Breakfast with Champions Episode 331 with Susie Miller – Knowing Your Numbers

Hey, welcome. My name is Glenn Lundy, super excited to be launching our new Breakfast With Champions podcast. Can you believe it? That’s right. The Breakfast With Champions podcast has finally arrived. This is your opportunity to get motivation, education and inspiration every single day and ultimately your opportunity to get a seat at the table, to be a fly on the wall to listen in. But some conversations between some of the most amazing superhumans from around the planet. We’re talking about people that are doing the things you know, you can do that have reached some of those levels, you know, you can reach. We’ve got celebrity interviews with people like Tiffany Haddish and Grant Cardone, Lauren Riddinger. We’ve got specialists in areas like capital venture or wealth building, wealth management, real estate, all kinds of incredible conversations. And what’s amazing about the Breakfast Champions Podcast is you’re going to be able to tune and listen and they won’t even know you’re there, right? It’s just like you’re listening in on all these incredible secrets of some of the most successful humans from all around the world. You know, when we launched Breakfast With Champions, we had no idea of the power that it was going to have. We had no idea of the collaborations it would create.

We had no idea that we’d be able to connect humans from England and Australia and Saigon and America, of course, altogether in one room, having powerful conversations that elevate everyone in the experience. Listen, if you like these episodes of Breakfast With Champions, do me a huge favor and let us know we would greatly appreciate it. We pour into this. You’re going to get five to 6 hours of content every single day, Monday through Friday, five days a week. You can keep coming back. So make sure you subscribe to the podcast. We’d appreciate it. Drop your comments, share your thoughts and your reviews mean the world to us. If you could do that, in exchange, we promise you that we will always create a space, a safe space where you can come. You’re not going to get politics here. It’s not going to happen. You’ll never see any type of division in here. It’s actually exactly the opposite. We have a bunch of different people with different belief systems, different upbringing, different backgrounds. We’ve got people from all different ethnicities, all coming together. But the one thing that we share is everyone in this room shares the same heart. And it is a heart to elevate you, to encourage you, to inspire you and to help you become the absolute best version of yourself that you can possibly be.

So if you want to do us a favor, write those reviews. Subscribe to the podcast. Tell your friends we’re going to be here, and we hope that you will be here. Enjoy Breakfast With Champions. You’ll see there in the notes that you can skip forward. You can move back if you need to pause for a minute. You’ll now have the opportunity to do so we do record these daily on Clubhouse. We have a breakfast with Champions Club there, or you can follow me. Glenn Lundy, if you’d like to see those rooms. If that’s an app that you enjoy, you can always come in and tune in live or, of course, just sit back and enjoy right here on the podcast and anywhere your podcast can be found. It is such an honor and a privilege to be able to spend this time with you. I know that there are trillion places you could have chose to be. You chose to be right here with us on Breakfast With Champions, and that means the world to me. And I absolutely think and love you for it. With that said, we are excited to launch the new Breakfast With Champions Podcast. Thanks so much. Actually, with my mic, it was flashing. I love the rundown, and I think it’s so important to know our numbers. And I’m actually going to talk about that in my segment at a much higher 60,000 foot view.

So I’m going to reference what you shared here, Amanda, because one of the things we have to do if we’re really going to master our money is know our numbers. And so I love that you talked about knowing your conversion rate. And if I make this many sales calls, I have to set this many appointments to get this many closes. And so while it was very detailed, if we take notes on it and you go back and you begin somewhere in all of what the managers taught us, you will move the needle forward in developing better finances for your business and for your life. So with that, I actually normally have my segment on Monday. I’m filling in today. I’m going to want to talk to you about your money mindset. It’s been an amazing day listening to some incredibly gifted financial people who are incredibly gifted with financial wisdom. And I’ve taken notes. I’ve listened in. I’ve made another Doc for going to hear Robbins Ted talk. And so I feel very humbled to be talking to you on Finance Friday. And what I wanted to do is I was thinking and praying through what would be the best to do on this Friday. It was really to talk about mindset around money, the psychology of money. I’m a former psychologist, turn consultant and coach, and I work with leaders to really help them identify problems and create solutions when it comes to their people stuff, conflict resolution, crisis management, communication and mindset.

And so to stay in mind set, I decided on this Friday I’m going to talk to you about the mindset on money because we can have all the tools. We can even have all the money. And if our money mindset isn’t solid and strong, we will not increase our wealth. And I definitely want you guys to hear there’s been a lot of conversations. I think David talked two days ago. It was Tuesday. I’ve been back and forth in the car to some CEO trainings about wealth. And really what makes you rich in your life. And so part of what I want to make sure we say is wealth and richness in life are much bigger than the money in your bank account. But I will say this money makes life easier, less stressful. You absolutely want to make sure that you are pursuing a positive money mindset. It’s interesting when they talk about lottery winners and I’m blanking on the statistic. But lottery winners, people who win the lottery tend to lose their money faster because they’ve not developed good money habits. There’s a lot of misconceptions and myths around money. And I want to talk about this today and I want to give you I think I have seven little tips here to help you create a positive money mindset. I’m going to start with the story. Our daughter Kate, she loved frozen yogurt, and when she was young, she’s in her 30s.

Now we would go to the down our little street. There was a little bit shopping center, and it had a frozen yogurt store. And this was back in the days when you didn’t go into a store and pay for anything with a credit card. You had to have cash to go into a restaurant or like a fast food or a store to buy a treat. And so I remember us driving down the road and she was like, Mommy, can we go get some frozen yogurt? Froze. And I said, oh, no, I don’t have any money. We can’t stop today and a couple of different times over the course of maybe a month. I made that statement. And one day, our little Kate, I think she had to be maybe ten at the time. She comes downstairs with her piggy bank because we had given our kids a lounge with the time to save. And she came down to the dinner table. Her dad and I were talking and she put her piggy bank on the table. And she said, Here, I want to give you this because I’m really worried that we don’t have any money. So I want to share my money with you to help pay for what we need. And it occurred to me that she had heard me say, we don’t have any money. And what I meant was, I don’t have any cash. I didn’t have cash in my wallet to stop for frozen yogurt at that point because maybe I gave it to the kids for something at school or I hadn’t replenished the cash.

But what I was saying to my daughter was, we don’t have money. And what she heard was, we are poor. We have a money crisis. And what I meant was, I don’t have literally a five dollar bill to go buy a yogurt. We have plenty of money and so it began for me a real search of looking at how I talk to myself about money, how I talk to our children about money, how my husband and I taught our children about money and really shifted our money mindset. And I have a very good life. I live a wealthy, rich life with not just financial abundance, but also relational abundance. I’ve got restored health again. I’ve got great friendships. I love my work. So I feel like a very wealthy, rich woman. But when I began to think about this money mindset, I realized that my kids have learned some things based on the things I have learned. So as we start, I want to say, we got to look at your money mindset. You got to look at what you learned, what you want to keep and what you want to change. And so for me, in that moment, I really had to begin to reprogram our daughter’s mind of, yes, we have money with plenty of money. We have good savings. We have good fun money. We have good money that we pay for our life with what I meant. We didn’t have cash.

And so I want you to think about for a minute a money story you grew up with. We don’t talk a lot about money because people are uncomfortable with money because we’ve heard a lot of negative things about money. You may have heard money doesn’t go on trees or the love of money is the root of all evil. You may have heard these myths and these lies not having enough money. And you have to stop and look at what did I take in in my life, just like the water that the fish swims in that I’m not even aware of. And so as you look at your money story growing up, because that’s where it starts. You want to think about what do I want to replicate? And what do I want to do differently? What do I want to replicate? And what do I want to do differently? Because what we began to tell ourselves and began to pay attention to what we’re telling ourselves will help shape our future relationship with money. One other example I want to give you is I have a friend, and this is another piece of her story. Whenever I would compliment her, she’d have on a new pair of shoes or a nice jacket. And I’d be like, oh, I’ll call her Sally. So I don’t have any of my friends. And if you spend any time with me, I always talk about Sally and Bob because I don’t know anybody by that name.

And so those are my go to names for all my story people to protect the innocent and the guilty. But Sally would always go, oh, I got this on sale. It wasn’t Nordstroms for I got this on sale or I went to TJS, but it was always on sale, and it was always how much it was and how much she only had to pay XYZ for it. And I realized over time that her money story was, I don’t deserve to walk into a store and buy something at full price. It was a deserved level around money. So if she got it on sale, it was okay. But to take her money and go, you know what? I’m going to buy this $200 pair of boots because I’ve saved up for it. I want them. They aren’t on sale. I deserve them in the sense of I’ve worked hard to get this treat and own that kept her from even enjoying the things she bought. And so those are just two stories, one from my life and one from a friend. And I remember wearing something nice around her once and not having gotten it on sale and having this moment of I just went in and bought it because it was full price and I needed address for the event. And so where are you listening to? What are you saying to yourself about your money that you have money, that you’ve spent money that you’ve invested?

So we’re going to dive in with kind of that framework of listening to what you tell yourself about money and really growing into a positive, abundant money mindset. So the first thing I want to do is I want to invite you to look at what your mindset is that’s step number one, what have you learned? What do you want to keep? What do you want to change and where that came from is going to be really revealing to you. You’re going to find it in the way you talk to yourself. You may have spent money in the past, and you’re sitting here going, oh, I shouldn’t have done that. Shouldn’t have spent that shouldn’t have done. And you’re in the shadow of what it could have. And so the first thing I want you to do from today forward there’s, I think, 98 days to the end of the year. And if you change your money story by using these habits over the next 90 days, you will have the beginnings of a more positive and abundant mindset as the new year starts. And you can start today. One of my favorite quotes from Oprah is you can start a diet in the middle of a bag of potato chips. You just put the bag down. And Oprah is incredibly profound. And there’s lots of quotes by her. I have one of her in my book, but that quote always reminds me of the power of choice.

We can change anything by making a different choice in this moment. And so if you want to master your mindset about money, you have to master your moments. The first thing you want to do is look at what your mindset is. The second thing you want to do is you want to forgive yourself for past mistakes, because when we make mistakes when we blow our money. When we look back, we tend to get caught in the negative loop. And so I’m not saying, don’t learn, don’t name your mistakes, but open up your hand. Let go. Give yourself Grace, because if you keep dragging that mistake with you, it will be a wait. It will be a distraction, and it doesn’t serve you. So forgive yourself. If you’ve not been good at managing your money, forgive yourself and say, from today forward, I’m going to start looking at my numbers. I’m going to start thinking differently about money. I’m going to be different from a choice I make today. And I forgive old me because new me is moving forward. So that’s number two, the third thing I want you to do is I want you to begin to appreciate what you have. The practice of gratitude helps you. And they found in this new study about the neuroscience of gratitude.

Practicing gratitude writing three things down a day actually releases dopamine and serotonin in your brain, which are the happy drugs in our happy endorphins in our brain. And so when you practice gratitude, your brain actually releases chemicals that makes you happier makes you more positive. So I want you to be grateful for what you have. I’m grateful that I have $10 to save this month. I’m grateful that I have $10,000 to give to a charity. I’m grateful that I have this house, these clothes, this car, what can you be grateful for versus living in the space of not enough? Because out of gratitude, abundance grows. So I want you to start being grateful for what you have, because a lot of times when we talk about money, we talk about what we don’t have, what we need. I got to earn more. I’ve got to get more. I’ve got to pay for more. And we have this lack of gratitude. And so it gets us into the next step, which is scarcity versus abundance. Gratitude leads to abundance thinking. So the fourth point is we need to shift from scarcity to abundance in our money mindset. We have to begin telling ourselves that there is plenty that I attract money, that money comes easily to me, that clients are knocking down my door because here’s the thing. What you focus on growth.

There’s a verse in Galatians that talks about you reap what you sow. But that is a very universal principle. If I want tomatoes, I got to plant tomato seeds. If I want corn, I got to plant corn seeds. And my husband was raised by a farming family, and his mum had the best garden, and we had incredible garden tomatoes. And she would talk about the seeds that gave these really big, juicy beef steak tomatoes. But she was really specific about the seeds. So are you planting seeds of scarcity in your life, or are you planting seeds of abundance in your life when it comes to mindset. Earl Night and Gary, in the Greatest Strangest Secret book, said, we become what we think about. And so if you’re practicing gratitude and you’re thinking about money with scarcity, I mean, abundance of scarcity, you are going to grow that muscle in your brain. Scarcity Mindset says, I’m not good with money. People with money are greedy or crooked, something like, I don’t have enough money or I’m not fill in the blank. Smart enough, talented enough privilege. And I don’t have what it takes to make money. All of those are scarcity mindset statements. If you were to replace it with an abundance mindset, you would say, I love learning about money.

Instead of saying people with money are greedy. You could say I have the ability to take charge of my finances and what I don’t know. I’m going to learn. You could say money gives me the opportunity, new opportunities to give, to contribute, to make a difference in the world. And you could say to yourself, I’m always enough. I’m learning more about my skills, and my talents are enough to make the money I need to attract the money that is coming my way. I’m in the flow of money. So the other piece around abundance and scarcity I want to share with you real quick is to change this statement. Stop saying I can’t afford it because we spend our money like we spend our time with what’s really important. So instead of saying I can’t afford that, I want to invite you to say, I’m choosing not to spend or invest my money that way. I’m choosing not to go out to dinner at this nicer restaurant because I know I’m saving for taking my kids on. Glenn’s been at Disney with his kids. There are important priorities that I’m going to make choices around to gain the experiences I want. And so when we own our choice, it’s not. I can’t afford it. I’m choosing not to spend my money that way. I remember saving up this really cool pair of fried boots and it was a big expenditure, and I bought them not on sale.

I mentioned these earlier and instead of looking at shoes, oh, I can’t afford that. I can’t afford. No, I’m not spending my money on those cute tennis shoes or those cute heels because I am putting it aside to go splurge on these shoes that I have these boots that I’m really excited about buying. This was years ago. And so the idea of owning your conversation in your head and out of your mouth around money, I really want to invite you like, I don’t have enough time because I don’t choose to invest my time that way. I don’t have enough energy. I invested my energy over here. I can’t afford it becomes I’m choosing not to and spend an investor. We’re going to talk about it in a minute. My money that way because I have a bigger purpose because I know what I’m looking at. I know what I want to create another piece around this. That’s really important is to learn about healthy money habits. I think this is number five. And here’s what’s interesting. We all talk about how Jim Rohn says we’re the sum of the five people we spend the most time with, and we talk about that in business and entrepreneurs. If you want to be an entrepreneur and you want to excel, you got to be around other entrepreneurs who are helping speak into your life and telling you it’s possible versus people who are committed to nine to five.

The same is true about your money. The same is true about your health. The same is true how you raise your kids, how you invest your time because we become like the people we spend time with. Think about it. If you had friends who were into fitness and you were not, eventually they were going on hikes and kayaking and running and triathlons, you would either move towards more like them, or you would find a new friend group who likes watching TV and Netflix instead of going for a run because we want to be comfortable. The same is true about money. If you look at your friends, my guess is you average everything out. You’re all making about the same kind of money. You’re all probably spending it very similarly. I was involved with a client once and then we were talking about stepping out of their kind of circle that they had grown up with in high school, and they were really into cars. And so their money went to cars. And I have nothing against cars. Please don’t hear that. But it was this idea of every couple of years they’re getting a new car. And he’s like I was raised where we kind of kept the same car because we used our money differently and he realized that it became, well, Bob got a car while Joe got a car. Well, I should get a car. I should get a new car.

And there wasn’t really in alignment with what he wanted to do with his finances. But the unspoken peer pressure not faulting anybody was that this is how we do it. This is how our circle lives. And so as you’re spending time with people, as you’re looking at, your people have an abundance mentality. Do they have a scarcity mentality? How are they handling their money? Is there those rich people or they probably inherited it? Is there negative connotations and talk about money? Are people spending money more than they are making? Do your friends talk about their savings, their investments, putting the money for their kids to go to school? Retirement, tangible assets. Are they talking about money in healthy ways? And when you’re with them, you have the opportunity to learn more. If you don’t have that, find one person. If you don’t have one person, get some books, start reading about what it means to build wealth. Start asking people who you see have healthy mindsets around money or a lifestyle you want to emulate. There’s an article I read in for this that said most people spend two to 3 hours a month thinking about their money. Wealthy people spend 20 to 30 hours a month thinking about money, how they invest it their P and L like a manager said their expenditures versus their revenue.

We’ve all heard people go, oh, yeah, I have a six figure business, but that’s their revenue. It just so happens that their expenses are six figure plus, and so their net is zero or negative or their net is five figures. They’re not being honest about their money. And so you want to be really aware of your circle and your people and who are you learning some healthy money habits around? It’s really important that we do that. The next one is to make a plan and work your plan. So budget is not a dirty word. Budget is not a dirty word. I had to learn this when I married my husband as we talked about budgeting around our finances and the businesses he was building, because for me, growing up, budget was about what we couldn’t have versus for him, budget was about what we could create by being aware of where our money went and where we were putting our time and investment. I’ll never forget when he sat down with one of our middle daughter, she was buying a car. She was buying a used car. And he said to her, Emily, okay, you’re going to pay this much for a car and you’re going to not have a car payment come out of your monthly expenses as she was becoming an independent woman after College, he said, But I want you to put aside this X amount of dollars a month in a savings account called a car.

Call it an envelope because eventually your used car is going to need repairs and you’re not going to have a warranty like you might have with new car. And so then when that happens, when you need a major repair or new tires or your car needs something, you have the funds to pay for. That because you’ve budgeted you’ve allocated, you’ve accounted for. And so it’s really important to understand and take ownership of your money where you choose to spend it purposefully where you enjoy it, putting away money for our kids to take our kids to Disney and having a blast and walking in and going order whatever you want at the restaurant. Like such a fun moment because our kids knew in general, when they were growing up, we did not go in and order whatever they wanted. Sodas at the restaurant were $3, and my kids were like they knew that we didn’t always get sodas or special treats. Sometimes we got water and we saved that for the next event. We taught them to budget to say no in the now for what they wanted more in the later. Now, I’m not saying that you always have to do that. Like for them. We got to Disney and I was like, order whatever you want, and they’re like, really? Yes, because we made choices on the front end, out of abundance, out of wisdom.

Abundance isn’t like there’s plenty. But it’s not an irresponsible. So what? And I want to make sure that you hear that budgeting allocating planning, knowing your numbers is honoring the work you do to bring the money in. And I believe it was either Davidiac or David Melter who said this. I apologize for not knowing who was, but they talked about when you buy something, make sure you are aware of the hours it took you to work and the time and energy to create the funds to afford that purchase and pause long enough to go. Do I want to trade those 3 hours of work for this bar tab? Maybe. Yes, maybe no for my trip to Disney for my new car. Whatever that is. I’m not going to tell you what’s right and wrong for you. I’m going to say be really aware of what’s right and wrong for you. What’s wise, what’s intentional. So when we take ownership, our money mindset begins to grow because we take responsibility and we know how to enjoy our money. We know how to invest our money. We know what’s happening with our money. It’s interesting. In the Millionaire Next Door book, the authors talked about how most wealthy people, most self made billionaires drive used cars, live in average neighborhoods where average prices close and watches, and they’re very careful with their money.

It doesn’t mean they don’t enjoy their money, but they know where their money comes in. They know where the money goes out and they make very intentional decisions about it. So in this day and age, where everything is Instagram, perfect Pinteresty and everybody’s at the biggest events and flying jets and spending money here and spending money there, you don’t know the backstory, so don’t compare, but get control over where your money is going, where it’s coming in and where it’s going out. Make friends with your money. Let it be a tool by which you create the life you want. So you know, when you put in that twelve hour day when my husband has his own business, he had a retail store early on in our marriage for actually the first 20 years of our marriage. He had multiple stores, and there were seasons where he was at the shop for longer hours, especially in the Christmas season. And our kids understood that dad was investing time to create our future, our financial future. But come July, when all the dads were still punching a nine to five, John would take two and three weeks off because he had invested time on one end to have time free on the other invest money on the front and save money on the front end for adventures and enjoyment later. So please hear that it is about intentionality.

It’s really about taking ownership. Okay. Last two before we wind up here and ask for some questions, the other thing you want to do is you want to give generously. And Steve McLaren was in an interview this morning with Haley Hobson on Today. I think it was at 10:00 today and he was talking about how ClickFunnels. He just picked up a check from ClickFunnels for $205,000. $205,000.02 $500 from ClickFunnels because what ClickFunnels did early on was they agreed that they would get one dollars for every click funnel that was started to Stew’s charity to his nonprofit. And in the beginning it was just a few dollars. And then it was more dollars. And then it was more dollars. And so they were giving generously from what they had. When we give generously, we put into motion the laws of the universe where when you give and you give freely and you give generously, you get more shaken down, pressed together, filled to overflowing. And so your generous might be a dollar when click funnel start with one dollars, a dollar for every membership, one dollars for every dollar that comes in, for every $10 or $100 that comes in. Whatever you can do, begin to give generously knowing that you will gain and glean more because givers get don’t hold it so tight. Don’t have scarcity.

If I give this away, I won’t be able to make it back. You can always make more money and the opportunity to give generously affirms that give from where you are and let it grow. Never compare, never compare. Give generously from where you are. Rich people save at least 20% of their income. Give usually between 5% and 10% of their income and live off the remaining 75% to 80%. They do not live paycheck to paycheck because they have allocated their money for giving, for enjoying, for saving and for living. And that’s how your money become. You become friends with your money. You manage it versus let it manage you. The final thing to do to change your money mindset is really to believe in yourself and your ability to make money, to build wealth, to believe in yourself and your ability to make money and to build wealth. And there’s this movie, it’s called A Night’s Tale. I want to share this with you. It’s an old movie with Heath Ledger and Heath Ledger is born to a peasant. He’s born in a peasant family and in the Middle Ages where you were born was where you lived, where you stayed. That was your lot in life. That was your place in society and you didn’t move up and down. And at one point in time because his father does a favor for a night.

The Knight offers the father, John Thatcher, the ability for his son, William who’s played by Heath Ledger to come and be his Squire to come and be his Squire. So now he’s going to send his son off to England to be a Squire for a night. He’s going to raise above his station. He’s going to chance to move from being a peasant to being the helper of a Knight. And as William gets in the bone, he’s very kind of ambivalent about it because he’s leaving his father. His father hugs him and he says, William, go change your stars, go change your stars. And as most parents do, you want your kids to have more than you. And he literally lets the son go. Probably not going to see him again, maybe in this lifetime, but not for a long time. To go be a Squire to the night because he’s going to change his stars. He’s going to stop being a peasant. He’s going to move up to being a Squire. As the story goes on, the Knight actually falls ill and dies. And he’s led your character. Here’s his father’s voice in his head, William, go change your stars. And so he goes on and impersonates this night in adjusting contest. And it’s a very fascinating and fun movie to watch it. I won’t ruin it for you. But this idea of where you came from is not where you have to stay, where you are today is not where you have to stay. You can shift, grow, become a different version of yourself. One choice at a time.

You can change your stars and your money story by learning to take control of your money, by giving generously by developing an abundance mindset, by looking at how you talk to yourself in the story you come from by taking responsibility today. One small choice, one small step at a time. But it starts with this awareness of desire to grow, desire to change your stars and then putting into motion whatever you can learn to move yourself forward. I remember my parents sitting at the table when I was a little kid. My dad came from India and he was raised in a very wealthy cast. And he came to America as a student. And when he was getting his doctorate, we lived in student housing. I don’t remember when I was a child, two and three years old, but I remember to live in student housing. My dad had to wash trash cans. He had to wash out the trash room. And so he went from being a very wealthy man in India and Pakistan, where he had servants, carried his lunch to school, had all the luxuries to washing out the trash cans in the student housing so his family could live there in America. And I remember my parents as they began to build wealth, sitting at the table, talking about their budget, talking about what they were saving, what they were spending, what we had for fun money, sitting down and teaching us these things.

And it began a new way of looking at money for me as a kid. And then when I married my husband, it was an entirely different world. I grew up in the nine to five paycheck world he grew up in the entrepreneurial. You can make as much as you can make world learning new things, changing the stars, changing our money story, watching him teach our children, being part of those conversations, of learning to think about money differently, not from what can’t I afford, but what can we do with this money? To make a difference in our world, to make a difference in our family, to make a difference in their story and the legacy. So I want to invite you to change your stars when it comes to your money story, to begin to build abundance and to work on your money mindset. One choice, one day, one moment at a time. Thank you for joining us on Breakfast with Champions. If you want to catch the live version, you can follow us on Clubhouse and listen from 05:00 a.m.. To 11:00 a.m.. Eastern time Monday through Friday, Saturday, six to noon and Sundays with our 111 Sunday service. Make sure you’re keeping up with Breakfast with Champions and getting yourself a seat at the table. Bolts.