How can we change our relationship and habits with money? How much should be in your bank before you quit that day job? Hilary Hendershott, certified financial planner and host of Profit Boss Radio shares her best advice on building wealth - including how to set a price on your product, why you need automated systems, and how to reconfigure your limiting beliefs so everything can become financially possible.
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TAKEAWAYS FROM THIS EPISODE:
- Decide. Choose to change your relationship and beliefs about money.
- Plan. Automate your finances and give each dollar a job.
- Don't say "I can't afford that." Say "I'll figure out how I can afford that."
- Asking for something - with a reason - can make all the difference.
- Envision your business as a documentable system that you can teach to someone else and expand.
- Make a slow transition to quit your day job. Start lean.
- Money is a blank slate.
- Anyone can commit.
- Set your value. Then figure out what you have to produce in order to get there. It will take time, but you'll get there.
- No matter where you are financially, anything is possible.
MENTIONED IN THIS EPISODE:
- Profit Boss Radio Podcast
- Hilary's TEDTalk - The Surprising Power of Language to Make You Rich
- The E-Myth Revisited by Michael E. Gerber (Entrepreneurial Myth book)
- Hilary's 7 Steps to Financial Wealth
- Decide. Get real and choose to change your mindset about wealth.
- Plan. Automate your systems. Give each dollar a job. Put savings in your retirement plan.
- Types of retirement plans (401k, Roth IRA, SEP IRA, etc.)
- Speak. Master your internal programming and language about money.
- Ask. Make bigger requests of the world. Negotiate your own benefit.
- Earn. Take action to bring income and assets into your financial ecosystem.
- Invest. Use evidence-based methods to compound your earnings.
- Protect. Don't gamble what you can't afford to lose.
- Quote: “Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative (and creation), there is one elementary truth, the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself, then Providence moves too. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decision, raising in one's favour all manner of unforeseen incidents and meetings and material assistance, which no man could have dreamt would have come his way." - William Hutchinson Murray
Thank you so much for listening!
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