We often hear people say, “It’s not about the money”. But in reality, money is a key factor in life and business. Without money, it’s unlikely a business will survive, and you won’t have the freedom to live the life you dream of.
In this episode of the Influence by Design podcast, Samantha and Tim debunk a common misconception of business owners – it’s not about the money.
Having money corresponds to having freedom and access to better opportunities. Business owners can design the lifestyle they want, decide on their working hours, and choose the clients they want to work with when their income supports them.
Money opens up your world to better experiences that you can share with the people you love. It’s only a matter of putting meaning behind what it can do for you and your business.
IN THIS EPISODE YOU’LL DISCOVER:
- Why you need to be clear on how you want your rich life to look like (03:20)
- The greater impact of having money (06:08)
- Subconscious stories about money and how they affect our money beliefs (09:40)
- Limiting beliefs around money (13:20)
- The value of putting yourself out there (17:00)
- The beauty of being a business owner (19:45)
- “All of us have something around money, and understanding it is really helpful in taking your business to the next level.” -Samantha Riley
- “Money is an amplifier of who you already are.” -Samantha Riley
- “For me, money is all about spending time with family, friends, travelling and having rich experiences in our lives.” -Samantha Riley
- “We have this opportunity and responsibility to ourselves and our families to create whatever vision of life we want, and not put limitations on ourselves.” -Tim Hyde
- “As business owners, we get to design the lifestyle that we want. We get to work the number of hours we want and work with the clients that we want to work with.” -Tim Hyde
- Influence by Design Episode 484: Goal-Setting for Success: A Mid-Year Check-In
- Coaches, Thought Leaders And Change Makers
- How to Get Rich with Ramit Sethi
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WHERE TO FIND TIM HYDE
- Website: https://winmoreclients.com.au/
- Facebook: Win More Clients
- LinkedIn: Tim Hyde
CONNECT WITH SAMANTHA RILEY
- Facebook: Samantha Riley
- Instagram: @thesamriley
- LinkedIn: Samantha Riley
- Twitter: @thesamriley
Samantha Riley Snippet (0:00):
Get clear on what you want. And it doesn’t matter what anyone else thinks. It doesn’t even matter if you think it’s ridiculous if you want it, you want it. And then ask yourself better questions, surround yourself with better people who can ask you the better questions, so that you can put together your rich life,
Tim Hyde Snippet (00:18):
the number of hours in the day and the number of hours that you work do not equate dollar for dollar to the amount of output that you can create. So the only thing standing between the two of those two things is the opportunities you take and the beliefs you decide, you know, that limit super on itself, that what’s possible within that time.
Samantha Riley Intro (00:38):
My name is Samantha Riley, and this is the podcast for experts who want to be the unapologetic leader in their industry. We’re going to share the latest business growth, marketing, and leadership strategies, as well as discussing how you can use your human design to create success in business and life. Inside and out. It’s time to take your influence, income, and impact to the level you know you’re capable of. Are you ready to make a bigger difference and scale up? This is the Influence By Design podcast.
Welcome to today’s episode of Influence By Design, I’m your Thursday co host Samantha Riley here with my lovely co host Tim Hyde. How are you today Tim?
Tim Hyde (01:18):
are fabulous. Let’s wow, I
Samantha Riley (01:22):
thought we were gonna have a musical theater episode. You know, every series always has a musical theater episode somewhere in there.
Tim Hyde (01:30):
I were to get my ukulele surely somebody?
Samantha Riley (01:33):
No, no, no, please don’t please don’t
Tim Hyde (01:35):
think because I can’t actually play the ukulele. Excellent. And the best intentions to kind of learn to play the ukulele and stuff like that. And then find myself just falling back into habit and routine where Why buy lessons?
Samantha Riley (01:50):
Oh, my brother and one of my sons can play the ukulele and around a campfire it can become quite funny. But anyway, moving on from ukuleles and campfires last week, or in last week’s episode, you mentioned a Netflix series, How to be rich by Ramit Satie. And you spoke quite highly of it and suggested watching it, and I binged it. Instead, I finished it in two nights, I couldn’t, I had to keep watching, I wanted to know, if one of those people was going to sell her condo in Georgia to the end.
Tim Hyde (02:28):
I think it’s really family, just as a is a content construction, basically look at the metadata on the content construction, not just the content itself. It doesn’t really fantastic things where you open loops, ah, you haven’t talked about much on, you know, but the Hyperloop is when you start a story, but then don’t finish it till the next it’s the episode or after the end break or whatever it happens to be or in the next email. But because each time he doesn’t, he then opens up another loop the next email after that, or the next episode after that, which is why people being things and while you find some books, you pick up just absolute page turners, because you want to find out what’s happened next, but interchangeable, but they’ve actually opened up a new story arc at the same time.
Samantha Riley (03:10):
Absolutely. It was I thought it was done very well. I love roommate, I think he’s fantastic. I’ve always really loved his content, I was sharing with you before we started recording, one of the things that I love about his content, which I feel that a lot of people in the finance space, or, you know, the investment space don’t get or don’t tap into as coaches is to really get clear on why people are motivated to make the money and what they want to spend their money on. And I feel that he does it really well. You know, it’s about what do you want your rich life to look like spend your money on the things that mean something to you, but also invest and create wealth, so that you can continue to do that, where I feel a lot of people talk about, you know, save money and invest money to have this money, but don’t really talk about, you know, getting clear on what you want your life to look like. So, you know, they’re making it all about the money. You and I as coaches or you know, in our coaching consulting side, often have people saying to us, it’s not about the money. And we’re here in this episode to say, No, it really is. But it is somewhere in the middle. And I think remote gets it just right. And I think that I know, I’d love to have this conversation today with your team.
Tim Hyde (04:35):
Yeah, like I really enjoyed and I’m glad you got as much out of it as I did, as well, Sam that this is underpinning so that, you know, we have control over it and own life in a way that, you know, at no point in the past we probably have about I think as as business owners, we have this opportunity and almost responsibility to ourselves and our families to create Whatever vision of that life happens to be, and not put limitations on ourselves and no sin, that’s one of the things that you do with your clients is actually go, well hang on a second, maybe it’s only this limitation that you default view there is not actually as real as you first imagined it to be. And I think that’s a really important message. And when you see it said about titillated through stories, like the ones that remake shares in my read, you know, mortgage life or how to be rich, like, What’s the title of this book is, you know, this kind of underpinning to go well, actually, maybe if you think a little bit differently, maybe a little bit more educated, maybe a little bit more aware, you can actually look at his puzzle that’s presented to you in a different way. And I think in the context, as you sort of touched on his hand, when we talk to business owners who think, well, you know, it’s not about the money. Okay, but you know, it is because that enables you to do whatever it is that you wanted to do. So whether it’s 100,000, you know, 1,000,010 million 100 million dollars that you want to make, you know, just think about what is possible when you achieve those goals.
Samantha Riley (06:07):
Let me just sort of go into that a little bit more before you go on, just so that people are thinking, Yeah, but it isn’t about the money. If you had more money that enabled you to go and see your family more, maybe they’re overseas, maybe they’re interstate, maybe they’re just down the road, but you don’t have time to go and you know, take the afternoon off and, and go to bingo with your mom, maybe you want to travel more. It’s about the experiences. Well, all of those things, if you’ve got the money you actually can to them
Tim Hyde (06:39):
was a really good example of this and that I’m, as you know, and some better says, Now, I’m heading off to France, this year for the Rugby World Cup.
Samantha Riley (06:48):
This is such a cool story
Tim Hyde (06:50):
To celebrate my 50th birthday with a bunch of mates. I’ve known for 40 odd years now. One of the guys recently had to pick up in his day job when he got manufacturing come like weekend as business owners or salaried position. Right, a $5,000 pay rise is probably quite a lot. However, that goes off to the government straightaway. Yeah. So it’s actually not as much as you’d think it really is. As business owners, we’ve got this opportunity to manufacture income, pretty much kind of on a whim if we want to. And on sales call economic connection. There we go. Anyway, you know, because I’m doing okay. You know, I was able to say to him, when we were looking at trying to secure tickets to Australia, Wales gain, which is going to be the highlight of our trip in the pool rounds, that will kick in for you on it, as a result, all the guys, we kicked in an extra 100 bucks, 20 bucks, does nothing really do the ass, because we haven’t put limitations on his needs.
Samantha Riley (07:53):
He say nothing really. But it’s huge to him, right says
Tim Hyde (07:56):
to him, okay, because he was like, Well, I just, I just won’t go to that candy bar hanging out the apartment or, you know, go and find a pub and watch it on TV. I said, No, we want you to come in. Yeah, this experience. Yeah. And that’s, you know, that’s enabled us to do, because, you know, we’ve taken these limits offers in the business, it’s enabled on the share that experience for someone who’s actually really important to us.
Samantha Riley (08:19):
Yeah. And that’s what it’s about. And we need to get really clear on why our money or the meaning that our money, you know, brings to our life for Leon and I, and I guess I mentioned travel and people because that’s what we want to do. That’s how we want to be spinning our life like you around our friends around our family. We you know, Leon lost his father last year. And that shook us way harder than we thought it was going to losing a parent, far out, there was way harder than I thought it would be. And it’s not even my own father, you know, but it’s made us realize just how important family is, and showing us that we need to spend time with them now, because we don’t know how long our family is going to be around. So, you know, for us, you know, our money is all about spending time with family with friends and traveling and having rich experiences in our life. Great wine, great wine. Insanely. That’s why I always say my son in law, he chooses good wine.
Tim Hyde (09:25):
I really interest that one sound because you would have been able to do that. Had you put some limitations and said no, I can’t. I can’t grow it you know, the deeds about the money and that sort of stuff. And you said something off here just before we started I thought was really interesting because we were we were having a conversation around pricing. You know, where our limiting beliefs come from about what is possible now may have been because you’ve always been no back office and suddenly thrust into limelight as the business owner and you reckon you know, discovered that you need to sell and market and do all the stuff they probably feel uncomfortable with. In your case, Sandy was you gave an exam Put up when you were growing up, your parents would say, you know, I’d $500 That’s so expensive, and you’re for someone else $5,000 to do exactly the same thing is actually really cheap. Yeah, but we carry these limiting beliefs into our we do business, that affect us. And sometimes we’re not even aware of what they are or where they come from.
Samantha Riley (10:21):
Totally, I know, it’s one that comes up in our house a lot, because both my family and Leon’s family are very similar, in that there’s a lot of talk around that person’s, you know, that person’s a con artist, so that person overcharged us or that person’s rich. You know, both of our families are blue collar, they work really, really hard. And they potentially got this belief from their parents, I don’t really know. But there’s this real weird feeling around money with both of our parents. Now, we’re very aware of it. And we always have been, obviously, I’ve been in business for over 30 years now. So it’s something that I’m very aware of, and it doesn’t catch me out as much. But it still does every now and again, because these are, these are stories that are playing out unconsciously in the background. You know, what, if you’re not even aware that it’s playing out?
Tim Hyde (11:15):
Well, a friend of mine, Kathy said to me something really recently that I thought was, was quite insightful in terms of how Wade made decisions previously, in terms of my opinion, and billing was my spending, but how do I price what we did for our clients. And she said, You know, when you’re selling to someone who’s making less than $500,000 a year, in their business, you’re typically spending the owners money. So it’s like, you know, you’re handing over a $10,000 invoice, that owner is going, well, I give you $10,000, or I put $10,000, towards my kids school fees this year, food on the table, right? If you’re at 100,000, and you’re at 10,000, you know, you’re thinking around whatever number is for you. Now, if you’re at $10,000 a month, and you see a $5,000 invoice coming in, you’re like, that’s half of my monthly income, you know, I can’t possibly commit to that. But as soon as that that $500,000 threshold, generally speaking, losses, the owner or you in the case, is taking your money out to do your lifestyle. And that becomes the business as money that should, because there’s money in the business. And I know when you know, back when I was at that size, I was like, am I unconsciously pricing myself? Or, you know, my services and value to my customers? In the same way that I would look at my own study? Wow. I mean, so if I wouldn’t spend money on it, well, why’d my customers spend money on? But then as soon as he said that, it’s gone. Oh, my God, Kathy, that’s absolute genius. Yeah, doing that to myself? Not even being aware of it.
Samantha Riley (12:57):
Yeah, yeah. So these these things, and around money, I would say all of us have something around money. And understanding it is really, really helpful to help you take your business to the next level.
Tim Hyde (13:12):
Yeah, I think it’s also, you know, how we look at. I mean, obviously, money is the thing we associate, particularly as Troy here, and he associated with being which was being selfish in bed. Yeah. Okay, which is, you know, that’s one of the types of limiting beliefs, you know, on his macro scale that we need to, you know, take out against the wall and shoot vigorously. It’s not the character and is just a means of transaction. But I think I’m not sure if we meet talks about it, or not in the show, but I have heard somewhere recently, this is, if you’re a good person, and I think you and I certainly think spells good people, and I know, this law, you know, you probably think of yourself as a good person as well. Money doesn’t make you a bad person. Jack, good. People will always be good. They’re just enabled to do more stuff.
Samantha Riley (14:00):
Yeah, money is an amplifier of who you already are. It does.
Tim Hyde (14:05):
Bad people will always be bad people.
Samantha Riley (14:07):
Something that I like to share with my clients a lot about this limiting belief about money is that the money is in the world already. Right? It’s not like that when you’re asking for money, that it’s coming from somewhere. There’s already this this amount of money in the world. Would you rather have that money in your hand to do good with it? Because you know, you’re a good person? Or would you rather have that amount of money go to someone that maybe isn’t going to do good with it? And when you think about it like that? It’s like well, at least you know, if I get it, I know that I can do good with it. So why would I not, you know, earn that money?
Tim Hyde (14:49):
Absolutely. I think this is always comes back to again, this belief about what you’re capable of and what you deserve. So if you think you deserve to be a sole trader, well, that’s where you’ll be. If you think you deserve to run a million dollar business, well, that’s where you’ll be you’ll make decisions around that was actually asked one hour, you know what my business vision is the other day. And I said, you know, our goal is to help 10,000 businesses 10x their business in 10 years. Love it. Okay. pretty ambitious goal. But, you know, I’m not gonna be able to do that on a one on one basis. Yeah, exactly. So that’s actually limiting where I need, you know, the things I’m doing in the things I’m sort of building out to be able to achieve that objective. But you know, because I’ve set that at something quite ambitious. I think it’s quite ambitious, and one of the people that was like, why not make it 100,000? Yep. Because, you know, funnily enough where we’re at right now, that’s quite an ambitious goal, it’s actually taken away anything else that might stop me from getting in, it’s actually got to completely remove those, you know, shorter barriers that might have otherwise come up. Now, you again, same, you’ve been it’s common common citizens like this. And over the last week, I had a conversation with one of my peers in, in a networking group, even just this week, actually. And when I first spoke to them, they said, you know, I’m comfortable just being a sole trader, I don’t really want to grow, I don’t want to add staff. And I said, Well, you know, the more you surround yourself with people playing the game, the more you realize what’s possible. And, you know, and I challenged them and said, you know, what to do you better at what you do, then I’ll make down the road, and they’ve gone absolutely. Why don’t we do much better job for our clients than they do? And said, Well, why would you let your potential clients have an inferior product?
Samantha Riley (16:47):
Yeah. Why do you want them to go down to old mate down the road? They have no car, you
Tim Hyde (16:54):
know, where they were thinking, Oh, that’s really interesting. I’d never thought about it like that.
Samantha Riley (16:59):
Yeah, yeah. I had a similar instance, again, this week, myself, where one of my clients had openly said in our private group that she’d been holding herself back on social media, because she wasn’t really, you know, feeling the vibe just recently. But she kind of pulled her socks up, because she said, she felt like she had me, you know, on her shoulder, where I’m constantly saying to my clients, if your prospects don’t go to you, they will go to your competitor, the one that is out there, the one that is on social media, the one that’s, you know, in front of them. So this, it’s exactly the same outcome as what you’re saying, do you want, you know, she was thinking, do I want my potential clients to be going to, you know, my competitors, these other people, I know I’m better than them. So she pulled out some, she said, you know, she said, I still wasn’t feeling the vibe, you know, she was vulnerably sharing in the group, I still wasn’t feeling the vibe. So I pulled out some, some old content, just got it out there. Now, this is where the beautiful part of the story happens. It went viral. So it’s her first piece of content that’s gone viral. Yeah, it got nearly 20,000 views. And she picked up a whole heap of new followers, and she had people reaching out in the DMS. So you know, she shared that with the rest of the group that, you know, keep Sam on your shoulder, let her talk. And sometimes, there are other ways around things.
Tim Hyde (18:23):
I really love that story. You know, certainly, you know, like a vulnerable moment for me that I’ll share I mean, that if I’m, if I’ve set that goal, that I need to do things differently, I need to put myself out there in a much bigger way that I than I currently do. I was always gonna be a reclusive billionaire. And what does it really mean? I’ve got to create a profile first. Then I can disappear from the social scene and be my you know, my billionaire. Well, let’s
Samantha Riley (18:51):
face I don’t have my Netflix series yet, either. So yeah, maybe I need to do that as well. But you know, I have to figure out what my Netflix series will be. But I don’t know. We’ll get there one day
Tim Hyde (19:04):
to call it how to reach the top shelf.
Samantha Riley (19:08):
For for 11 people. If no one’s met me extremely short on this side of the table.
Tim Hyde (19:15):
Yeah, I banged my head on them.
Samantha Riley (19:18):
Exactly. We are pretty funny out in public. You are so tall and I’m so short. Do you anyway, it is pretty funny.
Tim Hyde (19:27):
I think I think the whole lesson here and, and even coming back to Remita, rich, rich life stuff that he was talking about is, you know, you get to as business owners, we get to design the lifestyle that we want. We get to work the number of hours we want. We get to work with the clients that we want to work with. If you don’t like a client, don’t try and hang on to them. Get rid of them create space for someone better. My wife calls her soulmate clients.
Samantha Riley (19:55):
Yeah, I love it that she calls them that like then when she says it, either. Actually you can feel the energy coming from her like it really means something.
Tim Hyde (20:04):
And it’s, you know, it’s this opportunity to kind of work with people, we really surround yourself with people you really love surrounding yourself. Yeah, it’s the thing, the other pity message in both rich life, I think what you and I want to convey to our clients and listeners as well, is that you get to choose, nothing needs to get in the way of what that looks like for you.
Samantha Riley (20:26):
Absolutely. So, you know, I actually posted in my free Facebook group coaches, thought leaders and changemakers, just last week, would you rather work 20 hours and earn $300,000 a year, or 40 hours and earn a million a year? I was very surprised that no one said both. Because when I typed it, you know, I was like hee hee hee hee, what’s gonna happen here? Because
Tim Hyde (20:57):
Dr. Evil moment was I was really
Samantha Riley (20:59):
interested to see what people wanted, like they were every single person said they wanted more time. Yeah. But what it proved to me was that there is a belief there that there is a certain, you know, that we have to work more to earn more money. But there’s always ways around things, always ways around things. Well,
Tim Hyde (21:22):
it’s just a program for the running 24 hours in the day. Okay, and some people can earn $160 in the 24 hours, and Elon Musk can earn 30 million 50 million 100 million dollars in the same 24 hour planet. That’s probably something in all
Samantha Riley (21:39):
fairness, I do want to get put a caveat here. Elon Musk isn’t a single mum that is really struggling with you know, her three kids and in a job. So I do want to have that caveat.
Tim Hyde (21:51):
He’s probably paying for, you know, his housekeeper and everything else as well. And so yeah, exactly. You get someone to drive him around, and all that sort of stuff as well. But my point really is that the number of hours in the day during and the number of hours that you work, do not equate dollar for dollar, to the amount of output that you can create. So in the same eight hour, seven hour, six hour day, around, you know, school pickup and drop off, there’s no reason that you can save Well, I can only earn $200 in that timeframe, when you gotta easily equally earn a million dollars in that same timeframe.
Samantha Riley (22:28):
100% 100% the
Tim Hyde (22:30):
only thing standing between the two of those two things is the opportunities you take and the beliefs you decide, you know, that limit super on yourself. That what Yes, in that time.
Samantha Riley (22:40):
So the very two things that we want to leave you with today is get clear on what you want. Like I’m talking what you really want like that thing that sets your soul on fire. And it doesn’t matter what anyone else thinks it doesn’t even matter if you think it’s ridiculous. If you want it you want it. So get clear on what it is that you want. And then ask yourself better questions. Surround yourself with better people who can ask you the better questions so that you can put together your as remake calls it your rich life and love it. Thanks for joining me today Tim for another episode.
Thanks for joining me for this episode of the Influence By Design podcast. If you want more head over to influencebydesignpodcast.com for the show notes and links to today’s gifts and sponsors. And if you’re looking to connect with other experts who are growing and scaling their business to join us in the coaches, thought leaders, and changemakers community on Facebook, the links are waiting for you over at influencebydesignpodcast.com
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