#195 Consolidating the knowledge (7. Wealth, Money mindset, Financial success.)

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EPISODE TRANSCRIPTION
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Please note, while an effort is made to provide an accurate transcription, errors and omissions may be present. No part of this transcription can be referenced or reproduced without permission.
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Agi Keramidas  0:03  
welcome to Personal Development mastery podcast. I am Agi Keramidas, and my mission is to inspire you to grow, stand out and take action towards the next level of your life. I interview leaders, authors, successful entrepreneurs, spiritual teachers, exceptional people who will inspire you to improve your life. Tune in for two episodes each week, and make sure you subscribe to get them as soon as they are released. 

Welcome to Episode 195. And this episode today is a short consolidation one, I have picked a topic which many people have issues with or concerns about or difficulties with, and that is money, finances, wealth, how to make more. And in this episode, today, I will share four of my previous guests wisdom on the matters of money, mindset, and finances, and I will let their voice share their methods. The first one of the four is Jamie York, who became a self made millionaire by the age of 24, a property investor of the year. And I asked him what he thinks is the main reason that people struggle to create financial success in their life. What is it? What is that lacking element in their mindset? And here's what he said.

Jamie York  1:39  
It's their relationship to money is what I would say. What I mean by that is in, in, in my family if I if I went somebody in my family I went so how much you earn. That's a bit rude, isn't it? Yeah. Why is that rude? Why is that rude? Like, you don't know what colour you paint in your door? It rude. It's just a question. But but that's how we treat money, isn't it? It's a very private affair. It's taboo to talk about money. And both sides of it. By the way. If somebody's struggling with money, I go great. How much do you owe them? How are you spending your money? Because actually, I wonder if I don't know those problems. And I don't know that I can't help somebody. But it's also taboo to celebrate that you make a load of money as well. You know, if you go, yeah, I'm a millionaire. Alright, and all that, you know, yeah, that's the ego. Get over yourself. It's just like, Why? Why? And often it's your relationship to money. And if you can't talk about money, how do you expect to talk about building

Agi Keramidas  2:47  
and we will also listen to Jamie talking about that mentality that is quite prevailing that if you save a little bit of money here and there, that's the way to become wealthy.

Jamie York  3:01  
And extremists example is these people, like don't go to Costa Costa Coffee, three pound 50 To make a coffee at home. 15 Pence and it's like, Come on, man. You know, like, it's a bit over the top. And if you've got that restrictive attitude towards things, you know, you're never going to be wealthy, financially wealthy, I don't know many people that have saved themselves to a millionaire. You know, you have to take risks, calculated risks. But within that becomes a healthier relationship with how you perceive money. Money doesn't change you by the way. And never, it never changes people ever exposes them. Okay, or accentuates them. It just makes you more of what you already are. And often what you see is what people have been pretending who they are as individuals. So if you're a charitable giving person, when you're a millionaire, you can give a lot more, you can help a lot more. If you're an asshole with no money, you're even more of an answer with money. And you think that money gives you power of some kind. And those are the people that think that money makes you better. It doesn't make you better. You know, don't treat somebody with money with with money as more than they actually are. Treat them with respect if you want financial advice, but it doesn't make them a better person. It's just more of what it or is so it's always a situating or exposing who you are.

Agi Keramidas  4:31  
My second guest that we will visit today is Dr. Hari Singh, a former dentist who discovered his true passion in facial aesthetics and a very successful property investor. So here he is talking about a very important element of our mindset around money. The concept of the money thermostat.

Harry Singh  4:56  
Yeah, and where people go wrong, they look at the strategy so they'll go on or go on a course to say, Okay, I need to spend this, do this, etc. But it's all to do with your money beliefs, which you touched on. As you said, your income can only grow to the extent that you can grow. So that's why I'm still doing personal development going on passive learning courses, specific courses, always learning. And your net worth is your network. So in terms of who you're hanging around with, so it's bit like to better read expenses and money thermostat, they'll be a level that you set your money point at. So it's like a thermostat in your room. So you set your thermostat, at that particular temperature, if you open the window is going to get cold, your thermostat is going to increase. If you put heating on the room in terms that's going to decrease, but eventually is going to go to your money thermostat. So everyone has a money firm set internally. And this comes from your money, beliefs, your education, what you were taught by your parents, or what you saw your parents dead, that would be your money firms. So for some people, their money funds, that could be my maximum income and an earnest five grand a month. And when they earn more than that, they will find ways of spending that extra money. So it brings it down to five grand a month. If their income goes down to two grand, they're going to be innovative add value to make their income go back to their five grand, because that's what their baseline is. So you need to find out what your money thermostat is. Where do your money beliefs come from? That will be the first step.

Agi Keramidas  6:34  
And when I asked him, What would his advice be to someone who wants to change their money thermostat and increase it and have more money in the life? Here's what he said.

Harry Singh  6:48  
Yeah, one of my mentors, he always said to me, and you might be to that. He said, Okay, let's say your your, you want to earn 100,000 In the year, extra zero to it. So anything, you have a goal for just add x zero. So instead of 100,000, the aim for me, then you'll have a different completely different mindset, different activities, different goals, to aim for that million pounds, you may hit here, this is wonderful. If you don't get it, I guarantee you're going to be hitting more than 100,000 in your original. So whatever your goal is, just add an extra zero to it. And then you'll have a different mindset you'll become a different person to aim for that goal. Also, there'll be less competition that means everyone aims for the medium. Okay, normal, playing safe. Aim for the extra ordinary, add extra Davao. That is the simplest way to change your money believe.

Agi Keramidas  7:49  
And we will also listen to a last quick clip of Hari talking about spending money to save time versus spending time to save money. He gives an amazing example.

Harry Singh  8:02  
This time versus money one of those resources is limited data resources unlimited. So time is limited. And I use the examples. Let's say you're walking along the beach and you see a lamp, you've upped the lamp and a genie pops up. And the genie says to you, I'm not going to give you free wishes, I'm going to give you one wish, which is I'm going to give you 86,400 pounds. Every day, I'm going to give you 86,400 pounds. But one day, I'm going to stop giving you that money. But I'm not going to tell you when anything you've got leftover from day one. From day six as of one two pounds, you cannot carry it forward to the next day. So most people say okay, we don't want to waste that money, we're going to make the most of that money invest. They're not wasting a substitute 86,400 pounds with seconds. Every day you are given a successor for 10 seconds. Next day, you're given a 6001 the second one day unfortunate it's going to pass away not to sound too morbid, but also anything you've wasted on day one are not used up. You cannot carry it forward. So that's the importance of time from t Harv. Eker. said same again, rich people will spend money to save time, poor people spend time to save money and I fell for this trip.

Agi Keramidas  9:22  
My third guest which we will listen from next is Janeshia Laura, a successful businesswoman and former Miss Singapore and I asked her about her first business which was failing and see was in a six figure debt and how she managed to pull out of that and here's a very prudent piece of advice she gave.

Genecia Alluora  9:47  
Of course I was depressed and I didn't know where to go or what to do. I have no business experience. And I wanted to commit suicide because six figure is not a small sum. We are, however, going to find the money to pay back all the suppliers, right? And everybody's chasing after me. And that moment I just felt really lost. So the key thing here is to always ask for help. So I went and asked for help from my entrepreneur friends, not to borrow money, because that's what a lot of people do. Oh, my boat is sinking, my ship is sinking. Come, come help me to patch it up. No. Rather, I asked, What would you advise me to do differently about my situation? Now? Can you guide me through my depression? Can you get me through my thoughts. So I've managed to find someone who has gone through bankruptcy that worse than me, gone through that bankrupt, and he's now a multi millionaire. And he coached me on my mindset, how to get out of depression, handling the debtors, creditors, and then slowly climbing out of the black hole, eventually standing firmly on the ground with my both feet.

Agi Keramidas  11:03  
And the last guest that we're going to listen from is rich Waterman, a peak performance coach and mentor. And we will hear his answers. The first one is about money itself, and how we can create more financial wealth.

Rich Waterman  11:21  
So let me create that this thing called Money was a representation of value. So that's all you got, remember, is money. It's just a representation of value. So if you want more money, you want more financial wealth, you just need to provide more value. And the way I summarise is how can I be more service to others, that's how I do it. So contributions obviously a big part of my, my life. The way that I recommend people to create more wealth is I'm a big fan of a Japanese system called iki. Guy. We talked about it quite a lot recently. Because I think actually, there's an element of it. Now that's even more important. And iki guy for Apple overlapping circles. And in the middle is like your sweet spot. And my summary the circles, it may not be the traditional summary, but is what am I really great at what my skill that I actually sometimes even just say, Where do I get results? Where can I help people get results? It might be through a product or service? Where do I know that I can effectively add value to people. That's the first circle. That's my summary of it. The second circle is what am I passionate about. So some people say, Oh, um, I just created an amazing business. And I'm a multimillionaire, and I wasn't passionate about the business, they probably were passionate about the doing the business, the actual being a business owner, they weren't necessarily passionate about the content. A lot of people I work with are actually passionate about not only running the business, and growing the business, but also the content within the business as well. Reason for that is if you're more passionate about something, you bring more of you to it more of your energy, you're more likely to persist. If you have bumps in the road or challenges or obstacles, you'll keep going because you love doing it. So I think it's quite a smart thing to do to do things you're passionate about. And if you're passionate about it, and you're skilled at it, you're really good at getting results with this thing, or this product or service. That's a great start. The third circle, which actually in the past, I have ignored to a certain point, I think right now is the most important circle, potentially of the three, which is what do people need? And so you need to be aware of what you do and what you're passionate about. How does that match with what people need? So you need to go and ask people. If you think you can help people with things, go and ask them don't assume anything. One of the biggest mistakes I see with business entrepreneurs, I used to work a lot with coaching startup businesses. Biggest mistake is you fall in love with your product or service, you never check whether anyone actually wants it or not. And then the third, the fourth circle is will they pay who will our people pay? We'll put so you can have. I'm really good at this thing. I'm really skilled at it. I'm passionate about it. People need it. But sometimes people won't pay for it. Find out where your skill that way you get results. Find out what you're passionate about. Definitely find out what people need and make sure they have ability to pay or if not create products or services that are level appropriate level where they will pay.

Agi Keramidas  14:30  
And the last clip which I'm going to end this podcast episode with is about the concept of Do I deserve money or not? Which again, I believe stands in the way of many people's path towards wealth. Here's Rich's answer.

Rich Waterman  14:47  
There is no concept of Do I deserve it? Do I deserve money or not? There should not be a concept around that. Do I deserve money? I don't deserve to be wealthy. I deserve to be poor. That type of conversation because you just got to bring it back to value can I provide value to another human being or group of human beings? Or, or collection of them in a business or something like that? There is absolutely an answer to that question of can I provide value for every single person on that planet? The answer is yes. You just got to decide what it is. Decide whether you're passionate about it, decide whether people need it and decide whether people will pay and then you'll make money you'll make as much money as you want to make. Surround yourself with people that have a really healthy relationship with creating money. So people that are wealthy, and you admire their values and morals.

Agi Keramidas  15:43  
I hope you found something useful, something valuable, something actionable among these short snippets of wisdom from these amazing people I spoke with in the podcast. If you enjoyed this type of episode, I would certainly like to do more of them. I believe it condenses wisdom into actionable items we can pick up and implement and change our lives. But I want your help. So tell me what are your challenges what kind of content would you most benefit from? Go to personal development mastery podcast.com and send me a message through there. Thank you for listening. If you enjoyed it, go to Apple, Spotify or wherever you listen your podcast from and leave a rating and review. It will mean a lot to me. And until next time, stand out, don't fit in!