5 Secrets Exposed! #1 and #2: Money, Strengths, and Weaknesses

December 11th, 2013

So, picking up from where we left off last week, how many of the following secrets are you keeping to yourself? How many are you only sharing with one person? …

Secret #1) How much money are you making?
Secret #2) What are your strengths and weaknesses?
Secret #3) What specific outcome would make you feel like a success?
Secret #4) In what ways do you feel like a fraud?
Secret #5) What basic steps have you totally skipped?

Even if you have had coaches and mentors in the past, it’s pretty likely that you haven’t been as revealing and specific as you could be to give them the best chance of helping you the most. Keeping a secret is like maintaining two realities: one public, one private. This is taxing and stressful to you and your business.

Mind Money Meaning

Over the next few weeks, I’m going to take you through each one of these secrets so you can learn the value of sharing them and understand, from the advisor’s perspective, why they are so important.

Secret #1) “How Much Money Are You Making?”

It may sound weird, but in order to reveal how much money you are making in your business, you have to know for yourself.

A friend of ours, RC Peck, teaches people how to invest in the stock market.  On the first day of his workshop, he asks, “How well do you currently do with your stock market investments?”  The people in the class usually answer,  “about 5%”  “10% on average”  or “15 to 20%”.  Then on the second day, he asks them to bring in their brokerage account statements that report their exact gains and losses.

Then, after calculating the reality, he has people share the real numbers.  “negative 18.7%” , “negative 4 and a half %” or “1.7%”.  One person had guessed that they made 10% per year in the stock market, but when given the real numbers discovered they were losing almost 27%.

Were they just lying?  Trying to look good?  Well, maybe – but don’t underestimate your tendency to disconnect from the reality when it comes to money and use certain “anchor numbers” in your head to replace the actual truth.  If you made $19,700 in one month, you might think to yourself “I’m making $20k per month”.  That becomes your “anchor number”.  Then even though the following three months straight you may make $5,500, you don’t update your ‘anchor number’ so when your advisor asks, you tell them “$20k per month” and give them bad information.

Make sure you know how much money you make.  It’s a crucial part of your “Point A.”  And make sure you tell your advisors – so they can help you with the best path to your “Point B.”

Secret #2)  “What Are Your Strengths and Weaknesses?”

You may be reluctant to brag – but it’s important that your advisors know what kinds of advantages you have.  Imagine trying to coach a track and field athlete, helping him prepare for the Olympic try outs.  If he was shy and didn’t want to brag, he may not tell you about his extraordinary ability to jump hurdles.

You, as a coach, might not even select that event for your athlete and he may miss out on an opportunity to make the team and win a medal.  I see this all the time with entrepreneurs and in basic errors they take daily just because they haven’t prepared or tried to optimize their weaknesses, the ones I usually see are the common errors in payroll in small online businesses and this are so easy to forget but more easy to get them right with the proper system.  Either because they don’t know or they don’t want to say, most entrepreneurs are not specific about their strengths and weaknesses with their advisors, which severely reduces the value of the advice available.

Use a comprehensive business assessment to calculate your strengths and weaknesses, like the Rapid Growth Assessment available to you for free.  Then share your results with your advisors so they can understand in detail what strategies will tend to work for you (because they rely on your strengths) and which strategies you should avoid.

If you try to guess your own strengths and weaknesses, you will likely miss something important, because as they say, “you can’t see your own ear,” meaning that without a tool for reflection, it’s difficult to have an accurate self-perception.

Stay tuned for Secrets #3 and #4 next week. Until then, jump start things by checking out the Mind Money Meaning system that will put your secrets out in the open in order to keep you on track!

No Comments