In this article I want to write about money and what your relationship to it might be.
Ugh… am I right?
Are you already feeling that kind of icky feeling crawling up your body?
Well stay with me because by the end of this read I hope to have helped you shift your view on money and what it’s purpose can be in your life.
Money ≠ Evil
The concept of money and my relationship with it has been one of the most crippling aspects of my business and work life for the past 10 years.
Which is crazy when you consider that a thriving business should make money.
For me, my fear of money was also tied up with a fear of success. The belief went: If I make money, if I am successful, I will lose everything I value right now, especially time for myself, my family and my friends. This was because I believed that to make money I had to work extremely hard, therefore the more money I potentially make, the harder I must work.
As we grow up and get our first interactions with money we create out first beliefs around money. Often these come from our parents beliefs, but they also come from the meaning we place on events that happen to us.
Let’s say your parents gave you $5 pocket money each week. You could walk away from that with two different beliefs based on the meaning you make:
- ‘I only have $5. If I spend it, it’s gone and I will never get it back. I must hold on tight to this money or if I spend it, I will feel guilty about spending it as it’s now gone.’
- ‘I have $5. Sweet. I don’t care if I spend it or not because next week I’ll have another $5.’
While the first belief seems responsible, it can make us paranoid about spending money and oftentimes when we receive large sums of cash we have trouble using it to make us more money because we are afraid to spend it. This is why you see so many retired sports stars and lottery winners ending up with no money. This is a mind set of scarcity.
The second belief, while seeming risky (wait, didn’t you know starting a business is ‘risky’) or irresponsible, is all about trusting that more money will be there when you need it. This is an attitude of abundance.
Scarcity is the fear that there is not enough for everyone. Scarcity is the path that leads us to tearing down competitors flyers.
Abundance is the belief that there is plenty to go around. Abundance is the path that lets us innovate, create and take more risks.
Either is a valid choice, just be aware that it is a choice you are making.
Money is Energy
This concept, of money being a form of energy, made a profound shift in how I saw money.
Let me break it down for you with a workout metaphor.
When we workout, we generate energy to move things around, whether that’s our body or some weights.
Our bodies don’t just generate that energy from nowhere though, we have to consume energy through food. We consume the food, we workout, we can move faster, longer and get stronger.
If however we just ate all the time and didn’t do much our bodies would become unhealthy and we would gain excess weight.
Money can be the same for us.
The money we earn is the food we eat. The energy we expend is the food we spend. Money must move through us. It’s purpose is not to hoard, it’s purpose is to give us another way to expend energy on the things that matter to us.
And just like sticking your head down and working out more and more can actually work against your ability to get faster and stronger, so can sticking your head down and working blindly on your business work against your ability to make money.
Working out smarter yields better results and so can working smarter on your business.
Running a business is kind of like mixing things together in a chemistry lab. Good or bad, it’s all data.
Trust that spending money on yourself and your business is a good investment. Even if it doesn’t work out, you have learned something new that you can take forward with you.
Smarter Work Money Series
I’ve been working on a series of articles on smart ways to improve the profitability of your group fitness business.
I’m going to cover some common and less common ways to add extra revenue without adding a whole bunch of work each week.
I think you’re going to find them really helpful. I’ll be publishing them over the next few weeks so stay tuned. If you’re not already on it, sign up on The Trainers Tribe email list and I’ll let you know when they’re available.
In the mean time, could I ask a favour?
What’s the story you have about money?
Mine was that the amount of money I was earning had to be equal to how hard I was working. So if I was killing it financially, I was also killing myself with work otherwise I felt guilty about what I was earning.
Share with us in the comments below.
Join The Tribe
Becoming a part of The Trainers Tribe is as easy as putting in your first name and email.
You will get our weekly podcast emailed to you along with extra freebies we include with episodes some times.