In this episode Corbett says, flat out, “the way you think and feel about money is affecting how your business is performing.”
Listen along as we each reveal our own thoughts about money. Be gentle, I’m actually embarrassed by my own answers… don’t know why.
And that embarrassment gets to the heart of the issue… are you aware of how you feel and think about money? I wasn’t.
Hopefully this episode helps you see your own feelings clearer — you’ll at least see ours!
In all seriousness, there’s some good bits in here about how money is a tool, how bootstrappers should be navigating these waters, what resources to tackle next, etc.
Because, as Corbett says in the show: dealing with money is a skill, and just like any other skill you can work at it and get good at it… and getting good with money will seriously effect the performance of your business.
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“HAMMERS are to construction what MONEY is to indie entrepreneurs. Learn how you feel about money”
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Caleb’s Money Mindset Qualifiers
Caleb has this great little bit in the show (about 23m in) where he mentions a handful of things you could look at to get a read on how you feel about money. Here’s a list of questions he asks to help you think through your money mindset.
- Do you have debt? If so, do you have plans to get out of debt?
- How do you feel about tipping? Do you hesitate before leaving a tip?
- Do you find it difficult to charge what you’re worth in your business?
- How much time do you spend looking for the lowest prices on things you buy?
- How often do you give discounts on your services?
- How do you feel about negotiating?
Some Money Seth Godin Quotes
“If money is an emotional issue for you, you’ve just put your finger on a big part of the problem. No one who is good at building houses has an emotional problem with hammers. Place your emotional problems where they belong, and focus on seeing money as a tool.”
“The way you feel about giving money to good causes has a lot to do with the way you feel about money.”
“In our culture, making more money feels like winning, and winning feels like the point.”
Gumroad Quick Start — Stop scheming. Start shipping — We partnered up with Gumroad to make a quick start guide video, interview series and ebook. Why? Because we want you to stop scheming and start shipping… and this is the best way we’ve found to do that.
Show Notes
JAN 2014 was about building your first product — Listen to each episode and hear how 13 successful founders made their first products (and what they learned).
Money Matters. And It Doesn’t. — What do you think? Does it matter? Great article from Josh Shipp we featured earlier this week.
Unless I Hear Differently — Work Good & Fast With Clients & Teams — A simple email tip we put together with the folks from Simplifilm.
Seth’s Blog: Thinking about money — A few things to keep in mind about money… most of it is life-changing.
Book Thoughts: The Millionaire Next Door — Caleb Wojcik — “… the majority of millionaires don’t live the lifestyles that most people think they do”
Broke – ESPN Films: 30 for 30 — “More money, more problems. Broke digs into the psychology of men whose competitive nature carried them to victory on the field yet seemed to ruin them off the field.”
Peldi at Business of Software 2010: Do Worry, Be Happy! Keeping sane as a software CEO. Video & transcript | Business of Software — “Peldi, Founder and CEO of Balsamiq talks about all of the things that he worries about, some of the things he doesn’t and the secret to sleeping well at night.”
MicroConf – The Conference for Self-funded Startups and Single Founders — Be sure to check out some of the videos… excellent stuff.
Managing Small Business Finances with Caleb Wojcik (Ep. 18) — A couple Fizzlers makin’ whoopie on the mic! Great episode of the Listen, Money Matters Show interviewing Caleb about some small biz money stuff.
Learn how to set goals that actually stick!
The Top 10 Mistakes in Online Business
Every week we talk with entrepreneurs. We talk about what’s working and what isn’t. We talk about successes and failures. We spend time with complete newbies, seasoned veterans, and everything in between.
One topic that comes up over and over again with both groups is mistakes made in starting businesses. Newbies love to learn about mistakes so they can avoid them. Veterans love to talk about what they wish they had known when starting out.
These conversations have been fascinating, so we compiled a list of the 10 mistakes we hear most often into a nifty lil' guide. Get the 10 Most Common Mistakes in Starting an Online Business here »
Hey guys:
Yeah, money, it’s weird. I used to have money goals of “make ends meet tomorrow.” And my business reflected it. Meaning: I was chasing HORRIBLE clients doing HORRIBLE work and yes, keeping the shut off notices a couple weeks away.
There was drama. Refunds. It created bad habits I’m still involved in.
At some point- and meeting my biz (not longtime) partner had to do with it – it morphed into something else, doing great work, and the biz was an expression of what I wanted to be/do/etc. When that happened, the money came.
Maybe the money was jealous that I was chasing something else and had to have me.
Nice share Chris. Very true. Damn that drama. Damn it strait to hell.
The post Josh had the other day really put things into perspective for me.
Incredible!
Really interesting discussion guys !!!!
What an amazing example of hardcore branding from Matt Giovanisci (the pool and spa expert) the rap song was hilarious!
Thanks, Sergio! Glad you enjoyed it. Got another one coming soon for personal finance :-)
podcast in a nutshell- focus on the problem and not the solution
I agree – not a fan of The Secret or Rich Dad Poor Dad, but I do like Tipping Point and $100 Startup
I can testify. I’ve seen and followed Matt’s transformation. I was impressed. The dude has the mouth of a sailor but he’s got some serious grit. #Respect
I love the discussion on the difference between startups and bootstrapped independents toward the end of the podcast. I’ve thought about this exact topic for awhile but never really heard anyone acknowledge the clear difference. I think it also made it clear to me why I was attracted to Fizzle in the first place as well as clarified who I am while still trying to define myself as an entrepreneur.
The startup scene can be really attractive and produces some good stuff but there definitely seems to be something more meaningful, at least to me, in independently developing your business without basically getting sucked into another job working for VC’s and other major stakeholders.
I feel the same way, Nate. Glad you found that bit. Highly, *highly* recommend all the videos here: http://www.microconf.com/videos-2013.html
Great education into the “bootstrapper” language and principles… and solid insights.
It’s really awesome how one’s perspective can change when realizing money is a tool and then even more when applying it.
Btw, checking out your site now – looks like a lot of good reads!
Wow, thanks guys!
I’d like to say one thing about money…
If you want wealth, you have to change your mindset. Being terrible with your money is just a bad habit that you need to break. But reading about it won’t magically make you richer. You need to commit yourself to breaking the habit.
In 2013, I decided that I no longer wanted to be stressed about little pieces of paper. I read every personal finance book I could get my hand on because my parents, even though I love them, were the worst influences. The first step is admitting you have a problem, next is getting yourself into money rehab!
Get yo mind right. Educate yourself. Take action immediately! It’s that simple.
It was cool getting to know you guys a bit better in this episode. I spent years avoiding taking responsibility for money. I was gifted money from my family, I got into debt and I relied on my husband’s income while I was building my business.
I came to realise that I was scared of success and scared of letting money in! Thinking about money and being open about my spendings/earnings has been so huge for me! This is such an important conversation!
Thanks for listening Naomi. I think you nailed it: lots of people are scared of success for some reason. Glad to hear you’ve gotten over it :)
Chase. I have just begun listening to this podcast so I have only sampled a few of them ( 23, 26, 27, 30, 40) and this is the first one that I heard you taking turns, listening more, interrupting less, making space for Caleb more and facilitating the conversation—moving it forward – coming from what I intuited as the tender heart that beats in your chest – perhaps related to the tickle at the back of your throat that you mention in the closing and also the tenderness that you courageously mentioned at the beginning.
I love your energy in the other shows as well. I guess I am just saying I noticed the difference in this show and enjoyed that as well. Both are wonderful.
Money is not only the litmus that the culture uses to measure who is “winning”. It is also, quite literally the modern man’s buffalo flesh that he must slay to feed his family and the wood he must chop and stack to keep them warm. It is connected to survival, basic needs and also, for me, to my sense of being a good partner, man, provider. . . . lots of stories there. Being worthy etc. So I too have a tickle in the back of my throat on this one.
Again, thank you for your candid honesty and your tenderness that shone through in this episode. Soft heart of the Shambhala warrior.
Blessings Brother,
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