As your business grows and the money starts to come in… lots of things will change. Including how and when you invest in yourself and your business.
Here’s how to think about those changes… and yes, there are times when it pays to spend more than you need to.
Thanks, Jeff — it is so appropriate (and inspirational) to have you talk about these things even though I am looking at my first launch in January and have only spent money on trainings rather than earned money in my biz. I would appreciate hearing your viewpoint on the book Profit First (which really seems to make sense to me) and more of the detail of lessons you learned along the way about how many gurus to invest in, how and where to invest your $ and time, etc.
As a fellow entrepreneur Profit First changed my life for the better. Over a hundredf thousand copies have been sold with over 500 5- star reviews on Amazon. Check out the authors site for free chapters /resources https://mikemichalowicz.com/profit-first/
yes interested! this kind of productivity and leverage stuff is ogld
and please bring back youtube! 🙂
Is it right that money attracts more money?
I mean, Imagine I have a doubt about the order I should implement for buying the two things I want: a Ferrari and a house for my parents.
Which option is the fastest one to get both things?:
1) I buy a house for my parents and then I buy a Ferrari.
2) I buy a Ferrari, so people see I have success i’m business and people want to do business with me, then I buy the house with the money I generate thanks to owning that Ferrari.
I’m not asking about the smartest option, it’s only about the fastest
Thank you in advance Jeff 🤘
Peter, I would say that your #2 is the right order of thinking. The thing is however that none of those two things (ferrari or house) are an investment, only cost. If you would invest in a business, machine or resource that would help you create more money, that could be partially further invested and partially used to buy things, then you have a business going.
First after you have the business going you might be able to buy the house and/or the Ferrari.
Hey Jeff thanks for the videos on money. I’d be interested in thoughts on where to spend money when going from solo entrepreneur to adding a team. Thx, Frank Hopkins
I would, too.
Hi Jeff, I would like to know your thoughts and/or comments on Network Marketing as an industry to build long term wealth. Thank You!
@Tom: I’m not much of a fan of network marketing… I know some people have success at it, but at the end of the day you’re not building a business. You’re putting in a lot of work to build someone else’s business, and they can change the rules of at any point.
Thanks for sharing this thought with us, Jeff.
Sure it would be very useful to hear more on this subject.
Thank you for adding yet another story to “what gets measured gets done”!
Would you share with me what type of technology and strategy you used for measuring things in your life?
Jeff, always great to hear and learn from other marketers and digital folks about how they think about growing and building an abundance mindset and how you jumped from cattle class to business to first than owning your own plane. Always a great topic and hardly hear many others folks talking on that topic. Thanks for being so authentic and open. Love to hear more about your journey! Geoff
The reason of a Spartan Launch have such a gorgeous rate of success!
Thanks for the money truths. I’m grateful. Just wondering Mr. Jeff how are you feeling? Our family wishes you and yours Merry Christmas 🎄 and Happy New Year.
Pamala Charles Founder/CEO
Implemented Knowledge Institute (iki)
Thank you Jeff, this is very useful for me.
I have a difficult time imagining how I will ever get to the point of NOT doing everything myself. The ability to imagine the transition, I think, is paramount to making it happen.
I’m 53 and still doing it all. I’m looking forward to getting to the point of having people who are better at it than I, doing the stuff they are best at, and leaving me to do the stuff I’m best at.
Would love to hear more of how that works, and perhaps see the transition better. 🙂
Thanks for this series, Jeff! Great stuff. Any chance you’d be interested in doing a series about the struggle to get started? How do we get up that eleventh time after falling ten times? How should we react after trying a number of blind alleys that didn’t pan out like we’d hoped? How can we become better at deciding what our next pivot should be? How can we become comfortable with failure as a necessary step toward success?
Do it Jeff I want more!!
My number 1 money block is this. How do I continually focus on starting or growing my business when I have sooooo many financial obligations right now? I start out with good intentions and then my mind and focus gets sidetracked with worry and fear that I will never reach my goal.
Overcoming fear, clearing out the blocks, staying focused !! Help
This video was very helpful — thank you! I’d love to know how to get over the guilt of having money. When we have people in our lives who struggle with money, and then when there are people in the world who live in abject poverty, how can I let go of my hang ups around having an abundant life?
@Nikki: that’s a great question, it will make a great subject for another video.
I wish there were a better way to build a team. I am prepared to pay someone, and have been interviewing people and trying to get them started on small tasks while also talking about opportunities for growth. I am putting together a summit where all of my interview guests arw tge nist active Members of Congress in water issues, talking about what issues were considered in 2019, priorities for 2020, and what they would recommend to people who want to make their views known and be more impactful. A huge opportunity to gain knowledge and experience and connections that can lead to a great career – at least, that’s how I would have seen it. But the younger folks I am interviewing have all been taught they MUST make money – and a lot of it. That they are entitled to get paid – and paid a lot even while they are still learning. They don’t seem to recognize how much work and time I have to put into training them and managing their work. Would they rather work I a yoga studio ir aome other minimum wage job? If I had someone work for me for a few weeks for a set amount (we are a 501c3 and can offer internships), I could go get grants and other funding to pay that person. People keep saying they are definitely on the team and then ghosting me. I feel like I spend more time searching for the right people to do the work than it would take me to do the work myself – although I know it will be better in the long run for me to have a team. I know I can’t manage people the way I did as a corporate manager. I have been trying to adapt. Jeff, I wish I had my own Mary, Jon, and Daniel Walked – family members who believed in me enough to work with me. But it’s just me right now. And I will just keep looking and hope I come up with someone who believes enough it what we are building to stick around. I know, hope I not a strategy. Got an alternative?
Jeff, you speak like from the bottom of my heart. It´s kind of an “on point” video on a topic I am just in the middle of. So true what you say and I start making a similar experience.
So yes, appreciate any further in depth sharing of your experiences, take aways, money behavior etc.
Thanks, you often make my day.
I’d love to hear more about money, I loved this series and this last video was really good. Thank you, Jeff!
Great little series, Jeff! I just binge-watched all of them right in a row, and I would love to hear more. You said you spoke more conceptually in this one. Maybe get more concrete specifics in the next one. Also, there is a bit of a disconnect in some way for a lot of us (at least there is for me) when you talk about how when you were starting out, you had very little expenses and Internet business was just not what it is now, yet you still made over $200,000! (and $200,000 was worth a lot more back then) How the heck did you do that? Many of us are grinding away and not anywhere near that kind of money even with the online business world what it is now. What got you from Point A to Point B (or Whatever Point $200,000+ was on your early journey!)?
Great topic Jeff. Yes, keep it coming. It’s so important to keep it real, be honest with yourself to know what stage you’re at with money and understand how to value your time. Thank you.
thanks for this mini series. As a business owner for many years I like to talk more about the way of running a profitable business. Dreams and wishes of success is great as a igniter of action, but to stay in business in the long run we need to think more about our business financials.
We need to make the right job calculations, project plans, cost accounts, and more. Every amount spent must be seen as an investment for the company; either to lower the costs or to increase the revenues. I find all to many people running their businesses without the foundation of calculating revenues and costs. I’ve been one of them, and I still today are from time to time caught up in my enthusiasm more than my realism of the financial situation.
I’d appreciate a few more videos on money. Especially how you think about it and the decisions you make in different areas of your business and life. I’m starting a business myself and I’m struggling with making choices like paying for a email provider who adds a lot of value but costs money or going with a similar free service that has various restrictions on the service. Keep up the videos Jeff! They’re always helpful 🙂
Love it! Yes, more money stuff! Great series Jeff. Thanks.
Hi Jeff; Let’s please talk about money – from the beginning stages. You started with a list or 17 people, not counting you and your wife. How did you get all your videos done then? How do you know who to hire and when? How do you find outsourcing and know how to use them? hpw do you find people you can trust?
My parents grew up in the Depression era and were raised to believe that all rich people are evil. Naturally, some of that “financial blueprint” got passed on to us kids. What has helped me in part get over that is the commentary around how online marketing is not about being the slickest snake oil salesman. Rather, it’s about creating products that help people. I’ve taken that to heart and it’s working for me. Would be interesting to explore some of the financial blueprints passed on down from parents who were social activist types in the 60’s to see how that lands with their kids who are mostly millennials. Another element of that could be a number of folks who had hoped to retire by now but are still forced to maintain an income for any number of reasons. Saw quite a few of them at Phoenix.
Love the idea of shifting your mindset from average to successful and how to make the shift. Love to learn more on how to go from average to successful.
Hi Jeff, thanks so much for the money series. It has been very helpful and I look forward to your hopefully sharing some more guidance. I don’t want to fall in the trap of thinking, “Oh, now that I have this huge amount of money all at once…What can I buy?” I also don’t want to pinch pennies so much that I jeopardize my sanity and quality time with my family because I’m still working for someone else and running my business. I’m looking forward to financial-management balance.
Loved this series on money! Thank you, Jeff, and have a wonderful holiday.
Love your views on money. They are from a totally different vantage point, which is great. Keep going, please.
I absolutely love watching the videos and would love to watch more on money
Hi Jeff. Many blessings to you and yours and have a fantastic abundant Christmas and New Year. Yes my concept is pretty simple. You get what you believe you deserve and the manifesting is simply a thought to accept you are abundant. The practical process of business grows as your mind allows that process so spending and investing dreams to receive is not strange to me. I have a firm belief that everything I spend I receive multiplied by three in return. I do so I have no fear when I’m aligned to a new concept. It’s arranging to practical to flow with the dreams which take the work. The key I find is to know my mind accepts it as safe, then there are no boundaries. I’ve traveled to Peru on a concept to lead a tour group there in the past. Voila,. Quick launch to internal list, 16 uptakes with apportioned fee to my income and tour costs. Researched excellent company to conduct it with famous guide. Voila,. Costs covered, excellent experience for self and tour participants creating my brand trust,. PS. Tour company gave me my whole tour for free including all accommodation etc due to uptake of numbers. Outcome for me therefore was my airfare was also then covered in full by student workshop fees and I could travel comfortably with no cost to me at all. I spent money developing and time researching and big dreams to make money and have experiences and wonderful dreams my group still speak about ten years later. Launching and spending to achieve pay dividends in multiple ways and with confidence the process morphs as you do. Next taught two workshops from internal and external launch to Canada. I went business class with my husband who co facilitated, took a smaller group at higher price, spent three weeks prospering further business contacts and vacation. Win win. Ended up we still covered costs and wow what a trip.
I love the money talks and what freedom looks and feels like. I’m at the beginning so any insights are well appreciated. Thank you
Yes, interested!! LOVE this topic!
Indeed, I would appreciate knowing more in-depth about money! Always love learning from you. Thanks for your amazing weekly videos.
Great series Jeff. Financial wisdom is rare these days, and anything you can do to help people level up on this is time well spent.
Yes I’d love more money talks!! Especially hearing about how you think about money and when it’s time to shift and expand that mindset. I’ve really enjoyed it being in a mini series like this as I look forward to the next video and remember that it’s part of a series when I see your email so I’ll be sure to open it! Love all you teach and share, thank you, thank you!!! Happy holidays!
Great video!! Yes, I’d love to hear more about the
evolution of money. Especially with regards to flying
private, when to start vacationing, leveraging other people’s skills through hiring etc
Thanks for this mini series Jeff.
We met briefly at TRIBE live in Toronto.
As I told you I started my business based on what I got from reading Launch.
It’s now running and I have a small team.
Your talk about money comes at a perfect time. I need to profit and scale, so that I can do even more great stuff for the people I serve.
I would love to hear your thoughts on audience and price points.
Most of us start out by charging too little for what we offer, I think. At least that’s my experience. Unfortunately that just get us stuck with people not ready to commit to taking action, and not generating enough profit to move to the next level.
Or is that just head trash?
Absolutly right. The money value change with the importance of time. It’s like the sensation of time…if your ‘re in a trubulence flight, the time never ends, but if you’re with a delicious company…time seams to run. Of course you know in reallity, time pass at the same velocity in both cases.
Manage time it’s impossible, but money you can…it’s the big diference.
I wish you Merry Cristmas and a Happy new year!
so useful – this miniseries! It really is amazing how so simple thoughts can start a whole series of thinking about money and business. It can turn aruon many things. Thanks!!!
I would love to hear more about money and mostly mindset is what I’m interested in right now. How I can shift my perspective from solo entrepreneur to building a business, and also how I can be aware of how I get in the way of my own business with my own concepts.
Thank you so much!
I thought that I read somewhere that you’d talk about our relationship with money. Having a negative relationship with money makes life difficult at best! Money can be seen as dirty or evil or incomprehensible. When this is the case it becomes an obstacle. Is thisl something you’ve addressed?
Ps. I watched all your videos. Thanks for keeping them short. I also listen to your PLF this summer:fall and purchased your PLF book. Thanks Fire ask you’re going to help others!
Hola Jefff..muchas gracias por estas aclaraciones…es muy importante para mi saber que todo tiene su tiempo en los procesos…que hay un tiempo de espera entre sembrar y cosechar…Mis mejores deseos de Feliz Navidad para Ti y Familia…
What about business class? First is great of course, but I want to be able to afford a business class every time I fly. I always wonder how much people in business class are making or their mentality and attitude towards money or life. Can you talk about that?
I love the topic!!!
Great video. I think having these discussions about money are so valuable. Many of us grow up with significant baggage around money and the more we can change and mature our relationship with money the better.
Having only recently signed up, this is the first video of yours I’ve seen Jeff and is certainly food for thought. I am in the early stages of possibly becoming a copywriter. I’ve paid for a basic course, and am now bombarded with further offers of more, different training. I need to invest to a degree in order to know what to do, how to start. But there comes a point when maybe I need to stop paying out and start trying to earn! But how much do I invest first? How long is a piece of string?! And how big/small (the latter) is my bank balance? I look forward to further thought-provoking videos Jeff.
Love getting this straight after Christmas, helps me stay motivated to continue the course
Simple, direct and elegant! That’s always the best way.
How about building an in-depth series based on your journals.
Instead of speaking from who/how you are now,
try to get yourself INTO where you were at each strategic point, and speak to:
1. what the questions were,
2. what the possible actions might have been,
3. what you chose NOT to do and WHY,
4. and finally, what you chose TO DO and why.
Since everyone is currently at one or other of those points, it could be incredibly valuable!
There is no one else I know of who would do this as you would with honestly and transparency.
This has been really helpful. I’m at the stage of the game where the big ticket subscriptions and purchases to move forward in my business are beyond my reach once again (due to a serious family setback), so I appreciate your advice that encourages me to be wise. Advisors have broken trust by selling me their service, then locking me into a payment each month I was promised would move my business forward… but my business wasn’t making the kind of money it takes to make the service useful, or to be able to afford the payment. I’ve had to close credit cards to take back control of such aggressive tactics.
Your series on money, and the emails Donald Miller sends me, give me the advice I need to someday be able to afford what you have to offer… and I will never forget it.
Please continue to remember those who are starting up in 2020, as you have done in this series on money.
Love these videos and talking about money. We all struggle with our money complexes. Bringing them out into the open has helped me voice and give pause to how I think about myself, my business, and my lifestyle goals. So yes, please keep the conversation going.
As ever your advise is so simple and so sound and so trustworthy.
Would certainly want to hear more from you regarding money – mainly because I seem to have a lot of negative mindset in this area.
Thanks for the information Jeff. Always providing great insights on how to grow!