Are you stuck in a financial rut? Do you want to make more money, grow your
business, or achieve a breakthrough goal? Well unless you expand your financial
comfort zone you're likely to say stuck right where you are
in this video we talk strategies for elevating your financial game and
achieving your goals plus I'm going to give you three tips for expanding your
financial comfort zone coming up hey I'm Dr. Brad Klontz on this channel we look
at the best strategies to help you transform your relationship with money
Master the psychology of wealth and live a life of abundance so check out the
links and the resources in the show notes below and if you're new here
consider subscribing so let's get started I'll never forget the day I was
in Chile where I'd been for several weeks and I ran into another American
wow I got to tell you I felt an instant sense of relief after spending weeks
interacting with people from a different culture here I was with with really a
total stranger but I felt an instant connection we shared the same language
the same nonverbal gestures and the same general understanding of the world
it felt so comfortable that experience really Illustrated for me how deeply I'm
attracted to people well well like me and even though I went through a lot of
effort to expose myself to a different culture it taught me how stressful it is
to learn to operate in a new culture at times it felt exhausting and like my
brain hurt as I was trying to take it all in and I felt a pull to what was
known and familiar the stress involved in change combined with the comfort of
staying with the familiar are very powerful forces unless we push ourselves
we have a tendency to stay right where we are even when circumstances aren't
great at least they're predictable and familiar so how does this tendency to
stay in our comfort zone doing what is known and comfortable how does this
impact our financial lives quite profoundly it turns out socioeconomic
status is a huge part of a person's identity have you ever been to a party
and realize that most of the people in the room had much more money than you
did did you feel out of place or uncomfortable did you even question your
right to be there it's stressful when we move away from what feels normal for
example if we start making a lot more money than our friends it increases our
anxiety and we worry what will they think about us will they treat us the
same will they judge us when gap widens even further it can make
simple things like who pays for dinner or traveling together very hard it can
be so uncomfortable for people to move to a higher socio-economic group that
they end up sabotaging themselves they don't have to deal with being too
different or being kicked out of their group as a result there is huge
psychological pressure for us to stay right where we are this helps explain
why so many lottery winners professional athletes and entertainers blow their
money they feel that they're undeserving or guilty about making more than those
they love in fact research shows that instead of being totally stoked after
making tons of money quickly months and years after the fact many feel quite
lonely or depressed so if you want to increase your net worth or income you're
probably going to need to learn a new approach for example if you wanted to
learn more about investing how helpful is it going to be to talk to your Uncle
Bob who's never invested himself Uncle Bob is very likely to tell you how
difficult or impossible it is if you want to write a book someday talk to a
published author about how to do it if you talk to your friends Sheila for her
advice Sheila who's never written a book it's possible she might chuckle or roll
her eyes at you or give you that feeling who do you think you are when the people
around you the people that you love believe something's impossible it's very
difficult to achieve the goal it's much better to talk to somebody who's already
achieved it or is further along the path than you are they know it's possible and
they can point you in the right direction so if you want to make a
quantum leap in your finances your business or other goals you need to
expand your financial comfort zone so here are three tips for expanding your
financial comfort zone tip number one make yourself uncomfortable if you want
to make more money like you're considering charging more for hourly
services or asking for a raise think about what number you're comfortable
with seriously go ahead pause the video and do it now okay do you have it now go
ahead and double it feeling uncomfortable yet good if you want to
make more money you need to start thinking differently now I'm a big
proponent of being reasonable with the caveat that I don't think you should
trust what you think is reasonable so do some research and look what other people
are getting paid in your field and start with a higher number than feels
comfortable for example I put a ton of effort into
becoming a good public speaker how am i doing I spent years practicing and
giving free speeches yes giving free speeches I wanted to make sure people
felt great paying me to speak so it was important that I did whatever I could do
to become great and I definitely put in the time over the years I've raised my
speaking fees about five times now here's the truth each and every time it
is so difficult I worry that people will block will think who does this guy think
he is or that I'll never get any business again however this hasn't
happened man I should probably increase them again with each increase I actually
had to spend time practicing saying the number out loud in private of course and
I definitely made sure I did my market research but I work hard and I still
work hard to not let that internal who do you think you are voice keep me stuck
so take a risk and make yourself feel uncomfortable tip number two get a
mentor oh yeah and start local now I say start local because don't go sending
Tony Robbins an email and get all discouraged when he doesn't meet you for
coffee he's a busy guy and he doesn't know you but nowadays you can start by
listening to podcast watching YouTube channels like this one and reading books
when I wanted to increase my value as a public speaker I read several books
written by professional speakers and I picked the brains of people who are at
the top of their fields speaking for money but my favorite approach is to
find someone who is a step or two ahead of you whose brain you can pick you need
to learn what they know their beliefs about what's possible and their
strategies these people are often in your life are ready or maybe the friend
of a friend perhaps it's your boss at work or a successful aunt or uncle ask
this person to coffee and pick their brains how did they get where they are
what do they wish they had done differently what piece of advice would
they give someone at your stage of the game you'll be surprised at how
receptive mentors are to sharing their wisdom and experience with you then as
you grow find new mentors and learn from them tip number three get help in one of
our studies on the psychology of wealth we found that when compared to
middle-class folks the wealthy are much more likely to admit that they don't
know things and to have a team of professionals to help them this can be
so hard for people who didn't grow up in a culture of wealth for the wealthy it's
a no-brainer that you're going to have a financial advisor a business
an attorney or CPA however for us to do it yourself
descendants of farmers the idea of outsourcing anything can seem expensive
or downright lazy but it is critical if you want to join the ranks of the
wealthy now I know what you're thinking I can't afford these people so let me be
clear you don't need to hire them as full-time staff but paying an attorney
or CPA a few hundred dollars for an hour two of their time before you set up your
business is likely to save you thousands of dollars later so don't hesitate to
hire some help along the way I have found it worth every penny. Question of the day,
what strategies have you used to expand your financial comfort zone to take your
financial business or other goal achievement to a whole new level
special thanks the Heider College of Business at Creighton University for
helping sponsor this channel if you like this video and want to see more like it
please subscribe and hey make sure to check out the show notes below for links
and resources that can help you see you next time