Money and Miracles with Emily King

[Ep 102]: How rich people think & how to master your mindset to attract wealth

• Emily King - Money Mindset Coach, TEDx Speaker, Business Coach, Money Expert

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Ever wondered why some people seem to attract wealth effortlessly while others struggle? In this episode, we challenge conventional wisdom and share the keys to shifting your money mindset from scarcity to abundance.

I recount my own journey from a fear-based approach to one where financial challenges are opportunities for growth, proving that altering your perspective can open up new avenues for wealth generation.

We dive deep into three pivotal mindsets that can revolutionize your financial outlook. First, we emphasize the importance of focusing on earning rather than just saving, promoting an abundance mentality that moves away from fear. Next, we tackle the age-old belief that "money is the root of all evil" and shed light on how adopting a wealth-oriented mindset can help you realize your full potential. We also discuss societal discomfort around financial ambition, bringing to light how psychological barriers can impede your financial success.

This episode not only provides practical advice but also features an exciting announcement about an upcoming wealth summit with an incredible lineup of speakers covering everything from sales psychology to investing.

Don’t miss this transformative episode designed to inspire you to break free from limiting beliefs and achieve the rich life you deserve.

The Money Summit: Sign up here. https://learn.erinnbridgman.com/a/2147953296/9jH4Zz6k 

Speaker 1:

Hello, oh, my goodness, I'm very excited about today's podcast because I don't think we've talked about this yet. In the two plus years this podcast has been around, we haven't talked about specifically how rich people think, and I have to give credit where credit is due. There's this book and now I don't know if somebody recommended it to me years ago or if I just randomly found it. I have no recollection of how I ended up with this book, but there's this book called how Rich People Think and it's by this author, steve Sebold, or I don't know how you pronounce his last name S-I-E-B-O-L-D, and it's basically these little mini chapters of the differences between how rich people think and how, uh, middle class think, and it it. It is an incredible book. I highly recommend you like run and go, purchase it because it will. It's a simple read it an easy read, you can kind of digest it at your own leisure or leisure, but the concepts in it are incredible and I'm gonna pull out some of the main highlights from that book today because I really want to help you start to shift your mindset around abundance and money and wealth generating, and also I wanted to bring to the table today and to the podcast, this whole notion of like are we blaming other people? Are we letting other people's beliefs, money blocks, influence us, and how can we start to move through that, move past that and create our own money blueprint for ourselves? So we're going to dive into that in just a second, but first there's something very special I want to share with you. Well, I guess kind of two things. Tomorrow is my shift event with the wonderful Gina Keeping. Just like I'm so stoked for it. We have an incredible room of people coming together to have a transformational day. So I know it's already too late for you to sign up, but I'm just like bursting with excitement about this event tomorrow happening in St John's. We got like 75 people coming. It's going to be incredible.

Speaker 1:

The second thing is a dear friend of mine, erin. She reached out to me a few weeks ago and she was like Emily, I want to put together this money summit and I want you to be a part of it. And, to be completely honest, at first I was a bit hesitant because sometimes summits can feel very crowded, like I've seen other people share summits and this is not to shit on anyone else's summits but they just kind of feel a bit overwhelming and a lot right and anyways, erin wanted to really curate quality over quantity for the summit and when she sent me the list of speakers that she has coming in for this summit it's free, by the way I was blown away. I was like, oh my God, erin, yes, I'm like, I'm literally honored to be a part of this summit. It's an honor to be sharing the space with these incredible people.

Speaker 1:

So let me just give you like the quick highlight of some of the topics that are being covered and you know for my own bias, like my own particular interest with this. Like Stephanie Case is coming on, she's talking about how YouTube can give you marketing freedom. I'm like, tell me more about this. Kenda Laney is coming on to talk about foundations of sales psychology, which I always love a good conversation about sales psychology If any of you guys out there have debt that you're looking to pay off.

Speaker 1:

Rachel Colbert is coming on to talk about debt from debt to done three steps to master your money. Shani is coming on to talk about investing the to done three steps to master your money. Shani is coming on to talk about investing the ABCs and one, two, threes of investing. So I'm like, tell me more, because while I do invest, I'm like a sponge. I want to like soak up all the investing information. And then you know Paula Crossfield. She's coming on to talk about heal your money, karma and make bank.

Speaker 1:

So there's like there's 11 of us total speaking, myself included. I'm going to be talking about rewiring your money mind, you know, unlocking your financial freedom with hypnotherapy. So we're going to be doing a hypnotherapy session, uh, on my workshop. But anyways, all is to say, it's an incredible bunch of speakers. It's happening october 8th and 9th, I believe, or is it 7th and 8th? Either way, go check out the sign up, 8th and 9th. So it's a two-day deep dive into money mastery and it's going to be so good. You can sign up for it now. It's free to sign up. You got nothing to lose. I'll link it in the show notes below. I'm so excited for this and I can't wait. So, anyways, I wanted to shout that out.

Speaker 1:

So, without further ado, let's dive into today's podcast. Hello and welcome to the Money and Miracles podcast with me, emily King. We call ourselves Rich Women over here because we are all about living the rich woman life inside and out. We take the taboo out of talking money and we say yes to our desires and each week I'll be bringing you a dose of money mindset and relatable life stories so you can go out into the world and live your best freaking life. Let's do this, rich woman, okay. So before we dive into how rich people think and how you can start to shift your money mindset to think, feel, believe more abundantly, more richly, more wealth mindset, I want to just kind of start with the question and the reflection point for you of are other people's money blocks holding you back? You of are other people's money blocks holding you back? Now let me back up for a second because, as I'm saying that, I'm realizing some of you might be new to this podcast and not even know what a money block is.

Speaker 1:

So if you don't know what a money block is, it's essentially a limiting belief around money that blocks or prevents more money from coming into your life. So, for example, that could be you know some classics like money is the root of all evil. Money doesn't grow on trees. Rich people are greedy, you shouldn't want for more, you already have enough. Like these kind of things and in believing them, they really limit us. Because if there's a belief there, for example, of I shouldn't want for more you know that's greedy, that's selfish of me then you're going to stay stagnant, you're going to stay stuck and while that's not to say you can't be grateful for where you are, you know I'm very grateful for where I am and I want to grow. It's just simply not true. I believe that wanting more is selfish, right?

Speaker 1:

I always like to use the example of nature, like nature is a beautiful example of you know, what's more for you is more for everyone. So when you plant a seed in the in the garden and it starts to sprout, it doesn't, you know, get its little sprout and come up, you know an inch or two, and go ah, that's okay, you know I'm good. I don't want to hog all the sunlight, I don't want to hog the nutrients in the soil, like somebody else probably needs the water more than me, you know. Like you know, the more it flourishes, the more beauty we get to experience, and it doesn't take away from any other plant out there, right? So that's just a little simple example for you.

Speaker 1:

So, to come back to this question, just kind of give yourself that moment of pause of are other people's money blocks holding you back? Are other people's money stories, money paradigms, money blueprints holding you back or feel like they're holding you back in some way? It could be a family member, it could be a romantic partner. I find in the 10 plus years I've been doing this, is that typically the most like the money blocks that sting the most or the money conversations that sting the most tend to be those with our romantic partners. Right, we can feel the most betrayed, we can feel the most, um, lack of support when it's a loved one that we are romantically involved with that we feel isn't supporting us. And whilst this is not to get in like a womp womp, like this sucks headspace, I just want to just bring that to the forefront of like what are other people's money blocks and really empowering you now to go? That's theirs, that's not mine.

Speaker 1:

I am the creator of my financial blueprint. I am the creator of my abundance. I am responsible for my abundance and my abundance solely, not anyone else's. Right, that's not to say you can't give and all that kind of stuff, but your financial reality is your financial reality. So this is kind of the kick in the ass question for you of who or what are you blaming, because it can be so easy to blame someone else for your lack of abundance or your lack of wealth or your lack of support or whatever. But the truth of the matter is it's up to you, right. There are things that you can do to protect and enrich your money mindset. Now you're doing the work here, you're listening to this podcast to enrich it. So high five to you. But really, coming down to who or what are you blaming and drawing a line in the sand today and going? I'm not allowing that to be my excuse anymore. I'm not allowing my fear of what my parents will think of me if I buy the car that I truly desire to dictate my future anymore. I'm not allowing my I had this you know, this is a real example when I used to work in my nine to five job.

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I started to travel a lot as my coaching business picked up, um, and I would take unpaid vacation for my nine to five, and I had a co-worker one day say to me oh, must be nice to be going on another, you know, vacation again as like a dig at me, and I used that as a moment of empowerment where I said back to him I said, yeah, it is really nice, is really nice, it's awesome, right? So I could have gone home and, and you know, insult about it, oh, you know, this guy at work is, you know, shitting on me for going on another vacation, like he doesn't understand. But I was like, no, this is my moment of empowerment, this is of me owning what I deserve, what I'm worthy of and what I've created for myself, right? So feel, feel the difference in being a victim or a victor of your situation. So this is your moment of like, truth of like. I'm going to choose to be the victor. I'm going to choose to rise above this. I'm going to choose to change.

Speaker 1:

Perhaps you know the many generations of limited, lack mindset around money that stops with you, right? So like, yes, let's do this. And before we get into the way that rich people think, like top three well, maybe not top three, but like my favorite three, I guess I'll say is, I want to share this, which is something that I wrote down from Tony Robbins, literally like almost 10 years ago, I watched a video of his on Money Mindset and I took notes on it, and he said wealth is an abundance of all the things you desire in life and wanting to expand that, that's healthy, right. Wanting to expand your wealth, that is healthy. Wanting to expand your health, that's healthy. Wanting to expand the loves you know the amount of love in your life, that's healthy. So, like wealth is not in this like category on its own, where it's like oof, you can't expand, that, it is healthy to want to expand it.

Speaker 1:

Okay, so now let's dive into my favorite top three highlights from the book how Rich People Think by Steve Sebold. And, like I said, you can go out there and grab a copy of the book yourself and read all the different ways he talks about. But here's some highlights that I want to share with you today. Okay, this one is actually number one in his book or maybe not number one, but it's the first one he shares and it's middle-class, focuses on saving. World-class focuses on earning. This one is huge and I love where he says he says you know, one group is operating from fear, the other from abundance.

Speaker 1:

So this was a huge shift for me years ago when I started to get into this money mindset stuff and was like, because I was a huge hoarder and saver of money, now, this is not to say world class, rich people, you know, don't focus on saving. They just blow all their money. That's not what this is saying. But I'll give you an example of the difference. I'll give you an example of the difference when I used to, when I used to say now, this is once again not to say I don't have money now, but back in the day I used to save out of a place from fear. I was so afraid money would leave me. I was so afraid of not having enough. I was afraid of spending my money and so having savings felt like such a security blanket to me, but it also was completely fear-based and I was not enjoying my money. I was not having fun with it. Um, I would only get like a thrill and excitement around getting it and getting to put in my bank account, and that was about as far as it went, right. So this focus on saving is driven by the fear of loss and uncertainty of the future, and it's like this hoarding protection of the money whilst the whole rich person thinking, yes, they understand, you got to save, invest all that good stuff, but their mental energy is put towards accumulating wealth through serving people and solving problems. And that was the switch for me and, in particular, I'm going to give you this little statement that really supports me, especially when there's like big chunks of money going out, where the old saving hoarding me wants to be like oh my god, all our money, where's it going? Is this statement, there's more where that came from. So the big shift and it's. You know this isn't necessarily going to be an overnight thing, but I want you to start knowing that, no matter, like just last month uh, was it last month or two months ago?

Speaker 1:

My husband and I had to spend over 20 000. It was close to 25 000 in expenses, for, you know, one of our rental properties needed new sewer pipes. Um, I forget now. There was other things that came up. I think we had some car repairs. Like there's a whole bunch of things that happened at once and it worked out to be around 25 000 that we were spending in the span of a month. So that's a lot of money to go out and I was very proud of myself because I was anchored in. There's more where that came from. Old me would be freaking out that we were spending $25,000 in a month.

Speaker 1:

This me, this wealth, abundant mindset me, this rich me, is like great. This is just the circulation of money. You know, like I just put output some money and it's coming right back and more of it, you know. So I don't get into oh my God, how do we get that savings back? How do we get that money back? I go into ah, this is my time to kick into high gear around. How can I earn more? How can I give more terms of, like, solving problems, serving my audience, serving you guys, to bring in more money to support my family and my financial abundance? Right? So that's a big shift, if you will. Is this shift from fear to abundance?

Speaker 1:

Okay, the next one is like the classic, uh, average way of thinking and like lack fear based around money. Is money is the root of all evil. Money is the root of all evil. Now, this is Steve's words, not mine, so don't come at me. He says middle class believes money is the root of all evil.

Speaker 1:

World class believes poverty is the root of all evil. Now, oof, that's a little harsh how he states it, but let's, let's explain. You know, let's not, let's not get our backs up about this is and I come from this background where, when I grew up, it was uh, rich people are, they're dishonest, they're greedy, they're selfish, they have too much. They they should be, you know, sharing their wealth with everyone and it comes. Well, you know, it's rooted in the biblical passage that states the love of money is the root of all evil. And it's been misquoted and kind of misconstrued over the years to just go okay, money is the root of all evil, but it's the love of money that's the root of all evil. Oh, okay, money is the root of all evil, but it's the love of money that's the root of all evil, whereas Steve goes on to explain. You know, the world class knows that while having money doesn't guarantee happiness, it does make your life easier and more enjoyable.

Speaker 1:

So, personally, I wouldn't go as far to say poverty is the root of all evil, wouldn't go as far to say poverty is the root of all evil. But I get his take on it in the sense that, like personally, when I am in lack, when I am in a feeling or state of poverty, it is because I'm most likely nine, ten, nine times out of ten not believing, believing in myself, not feeling worthy, not showing up as my best self in the world, playing small, letting fear dictate my life, um, not having great boundaries. It comes as a result of this small lack, limit, limited mindset and living right, and I don't believe that God wants that for us. You know, I don't believe that God set out for us to shrink and stay small and stay put and not desire greatness in life. I just truly don't believe that. So I get where he's coming from this angle of like poverty is the root of all evil. Like that poverty mindset, like that serves no one right. I wouldn't put it in those words Poverty is the root of all evil, but I get it. So I want to share one of what he calls the critical thinking question from his book. And this is like oof, this is punchy, so get ready for it.

Speaker 1:

He says are you ashamed of your desire to be rich? Are you ashamed of your desire to be rich? Now let me give you a quick story around this. A few years ago, I created these crew sweaters that said rich woman on them and I sold them as part of like my business, cause you know my business is called the rich woman on them. And I sold them as part of like my business because you know my business is called the rich woman and it's so interesting, even for myself owning a business called the rich woman, the discomfort in wearing a sweater out in public, out in the grocery store, out in the mall, whatever that says rich woman on it. And I thought, thought, like, and I would wear it. Obviously I made them and sold them.

Speaker 1:

But I thought, how interesting is it that at least me personally and I know others can share this is like that little bit of shame around, like, ooh, is this like, is this too much like to be wearing a sweater that says rich woman on it? Like, are people going to look at me and think like, who the hell does she think she is? Or like you know, and I was like, isn't this fascinating? So I wore it almost as like this mindset, uh, growth of like, yeah, I get to be a rich woman, I get to claim that. And it reminds me of years ago I was speaking in Halifax and I went out for a walk before my speaking gig just to kind of center myself and all that kind of thing, and I saw this little kid running around and she had this shirt on that said it's cool, it's cool to be me. And that has never left me because I thought, yeah, it is cool to be you kid. Like she was probably four or five years old, run around living her best life, and I just thought, like isn't it interesting how we get older we start to create this shame around owning our greatness, around owning what we desire, and and like we just give kids this full permission to be like, yeah, you are awesome. Yeah, like, wear a t-shirt that says it's cool to be me. Like I don't see any adults walking around with the t-shirt that says it's cool to be me, and if they did, they probably would get some side eyes of like, huh, like what you know, and that's kind of sad. So, yeah, reflecting on, are you ashamed of your desire to be rich? And you know he gives this action step of decide to be proud of your ambition and ignore people who tell you wanting to be rich is wrong. So I really love that. Decide to be proud of your ambition. Like that's amazing. I love that.

Speaker 1:

Okay, last but not least, let's chat about the third one of my three, I guess my third favorite highlight from this book. Okay, this one is very interesting. So what it is is he says middle class believes money is earned through labor. World class believes money is earned through thought. I wholeheartedly agree with this. So let me explain, because I know, just like saying that statement might be like huh, like what? Don't you have to work for your money?

Speaker 1:

There is such an embedded and an ingrained belief of you have to work hard for your money in this culture that we're in, and rightfully so, because you know, a few decades ago it was literally like physical hard labor people were doing to earn a buck, right? And you know the generations before us. They were going through things like famine and war and all sorts of things, and it was very much like this survival way of being. But we're in a world now that's not like that, you know, thankfully, and we still have a long way to go, I believe, in overcoming this belief of work hard to make your money. So let me explain this whole world class believes money is earned through thought. So I actually have a program, the 40 Day Prosperity Program, which dives into all of this, the whole sense that, like you are the money, the money is within you and it's and I know this like stay with me because I know this sounds so out there of like what the money is within you.

Speaker 1:

So often we put our, our opportunity for abundance and wealth outside of us, thinking we have to get this opportunity, we have to get the promotion, we have to get the sale, we have to get whatever be living in the right neighborhood, you know, know the right people. We put it all outside ourselves. But when you really peel back the layers of it all, whenever I think back to the most abundant moments of my life, they all first started in thought. They all first started with my mind set, which is how my mind is set to believe about money. So let me give you an example because I just personally love this one, from a couple years ago. So a few years ago I had my first child and so I had kind of taken a step back from business and kind of the whole growth and because, you know, year over year I was growing, growing, growing. And then when I had my child, I gave myself that permission to be like you know, we're just going to take a step back and not really focus on like, grow, grow, grow, because it's a different season of my life and, to be honest, I had a bit of like shame around that. You know, my ego was like oh, you didn't make as much money this year as you did last year, like all that kind of like talking down to myself. And I busted my ego when I realized back in 2022, yeah, it was 2022, I had this idea. So, once again, world-class believes money is earned through thought. I had this idea.

Speaker 1:

As some of you guys know, I love real estate investing and I thought, okay, we're ready to do another investment, another investment property. And I thought, okay, we're we're ready to do another investment, another investment property. And I thought you know, the market is so saturated, it's so competitive, things are going for sky high prices, like it's just a jungle out there. I thought I'm going to take this into my own hands and I did an ad. Uh, sorry, I didn't do an ad, I just did a post on this local. It's called Newfoundland, is it Newfoundland Classifieds? Where basically it's this local network where you post things for sale or wanted or whatever. It's kind of like a Facebook marketplace, but for Newfoundland. So I put a post up there saying you know, wanted two apartment home in this location. Here's my budget. Blah, blah, blah.

Speaker 1:

Within a few days, I had this guy respond to me and, lo and behold, he wasn't like some sketchy dude. He ended up being someone that my husband had actually played soccer with years ago, like back in high school days, and my husband was like, oh yeah, he's legit, he's a nice guy, blah, blah, blah. Anyways, long story short, the house ended up being perfect, like right on budget, like needed no work to be done to it, great neighborhood, like on a beautiful cul-de-sac, like perfect. And so we did the transaction within you know, a month. All was well and we have the house to this day.

Speaker 1:

And when I reflect back on that, that one thought that I have of like huh, let me just do this post in this group on this, on this platform, on this platform, that one thought led me to now owning a rental property that probably has, I would say, $60,000 of equity in it within two years and is giving us positive cash flow every month. So it's an income generating thing that keeps giving us more and more money every month. And when I think back to it, I'm like huh, you know my ego was shitting on me for not like working hard in 2022. Meanwhile, this one idea that I had in October of 2022 led me to tens of thousands of dollars from that one thought, followed by the action steps. So that's not to say you don't have to do the action, you don't have to do the labor, so to speak. But knowing that it's the thought that is the seed that is planted, that brings the abundance, is everything Right.

Speaker 1:

When I think of you know one of my like idols, sarah Blakely, who was the founder of Spanx um. That started with an idea where she was going to a party one night. She was tired of seeing the underwear lines under her dress, so she cut the legs at a pantyhose and realized, hey, I got an, I got like a brilliant idea here. Right, it started with thought and she ended up turning that business into a billion dollar plus business like like billion with a, b right from that one idea, not like, and at the time she was selling fax machines. So not, okay, how many fax machines can I sell in any given day to earn more money? It was huh. And she and she has shared this before on on certain things I've seen her interviewed on where she had said to the universe, like universe, I'm praying for my million dollar idea. And she ended up getting a billion dollar idea, but like she knew that it was the idea that was going to be the seed that started and planted the abundance for her.

Speaker 1:

So do you get what I mean?

Speaker 1:

It's like getting out of this.

Speaker 1:

I got to work hard, I got to work hard and instead shifting into like how can you take action on the inspired ideas that are given to you?

Speaker 1:

And also I like to share with this with my clients, is like I don't look so much at like how hard have I worked to deserve something, but how brave and courageous have I been.

Speaker 1:

Because, like putting an offer in, you know, for hundreds of thousands of dollars on a house, that's a bit brave and courageous. You know, that's not like a hundred dollar investment, that's brave and courageous. Not saying you have to go do that to make money. But you know, and like Sarah Blakely, the courage, the resilience, the bravery she had to take to take those steps to move forward and move forward and move forward and get the nose, get the nose and get the nose, but keep getting yourself up. Like that is what I see as the the um link to money. Right Is the bravery, the courage, the resilience not how hard have I worked for this, how many hours have I plunged, how much stress have I endured. You know how many hairs have fallen out of my head, how many headaches have I gotten.

Speaker 1:

No, let's shift it to am I being my bravest, most courageous self today and letting that be the catalyst for abundance in your life?

Speaker 1:

Okay, so there you have it. A few little examples of how rich people think, how you can start to integrate into that into your life. You know, like I said before, you can pick up that book and, once again, if you want some of the practical how-to on wealth building for you, check out that summit that's coming up on october 9th and 8th. Uh, it's so good. Like I said, I'm signing up for it myself because I want to take part in some of these workshops that are happening and learn more and educate myself, and I'm so excited for it. So I hope to see you there. I'll link it up in the show notes and if you enjoyed this podcast, make sure to leave a review or subscribe to it or some way to show it some love, because I just so appreciate it and I'm just honored to get to share this platform with you. So thanks for being here, hope you have a great day and bye for now.

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