How To Perceive Value – Episode 533   

This transcript was auto-generated and may contain errors.

[00:01] Welcome to the Prosperity Podcast. Prosperity thinkers, welcome to the podcast. Today we’re going to be talking about value or the perspective of value. Kim, I teased you with this topic and I didn’t share it with you. So are you ready? I am. Okay. So this is going to start with a short story about my small parental fail and a surprise. I mean, we all love a story of where someone fails and then it turns around. Right? Okay. So here’s what happened. My oldest is a content creator. He flies drones. He has a drone digital course out there and he does that for his career now. He’s only 17, so he’s still learning. He has been publishing his videos on YouTube and then recently has totally slacked.

[00:56] Like he went three or four weeks without doing one. It’s awful. So we sat down as parents would do and I’m like, Hey, what’s going on? And it was the typical like, Oh no, we’re just gonna have to go back and like have a conversation that just spins in circles and never gets anywhere. And finally, the thought came to me and I said, Hey, look, I said, if you weren’t doing this, where would you be working? How much do your friends make? And he goes, I don’t know. They make like 15 bucks an hour. I said, okay. So what 15 bucks an hour times 40 hours a week. And so we pull up the calculator $600 a week and said, okay, so how about this? I will pay you $600 a week to create videos and you just have to create the videos.

[01:47] And here’s the requirement and I gave him all the requirements, the standards of it. So would that be awesome? He goes, yeah, that’d be cool. I said, okay, good. I’ll do that for you. I said, but here’s the catch. I said, I own all the content. I own the channel. I own the content, the course proceeds, the royalties, everything else. So it’s mine. You get paid. I’m taking all the risk. You get paid. And he goes, well, that’s not cool because it’s going to be worth a lot more. And I paused and he looked at me and he goes, oh, I get it now. Wow. It’s going to be worth a lot more. Cool. It was great. So Kim, you have conversations with people that say, oh, I really want to get my finances in order.

[02:40] Oh, I know I want to create wealth. Oh, I have wealth and I want to pass it to my family. And they don’t pull the trigger until sometime they go, oh, I get it. So what is it that helps you shift their perspective of value? Holy cow. That is a very loaded question. So it’s interesting because in the financial world, it’s very math, numerically oriented. And people don’t make decisions on math and numbers. People make decisions on emotion. And so I’ve been aware of this for my entire career. I know that I help people get good results because I’m though not an overly emotional person myself, I’m able to bring in enough emotional conversation to help them get over the decision line while also having the math to support it.

[03:49] And I love asking people, are you analytical or conceptual and then supporting them in that way. I also love asking people, how do you learn best? Do you like to read, watch or listen and then supporting them in that way. And so it’s interesting, especially tying in the concept of value because I have them gain enough sense of value that they value what we’re going to be working on more than any other thing to do with the money, which is really tricky in today’s world. We’re very short term thinkers. We want to go on this year’s vacation. That’s the type of thing we’re focused on spending our money on, not what might be helpful down the road. And yet somehow I believe that I’ve been able to help them see the value for themselves

[04:50] first because we’re inherently selfish human beings in a good way. Like if we’re not, then we probably won’t live on this planet very long. And yet we also do want to take care of our family and we want to take care of our future selves. So that is, I believe, where the distinction lies is the ability to see value in our future selves and then tie decisions to some emotion that is driving behavior that is going to support that future self. Oh, OK, OK. So we’re getting somewhere with this. This is really good. So I’m what I’m going to do is I’m going to then pry open one more piece, which is how do we start to look within and get the value of our future selves? Yes, well, I love Dan Sullivan’s question, which is at what age do you want to die?

[05:51] And it’s a bit of a blunt question. This is asked in the very first minutes of somebody attending a strategic coach program, which I’ve attended for close to 30 years. I think that might help somebody pull that thought process forward. There are actually a lot of Stanford professors working on this issue right now. They’re doing things like and this has been around a while, but using apps that caused somebody to be able to take a picture of themselves or even do it live where you’re looking into the app and the app shows what you look like as an older person. And then they have proven through the studies that people will save more money after looking at themselves as an older person. So maybe that would help you.

[06:44] I think some people are very into the stewardship aspect of perpetual wealth and setting themselves up for confident financial spaces in the future, as well as setting other family members up. So to me, it all comes back down to figuring out what serves you as an individual best. Some people are going to be motivated in the self-preservation arena. Some people are going to be motivated more in the family preservation arena. Some people do want to analyze the numbers and will make the decisions based a little bit more on the numbers, whereas others, as I said, are more emotional. And this is just the work that we get to do all day long, every day and helping people get results and take action.

[07:35] There’s nothing worse than spending a whole bunch of time learning and not doing. Absolutely. You know, I am listening to the concepts and the pieces you’re talking about and us looking perhaps at where we want to be in the future and obviously having a state of gratitude in our minds and thinking prosperously is going to help us think and do better. And I look at what you’re talking about and I think of not only Zane’s situation, my son, but I think of there’s so many other situations in life where we’re talking with our children or maybe we’re talking with our parents, trying to help them make a decision and get a different perspective. And it’s challenging, but the challenging stuff is where we grow and where they grow.

[08:30] And so for us, I’d say looking at that value, really, really helpful. I would say for all of our listeners, if you haven’t downloaded the seven principles of prosperity, go and do that. Just go to ProsperityThinkers.com, download it, because following those types of principles, like sitting there saying, OK, well, how can I think better or how can I find ways to have more flow? And that flow could be the flow of ideas or the flow of money that’s moving around to change the perspective. Whatever that may be is extremely helpful. Well, I appreciate you bringing those up. The seven principles are a part of the Prosperity Action Pack that is on the website. We’ll make sure that people have a link to that.

[09:20] And there’s lots of other goodies there that will help you get the confidence to take action. Perfect. Hey, Kim, thank you so much. Fun conversation to get a different perspective about value. Thank you for listening to the Prosperity Podcast. To take control of your money and have it work for you, visit ProsperityThinkers.com.