Happy Friday, Tribe! Today, I talk about money and how you gotta love it. I'm not gonna lie to you. You guys know that I'm very transparent. I'm very honest. I freaking love money and I love making money. I love owning my money. I just love money.
Some people are ashamed to admit that because it makes them feel slimy, not appreciative, or even shallow. And if that’s you, I’m here to tell you that those things aren’t true. There is nothing wrong with loving money because money allows us to live the lifestyles we want and make the impact we desire! I’m a big believer in being unapologetic in the pursuit of money, and I hope that this episode inspires you to feel the same way!
This week on Episode 89 of The Jenn Kennedy Show, you are about to hear some truths about the way to pursue and celebrate your money. That’s right, celebrate it. To effectively manage your money and make it grow, you have to change your mindset about it. We’re gonna talk all about that mindset today, discussing the importance of being unapologetic about wanting money, how your income is connected to your impact, the biggest mindset issues that new entrepreneurs have, and so much more. So let’s get started, first focusing on the importance of being unapologetic about wanting more money and connecting it to your lifestyle goals.
Why It’s OKAY to Want More Money
Money is a huge part of your lifestyle, so it makes sense to tie your financial goals to your lifestyle goals, right? Think a bit about what you want your lifestyle to look like. Do you want to live in a bigger house? To go on more vacations? Do you want to retire your parents or be able to buy your husband the car of his dreams?
I want you to think hard about that right now — create that ideal image in your head of what you want your life to be. Got it? Ok, now think about what that costs. That’s right, it costs money. It costs wealth. It comes as no surprise to anyone that you need money to make your dreams come true, to do those amazing things you want for yourself or for the people in your life.
What’s wrong with that? Nothing! A lot of people associate wanting more money with being slimy, salesy, or greedy, but that’s just not true. You can still want more money while appreciating the hell out of where you are at financially or where you have come from. Guys, wanting more money does not make you a bad person. It makes you a person that is acquiring the necessary resources to create the life you want to live.
So take that to heart: wanting more money does not make you a bad person. Instead, wealth can make you a more influential person. As an entrepreneur, I firmly believe that higher income generates a higher impact. When good people make good money, they do great things! It’s important to be unapologetic about wanting more money — it just means you want the income to create the lifestyle and impact that you desire to make in this world!
The Dangers of Staying in a Mindset of Scarcity
Okay, so now that we’ve established an unapologetic attitude about wanting wealth, let’s talk about the biggest problem that entrepreneurs have with money. This is the problem of scarcity, using fear as the driving force behind your business. It’s unfortunate, but so many people enter the field of entrepreneurship from a place of scarcity, of lack. They have a shortage of what they want and a fear of financial burden. I know I did! Scarcity was what pulled me into entrepreneurship. With an undergraduate degree and two postgraduate degrees, I was making $55,000 a year when I left teaching and pursued my career as an entrepreneur.
It’s okay to come from a place of scarcity or lack. Like I said, most of us do! But there’s a problem when it becomes the driving force. This creates a mindset of scarcity and a relationship with money that is rooted in fear. And this mindset is so dangerous because it only creates temporary success.
What does a mindset of scarcity in your money management look like? It is a mindset of trepidation. We’re terrified to charge more, even though we know that our time is worth it. We’re terrified to talk about money. We’re terrified that clients are going to leave us. We hold onto clients because we are afraid we won’t get more, even though there are billions of people in this world. We are afraid to invest in ourselves.
So often I see people living in a mindset of scarcity who are afraid that their clients are going to leave them or not make an investment. We have to stop this. This is not an attitude that correlates with a strong business endeavor. This is an attitude that often causes people to be afraid of charging less for their services than they believe they deserve.
If you know damn well that the transformation or service that you offer is worth more but are terrified to charge that price, how the hell are you going to make more money?! It might feel safer to charge less, but in the end, it will completely screw you over. Know your worth and own it.
Another symptom of a scarcity mindset is the fear of managing your money, of being your own CFO. Have you ever been afraid to look in your business bank account? Or maybe you don’t even have a business bank account. Maybe you are afraid to have a business account or file an LLC because of that scarcity mindset. But guys, you have to understand your finances to grow your business. If you don’t fearlessly invest in yourself and in your business, you severely limit your growth.
In the past six months alone I have invested almost $30,000 in my business. Yup. You heard that right. You have to be brave enough to invest in your business within the first year if you really want to grow and scale. You have to know your expenses, look at your finances head-on without fear, and learn to manage them with confidence.
All of those things I just mentioned are caused by a mindset that’s rooted in scarcity, which is not a mentality that will lead to permanent, sustainable success and wealth in your business. So now you’re probably thinking “Ok Jenn, what mindset will do that for me?” I’ll tell ya right now — it's a mindset of abundance. Having the ethos of abundance is essential to maximizing your finances, and I’m here to tell you exactly what that looks like.
What A Business Mindset Rooted in Abundance Looks Like
If you came into your business with a mindset of scarcity and fear, that’s ok. What’s not ok is remaining in that headspace. So let’s get rid of that fear! Throw it away and don’t look back! Instead, attach your entrepreneurship to the mindset of abundance. What does this look like?
Well, first of all, you are going to charge what you know you are worth. As I mentioned earlier, fear prevents you from charging what you know your service deserves. Switching this fear with a mindset of abundance, you would charge hundreds more dollars for your service. You would have a higher ticket offer. You would unapologetically ask for your worth.
You know money is an equal exchange of energy, and if someone is giving you $700 a month for a service, you know 100% that you are going to show up in a $700 a month way! By standing in your worth, you will make more money, and you will to unapologetically sell. That’s all there is to it.
A mindset of abundance will also make you comfortable with the ebb and flow of clients coming and going. In a perfect world, you might have a coaching program, and your clients stay the entire way through, and everything is smooth sailing. But is life ever perfect? You know it isn’t! There are unexpected circumstances, and people come and go. If you are rooted in scarcity and a client leaves, you might think, “Oh my God, I can’t believe that she went with another business.” But an abundant mindset says, "Oh awesome. I hope that’s the best fit for her. I can’t wait to welcome more people in!"
A final thing that comes with an abundant mindset is financial intelligence. If you have a mindset rooted in abundance, you’re going to start to become your own CFO. You will sit down with your finances and be proud of them. You will take ownership of your money. Some people treat their business like a cute little side hustle when they really want an empire. That’s just a way to run it into the ground. So take ownership of your money and create your empire.
To do this, you have to emotionally detach from the money. Don’t think about it as your money, think of it as your business’s money. Can you be appreciative of the money and celebrate it and be excited about it? Hell yes! But you have to set it aside, compartmentalize it. Think — what do my expenses look like? What do my investments look like? How much do I get to take home after everything is taken care of? Celebrate all of it, because that money will come back to you — a good investment comes back tenfold. A business mindset rooted in abundance allows you to set money aside for the things your business needs to grow and scale.
Why You Should Listen to This Episode Right Now...
I lived most of my life with a mindset rooted in scarcity and fear about money. And I almost let that mindset consume my entrepreneurship. At the beginning of my entrepreneurial life, I blew my money. I didn’t appreciate it or respect it. I was terrified to charge what I was worth and was in an ongoing cycle of scarcity — until I realized I needed to change. I needed to root myself in a mindset of abundance to reach the impact and income I’ve dreamed of.
When we have a mindset of abundance, we align our lifestyle goals with our financial reality. We can go on vacation. We can live debt-free. We can buy our husband that car. We can buy ourselves that car! We can give to charities, do incredible things for others, and expand our impact.
Go listen to this episode now to learn more about how to create a lifestyle rooted in abundance and excitement rather than scarcity and fear. It takes work, as most great things do, but I promise you — it's so much fun. It’s exciting. It allows you to unapologetically appreciate and respect money more than you ever have before. And it’s essential for massive success in your life and in your business.
So go for it. Enjoy the ride and celebrate your success. Because who doesn’t love money?
I love you guys, and I'll catch you next time!