Latest / The Inner Wealth Podcast / Ep129. Rewiring Your Financial Blueprint for Success.

Transcript

Ep129. Rewiring Your Financial Blueprint for Success. · The Inner Wealth Podcast

• 0:02
  Speaker 1: Do you ever wake up feeling like there's something missing in your life?
• 0:06
  Speaker 1: Do you ever feel the need to escape your business?
• 0:09
  Speaker 1: Are you running your life or is your life running you?
• 0:11
  Speaker 1: I'm Mike Kitko and I'll help you design and create a life so authentic and aligned with who you really are that you'll get excited just to wake up.
• 0:18
  Speaker 1: I'll help you create real wealth, success and freedom from the inside out.
• 0:23
  Speaker 1: Welcome to the Inner Wealth Podcast, where we learn and choose to live inspired.
• 0:28
  Speaker 1: Each and every day, I get the opportunity to work with some really, really wealthy and successful people like well beyond my level, well above my net worth level.
• 0:47
  Speaker 1: What we can teach is we can teach what we have already accomplished.
• 0:55
  Speaker 1: So when people join the Inner Wealth Mastermind or they come to a workshop choose your destiny workshop I can teach them up until the level that I know, but I give them the tools to upgrade every aspect of their life their health, their wealth, the impact they make in the world and their relationships.
• 1:19
  Speaker 1: And that's what we focus on in the Inner Wealth Mastermind, and part of the reason that these really wealthy, incredibly wealthy people come and participate in the Inner Wealth Mastermind is because what we can teach at a level of genius.
• 1:35
  Speaker 1: What we can really connect people with is a sense of fulfillment and a sense of joy and a sense of peace and a sense of inner wealth.
• 1:46
  Speaker 1: And external wealth doesn't always, can't always give, you can never give you a sense of inner wealth.
• 1:53
  Speaker 1: It's something you have to derive yourself.
• 1:55
  Speaker 1: And years ago we used to have this little moniker when I used to present and talk from the stage and I used to say somebody would say, mike, what do you do?
• 2:07
  Speaker 1: How do you help?
• 2:08
  Speaker 1: I help millionaires become happy millionaires, and that's really what it's about.
• 2:13
  Speaker 1: I can, beyond the shadow of a doubt, I can take someone who, no matter what their circumstances are, and I can help connect them to the inner wealth that's inside of them and the joy and the love and the peace and the confidence and courage and self-esteem I can help them connect with that and from that place you can create anything you want in this world.
• 2:33
  Speaker 1: And three-step process we've talked about it over and over getting clear about what you want, becoming certain that you can have it and remaining committed to the process until materialization.
• 2:45
  Speaker 1: Very simple process, not always easy to implement, but a very simple process that only works every time when you're diligent about it.
• 2:54
  Speaker 1: Now, in today's episode, what I really want to focus on?
• 2:59
  Speaker 1: I really want to focus on money mindset.
• 3:01
  Speaker 1: All right, money mindset.
• 3:03
  Speaker 1: When we talk about mindset, all mindset is analyzing and understanding the beliefs that you hold inside of your mind and the stories that you tell yourself about life.
• 3:21
  Speaker 1: And if you look at your health, if you look at your wealth, if you look at the amount of impact that you had in the world and the success that you enjoy, if you look at your relationships, if you look at those circumstances, they will reveal to you your beliefs and your stories about those dimensions.
• 3:41
  Speaker 1: Your beliefs and stories are creating your circumstances.
• 3:46
  Speaker 1: Circumstances don't create beliefs and stories.
• 3:49
  Speaker 1: Beliefs and stories create circumstances.
• 3:51
  Speaker 1: I hope this makes sense.
• 3:54
  Speaker 1: We live in, we're taught, I guess through conditioning and through programming, that when you have something you'll feel something.
• 4:02
  Speaker 1: But that's not true.
• 4:04
  Speaker 1: We don't live in an outside in world.
• 4:06
  Speaker 1: We live in an inside out world.
• 4:08
  Speaker 1: When you feel something, you'll have something.
• 4:10
  Speaker 1: When you have inner wealth, you'll easily create external wealth.
• 4:14
  Speaker 1: But when you create, when you focus and create external wealth, you won't always feel the power of that wealth.
• 4:21
  Speaker 1: Have you ever met someone who was ridiculously wealthy, really wealthy and they felt broke.
• 4:27
  Speaker 1: I meet them every day Because people think that money is gonna rearrange the emotions and the feelings and the thoughts in their body, and that's not true.
• 4:38
  Speaker 1: That's not how this works.
• 4:39
  Speaker 1: Circumstances outside of you will not change the patterns inside, but when you change the patterns of how you think and how you feel, then your circumstances will change to resemble those new thoughts and those new emotions, those new feelings.
• 4:54
  Speaker 1: You feel wealthy, you'll become wealthy.
• 4:57
  Speaker 1: You feel successful you'll become successful.
• 4:59
  Speaker 1: You feel healthy you'll become healthy.
• 5:00
  Speaker 1: You feel loved, you'll become loved.
• 5:03
  Speaker 1: We work from the inside out.
• 5:06
  Speaker 1: That's why, on episode two of this way back in the day, I said the episode's called as the Business Owner Grows.
• 5:13
  Speaker 1: The business grows itself, because it only happens every time when we clean out the garbage that's inside of us, the external circumstances start to shift around those new beliefs.
• 5:26
  Speaker 1: And today what I really wanna talk about is money mindset, specifically money mindset.
• 5:31
  Speaker 1: I wanna tell you about the beliefs of the impoverished class, right, the poverty class, like you can say, the poverty class, even lower middle class.
• 5:46
  Speaker 1: I was raised in a lower middle class union steelworker, blue collar, work ethic and there were certain beliefs in that economic band that were prevalent through most of my family, and the people that didn't hold those beliefs had different circumstances.
• 6:08
  Speaker 1: But I'm gonna share some of these beliefs that I grew up in.
• 6:11
  Speaker 1: There's not enough to go around.
• 6:16
  Speaker 1: Wanting money is greedy.
• 6:18
  Speaker 1: The richer evil.
• 6:20
  Speaker 1: The richer greedy You've gotta work hard for your money.
• 6:24
  Speaker 1: Making money requires doing things that you don't wanna do, that you'd rather not do.
• 6:29
  Speaker 1: You've gotta work for people that you don't wanna work for.
• 6:32
  Speaker 1: You're gonna have to say yes when you'd rather say no and you wanna.
• 6:36
  Speaker 1: You're gonna have to say no when you wanna say yes, and you've gotta go someplace.
• 6:42
  Speaker 1: And you've gotta have security in some way, shape or form, and that security typically comes through a JOB a job.
• 6:56
  Speaker 1: And if you think about the way poor people think about money, poor people think about money as it's a source of survival.
• 7:07
  Speaker 1: Poor people think that they can save their way to wealth.
• 7:14
  Speaker 1: Poor people think that they can budget their way to health or to wealth.
• 7:20
  Speaker 1: Poor people think that help should be free.
• 7:25
  Speaker 1: Poor people think that you're free.
• 7:28
  Speaker 1: Poor people think that you don't, and this is one that kind of like I guess it was a big eye-opener.
• 7:38
  Speaker 1: Poor people think that you need to keep people in your life and be loyal to people, regardless of the influence they have on you.
• 7:50
  Speaker 1: Thank you.
• 7:56
  Speaker 1: I had a coaching call one time and and the person didn't want to like express resistance to becoming rich because he didn't want to be thought of as rich.
• 8:07
  Speaker 1: Because what will they think about me?
• 8:09
  Speaker 1: Poor people worry about what other people will think about them if they get rich.
• 8:15
  Speaker 1: How about this if, if I have a lot of money and I'm rich, everyone's gonna ask me for for money, for handouts?
• 8:26
  Speaker 1: So more money, more problems.
• 8:30
  Speaker 1: Guys, these are all beliefs of the poor.
• 8:35
  Speaker 1: These are all beliefs of the lower middle class.
• 8:38
  Speaker 1: These are all beliefs held by people that are struggling financially.
• 8:43
  Speaker 1: These are beliefs held by people that are living paycheck to paycheck.
• 8:48
  Speaker 1: These are beliefs held by people that that are living month-to-month, that are just trying to survive, that have just enough to get by.
• 8:55
  Speaker 1: How about this one?
• 8:56
  Speaker 1: The whole purpose of having a job is to retire.
• 9:00
  Speaker 1: That's not.
• 9:02
  Speaker 1: That's a.
• 9:03
  Speaker 1: That's a impoverished belief.
• 9:05
  Speaker 1: That's a lower middle class belief.
• 9:08
  Speaker 1: That is not a wealthy belief.
• 9:10
  Speaker 1: Rich people are evil and greedy.
• 9:15
  Speaker 1: I mean, that's a.
• 9:16
  Speaker 1: That's one of the ones.
• 9:17
  Speaker 1: I heard that constantly growing up.
• 9:22
  Speaker 1: How about?
• 9:23
  Speaker 1: How about if somebody says or expresses or demonstrates that, that they are wealthy and they have nice things.
• 9:30
  Speaker 1: They're called like an arrogant or arrogant rich person like Guys.
• 9:36
  Speaker 1: Have you ever noticed how much poor people judge rich people?
• 9:40
  Speaker 1: Have you ever noticed how much poor people can't stand rich people?
• 9:50
  Speaker 1: Have you ever noticed how poor people think that the rich people just need to pay for them?
• 9:56
  Speaker 1: Have you ever noticed that the easiest way to get elected as a politician is to say that the rich need to pay their fair share, because then you're going to get a lion's share?
• 10:07
  Speaker 1: The 95% of people in the country that are have not 95% that are living paycheck to paycheck, that, the people that are in survival mode, you, you rally them all to your freaking cause because you just say we're just going to get the rich to pay their fair share.
• 10:24
  Speaker 1: Even though if you took a look at, if you took a look at the, the income that the federal government in taxes, you, it's staggering how much, how much, what a percentage of the federal government that the wealthy class pays.
• 10:41
  Speaker 1: It's staggering.
• 10:42
  Speaker 1: But you, you don't.
• 10:45
  Speaker 1: You don't hear that.
• 10:47
  Speaker 1: All you hear is the rich need to pay their fair share.
• 10:52
  Speaker 1: Guys, when you're, when you look at your financial circumstances, it will reveal what you believe to be true about money.
• 11:00
  Speaker 1: And when I grew up, I grew up in that stuff and all those beliefs, and that's why I struggled with money so much.
• 11:09
  Speaker 1: And now that I'm now that I'm working with some wealthy people and, and, and I get that like tap in and and extract the goodness of what's happening in their mind I Get to see what real rich people think about and what they believe about money, and, and.
• 11:29
  Speaker 1: Here are some of the.
• 11:30
  Speaker 1: Here are some of the things that rich people think about money.
• 11:33
  Speaker 1: I Just I just need to make a bigger impact in the world and add more value to the world in order to create wealth.
• 11:42
  Speaker 1: How about?
• 11:44
  Speaker 1: How about the poor, poor people's belief that debt is bad and wealthy people's belief that healthy, healthy debt fuels wealth?
• 11:55
  Speaker 1: How about?
• 11:58
  Speaker 1: The more I have, the more I can give, the more I have, the more of a positive difference I can make in the world.
• 12:06
  Speaker 1: How about the?
• 12:09
  Speaker 1: The more I have, the more I have, the more I can enjoy life and the less?
• 12:15
  Speaker 1: Money is a problem in my life that it's not a source of identity.
• 12:20
  Speaker 1: It's a source of, of just creating margin.
• 12:24
  Speaker 1: So I never have to worry about money ever again.
• 12:30
  Speaker 1: There's certain things that wealthy people focus on when it comes to money, and there's certain things that poor people focus on money when it comes to money.
• 12:39
  Speaker 1: And have you ever heard that sports adage that losers focus on winners and winners focus on winning?
• 12:47
  Speaker 1: Well, you can say the same thing about money.
• 12:50
  Speaker 1: The poor focus on the rich make them pay their fair share, while the rich focus on getting richer.
• 12:57
  Speaker 1: And the thing that perplexes me the most, probably in all of this is the people that got rich can teach the poor how to get rich, but instead the poor is so busy judging the rich Instead of the poor people, instead of poor people and people that are struggling financially.
• 13:20
  Speaker 1: Instead of asking the rich how they did that and to educate them, instead of seeking to understand how to do that for themselves, they would rather take money from the rich and redistribute it to society, like the Robin Hood freaking phenomenal.
• 13:39
  Speaker 1: And the more impact I have in this world, the greater my net worth is, and that's just the basics of business and economics.
• 13:58
  Speaker 1: The more value I am to the world, the more value shows up in my bank account.
• 14:05
  Speaker 1: As I make a bigger difference, as I have a wider footprint, as I have a bigger impact in more places around the globe, the more my net worth increases.
• 14:20
  Speaker 1: Meanwhile, the poor and the lower middle class they're looking for that next pay raise.
• 14:26
  Speaker 1: They're looking for that next.
• 14:29
  Speaker 1: Maybe they're going to leave one job and go to another because somebody's paying.
• 14:32
  Speaker 1: One job's paying them $15 an hour, another's paying $20 an hour.
• 14:37
  Speaker 1: Well, if you do the math on that, there's no wealth there.
• 14:40
  Speaker 1: There's a little more financial cushion, but how many times have people increased their income and then they spend more?
• 14:50
  Speaker 1: So they're experiencing the same financial pressure.
• 14:53
  Speaker 1: How about this difference between the poor and the rich?
• 14:57
  Speaker 1: The poor focus on income and the rich focus on net worth assets that they own minus what they owe and the income doesn't matter, but net worth does.
• 15:13
  Speaker 1: To a wealthy person and to someone who's struggling financially, income is all there is, that's all they're focused on, and they'll leave one job for a 50 cent raise.
• 15:23
  Speaker 1: Meanwhile, a wealthy person doesn't care what the income is.
• 15:28
  Speaker 1: A wealthy person cares about how much their net worth grows, because when their net worth grows, so does their ability to cover all their expenses and to create financial freedom and to serve a greater purpose and to make a bigger impact in the world.
• 15:46
  Speaker 1: Meanwhile, people that are struggling financially are focused on when their next pay raise is going, or going on strike so they can get $1.50 raise or to have their health care covered.
• 16:03
  Speaker 1: And when I became an entrepreneur, I mean when I saw how much benefits are and I stayed in corporate jobs for benefits and yeah, it cost me a couple thousand dollars a month for my family for health care.
• 16:19
  Speaker 1: But, holy crap, I don't give up my life for the couple thousand dollars a month that I pay in health care.
• 16:25
  Speaker 1: If that, like this stuff we're fed, that this stuff is, we can't possibly spend like spend money on our own benefits.
• 16:36
  Speaker 1: Somebody else is obligated to spend or to cover our benefits, to cover our health care, to cover our dental.
• 16:43
  Speaker 1: We're taught that somebody else has to pay for that stuff and it's conditioned in society, it's programmed in society Like somebody owes me.
• 16:54
  Speaker 1: I mean I don't know how about how?
• 17:01
  Speaker 1: About this belief money is not important?
• 17:04
  Speaker 1: I don't know one wealthy person that believes that money is not important, but I do know a lot of fucking broke people that believe that money is not important.
• 17:15
  Speaker 1: I do believe I do know a lot of people who struggle to make it week to week, month to month, who are trying to figure out if I could help them or not.
• 17:27
  Speaker 1: And what they tell me is money is not that important.
• 17:33
  Speaker 1: How about fixed mindset versus growth mindset?
• 17:37
  Speaker 1: A fixed mindset person doesn't want to become different.
• 17:43
  Speaker 1: A growth mindset person knows that becoming a different person is the way to grow their circumstances because who you are got you here, so who you're becoming will get you to the next level.
• 17:56
  Speaker 1: So, in essence, what you believe, what you think, what you feel about money got you here.
• 18:04
  Speaker 1: So in order to increase your net worth, your net wealth, you have to think, believe, feel and act differently about money.
• 18:17
  Speaker 1: But people that are in financial struggle hold on for dear life to their identity and when you challenge their financial beliefs, when you challenge their money mindset, they defend their beliefs.
• 18:29
  Speaker 1: They defend what they believe about money.
• 18:31
  Speaker 1: They defend their thoughts and their feelings and their actions and their choices and their behaviors.
• 18:37
  Speaker 1: They defend it and they don't understand that it's those things that got them there.
• 18:42
  Speaker 1: Those things are not holding on to those beliefs and thoughts and feelings and emotions and behaviors and choices.
• 18:48
  Speaker 1: Holding on to those are not going to get another comma or another zero in their bank account, but growth oriented people who mostly become rich.
• 19:00
  Speaker 1: You can't become rich holding on to a fixed mindset.
• 19:04
  Speaker 1: With a fixed mindset, people with a growth mindset know that what I believe and think and feel and act and choices that got me here aren't going to get me to the next level.
• 19:14
  Speaker 1: So let me ask somebody who already has what I want, what they believe, how they think, how they feel, how they choose, how they decide actions they take, and let me do those things, because it's that set of beliefs and that personality that created that wealth.
• 19:33
  Speaker 1: So if I want wealth, I should probably adopt some of those same things that help that person become wealthy.
• 19:39
  Speaker 1: Meanwhile, the person that's broke might ask how did you do that?
• 19:44
  Speaker 1: And then has the freaking gall to say, well, I don't believe that.
• 19:48
  Speaker 1: Well, how did you get rich?
• 19:51
  Speaker 1: By realizing that there's plenty for everyone.
• 19:55
  Speaker 1: And then the poor person will say, yeah, but I just don't believe that.
• 19:58
  Speaker 1: Or how about?
• 20:02
  Speaker 1: You can't have security and freedom at the same time?
• 20:05
  Speaker 1: Poor people and people who struggle financially.
• 20:08
  Speaker 1: They're looking for security, and the wealthy people have given up the need for security so that they can experience freedom.
• 20:15
  Speaker 1: And you can't have both security and freedom.
• 20:19
  Speaker 1: You must give up security in order to have freedom.
• 20:24
  Speaker 1: But once you have freedom, you no longer need security because you have freedom.
• 20:28
  Speaker 1: But poor people tell you but I need to know that I'm okay in order to live.
• 20:37
  Speaker 1: And someone who's growth oriented, who ultimately becomes rich, gives up the need to know, like that, for certain, that they're going to be okay.
• 20:49
  Speaker 1: Step into the unknown and learn how to live in the unknown.
• 20:53
  Speaker 1: And from learning how to live in the unknown they grow, and as they grow, so do their circumstances.
• 21:00
  Speaker 1: Guys, money mindset if your money mindset's not right, your bank account's not going to move.
• 21:09
  Speaker 1: The way you think about money right now has created this level of wealth, and the way you think about money right now is not going to create a higher level of wealth.
• 21:18
  Speaker 1: We just started 2024.
• 21:22
  Speaker 1: This is the second episode of 2024.
• 21:25
  Speaker 1: And listen, if you really want to make some real money, if you really want to create some exceptional wealth, then you've got to start analyzing your money beliefs.
• 21:35
  Speaker 1: You've got to start thinking.
• 21:37
  Speaker 1: What do I think and feel about the and believe about the rich?
• 21:40
  Speaker 1: What do I think and feel about money?
• 21:42
  Speaker 1: What do I think and feel about like?
• 21:44
  Speaker 1: Am I worried that people are going to judge me if I have money?
• 21:48
  Speaker 1: Am I worried that people are going to reach out too many hands?
• 21:51
  Speaker 1: Am I worried about what poor people think about me?
• 21:54
  Speaker 1: Am I afraid of being rich?
• 21:56
  Speaker 1: Am I do I feel guilt and shame for wanting money?
• 22:00
  Speaker 1: You've got to analyze these things because, if these are true, if you don't think there's enough to go around, if you think there's something wrong with wanting to be rich, if you think there's something wrong with the rich, if you think you're greedy for wanting more, if you can't say you want to be rich, if you're sending mixed messages I want to be rich, but if you're sending mixed messages, then you're not going to be, and your money mindset is the first indicator of how much wealth you can actually create in this world.
• 22:31
  Speaker 1: And money will not like it will not be the fuel of your happiness, but it will be fuel for an awesome life, rich in experiences and freedom and your ability to say yes when you want to say yes and know when you want to say no, and to live life on your terms.
• 22:54
  Speaker 1: And one person, a guy named Jesse Elder that I follow on socials and he's someone I look up to in the coaching space he said money is a horrible destination, but it's amazing fuel and if you don't have enough money, you're always going to be in survival mode.
• 23:18
  Speaker 1: I want you to maybe go back and re-listen this episode a couple times and because I know I was like all over the place a little bit but I want you to go and listen to some of those money beliefs the poor money beliefs and the rich money beliefs and see where you are.
• 23:32
  Speaker 1: Because until you change your money beliefs, you're not adding another comma, you're not adding another zero and you don't ask a rich person what they believe about money and how they create a wealth and then have the audacity to say, well, I don't believe that.
• 23:48
  Speaker 1: Look for the person who has what you want.
• 23:54
  Speaker 1: Ask them how they believe, what they think, how they feel their actions and do those things.
• 24:02
  Speaker 1: But to defend where you are right now is just all it's doing, is keeping you stuck and keeping you mired.
• 24:09
  Speaker 1: In those circumstances, your money mindset matters, because until your money mindset changes, your money's not going to change.