Money Money Money
I’m not attached to people liking my ideas. And I don’t mind if they hate them. (OK, I’m human, it stings a little!)
But what I love most is to provoke people’s thinking.
The word ‘provoke’ literally means to call forth.
When you provoke your clients’ thinking, it creates space for insight. And it calls forth new action or a new way of being.
Today, I want to offer you 5 ways of thinking about money that are designed to provoke your thinking…
1. $5K Thinking
“Set and enforce an aspirational hourly rate. If fixing a problem will save less than your rate, ignore it. If outsourcing a task will cost less than your rate, outsource it.
Get comfortable disappointing people whose expectations will eat your life up, one hour at a time.
It should seem and feel absurdly high. If it doesn’t, it’s not high enough. Whatever you pick, my advice is to raise it.” – Naval Ravikant
What’s your aspirational hourly rate? The number under which it would be crazy to do anything but hire someone else.
2. $50K Thinking
Build a boutique coaching business. Don’t charge by the hour. Charge for the value you create and the difference that you make.
What would it be like if you were to no longer charge based on the number of hours you coach?
There’s a restaurant I sometimes visit, in Hawaii. It’s a simple beach restaurant but it has a $1,000 cheeseburger on the menu. Every coach who wants extraordinary clients, needs a “thousand dollar cheeseburger.”
3. $5M Thinking
Build a self-managing business by hiring leaders, not followers. Support your team members to find their Zone of Genius, in order to free you up to work in yours. Create an environment for your team where it is safe to disagree and to challenge the status quo. Tell your team what they are doing right, more than what they are doing wrong.
4. $50M Thinking
Build a business that scales. Some entrepreneurs create the most value by simplifying things (that’s me, in case you haven’t noticed!). And some entrepreneurs create the most value by growing things (that’s my business partner). Dan Sullivan calls this a simplifier/multiplier collaboration. It takes everything to the next level.
Be aware, scaling is not for everyone. But who would you have to be to create $50M/year?
How would you have to show up differently, if you were coaching clients who are running $50M/year businesses?
5. F–– You Money
Back in the 1920s, the actor Humphrey Bogart used to keep a $100 bill in his nightstand at all times. That’s the equivalent of over $1,200 today. He referred to it as his ‘f–– you money’, because it meant he’d never be forced to take a part he didn’t want. He once said that the only good reason for making money was so you can tell anyone in the world to go to hell.
What’s your number? How much money would you need to happily turn down opportunities that you don’t want? And what if you could turn them down before you hit that number…?
Which of these ideas did you love? Which did you hate? And how will you show up differently in the week ahead because of them?
PS. Join me at California Deep Dive this May. There are only 3 spots left. There are ten spots in total and the first 7 have already gone! Deep Dives have always sold out, so don’t miss this one.
PLUS, whenever you’re ready – here are 4 more ways you can drastically increase your income and impact as a world-class coach:
- Read my Coaching in Challenging Times Playbook
- Join me on How To Coach A Superhero: The 4PC edition. Watch me coach some of the top coaches on the planet, in order to become one…
- Apply to join the 4PC waitlist. We’re meeting in Curaçao and Italy in 2023. Alaska, Portugal and Iceland in the years ahead.
- Apply for 1:1 coaching with me in Q2 or Q3 2023. (Thinking Partnership, Protégé and Concierge Trusted Advisor)