5 Tips For A Winning Money Mindset
Last week, we covered the concept of investing rather than spending. This week I want to illustrate that concept with a story, and offer a few insights for upgrading your mindset. The earlier you grasp this, the sooner you’ll start moving in the right direction.
I got my start as a marketer turning $50 into $7,000 in 7 days by selling ad space on offline mailers. While it worked out in my favor, it felt like a huge risk at the time. But I was in a position where things had to work out, and it forced me to get creative.
One day, as I started gaining traction, I went to the post office with 120 flat-rate envelopes to send out to prospective clients. By this time, I was the post office’s favorite customer. Standing there with a ridiculous amount of envelopes to send, I heard a voice from behind me.
It was a lady standing in line. She remarked, “That’s going to cost you a fortune!”
She was right. Each of those envelopes cost $7.75 to send out. Let me do the math for you: I was about to spend $930 at the post office. What would compel me to spend so much on postage?
Well, the truth is, I wasn’t spending. In my mind, I was investing.
Things worked out because I found a hungry market who already wanted what I was about to send them. Then I developed an irresistible product. With the post office handling the launch, there was only one step left: “Ka-ching!” (To replicate this process, check out my free guide to getting your first huge win in business.)
Flipping Your Money Mindset
Each of those envelopes contained the potential for a sale of $297.
This meant that converting on just three of the envelopes was breaking even, more or less. Converting on four would make a profit. That’s a conversion rate of 3.33%.
While the lady behind me looked at the envelopes and saw the cost, I saw the value. If she knew the full story, it would have been more appropriate to say, “That’s going to earn you a fortune!”
Think of every cost as an investment. If every envelope converted, my $930 would have become $36,000. However, the $930 price tag is enough to stifle many would-be entrepreneurs.
If every cost is an investment, you’ll start to see potential, rather than reality. You’ll see the returns that certain actions can bring you. You’ll also stop spending money on frivolous things, because they are investments with no payoff or return.
I’m convinced there are opportunities like my envelopes all around you. Seizing the opportunities requires a shift in mindset. For more mindset shifts, follow my “What’s The Secret?” Podcast!
How To Put Your Money Where Your Mouth Is
There are practical things you can do to shift your mindset, take risks, and watch it pay off. You may already have something in mind you want to try. Let’s see if any of these ideas become “tipping points” for you.
- Think In Terms of “Return On Investment” Rather Than “Cost”
Every acorn contains the potential to become a forest. While some only see the act of planting or watering, you need to see the oak tree. While the cost prevents us from taking a risk, visualizing the return propels us forward.
Stop for a moment and imagine an investment that you want to make. Instead of being scared by the cost, take a few moments to reflect on the potential value it could bring.
- Invest Financially, So You Can Invest Emotionally
Besides the financial return, investing your money gets your heart behind your head. When something’s on the line, you start to care in a new way. It will start to feel real, and spur you to keep going.
Buy the website domain. Purchase the envelopes. Order business cards. Take one concrete step so that you have some skin in the game.
- Take The Risk
More often than not, good things happen when we take a risk. It’s easy to get caught up running doomsday scenarios in our heads instead of putting something on the line.
Put yourself in a position where you think, “This HAS to work,” instead of “I hope this works.”
- Celebrate Your First Setback
Don’t get me wrong – a risk is still a risk, no matter how confident you feel about it. It may not pay off. In fact, you will definitely experience a setback or two at some point on the journey.
The only person that doesn’t go through setbacks is the one watching from the sidelines!
If those envelopes didn’t convert how I wanted, I would have thrown a party. Because it meant I was in the game, taking risks, and learning lessons. The only way to overcome feelings of failure and insecurity is to fail.
If you fall flat on your face, good. Let it teach you, shape you, and prove to you that you’re out there, doing it!
- Start Before You’re Ready
Let me tell you a secret the gurus won’t share: you’ll never feel truly ready. I certainly didn’t. I don’t feel ready for some of the things I’m doing today. The best time to start on your dream is a year ago. The second best time is now.
Imagine where you could be in six months, if you started today. Don’t let learning, planning, and thinking become a replacement for action. Get going! Soon enough, you’ll have an “envelope story” of your own.
Oh, and maybe you wondered how my envelopes performed.
The great thing about the offering contained in those envelopes is they were invitations to a webinar promotion, where we signed up 179 people at $97/month to be in our membership group. We also upsold them a $200 bonus, which 104 of them purchased.
We got more than a 100% conversion rate, when you calculate what we spent. We grossed over $38,000 from that single webinar promo.
Now … do you see why the “costs” are irrelevant?
If you’re encouraged to get started, Season 2 of “What’s The Secret?” gives you a blueprint for finding your own envelope story. Best of luck!
CATEGORIES: Personal Growth, Entrepreneurship