A couple years ago I had this coaching client in one of my masterminds who started off as… well, let’s just say, not the best marketer in the world.
She really had no clue what she was doing when she first joined the group and it was really hard for her because she was starting with absolutely no knowledge of personal training marketing. But boy did she know how to take action.
This girl was more passionate, more enthusiastic, and more driven than 10 average trainers combined. When I told her to learn something, she learned it. When I told her to make something, she made it. And most importantly, when I told her to change something about her business she made the change without hesitating, arguing, or complaining.
As you might imagine it wasn’t long before her studio started kicking some real butt and bringing in massive revenues. She transformed her business in the span of one year, going from an average of $7,000 a month to bringing in about $33,000 each month. And her growing wasn’t done because she was always ready to implement whatever lesson I wanted to teach her next.
But you see, there’s this strange thing that happens to people who go from major financial struggle to massive business success. When you spend your life living with very little income and a super tight budget you’re liable to have a bit of a freak-out when the money starts pouring in.
Well, unfortunately, that’s exactly what happened with this client. Once she saw those commas adding up on her bank statement the cha-ching sound went off in her head, her eyes spun around and turned into dollar signs, and her greed glands kicked into overdrive.
Before I knew it there was a new house, a new Beamer, and all kinds of expensive toys siphoning off all of that extra income.
And while I was really happy to see a friend of mine go from living with very little to enjoying her success, I realized there was one massively important lesson I had failed to teach her: how to live and manage money like a rich person.
So for those of you who’ve followed me a while, purchased my products, attended my events or masterminds, and who have implementing my systems, this lesson is for you.
If you’ve experienced a similar transformation, going from struggling trainer to successful business owner, then you may be falling prey to many of the same issues as my friend here.
Extra money always comes with extra costs, and as your lifestyle improves you’ve got to become that much more responsible with your spending habits.
I know this is a bit of a gearshift from my usual teaching but as a coach and mentor who has helped thousands of trainers break through the 6-figure barrier and many others get past the 7-figure barrier, it would be irresponsible of me to skip this lesson.
So, for those of you experiencing massive success, listen up before you lose everything: the real secret to making millions and keeping them is living like you’re still a poor person.
Now, obviously you’re going to enjoy all the freedoms that come with a large income, that’s not what I mean when I tell you to live like a poor person. I’m referring to the way you manage your money. You know, to be completely honest, wealthy people pinch more pennies than poor ones. How do you think they built their wealth in the first place? It definitely wasn’t by blowing their money and never keeping track of their spending.
Making money doesn’t simplify your spending it complicates it, and that means you have to complicate your wealth management in turn.
Let’s return to the example of my friend from the mastermind. What do you think happened when she spent all that extra cash flow on cool toys and new stuff? She called me half way through March in an absolute panic because Uncle Sam had come knocking. The IRS was demanding $43,0000 in taxes and she didn’t have a penny of it (exactly one week before the government called she was driving a brand new Mercedes off the lot— paid in full).
At first, when she told me what was happening (from the inside of her new 4,000 ft2 home) I was dumfounded. “You’ve paid taxes before,” I remember saying, “what did you think was going to happen?”
So there I was, sitting in my office at 1 in the morning, cranking out copy for a last minute paid in full promotion that was hopefully going to get her all the money she needed to pay off those taxes.
And by this point I’m freaking out more than her! I’m typing away, sweating through my shirt and agonizing over her financial troubles because I was her teacher, her mentor, it was up to me to make absolutely sure she didn’t go down in a sea of fines, fees and expenses.
Well, the paid in full promotion was a huge success, the copy I wrote converted, and she was able to pony up enough cash to cover her taxes. But I hated being that close to disaster.
That’s why I’m trying to impress upon you the importance of managing money like a real rich person.
Honestly, I don’t care if your income is $5,000 or $5 Million, you need to be careful and responsible with your spending if you want your business to become successful and stay that way.
Money is freedom but it doesn’t give you the freedom to be foolish. Be a wise steward of your assets and your spending and you’ll actually enjoy being successful.
Now, if you haven’t made it to this level yet and this issue doesn’t really apply to your business then there’s probably a few problem areas you need to work on. The good news, though, is that you’ll be able to fix those problems faster than you probably think. In a matter of months you could find yourself in the same situation as my previous client (the situation where you’re making lots of money, not losing it…).
If you’re interested in getting the same kind of help and personal attention that skyrocketed my friend’s business (she’s still doing great, by the way, I just had lunch with her last month) then check out the 7 Figure Formula Mastermind.
With the mentorship you can get form me and the systems you’ll learn from Cabel McElderry, you’ll break through that glass ceiling that’s been holding you back all these years.
Here’s a video all about how this group has helped people. Check it out if you have 2 minutes and 1 second to spare. 😉
Committed to your success,