realtor money mindset Archives - Wade Webb Real Estate Coaching

Is Your Money Mindset Fixed on Growth?

Wade Webb on December 15, 2021

Our relationship with money is formed at a young age. And contrary to popular belief, it’s not our management of our money, but rather our relationship with money that keeps us from truly breaking through and achieving financial independence. This is great news to the 73% of N. Americans who recently ranked their finances in a Creditwise survey as the most significant source of stress in their life. And is it any surprise? According to Bankrate, 63% of N. Americans don’t have enough savings to cover a $500 emergency. It’s clear that it’s more important than ever for us to look at managing our finances from a different angle. If we can learn how to better prioritize growing our finances, we can significantly reduce our stress.

Acknowledge that money is energy. – We put a lot of weight on money because of its association with survival, safety and security. All of which are basic needs for us as human beings. But because of the connection to survival, we make money mean a lot. In reality, money is a neutral currency. It isn’t bad, it isn’t inherently good. It’s neutral. If we can accept this idea that money is just another form of energy, we have the ability to then use money to align with our values. This is where so many people are going wrong. They’re spending on autopilot and not consciously considering where they want to put their money. Neuroscience tells us that our conscious mind plays a very small role in how we run our lives. This means we are running our lives the majority of the time from our subconscious mind which is where we store beliefs and habits that we have preprogrammed. A practical way to make this distinction to using money consciously is to ask yourself the question, Is the way I spend and save my money currently aligned with my values?

Identify the money beliefs from childhood. – What we learn about money up until age 7 is most impactful. What your parents did to earn money and how money was spoken about in the household can lead to shame associated with money (which can impact your spending and saving behavior.) For example, if you were told that the wealthy person in your community was “greedy” and therefore “bad” by your parents, then your subconscious mind would associate being wealthy with shame and an inability to be loved. One of my clients had a mindset belief that she was only able to make money if she worked really hard for it. This belief meant that she associated hard work, long hours and blood, sweat and tears with success. She had told herself this was the only way she was able to earn. In doing so, she was blocking off the flow of money in other ways. For example, clients that fell into her inbox through referrals asking to pay in full, or going into a launch and having clients come in without her having to push hard for the sale. When my client recognized this and actively started to tell herself, money comes easily to me, she was able to see all the ways she could create more money doing less, and has since streamlined her business model and added $100k in annual revenue.

Move beyond your programming and create your own money blueprint. – Moving beyond your current money stories starts with awareness, which occurs in the prior step. Once you understand your conscious mind, you then have the ability to change these beliefs. The final step is to ask yourself a series of questions to cement the new beliefs and create new habits. These can include when I am financially secure, what do my days look like? One of my clients came to me after being in business for a number of years, and was generating money through many different offers in her business. She was tired, business felt hard and she had lost faith that she could build a profitable business. The problem was that she had created a story in her mind that the business model she most wanted wasn’t possible for her until she was earning at a certain level. By shifting that mindset, she then recognized the physical changes required within her business model, and is now up 300% in revenue for 2021, working less than she ever has in her life.

When I am financially secure, where do I invest my money? – Personally, this question highlighted to me that I was living my life with the belief that I couldn’t invest or create opportunities to grow my money until I earned a certain amount. It showed me that I was telling myself a story that only wealthy people are prioritizing ongoing investing, which is counterintuitive. What habits can I incorporate into my day to understand my money and how it’s working for me more effectively? For many of my clients, they avoid their money because they don’t understand it. Having a growth money mindset means prioritizing learning, and being open to learning about money. That might look like checking your cash position every morning, or setting a bi-weekly date with your partner to discuss your household financial position. By understanding your money mindset blocks, you’ll be far more open to create habits you actually stick to. It’s more important than ever that we open a conversation about our relationship with money. By aligning the way we use money to our values, and getting clear on our subconscious programming from childhood about money, we can create new behaviors and open ourselves up to creating more wealth. If you take the time to understand your resistance to money, you’ll be much more likely to create healthier habits and practical strategies that you practice consistently.

With your new mindset, you’ll be well placed to seek out the advice and counsel of an accountant or financial advisor who has the expertise to help you level up your finances and start building wealth.

Strength and courage,
Wade

Money Setting Goals & Best Practices for Agents

Wade Webb on April 21, 2021

When I began my real estate career at only 21 years of age my father and partner at the time was an amazing mentor to me on money management early in my career. Those lessons I learned were so valuable for me and still guide me 29 years later. What are your money saving practices? What are you financial goals for 2021? “I want to save more money this year.” “I want to become debt-free.” “I want to start saving for retirement.” These are all worthy goals, but that doesn’t mean they’re effective. Perhaps, like countless other people, you set goals like these year after year, but you make little or no progress. Strive to make 2021 the year you finally achieve your financial goals by keeping these do’s and don’ts in mind.

DO rely on systems, DON’T rely on willpower. – Many of us rely on willpower to bridge the gap between the goals we set and the things we want to accomplish. But this isn’t always effective. Instead of relying on your willpower alone, set up systems to help you actually achieve your financial goals. Instead of just “trying harder” to stay on top of your bill payments and set money aside for savings, for example, set up automatic bill pay and weekly automatic transfers from your checking account to your savings account. Systems like these help ensure your financially responsible intentions don’t become an afterthought.

DO focus on habits, DON’T focus on outcomes. – Refocusing your money goals on specific daily, weekly and monthly habits—rather than distant, vague outcomes—could help you follow through. For example, instead of setting a goal to save up for a family vacation this year, turn your focus to the habit that will help make it happen, like transferring $50 to a dedicated vacation savings account at the start of each week. Clearly defined habits are essential in helping us make real progress.

DO stay flexible, DON’T be rigid. – Another common pitfall is failing to update our goals as we experience changes to our circumstances throughout the year. Goals are dynamic, and therefore our approach to them must be flexible. It’s perfectly fine if some of your past goals are no longer relevant. And it’s normal for new goals to take precedence over previous priorities. But as that happens, it’s important to update your financial systems to reflect those changes. Schedule time on your calendar once a month to review your financial goals.

DO stay committed, DON’T try to be perfect. – Rather than giving up for failing to be perfect when you make money mistakes, give yourself credit for staying committed in spite of your missteps and the challenges you face. You don’t have to be perfect to achieve your money goals, but you do need to remain committed to the process. Recognizing the positive progress you have made can help you do just that.

Here are a few of my recommended reads for those looking to learn more with their money habits:

Richest Man In Babylon – George Clason

Rich Dad Poor Dad – Robert Kiyosaki

Total Money Makeover – Dave Ramsey

The Millionaire Next Door – Thomas Stanley

Strength and courage,
Wade

What’s Your Money Mindset?

Wade Webb on November 11, 2020

“Identity is this incredible invisible force that controls your whole life. It’s invisible, like gravity is invisible, but it controls your whole life.” —Tony Robbins

One of the most powerful forces over us is our identity. Identify as someone who is fit and healthy? You’ll prove it by working out daily. Believe that you’re great at math? Then you ace those tests. And when you identify as someone who is “just not good with money,” you will prove that to yourself over and again by quitting a good job, spending recklessly or losing your wallet every few months. Humans are incapable of acting out of line with our identity and our subconscious works tirelessly to make us consistent—for better or worse. If you want to get rich, then, the solution is to change your identity. And THAT starts with changing your thinking.

Here are some questions you can ask that will do the trick.

1. What negative beliefs do you have about money? Dig deep for your own greatest hits. What do you believe about money that’s preventing you from having it? Do you have a rich uncle with horrifying political views and think all wealthy people must be like that? Money is only a tool, and wealth is not correlated to a person’s character or political views. How can you discover your beliefs about money? Pay close attention to the language you use. “I can’t afford it” is a mantra that shuts off your brain. Yes, you can afford it in some future state—you just need to get creative. A healthier replacement belief might be, “How can I afford it?”

2. Why do you deserve money? The most common block about making money is the feeling that we don’t deserve it. We tell ourselves in myriad ways that we’re not smart, kind, attractive, capable, experienced or fill-in-the-blank enough. Challenge that thinking. Make a list right now (yes, right now!) of all the reasons you deserve money. You might write down, like I did, that I deserve money because I’m a kind, ethical man with an abundance of integrity and that the money will be put to use for humanity’s good. Maybe you deserve it because you work especially hard, or take care of a sick loved one, are incredibly intelligent and capable, because you’ve paid your dues—or, because everyone deserves wealth and abundance, including you.

3. Who could I become with money? I’ve had the pleasure of experiencing that formative life lesson that is being broke. I’m grateful for the lessons it taught me, but I’d never want to go back there. As a broke person I was always stressed, which erased my sense of humor. I stopped seeing friends. I stopped buying new clothes and having a beer on a patio in the summer, which made me happy. I lost my self-confidence and self-esteem, and because of that, couldn’t possibly do great work. Learning how to create and grow wealth changed all of that and helped me become a more vibrant, generous, less uptight person—my real self. I like myself much more as a prosperous person. Who would you become without the guillotine of poverty hanging over your head?

4. Who could I help with money? A sole focus on yourself is a good recipe for ending up alone and miserable. The secret to a happy life is to constantly be contributing. We all want to be useful and that happens because of what we give, not what we get. If you had all the money you want now, who could you help? Could you pay off your parents’ mortgage? Send your daughter to the best school in the world? Be less stressed and a better partner at home? Give to charity? Find a reason outside of yourself for creating wealth, and the dollars will flow.

5. What has money already given you? There’s a psychological effect called “disqualifying the positive,” and it happens when we ignore good experiences and focus only on the bad. People do this often with money: We forget how much that money already does and has done for us and see only what’s lacking. We can combat this by literally counting our blessings. On a piece of paper, write down the amazing things you have or had in your life because of money—your home, car, education, lifesaving surgery or medication, vacations, toys, food, or gym membership. Thanks, money! When we remind ourselves of what money is capable of giving us, we appreciate it. And when money feels appreciated? Well it comes to visit more often. There Is Plenty to Go Around “The truth is that there’s more than enough good to go around.” —Michael Beckwith

There’s one specific money belief that’s probably more important than all the others, and it’s the complete opposite of what most people believe: There is plenty of wealth to go around. No, we’re not talking about printing money, we’re still on the subject of beliefs. If you think that wealth creation is a zero-sum game, i.e. that someone has to lose for you to gain, then you will always struggle with money. That’s the scarcity mindset. The truth is, wealth can be created out of nothing—just put an industrious pioneer in the middle of a forest and you’ll see. The economy grows not because of clever tricks by central banks, but because real people are creating real value for other people through a product or service. The pie is constantly growing, and when one person gets a slice, they don’t deprive someone else of theirs. Adopt this belief with full faith, and you’ll stop competing for wealth and start creating it.

Strength and courage,
Wade