In this week’s episode of The CEO Warrior Podcast, Mike Agugliaro interviews Robert Gignac, who combines knowledge, passion, and visuals to encourage people take control of their personal finances and have a richly imagined future. Robert takes the intimidation out of financial planning and illustrates the importance of perspective and horizon. During this episode, Mike and Robert discuss money as a measuring stick for success and happiness, the family influence on money mindset, generational entitlement, poverty versus abundance mentality, and decision-making criteria.
Main Questions Asked:
- What is money, and what should people be thinking about it?
- What do you say to someone who thinks money equals happiness?
- What do you tell people when they say, “It takes money to make money.”?
- What do you think about the entitlement generation?
- How can someone evaluate their personal money situation, and what should they do to improve it?
- Is access to money built to sabotage people?
- What trends are you seeing?
- What is the difference between a money mindset and a wealth mindset?
Key Lessons Learned:
- Money affects how we feel about ourselves and other people.
- It is about your state of mind.
- Does the money own you, or do you own the money?
- The goal isn’t to ‘make the payments,’ but rather to have no payments to make.
- Money is a great slave but a lousy master. It can do a lot of things for you as a tool.
- The family we grow up in has a massive impact in how we relate and think about money.
- A poverty mindset is in terms on wondering if there is a magic formula some people have to making money and others don’t.
Money as a Measuring Stick for Success
- Money is used as a measuring stick, but it doesn’t show us a whole lot, and what we see is incredibly defective.
- There are people who want to be seen to carry a certain lifestyle, and they think that driving certain cars and wearing certain clothes raises their personal standard. For the vast majority, these things are utilitarian.
Does Money Make You Happy?
- Money makes you happy up to a certain point, which, according to studies, is $76K US.
- $76K US is the point where you get the vast majority of your wants satisfied.
- People who view items in a utilitarian way are much happier with the purchases they make.
It Takes Money to Make Money
- It is the desire within the person in creating something that determines whether they will be successful.
- You have to do what you can, where you are, with what you’ve got.
- There needs to be a want and desire to win.
- Some entitlement notions come from the education system and the “everyone gets a trophy” mentality.
- Recent generations grow up thinking they will get rewarded for just showing up.
Think ‘Why?’ not ‘How?’
- Most people, when it comes to personal finances, are thinking about ‘how.’
- If you can determine the ‘why’ first, then the ‘how’ becomes a whole lot easier.
- People say they want more money, but you can’t do math with the concept of ‘more.’ You have to figure out how much you want and why.
- Joe Polish says it’s not the plane ride people want, it's the destination.
- If you create it without understanding the ‘why,’ our relationship becomes ‘messed up.’
Decision Making Criteria
- Before you make a decision, you have to understand the criteria and have a set of filters to run it through to ensure you are making a good decision versus a spontaneous decision.
- Make sure you have decision-making criteria with your money so you have questions to ask yourself.
Experiences vs. Stuff
- There is a subtle shift to ‘experiences’ in place of ‘stuff.’
- Experiences are forever, and physical things are often temporary.
- If you have a money mindset, you are focused on the day-to-day paying bills – generating income, making sure the books balance, ensuring you don’t run out of money before the end of the money.
- Ensure you have more money than you are spending, and try to grow some of it for the ‘rainy day.’
- Wealth sees a shift to legacy and helping people.
- With wealth comes a comfort level where you don’t feel like you are living month-to-month.
- Our lives become better in this mindset due to the stress it takes off us on a daily basis.
Robert’s Final Thought
- What simple changes can you make within your own life today that will make the lives of those coming behind you better 50 years from now?
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P.S. – If you were waiting for the perfect time to seize this opportunity, the time is now. Read the Home ServiceMAX Magazine for FREE, today!
P.S.S. – Stephen believes Mike really knows what he’s talking about when it comes to growing a business.