to spend time on the business building activities, which means you'll reach your ceiling. You won't be able to get past that plateau.

Tina Tower [00:13:54]:
And so your time is very, very limited. Burnout in business is very, very real. So what I look at is like I know many women that are working plenty hard enough to get the financial results, but if you're not seeing the income that you deserve, it's usually because that time isn't leveraged. So what do you want to replace that with? Is money comes from smarter strategy, it comes from clearer offers, it comes from better positioning, better messaging, and knowing your worth, not necessarily more hours. So what you want to focus on is leverage. When you're putting those hours in, is going, is this the best use of my time? Am I leveraging this opportunity through more scalable activities like getting your courses out there, getting recurring revenue, getting your system scalable so that you can create more with less output. When you are doing that, that will increase the outcome that you're going to get. Your income is definitely not the reward for exhaustion.

Tina Tower [00:14:53]:
It's a reflection of the results that you're creating for people and the problems that you're able to solve. So what I want to tell you is you can rewrite any belief that you have at any time. There's a great book from Derek Sivers that's called Useful Beliefs. And the whole premise is behind it is that all our beliefs are made up. None of our beliefs are actually true. And when you're looking at that, what you are Actually, the book isn't called Useful Beliefs, it's called Useful Not True. That's what it's called, Useful Not True. I'll link it in the show notes so that it's there.

Tina Tower [00:15:25]:
But when you are looking at that, what you want to really know is that all our beliefs are made up. And so you get to choose ones that are helpful. If there are beliefs that you're holding onto that aren't helpful, you can choose to rewrite that belief at any time. And one thing that I learned when we do our round the world travel, one thing that I learned is from country to country. It's incredible how much beliefs can differ, but each person to their core believes that it's true. And that just really reinforced to me that we can choose any belief. We want to choose the ones that are helpful. We want to choose the ones that are going to be good for the world, that are going to be good for us, that are going to help inch us further towards our goal.

Tina Tower [00:16:08]:
So if you want to increase your wealth, if you want to find out how to get more leveraged, what I encourage you to do is go to herempirebuilder.com and then join the wait list for the next round of her Empire Builder. It is where we teach you how to be more scalable, how to be more leveraged. You've got your course already. What we want to do is build the business engine behind that so that you're able to create more out of what you have already created. I will see you on the inside. Let's feel great about it and go and make more money.