Today on the show we’re going to talk about building long-term wealth.
We’re going to talk about stocks, we’re going to talk about real estate, and we’re going to talk about how your personal financial decisions, and thoughts about finances, inform your decisions about your business.
I’m joined today by Jacquette Timmons. Jacquette is a financial behaviorist. She teaches and coaches the human side of money—things we don’t typically think about when it comes to finances—such as emotions, identity, and psychology, and how they relate to the numbers.
We’re going to see where these things fit into the big picture about money and finances. It’s a great show, and I’m very excited to have you here for it.
In this episode, you’ll learn:
- Gaining clarity about your business model and your purpose
- Prioritizing the health of your personal finances
- What most people get wrong about their pricing strategy
- Where to start when you don’t have a plan for your future
- The best way to have a positive impact on your team and your clients
- Giving yourself permission to charge more
- Reverse engineering a seven-figure income
Links & Resources Mentioned in this Episode:
- James Glassman: The Secret Code of the Superior Investor
- DM me on Instagram
- Visit my YouTube channel
- The Art of Online Business website
- The Art of Online Business Podcast website
- Check out my Accelerator coaching program
Jacquette Timmons’ Links:
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The Secret to Maximizing Your Profit in 2021 w/ Mel Abraham
Defining YOUR Version of Business (and Life) Success, with Mel Abraham
Quick Tip: 6 and 7-Figure Mindset Secrets
When we’re talking about money, and when we’re talking about pricing, it’s never just about the numbers. It’s so much a reflection of your relationship with money, the relationship that you have with yourself, and the people that are influencing you—the relationship that you have with your business.
What’s the relationship that you have with your buyers? Be it the prospects, the clients, or the customers, all of that shapes how you approach pricing, how you think about it, and all of that is influenced by money.
Alright. What’s up, my friends. I think you can tell by my voice right now, I am so excited. If you’re watching this on YouTube right now, you can see I’m super pumped about today’s episode. We’re going to be talking about money. Specifically, how pricing reflects your relationship with money, and how you price your things in your business; whether it’s your course, whether it’s a mastermind, a coaching program, your products. Whatever it might be, how that pricing and your relationship with money sets you up for where you want to be in life financially, long-term.
So, we’re going to break down pricing and the psychology of pricing. We’re gonna talk about long-term wealth building today. By the way, this is not financial advice. This is educational and informational only, and entertainment purposes as we listen to podcasts. This is just an amazing discussion with my guest today, who I’ll introduce you to in just a second. Because frankly, this is something that does not get talked about enough: how we look at money in our business, and how do we leverage profit that we’re making in our business for long-term wealth building.
We talk about that. We talk about stocks. We talk about real estate today. We talk about how the things you do in your business need to be informed by your personal financial goals. We break it all down here today.
Joining me to share her expertise is Jacquette Timmons. She’s a financial behaviorist, which I just love this. She teaches and talks about, and coaches on the human side of money, integrating things like emotions, identity, and psychology with the numbers. Which is awesome, because so many of us just look at the numbers, not the other side as well. We look at the big picture, and we break it all down here for you today.
Now, before we go hang out with Jacquette, if you’re a more established online course creator or an online coach, meaning you’re doing minimum 100k in revenue from your online business, and you’re looking to increase your impact, increase your profit with less hustle—that’s what this is all about, right?
It’s how do we grow our business and have a bigger impact and increase our bottom line without. Adding hours because we’re already doing all this stuff, right. If you’re feeling overwhelmed, you’re not really sure what next steps to be taking. That is what we help you do inside of our Accelerator coaching program, through the lens of mindset, optimizing your systems and processes and optimizing your sales and marketing.
So. This is one-on-one coaching, by the way, this is group coaching and a mastermind experience all wrapped up into one. And so if you want to learn more it’s application only, so to learn more and apply, go to Rick mulready.com forward slash Accelerator.
All right, my friends let’s do this, right. Let’s go hang out with Jacquette Timmons. We are going to be talking about a very loaded subject today. Everybody’s favorite subject that no one wants to talk about, but yet everybody wants to know about it. We’re gonna be talking money today, right? We’re going to be diving into it from a little bit of a different angle because in previous conversations that we’ve had, We want to kind of dive into it from the level or from the perspective of pricing in our businesses and how we price things, reflects our relationship with
And. I’m fascinated by that. And so we’re going to talk about that. We’re going to talk about, you know, retirement planning. We’re going to talk about all things, money from an entrepreneurial standpoint, and I’m so excited to dive into this with you. So why don’t you, why don’t we start by having you introduce yourself, who you are, what you do and kind of how you got to where you are
My pleasure. Thank you for having me. so for your listening audience, I’m Jessica Timmins. I work as a financial behaviorist and I focus on the human side of money and I got to. That, emphasis, if you will starting with seeing the crash of 1987 and seeing that up close and personal, my very first job out of undergrad and really recognizing that there were some people who. Because of how much the market lost on that day and how much they lost for themselves and for their clients, if they could have, they literally would have jumped out of a window. And then there were other people who were really calm. So that is the first seat, the fascination with wondering, why are people reacting?
Very differently to the same event. And then that was amplified by my time, working in the private bank, managing money for high net worth individuals and realizing that although they have several zeros and commas behind those more than my family did that at the end of the day, they have the same questions, the same challenges, frustrations, and desires.
They just had more income and assets to work with addressing those things. And so. When I started my business in 95, initially as an investment manager, it was to do the exact same thing that I had been doing there. But over the last 20 years, I’ve been focusing on coaching and working as a for-hire speaker, really looking to take behavioral economics and behavioral finance out of academia get it at people’s dining room tables make it much more accessible and help people to understand that success with money.
Is not just a mathematical problem that you can easily solve, because if it were, we’d be here having a totally different conversation, but it is much more emotional you know, identity-based and, choice-based and behavioral-based those are all of the things that I am fascinated with exploring when I’m working with people or having awesome conversations, like the one we’re going to have.
Well, this fascinates me. I mean the financial side of, you know, building wealth how we think about money and all that sort of. Fascinates me, but when it comes to you just said emotional and identity-based things. So two different things. So I really want, I want to start with the identity-based our viewpoint around money.
Talk, talk about that. Like, what is, what exactly does that mean from an identity-based standpoint?
Sure. you know, so much of money is a reflection of how we see ourselves. How we want other people to see us and indeed how other people do see us. that would be the identity piece, Do we have as much as we want to have, or as much as we see someone else has, do we have as much as we think we deserve, how much of our experience with money is driven by how.
We look Or where we went to school or the communities in which we live, all of that is identity. Where did you go to school? what’s the kind of work you do, all of that is really, and, you know, identity identity-influencing if you will. And often a lot of that is tied to money. in some instances, it’s why people get a lot of, satisfaction of wearing designer things, because that says that, oh, you fit into a particular category. So I think not, I think that’s what I mean when I say identity. so much of money is really an intersection of behavior, identity and emotions.
On the other side, on the emotional side, cause like what I think about and what you’re saying here. So everybody listening right now, we’re entrepreneurs, we have an online business. So, what I’m hearing you say is, is our identity, how we identify ourselves the emotional side and all that, is that sort of dictating how financially successful the business is or not?
What I want to be careful of is that I don’t think it’s necessarily dictating how financially successful the business is but what it is dictating are the choices you make around your business model about your sales process, about how you approach pricing about who is your audience for the product or service you offer and about your positioning.
Do you want to be at the premium end of the level of. Or at the budget end of the level, or a spectrum I should say, or somewhere in between. it’s not that one end or in the middle is better than the other, but you need to be really clear about where you want to be, because that’s going to affect again, your positioning and your pricing.
That’s also where identity comes in.
Okay. let’s just say that, there’s, an online coach maybe they have an online course, but their primary they’re doing a coaching program or something like that They are at $100,000 And they want to scale to, you know the number that everyone wants to get to because they hear that I’ve made it I’ve talked a lot about that here on the show. They want to get to seven figures. they want to get to $1M in revenue in their business. What is it going to take on how they’re thinking about it? You know, they’re on the emotional side. you know, the identity side, the behavioral side, what is it going to take for them to, I know that this is a much bigger question, but like in a nutshell, are there things they can be doing from this side of, you know, the spectrum here in order to make it easier to get there?
Yes there are. But the The first thing they have to really unpack is what’s the purpose of that $1M
Yes. Thank you for saying that. Yeah,
And if it’s, if
It’s a vanity metric fine, but be clear about that it is a vanity metric. then if it isn’t, what is the purpose of that? one of the things I’m always trying to use, every opportunity I have to communicate to. folks Is that I believe one of the best business decisions you can make is to ensure that business prioritizes the health of your personal finances.
If we think about it from that standpoint, how is that $1M helping you achieve whatever the personal financial vision you have for your life is? And I think that’s where it first needs to start. So what’s the purpose of that million dollars. And again, if it’s vanity be clear about it,
You’ve got to make different choices. And trade-offs when you are building a $100,000 business, versus when you’re building or are on track for building $1M business and clearly the intervals in between. So is it possible? Absolutely. But recognize that your choices and the trade-offs are going to be very, very different.
Okay. I want to go down this. So I wanted to, we’re going to talk about this later, but I think this is a great time because you just brought it up here. We’re going to definitely have to come back to the pricing part. But you know, when you say our business decisions should be being informed by our personal financial, health what do we want in our personal side Talk more about that, because now we’re, we’re gonna, I know that we’re going to get into like, you know, building longterm wealth, retirement, and all that stuff So where do you, where do we even start with that conversation?
One of the things I always ask people to do is, I, frame it in the form of an exercise and it’s called the financial wheel it walks people through the four major things that anybody can do with their money, regardless of where they are on the income or wealth spectrums. It’s earn their. money Save it, invest it and spend it. So, you know, ask yourself questions and I’ll just quickly go through them. for example, on the save, how much do you want to save in the next 30 days? How much do you want to save in the next year when you are the age of the oldest person you know, how much do you want to be able to say you have saved or the highest amount you ever saved in any given year or the average of your best three years, five years.
So that takes care of saving. When it comes to investing, that’s about building wealth and I’ll know, we’ll go into it in a little bit more detail, but really from a financial wealth standpoint, there are three pathways to building wealth. You own a business, you invest in the stock market and you have income-producing real estate.
What are the pathways that you want to pursue? So clearly if you’re listening, you already own a business. So that’s one pathway. but are you going to do all three? Are you going to do two Whatever your combination is, what’s the valuation what’s the valuation of your business that will make you say yes, I am wealthy.
What’s the valuation that you want to see when you look at your investment statement, that will make you say yes, I’m wealthy and similarly for your real estate portfolio, how do you want to give money? That’s social wealth, whether it be to family and friends, or to, organizations causes, et cetera, that are important to you time.
Wealth how do you want to spend your time? if Money. were not an issue. What would be different about how you spent your time? if we think about financial wealth social wealth and time wealth as being future-oriented Physical wealth is about what are you doing to make sure that you’re taking care of yourself so that you can build up that financial wealth, social wealth and time?
Wealth and then I have another bucket when it comes to investing and that’s just your overall wellbeing in terms of physical, and mental and emotional and spiritual. If that’s relevant to you and then we get to lifestyle, right? What are the lifestyle upgrades that you want to have? Would you live. The same city, state country.
Would you live in the same house or apartment that you currently live? Like what about your life would be different that you haven’t already addressed and invest? And what that then does, is it opens you up? To exploring well, if these are all of the things that I want money to do for me, what do I need to earn the, make that happen?
What’s the revenue that I need my business to generate and of that, what am I paying myself? And what often happens is when people do this exercise, if they actually lean into having their answers, be based on anything other than their reality or what they have planned, there is. And the question becomes, if you change nothing about your business model, your sales process or pricing, could you close that?
And for most people, the answer is no. And for those very rare occasions, when they say, actually I could, I will then follow up and say, then, are you okay with the time? Because clearly the time is not going to be immediate. So that’s what I mean about You need to first know what it is that you want money to do for you personally, so that that can shape the kinds of business decisions that you make.
Again, regarding your business model, your sales process and your pricing strategy.
I had a conversation recently with one of our Accelerator students who, said that they were only a few years off from F I and I,
Does that mean?
Well, that’s what I thought it was, know, because, because, you know, I’ve heard like you have a, an
And it’s just like, Hey, I don’t even
But then that’s why I was like, wait, F I N they said
And I was like, oh, okay, got you. And, you know, they have done this exact exercise that you’re talking about here, where they they’ve figured out.
They need to make an order to sustain the lifestyle that makes them happy. you know, they were like, you know what, really? I CA it doesn’t take a lot in order to do that. And so I thought that was so, because I thought a lot about it afterwards, I was like, so interesting. I’m like, I haven’t done that exercise.
I haven’t done the exercise to be honest that you’re talking about here. And I think it’s so important. So how do we start, you know, coming up with. All right. My lifestyle. Let’s just say as a number, like okay, I need $10,000 a month in order to have the lifestyle I want. How do we start calculating?
Or do we start calculating I want $10,000, but then there’s taxes. I need to plan for taxes. And then once I know that. Well, let’s just, I don’t, I I’m I’m I feel like we can dig into this so much here. So $10,000 lifestyle. That’s what I want, but it doesn’t really account for anything future-based So wealth building, talk a little bit about, about that. So where we’d say, okay, well I need, you know, $10,000 to keep up my lifestyle that I want to live for myself and my family, but. Doesn’t account for the future.
Yeah. there are a couple of things that I think I want to pull out on what you just shared. one is that oftentimes when people are pricing they’re pricing for what they need in the immediate moment, so they’re pricing to meet that 10,000, but what they’re not doing is pricing for. The fact that they are going to need money in the future.
A and B they’re not pricing factoring in that there’s volatility with everything, including our sales cycles. even if you don’t have a seasonal business, there is a seasonality to how business operates,
If you are only pricing to meet your current needs today, then you’re not preparing yourself for when you have one or two months when you’re not actually making 10,000 then you’re also not pricing in such a way that you put yourself in a position to actually invest–invest in the stock market invest in another business and invest in income-producing real estate-because you’re only thinking about short-term liquidity or cash flow. I always say to people that when you’re pricing, the factors you need to, weigh is are you pricing?
For profit if you’re not, is that strategic? Are you pricing for sustainability, both short-term and long-term cashflow, are you pricing in such a way that you are taking into account the value that your business brings to the table in general, but also that that specific offer brings in terms of, the promise that you are making and the expectation that people have based on that promise.
And have you priced in such a. way That it is again, contributing to your. The vision that you have for your personal finances, both immediate and long-term and also midterm. So for me, pricing has really, there are four jobs to the price, if you will. And those, are the four jobs. And I think oftentimes people only really focus on if this is profitable.
By the way, they don’t necessarily even think about that. They don’t think about the profitability of each particular offer. They only think of about Overall revenue and overall profitability, I don’t want to make a blanket statement, but what I’ve seen is that a lot of people, if they have more than one offer, they don’t actually, interrogate to make sure that each offer is profitable.
What kind of, I mean, I know this is going to vary obviously from the type of business but, you know, Generally from an online business standpoint, what kind of profitability would you recommend for an offer? Because you’re absolutely right. This is something that I never thought about myself, but just up until a few years ago where it’s like, oh, we had this offer, this is the price.
This is the amount of revenue I want to generate from it. But there was no thought in my head around the profitability of that offer. So what might we be looking at from a profitability standpoint?
It’s really hard to say because it depends so much on the scope of what someone offers and, who their client is.
Would, I would recommend that perhaps as a starting point or a gauge 10% and look at, you know, what, what, what does it look like? And what does it feel like to have a business that overall has 10% profitability and each offer is 10%, and then. boost it. What does that look like at 20%? what adjustments do I need to make either to the offer to the price or to the, the trade-off in terms of what’s being offered at that price. So I think if you have an experimental mindset and you’re like, I’m going to start first with making sure I’m 10% have that solid and then boost it to 20% then 30% and 50% do it incrementally
So I think, I think that’s one of the really amazing things about what we do in the online business, where, you know, I have some Accelerators who are. at a 60 70, 80% profit margin. Now we’re talking in the overall business and you know, it’s like, that is really high and they’re very successful, So there’s a lot of money going into bank. now I want to go back to you mentioned, so we’re talking about, let’s just use that $10,000 a month. You know lifestyle goal when we. So that again, like you just mentioned like that just cashflow it’s immediate cashflow, but if we want to start incorporating, any kind of wealth building practices, like the stock market, like real estate, et cetera. is there a place to start with that? Like how does one get started in saying are in like, is there an amount and I know what I’m asking, I’m asking like specific question that I understand is different for everybody, but. if somebody is doing all doing well, they’re funding their lifestyle, but yet they’re not thinking about future based planning.
Where does one start?
I, I’m hearing two things in your, in your question. So one of the things that I’m hearing in your question is, well, where do I start first to have the additional funds to invest? Right. and so that more than likely means that something, the price of something that you offer needs to be increased.
So that’s the first thing.
So if that, like, what comes up for me too, is like, yes, on the pricing. Can we also be thinking about volume, taking us up on our offer?
So here’s, here’s where it gets really interesting. Right. So, I love to use this example. I love a hamburger, but I don’t make hamburgers. I do not cook them at home, but I love a hamburger. And I love to use this example because even if someone doesn’t eat meat or doesn’t like a hamburger, they can come up with the substitute and, and work along with.
But when you think about a hamburger, you can get a hamburger at McDonald’s. You can get a hamburger at your local diner at your bistro or at a steak house.
The price is going to change, at each of those different places, the quality of the beef is going to be different. The quality of your dining experience is going to be different.
And guess what both do really well. There are some McDonald’s franchises that are. You know, there are hitting it out of the park in terms of their revenue. And then there are some fine dining experiences in restaurant companies that are also hitting it out of the park. However, There is a volume game.
And so for a small business owner, the question becomes if you want to hit a particular number, but you want more volume, do you actually have the operational efficiency and the team to be able to handle that volume so that you are actually. Scaling and not growing. Cause I hear a lot of conversation in our space around scaling and growing.
And I don’t know if sometimes people realize that they’re conflating while those two words do mean the same thing, growth. They also, the approach is very different when you’re scaling, you’re growing without increasing your expenses when you’re growing, you’re growing while increasing your expenses. So if you take on more volume, is that going to then increase your expenses, which then might actually reduce your profit margin?
So those are all of the different things that you have to, you know, I think be mindful of and, and really, Be discerning around whether or not the words you say, map with the actions and the choices that you will ultimately have to make. So you could make it up in volume, but at what cost.
Yeah. I’m so glad you bring that up in distinguishing between the two things you’re. Absolutely. I was working well we are working with somebody in our Accelerator program right now who wants to do just that they understand that, vacant scale the business, but in order to do that, they understand they need to, they need to strengthen the founder.
Of the business operationally. And so that’s what we’re all working with them on. so I’m so glad you bring that up as far as the distinguishing that, volume versus pricing. okay. So if we need to increase our price to, in order to fund, if you will, some planning for future wealth, Let’s say we do that so in our lifestyle, I’m again, I’m asking you a specific question.
I understand. There’s probably, there’s probably not a specific answer. $10,000 a month lifestyle goal. Is there sort of like a percentage of that, that we would want to consider adding on in additional revenue in order to fund, wealth building for the future.
I’m going to, and I know people are going to get tired of this example, but I’m going to stick with it. And that is 10%.
Yeah. If you can even just do, you know, 10% of that and have that go into, a mutual fund, if you’re not really. Adept at picking stocks. And if you’re going to do stocks and you’re, and you’re not adept at it, what I would suggest is that you buy stocks of the companies and services that you already use, because then that’s a form of recycling.
So if you already, you know, if your house is fitted with all electronics, from, you know, company, a. Then buy that stock because then that’s going to, you know, recycle back to you. Or if you use, you know, a company that starts with a Z all the time, you might want to buy that style.
So that’s one way If you are not skillful with choosing stocks of doing it, because you are already familiar with the product and service that, you know, you’re buying the stock of otherwise just buy mutual funds, whether it’s an index fund or an ETF.
And that will be a great way to start.
Okay. At what point you mentioned, income producing real estate. At what point again, I know this is going to be different, but is there, is there a certain point that somebody reaches in revenue generation from their business, that it becomes a more logical time, if you will, to begin thinking about that?
So I’m going to lean into my former hat of managing money, and then just ask everybody to think of a portfolio. So when you have a portfolio, right, you’ve got different assets and you have different asset classes. And the whole idea is to be diversified so that when you know, one asset is performing really well.
And the other one isn’t it’s offset by when that changes. I think similarly the same is true when it comes to thinking through. Again, if you offer more than one thing, thinking through how each of your offers are, are an asset, how do they contribute overall to the portfolio? And to answer your question more specifically, if you’re thinking about your business and investing in the stock market and investing in income, producing real estate as a portfolio, then the question becomes.
What am I focusing on right now to grow? What am I focusing on and adding more to, to grow faster than the other. And if I’m going to say okay, for the next couple of years, I really want to prioritize investing in income, producing real estate. So then you are adding more resources to that bucket. That’s going to provide you with the liquidity to actually invest in those, real estate endeavors.
Does that answer your question?
Yeah. And so, while I was hoping that you give me a number, was just kidding. I’m just kidding
Here’s why, the reason why for not giving a number, there’s so many different variables, right? I live in New York city. The number that one would need to buy an apartment in New York city is very, very different than perhaps the number that someone would need to buy an apartment in say, Tennessee,
Right? it’s, just. It’s so different. So that’s why I can’t really give a specific number.
Everybody is a different situation,
Know, different situation for, for everybody now. So I’m in this boat right now where I’m really fascinated by, and I don’t have any income producing real estate at this point, however, it’s, it’s very much an interest of mine and, I’m starting to learn.
I haven’t started to learn, but I’ve set myself up to start to learn. If that makes sense. What do you recommend for people looking to learn more about, you know, stock market investing real estate income-producing real estate investing, that sort of thing.
So I would actually start with a mock portfolio for both of them. So on the real estate side, right. I would, I would suggest that people spend some time. Exploring and investigating what kind of real estate are you looking to build up your income producing real estate with residential property, with commercial property, with a hybrid start thinking about where you want to do that.
Start thinking about what are the down payment requirements, because that then becomes your savings goal. Right? I always say to people, you should have more than one savings account and more than one bucket. That will help to inform how much money you are putting in that bucket. And then similarly for, you know, stocks, you can begin to have a mock portfolio where you’re not putting any money in, but you are testing your S your ability to to choose stocks that are in alignment with what you want it to do in terms of, do you want income producing, like dividend stocks that will give you a dividend right now?
Or are you just purely focused on appreciation? Try it with, you know, play money on a spreadsheet for a little bit of time to help build up your confidence and then actually use some real money.
I like that. And there’s sites out there. I don’t know, off the top of my head, but there’s sites out there. I know that you can do that with where you can just kind of. Play around and say, oh, you know, I’m starting with a, whatever, $5,000 and I want to buy these stocks and it’s just kind of, you plan to play the game.
And it’s not actual real money
Of setting that up.
There are definitely platforms that will help you to do that. And then also. There are platforms that will help you to just do it fractionally. So like, if you were like, I just want to get started right away. You could just do something like acorn, which will just take, you know, your over, like, if you was that thing it’s called.
If you, something costs 90 cents and you have that threshold at a dollar, it’ll take that 10%, that 10%, cents and invest it. I’m just using that as an example, but it takes that difference and it, it invested in the stocks that you want to purchase because you can do fractional shares.
You could do even something like that.
So. fascinated by this stuff. So when we talked to earlier, you mentioned an example of somebody who’s doing really well in their business, a couple of million dollars. And you’re looking at the situation where that could be, they could be doing double in revenue. I want you to share what this, like, share as much as you’re able to.
Let’s break this down and why isn’t the business double.
Yeah. So, I’m glad you remembered that from our conversation, because I think that this con this is one of the things that gets a lot of people in trouble, especially when they are on the. $1M train without really knowing what they want the million dollars to do for them. So, To bring everybody in the loop.
I was sharing the example of a client who has a several million-dollar business that could actually be double it. the reason it isn’t is because, they are not charging as much as they, they could. And there are a whole host of reasons for that. also they are doing work that they actually.
Shouldn’t do because they’ve hired a team to do it and the team’s not doing it. that’s another issue. But when we unpack all of it What it ultimately boils down to is this person comes from a family where it is first-generation and in her family, it was all about education. And she did all of the things that they said that, this is what you do.
She Went to Ivy, undergrad, Ivy business school worked at a white-shoe consulting firm went to a partnership and now has her own, and, The problem though, is that growing up, the messaging she got was don’t be like those rich people.
Now she is from a financial standpoint, like those rich people.
But when I talked earlier about identity and emotions, there is an internal conflict around, Now I have the money that puts me in this category that allows me to do things and to help my family, that I, couldn’t before I hadn’t even maybe even dreamed of being able to do before, but yet.
I have this unspoken, voice in the back of my head of don’t be like that. that people don’t realize how those silent influences are actually really, really loud when it comes to, you know, influencing how you run your business, and how you price your services, how you might internalize Y you know, on your own, when you put out proposals.
You get pushed back. But when you were inside a partnership or when you were inside a consulting firm, you didn’t get pushed back and you’re like, well, wait a second. I’m quote unquote, doing the same thing. So all of that is wrapped up. that’s why I always remind people that, you know, when we’re talking about money and when we’re talking about pricing, it’s never just about the numbers.
Especially when it comes to pricing, it’s so much a reflection of your relationship with money, The relationship you have with yourself and the people that are influencing you, the relationship you have with your business. Because if you are in that situation, you can sometimes get really frustrated and angry that your business is not supporting you, but we got to turn it around and think about, what do you need to do to be more supportive of your business?
Then the final piece or the fourth piece in that element? is what’s the relationship you have with your buyers? Be it, the prospects, the clients, or the customers, all of that shapes how you approach pricing, how you think about it. And all of that is influenced by money.
So what comes up for me when you thank you for sharing that. And What comes up for me is my own personal experience. some people have told me, they’re like, oh, stop talking about your own personal experience growing up, because there’s a whole lot worse cases. I’ve heard that from a lot of people.
I’m sorry that you had.
No, it’s okay. I mean, it’s okay. I mean, and like we were talking before, like I grew up in a very small town, in New Hampshire, and I had those same types of, that type of upbringing from a financial standpoint, my, my dad was an auto mechanic. My mom was a children’s librarian.
So, you know, very blue-collar those fancy cars, It’s us and them money doesn’t grow on trees. We can’t afford that, et cetera, et cetera. And so I didn’t realize it until later in my life and, you know, becoming an entrepreneur None of my family is entrepreneurial in any, in any way.
So it just something that I think for me, it was born out of. I don’t like to take, I don’t like to being told what to do. and so it was just kind of born from that. But anyway, that exactly what you’re talking about showed up for me very early on in my business. And I didn’t really know what was going on and it wasn’t until I realized, and became aware like, oh, this is where it’s coming from.
And I began to, you know, address that the whole money mindset thing. so in the example you just shared. What might they, what might be most helpful for them to do to, as you said, like reverse that it’s like start, it’s not like it’s not working harder. It’s because most people that’s what they do, Is they,
I’ve got to double down, I got to work harder and longer and all this other stuff, but it’s actually the opposite. So what, what does that look like in okay, let’s start to reverse this over here.
One of the things that it looks like is first, not being mad at the family how they’ve influenced you because they were doing the best they could with what they knew and all that. So that would be the first thing. The second thing would be to choose one of the things that you offer as the. Starting point for making changes. So in this particular case, choosing one offer and making sure that every single time you put together a proposal is for more than what you’ve done in the past. It’s, making sure that you put the team members that are not showing up the way they should on a PIP on a performance improvement plan, because. You’re paying them a heck of a lot of money for them not to do their job. So it, shows up as doing things really, really uncomfortable.
Yeah. Yeah. why would the team, why would the team thing come up for that example that you just shared? Why, how does this, what we’re talking about affect how they, lead and manage the team. How does that, what’s the correlation there?
The correlation is taking care of other people.
And so if you are focused on taking care of other people and putting other people’s needs and preferences before you put your own, that is going to have an influence on then without you even knowing it and influence on how you even approach your business decisions, because. you don’t want to upset anybody you don’t want, you know, to say no. And, and, that shows up even when, when you have a client who, or our prospect who says, well, we, we liked this proposal, but we want you to reduce your price and you don’t feel comfortable saying, no, this is the price.
Like it shows up in a variety of different ways, but it comes back to the same thing. You’re putting other people before yourself.
Yeah. And, when we’re, when we’re considering a price range, I think where I know where you’re going to go with this, but I want to ask this, like, when we’re considering a price increase, let’s just say we have an online course and it’s, I don’t know, a thousand dollars. But it’s really like the value of that.
And what, what it’s delivering for people should be like double $2,000, but there’s a mindset around, Ooh, I don’t know. I don’t know that I can charge. I don’t know if I can double the price and then there’s a whole bunch of, you know, mindset things around there, which oftentimes hold people back from doing.
And then they sort of get stuck in that. Well, should I do, I don’t feel comfortable doing it. And then they just stay at the thousand dollars when they really truly could be charging 2000 for it and getting, maybe it’s fewer people, but it’s more of the right people. So when somebody is considering that, or really should be considering that, where do we start from a mindset perspective in.
Giving. I don’t know. I don’t wanna say like getting them to do it because that comes up a lot in accelerate. It’s like, all right. Let’s one thing we can do right off the bat is exactly what you’re talking all about here is increase our price. And, but there’s, there’s oftentimes that, I don’t know if I should, I don’t know if I can, I don’t know.
People will buy, where do we start with that?
So there are a couple of places to start. I think one, if we, if we do indeed, just look at the numbers, you can start incrementally. So you go from maybe a thousand to 1500 and do that for a bit of time and then get to the 2000. So you don’t have to do one fell swoop from a thousand to 2000. You can allow yourself to get comfortable with it.
But I think really what you are speaking to is an issue of. Feeling like one deserves, right.
And associated with that gives themselves permission to say I’m going to work with the people that can afford my offer at $2,000.
Because basically what they’re saying is that I’m swimming in a pool that is no longer serving me, but I’m going to still try to, you know, get them to do something that I want them to do, as opposed to changing the pool and going with, you know, finding the folks that have no problem.
They don’t question that $2,000. They’re like, yeah, let’s do it. Bring it on.
But that requires some work that requires getting out of your comfort zone that requires perhaps asking, as opposed to waiting for people to offer. Like it just, it taps into everything going back again to that intersection of behavior, identity, and emotions.
It is going to ask you to do some things that you’re not comfortable doing. It’s going to ask you to see yourself in a different light, and it’s going to kick up some emotions and you’ve just gotta be willing to sit in the.
I love it. Sit in the muck. I love it.
I know, so eloquent, right?
I love that. I love that. what I’m really hearing is when, like regardless of what we’re doing in our business, from a revenue standpoint, from a, an investing standpoint, a really good place to start would be to really think about money and like how we feel about it and what what’s our background.
And, you know, as you, as you’ve been talking about Maybe not realizing that we have an identity towards money, but like, oh, okay. Well you now do everybody listening. You now know that you have, whether you realize it or not and identity towards money, in the emotional side, et cetera, would you agree like this is a good place to start regardless where somebody.
Yes it is. And what I would also remind people is, or what I would suggest to people is that, don’t think of mindset more as a perspective. And all perspectives can change,
They only change with action, right? Because you’ve got to do something and get some evidence that, that serves us feedback for that action that you’ve taken in order for the perspective to change.
And I find that sometimes when people are talking about mindset, they, Position it as though you can just think your way through to the other side of something. And I don’t think that’s that, that that’s really beneficial. I think that you’ve got to act your way through to the other side. And that feedback is what helps you to shift your mindset slash perspective Does that make sense?
Yeah, absolutely. Because you know, we talk a lot about mindset here on the show and that’s one of the pillars that we, that is a big part of our Accelerator program and you’re right. It’s like, okay, we start with a mindset, but. Like you have to be able to be taking action with the right mindset and it like you just, I’m so glad you bring that up.
It’s that perspective. and so forth shifts our mindset when different things happen, et cetera. I want to just loop back on one point as we, as we start to wrap up here, this is something that I personally am really fascinated in One thing that I’m starting to get into is to partner with some businesses, from like a profit sharing perspective.
Like I, you know, I consult and I help them grow their business. from a profit sharing perspective, you mentioned earlier about investing in other businesses as a way of building well, Talk more about that, because this is something that I’m really fascinated with personally. And I know this is a topic that doesn’t get talked a whole lot about, especially in the online space.
And I know, I mean, I can think of a solid group right now of people in my Accelerator coaching program, that this is something that they could be doing and just sort of be an additional source of revenue.
Absolutely. And I think that, again, going back to some of the conversation out in the, in the world around that seven figure, I think oftentimes it is positioned as if that seven figures has to come from your business.
As opposed to it coming from perhaps investing in other businesses, or like you said, having a profit sharing arrangement, which is a another revenue stream, which will contribute to that seven figure number.
So I wholeheartedly believe in expanding what people view as what’s possible. So instead of the question being. How can I earn seven figures just from my business shift, the question to what’s possible to earn a million dollars.
And that, and if you do it as a mind map, right, one option or one spoke can be your business.
Another spoke can be a revenue share arrangement that you have with other businesses. Another spoke could be the return on investment that you get from. direct investment, like there, many different spokes, but that question that’s in the center is what do I need to do? What do I need to know? How do I generate?
Like, however you want to phrase the question, but do it in such a way that you’re not just confining the options to the only avenue to make that happen is your business and your, you know, trade off in terms of time and money.
I’m so glad you bring that up because this is something that’s been on my mind. A lot lately actually, but really started to come up and around the awareness of that a few years ago, where so many of us think exactly what you just said, you nailed it. Like our revenue only comes quote unquote from our business.
What, in fact it doesn’t have. We can start thinking about these other avenues. And I’ve literally had a conversation with, my coach last week about this exact topic. And we were talking about other, other, know, other ways to create revenue streams.
I’m so glad that you brought that up because it’s like, all right, let’s think outside the box and think about what you just said.
There’s a whole lot more that can be done. And at the revenue from our business can be funding
Help build our wealth.
Absolutely. On my map and a question, best friends.
What’s so true. That’s really true. Actually. I’ve never thought of it like that, but yeah, that’s, you know, like that’s what mind map is accomplishing for us. what is the best book? And you’re going to say, wait, I can’t choose one, but I’m going to have you choose one best book that you recommend for people on this subject of, you know, financial, financial education when it comes to being an entrepreneur.
Ooh. This doesn’t, this doesn’t fall neatly into being an entrepreneur. But it does speak to being an investor.
And if we adopt a mindset of thinking of ourselves as entrepreneurs, as being investors, I think it can be really helpful. It’s an old book, but I think the principles of it are classic and it’s called the secret code of the superior investor.
And it’s by James Glassman.
And I really like it because it reminds people that when you are investing in businesses, fundamentally you are investing in. And so how do you evaluate the companies based upon the people that are managing those companies,
And clearly you are assessing the, their ability to manage well based upon their results, but what are the things that you’re looking at? And so it helps you to not get caught up in the flavor of the moment and, and develop, much more. You know, strategic processes and ways of thinking that withstand the test of time and that allow you to also remain steady as the market goes up and down.
And I think that that’s a part of being an entrepreneur, right? How do you. When your revenue goes up and down, when you, how you feel about your business goes up.
Right. It always does.
So it’s not an entrepreneur’s book, but I think if you read it with that lens in mind, it can help you be an even better entrepreneur.
I actually thought that’s how you would answer that question because there’s, so there’s so many instances where it’s like so many great books that like don’t quote unquote align perfectly with our situation, but we can take the principles in that book and apply it to our situation.
The secret code of the superior investor, I’ll
Yeah. James K Glassman is his name.
Got it. Okay. Where can people connect with you? I know it’s gonna be a lot of people who want to know what you’re up to, what you have to offer, how they can work with you, et cetera, et cetera.
Awesome. Well, thank you for that invitation. So they can go to my site. Jacquette timmons.com and if they want to download the financial wheel exercise and actually spend some time going through those questions, it’s free. They can just do Jacquette timmons.com forward slash wheel. And. I love me some Instagram. So come follow me on Instagram.
It’s at Jack had M Timmins. My middle initial is in there, but if they just put my name in the search bar, I’ll come up.
Okay. And, I’ll link everything up in the show notes for today’s episode. Jacquet thank you so much. This I was, I keep saying like this whole subject fascinates me and I know so many of my listeners here, this is something that we’re not necessarily thinking about, but really need to be thinking about.
And if we’re doing. You know, ready to be doing this. It’s never too late to be, or never too early. I should say to be thinking about this and, you know, preparing for the future. And then I also have a whole bunch of listeners and students. who are absolutely ready for this. And so there’s a ton of value here.
So thank you for coming on and sharing your brilliance. It really, really appreciate it.
Oh my goodness. Thank you so much for having me. I really enjoyed our conversation, and I’d like to add it’s never too early. It’s also never too late.
Good point. Good point.
Yeah. So glad you added that. Thank you again.
Alright. Hope you got a ton out of this interview here today with Jacquette. All the links that we talked about here today, including where to find her financial wheel exercise, where to connect with her on Instagram, everything, I’ve got over for you in the show notes for today’s episode. Make sure that you connect with her on Instagram, and let her know that you heard her on the podcast here.
Also, as I talked about at the beginning of the show, if you are an established online course creator, or an online coach, and by established I mean you’re doing at minimum of 100k a year in your business, from your online business, and you want to take things to the next level, you want to increase your profit, you want to increase your impact with less hustle, that is what our Accelerator coaching program is all about.
Helping you do this as a one-on-one coaching, group coaching, and mastermind experience all wrapped up into one. If I do say so myself, and as do my students, it’s an amazing program. W help you do that through the lens of your mind. Optimizing your systems and processes, and then optimizing your sales and marketing.
So, if you’re feeling overwhelmed, you’re not really sure what next steps to be taking in your business in order to take it to the next level, without adding more hours to your business, I want to invite you to learn more and apply. It’s application only. Go to RickMulready.com/Accelerator.
All right, my friends, thank you so much for tuning in today and watching over on YouTube. Super appreciate you.
Until the next episode, be well, and I’ll talk to you soon.