Probably. In fact, you can probably predict within 10% how much you’re going to earn this year by knowing what you earned last year.
Sure, sure, sure… it’s not in your control, right? Economic climate, skittish clients, depressed markets. Yep, all those things are true. But, the good news is, you’re not as powerless as you might think.
Money Isn’t Just About Action
The money we attract is a two-part equation:
- The Inside Job – The mindsets and beliefs we have about ourselves and about the world.
- The Outside Job – the actions we choose to take … or not take.
So, you can be doing all the “right” things to build your practice – networking, having courageous and authentic conversations with prospective clients, refining the systems that allow you to work with ease – but without examining your money set-point, it’s unlikely that you’ll earn anymore this year that you did last.
I just returned from the 3-day intensive training, Money, Marketing, and Soul, in Tucson, AZ. One of the areas we delved into was that of money mindsets. This concept of the “money speedometer” is courtesy of Kendall Summerhawk, a multi-million dollar business and marketing strategist.
The idea of the “money speedometer” is based on the analogy that the money we bring in is like cruise control in a car. What we’re set to believe we’ll earn, is what we’ll earn.
- When we’re earning less than our set-point, the cruise control gives us a push and we feel inspired to rise to the challenge. We find the courage, focus, and creativity to do whatever we need to in order to bring in more money.
- When we’re earning more than our set-point, the cruise control kicks in and slows us down. This sabotage can show up in our inaction (like not directly asking a prospective client for their business), our fractured action (like attending to low-priority tasks instead of high-impact actions), or even things that seem out of our control (like broken down cars, unexpected repairs at home, etc.).
3 Steps to Calculating Your Money Set-Point
Step 1: Add up the gross amount of money you’ve brought in (this is your income, your spouse’s income, any gift money, any investment money, any form of money that has flowed into your life) in the last 12 months.
Step 2: Select the five highest months and add them up.
Step 3: Divide that total by five. This is your current money set-point.
This amount is what you’re currently “set” to bring in and it represents your past thinking, beliefs and mindsets around money. Once you know this number, you have a choice:
- You can do nothing and expect to earn about the same this year as you did last.
- You can consciously set a new money set-point and begin to create new thinking, beliefs and mindsets around money to make it happen.
Creating a New Money Set-Point
By how much do you want to increase your money set point? Pick a new set-point number that is just outside your comfort zone, but not something that feels impossible. Now start living into it:
- Post that number someplace where you can refer to it.
- Ask yourself regularly, “What would a $XXX,XXX income earner say or do right now?” Then do it.
- Set a recurring event in your calendar to revisit this calculation (and your new number) every 90 days.
Abundance is like water — it flows out of the vessel that has no room, and fills the vessel that is empty. Is it time to create more room is your vessel? Hmmm……