008: The Biggest Mistake Entrepreneurs Make
One of the biggest mistakes we make as entrepreneurs, & I would offer to you is THE biggest mistake, is putting the wrong value on the wrong things. We believe money is way more valuable than time, when in fact, it is the exact opposite.
Now you might not say that out loud, but I bet we could see just how true that is based on your calendar.
Show me your calendar (or how you spend your time) & I’ll be able to tell real quick which one you value more.
First let’s all agree on why time is more valuable than money & then we’ll talk about why we get it backwards.
Time is astronomically more valuable than money. Why? Because time is finite. Like all things in life, less supply = greater value.
And the reason there is so much value placed on that money is because you’re afraid to lose it. I’ve battled this my entire life. I hold onto money so tightly sometimes. And then I go through this process of reminding myself that I’ve made money & I know how to create it. I’ve always had enough. I have enough now & I will always have enough.
Why is it that we are afraid to lose money more than we are afraid to lose time?
That’s a question for me just as much as it is for you.
This is a lesson I’ve had to learn over & over again. I get it right more now than I used to, but I still face this dilemma on a daily basis in my businesses.
Here are some examples. Let’s see if you’ve had to make some of these same decisions.
Cutting your grass
Cleaning your house
Washing your car
Editing images, video or audio
Managing email & incoming communications
Now I recognize that there are different income levels, different hourly rates, different roles & responsibilities, but if you are trading your income producing hours for minimum wage tasks, you are, in fact, valuing your money over your time.
Ouch! Right?! Gosh that’s a hard one to hear & I’m telling you, I have to remind myself of this too. It’s so easy to fall back into lack & talk myself into doing something because it’s not that hard or it won’t take much time.
Here’s the thing . . . money is infinite. It can always be created. We only have so much time. There’s a card on my desk that says “just one life”. I keep it there as a constant reminder.
Here’s where it gets messed up in our heads. Yes, we all have childhood memories of how money works, how our parents treated money or talked about it. But in our teenage years, the majority of us learned that we exchange our time for money.
But time is not money. We think it is because we grew up working at Burger King or McDonald’s where we would go in, give them our time & they would give us a paycheck for the week. Hours in equalled dollars in return.
Time does not equal money. They do not & should not hold the same value.
We’ve carried that mindset into our adult years & sometimes into our businesses, where it absolutely has no place being.
Here’s where I messed up recently. My brain had a big misfire & I forgot just how valuable my time was.
I wasted a lot of time trying to save a little bit of money. Are you guilty of this too?
So here’s something I did not too long ago actually. Man, this was not very smart of me. But I decided that I could groom my own dogs. I have 2 miniature labradoodles. They’re small. It couldn’t be that hard, right?
OMGosh! Two days later & a backache that wouldn’t go away, I learned a HUGE lesson!
What was I thinking?! Well, I’ll tell you what I was thinking! I seriously thought I could get this done in about 2 hours & I was gonna save $150. Guess who is never doing that again? And guess who gladly pays that now?!!
My time is way more valuable than $150! Not to mention the amount of money I potentially lost trying to save money.
I lost sight of the purpose of money. Money can buy back our time. But I got it wrong. I was using my time to try to buy back money. And it totally backfired.
When we run out of time, that’s it. It’s over. If we run out of money, there is more time to create more of it.
I heard Myron Golden say that being frugal with money just means that you are being wasteful with time. And gosh, that one hit me hard.
Having lost my dad a few years ago definitely made me more aware of just how precious time is & I definitely don’t want to waste it.
How can you buy back your time in your life & business?
What takes a lot of time to complete? You can buy it back.
Doing laundry
Cutting grass
Washing your car
Putting out pine straw
Pressure washing
Cleaning your house
Pay somebody to do that thing. Then use that time it used to take you to create income, learn a new skill, better yourself in some way.
It doesn’t cost too much.
It doesn’t matter that you can do the thing.
We tell ourselves that “it’s not that hard” or “it costs too much” or “I’m good at it”.
None of that matters!!! And it will eat away your life, says the girl that spent 2 afternoons grooming her dogs that I will never get back.
I could have driven them to the groomer & back in one hour. I don’t have a mobile groomer, but I’m going to find one to get that hour back too.
But I could have spent 2 afternoons on sales calls, coaching calls, creating a new product, creating content that would lead to sales. I could have spent it at the lake or out on the back porch or curled up on the couch watching a movie with Brian.
I’m done wasting my time.
Let’s say it’s the end of your life. What if you could buy back that day? How much are those 24 hours worth to you? To be able to live one more day, to love your family one more day, to experience anything you had not done in your life . . . it would be priceless, right?
Something else Myron Golden said . . .
When you value time more than money, you’ll get more money.
When you value money more than time, you’ll get less of both.
Less time = less experiences
And that’s not the life I want.
This is why I am so passionate about shrinking the amount of time it takes to make money & teaching you how to become financially independent by creating multiple streams of income, mostly passive income & scalable businesses.
I’ve spent the last 4 years building digital products, courses & programs that bring in income while I am living life. I have figured out the formula for creating income while not losing time.
Creating something once & selling it over & over is the most time valuing thing you can do. You can create a freedom filled business instead of one where you are chained to your computer for hours on end or one where you have to show up on someone else’s clock or do so much 1:1 work (which is that same time for dollars model).
A freedom filled business means creating your own schedule, working from anywhere & at any time, having income roll in while you are not working. That is 100%. I’ve done it. That is my reality. Was it easy? No. It wasn’t. If it were easy, everyone would live & work this way. But it was totally worth it.
If you are realizing just how valuable your time is & you’re ready to create more freedom in your life, I can help you create that additional revenue stream.
I’ve generated half a million dollars in the last 3 years online through digital products, courses & a coaching program. There is no better feeling than the freedom of choice that has given me over my life.
First, you can download my Passive Income Starter Kit. It’s free & it will teach you the 6 steps to creating your first digital product to sell online. It also includes the top selling digital products right now, with industry examples.
If you want to go a step further, my Digital Products Quickstart Course is a great entry point for creating online sales. It is jam packed with value & will teach you how to create your new products, launch them & set them up with autopilot systems to sell. It’s a $97 investment that you could turn into $10k months.
If you are all in, ready to build a brand or expand your brand, but you want some guidance, then my Passive Income Mastermind will be perfect for you. You’ll be working with me & a small group of powerhouse ladies creating their own platforms. This is a 6 week mastermind to get your idea launched & start creating income fast.
This is for the woman who is ready to step into who she is meant to be, for the woman who wants a business model built on recurring passive income, who wants the daily deposits hitting your account, who has a big heart & wants to help others through your offers.
This is for the woman who has a vision, wants someone by her side to help bring it to life & is ready to invest now to buy her time back.
The mastermind is meant for 6 ladies. I limit those seats on purpose so that I can give you my best. The price for this 6 week coaching container is $997 on pre-sale right now. It will be $1997 soon.
It also includes the Quickstart Course, so there is no need to purchase that.
I am filling seats for my next mastermind group right now. There are 6 available.
If you’ve listened or watched up to this point, I hope you’ve at least given some thought to where you are valuing your money over your time. Just one life y’all. Let’s start doing business like it. Let’s start living like it.
If you struggle with money mindset, you need to be inside my life & performance coaching membership, Made For This. That’s where we work to get you out of this doubt, fear & scarcity mindset & into new powerful beliefs so that you can go out, make the bold moves & take the consistent action.
I’m here & ready for you - wherever you are on your journey. Let’s do this.
I love you all! See you soon!
