Breaking Money Ceilings: Owning Your Relationship to Wealth & Moving Past Your Income Blocks
Episode 790: Show Notes
My relationship with money has completely evolved since I started this business, and in today’s episode, I want to talk about money! We all have our own beliefs about money and without a good relationship with it we are going to create a ceiling that is impossible to break through. I want to see you be wealthy, and I have literally made it my mission in life and business to help you become financially free! I absolutely believe that there are things that hold you back from your own success, and the beliefs you hold about money are a huge part of that when it comes to building a business that is going to support you financially.
Growing up, my family barely made it by and even struggled to put food on the table. I got my first job at 15 and set a standard for myself that was very basic and simple: to be able to afford a house and live comfortably. That was totally fine at the time, but I didn’t realize that it completely limited me. When I reached the point in my business where I had reached that final goal and things were looking up, I stagnated and did not know where to go. I desired more, but my underlying beliefs about money limited me. I had to learn how to dream bigger and make money neutral. I am so glad that I dedicated myself to this journey, and now I want to explore how your beliefs around money impact you and your business!
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The One Thing You Need to Understand About Money
The first thing you need to understand is that there is a psychology surrounding money and success with money is not necessarily about knowledge. You can be so clued up and still struggle with this! Money isn’t actually about math! Success with money has far more to do with behavior and actual decision-making than knowledge and math.
But here’s the thing: your behavior is influenced by your beliefs, and so we have to understand why we make decisions and behave a certain way when it comes to money. There are so many misconceptions about wealth and success, such as the idea that money equals happiness, and while money can provide security and opportunity, it is not a direct ticket to happiness. Meaningful relationships, purposeful work, and personal growth will have a deeper impact on you than hoping for more money to buy you whatever life you think you want or need.
The Biggest Misconceptions About Making More Money
There is a huge misconception that you have to work hard to earn more, and while there is an element of truth to this, it is not always the case! Truly passive income streams are possible and completely attainable. You can work hard and be rewarded for that hard work. You can also be smart and utilize tools and strategies that are typically exclusive to wealthy individuals.
Maybe you have a perception that being rich automatically equates to being greedy or dishonest, especially if you grew up lower to middle-class. This kind of stereotyping of wealth can be super harmful to your potential. You have to realize that there can be bad people and there can be good people, but wealth is not the reason for the good or the bad. You can earn wealth honestly, ethically, and in alignment with your values.
The Importance of Understanding Money
You don’t have to feel like you are a ‘money person’ but if you want to be a businessperson who continues to be profitable and scale, you have to have a basic understanding of money and the financial opportunities that are at your feet. And anyone can learn these things! So no, you don’t have to be a ‘money person,’ but you do have to be willing to learn. If you continue to hold onto this belief it is going to limit you!
I don’t want you to have blinders on to what is around you and what is possible for you and your business. It can limit your bravery to take risks and even create financial overwhelm and burnout! You might even create negative money cycles, either by underselling or overselling yourself. I have seen so many missed opportunities for growth due to this belief. You would be surprised by what little knowledge and adjustment to your behavior will benefit your business. These stereotypes can also hold you back from creating meaningful connections, and I want you to be able to break past this!
Where Money Ceilings Come From
The money ceilings I’m talking about are often referred to as income ceilings or income caps, and they represent a self-imposed limit on how much you believe you can earn or achieve financially. The interesting thing about it is that it is so self-imposed that it’s a self-fulfilling prophecy. These things are rooted in past experiences, societal conditioning, and our personal beliefs of self-worth and capability. It’s an invisible barrier that prevents scaling beyond a certain financial point no matter how much hard work you put in.
I see so many business owners experience this and hesitate to get the proper support needed to break through because of a deep-seated belief that you can’t go further anyway. So the possibilities are totally limited, and sometimes the business fizzles out entirely. This belief system doesn’t just impact your ability to scale; it can also put you out of business!
Stability is Sexy, and You Can Achieve It and Break These Barriers!
You can put yourself in certain positions, and some financial strain (not all!) can be of your own making. I have seen the inability to address underlying issues put people out of business time and time again. But you can fix this, and I want to help you! There is a reason I have dedicated my life to this. Stability is sexy, guys! It is grounding and provides so much security and freedom. It all starts with awareness. You have to recognize and acknowledge where your ceilings are. Some of these issues are inherited but a lot of them can be worked on and I want you to do that work. There is no right or wrong way to process and unpack these belief systems. I want you to allow yourself to dream!
Change Your Relationship with Wealth
You need to normalize talking about money. Money is neutral. It is a mechanism and an opportunity. Why do women believe that we cannot talk about money, and why are you not allowed to disclose how much you make, but men are encouraged to?
Setting some goals will make these things more doable and sometimes feel uncomfortable. Start by believing that one thing is possible and do it! I want you to understand the importance of financial literacy in your ability to move forward. You deserve to understand, and there is so much to learn! A lot of this comes down to being proactive.
I am determined to help you lay the groundwork to build a profitable business, and I want you to seek the help and support you need to educate yourself about your finances. I am so excited for the next year of my business because I am going to help you understand the financial basics of your business that will help you fuel the life that you want. I have put a training together that will walk you through how I got to financial security and how you can too, so sign up now!
Quote This
While money can provide security and opportunities, it’s not a direct ticket to happiness.
Highlights
The One Thing You Need to Understand About Money. [0:12:00]
The Biggest Misconception About Making More Money. [0:14:58]
The Importance of Understanding Money. [0:17:54]
Where Money Ceilings Come From. [0:21:58]
Stability is Sexy and You Can Achieve It and Break These Barriers! [0:26:30]
Change Your Relationship with Wealth. [0:30:30]
OUR HOST:
Abagail Pumphrey
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Abagail Pumphrey, the Co-Founder & CEO of Boss Project, has been a driving force in the creative entrepreneur industry since 2015. With a passion for empowering service-based business owners around the globe, she became internet-famous after the launch of the transformative training, "Trello for Business." This innovative system revitalized the operations of over 10,000 business owners, making a significant impact on the online business landscape.
Under Abagail's leadership, Boss Project has been featured in prestigious publications such as Forbes, Marie Claire, INC, and HuffPost. Her twice-weekly podcast, The Strategy Hour, is a staple in the business community, continuously topping Business and Management Charts on Apple with millions of listeners from around the world.
Abagail's superpower lies in her ability to break down complex concepts into easy-to-implement, duplicatable systems. As an expert in online sales and a data-driven strategist, she has turned a layoff into a 7-figure work-from-home business. Abagail's mission to help more female founders become financially free, without letting their businesses take over their lives, continues to inspire and guide entrepreneurs on their path to success.
Key Topics:
Income Cap, Income Block, Wealth, Limiting Beliefs
