Episode 74: Overcoming Money Shame

Episode 74: Overcoming Money Shame

Money shame keeps us small. Money shame blocks our ability to have the impact in the world that only we were meant to have, and money shame ultimately blocks our blessings.

Susanne Mariga:Welcome to the Profit Talk Show. In this show, we’re going to explore strategies to help you maximize profits in your business while scaling and creating the lifestyle that you want as an entrepreneur. I am your host, Susanne Mariga. I am a Certified Public Accountant, a Certified Profit First Professional and a Certified Tax Coach. And today, we’re going to talk about strategies to help you maximize profits in your business. 
Susanne Mariga:Hello Profit First Entrepreneurs, and Thought Leaders. I am so excited about today’s topic. Today, we’re going to talk about a really, really important topic, and it’s really the foundation of any type of growth, any type of movement, any type of going somewhere that you haven’t gone before, and it’s the topic of Money Shame. Yes. You heard me, the topic of Money Shame. This is a really important topic because so many people limit themselves. What happens is they simply undercut their potential because of this thing called Money Shame. And in many ways, Money Shame is all about the ego. And ego is an English word that is Latin for the word I, so ego in many sense means I and the concept of ego crept into psychology through the work of an Australian neurologist and founder and psychoanalysts, Sigmund Freud, and Freud believed that the ego arbitrates that relationship between the innate desires of that ed.
Susanne Mariga:And Ed is that compulsive being that’s filled with permanent drives that has those natural tendencies. I sometimes see what my kids in the middle, there are a sibling rivalry, and it bounces that moral compass, those social standards of the social of the super ego and the super ego is that ethical component of your personality. The one that wants to stay in line, wants to do right, wants to make sure that things are good in society, that things are kept as status quo. Now, I want to bring out that the ego is not all that terrible thing. It’s not all that terrible. In fact, the ego is there as a means of protection. It’s actually there to keep you safe. And so, it’s not all that of a bad thing. It’s actually a good thing. And by safe, what I mean is that, it’s meant to keep you as part of the tribe, as they say.
Susanne Mariga:The thing that keeps us like everyone else so that we don’t stand out because standing out and showing that you’re different can have a risk. It can have a risk, and it can have a consequence. And this conversation about money shame is important because the whole concept of money shame, that feeling of money shame is there to keep you where you are. Money shame is there to keep you with homeostasis, right? Money shame is the ego’s way of trying to protect you and keep you safe. It does that because doing something different or moving beyond yourself or upleveling means that you’re going to have to give up to go up. That means you’re going to have to do something different to give up and go up. And that means that you’re going to have to create this temporary imbalance or inconvenience.
Susanne Mariga:And that means you’re going to experience a risk. And so, giving up to go up, it upsets the status quo. It upsets the homeostasis and Money Shame shows up in different ways for different people. For some, it shows up as just being comfortable. For some is that feeling not sure exactly what they’re working for. It’s that, “I’m not sure I actually really want more because I’m absolutely comfortable. Why should I reach out for more?” For me, that up around, and I’ll always remember it as number $750,000 in annual revenue as where it showed up. And I’ll always remember that number because I could not get past that number for the world. Literally I could not get past that number for the world. $750,000 in annual revenue, it was comfortable for me, especially in the Profit First world.
Susanne Mariga:And you guys understand that transfers and you guys understand mathematically what that means. And it was very hard for me to move into the uncomfortable zone once I achieved that level of revenue. After all, $750,000 in revenue meant that I had everything I want at that point. And I had everything that I wanted at that point, I had owned my own car outright. I paid cash for it. I own the house. We had no mortgage. There was nothing else in the world that I wanted. And so, that drive to have more, to do more wasn’t really there. And so, every time I had the opportunity to reach for more, it just didn’t seem important enough. And that trade-off of effort and time just didn’t feel worth it. And so, my Profit First Entrepreneurs that are listening to me today.
Susanne Mariga:Are you too comfortable where you are? Are you still wanting more? Are you still wanting more impact? For some people, money shame shows up as a feeling of, “I don’t think I can command that price.” It’s that nagging feeling in your head that,  “I don’t think the market can pay that price,” or thinking that, “the economy is just bad right now,” or even worse thinking, “there’s no market for what I’m doing.” I’ve heard entrepreneurs tell me that in the midst of the economy’s best year ever, that there was no market for what they’re doing. Or thinking if I ask for that price, I’m just going to hear the word No. And as a result, what happens is we don’t raise our prices. We don’t go after finding our tribe of clients who will value what we bring to the table.
Susanne Mariga:And we simply continue to stay where we are trying to cater on that hamster wheel to the market as a whole. That mass market, trying to please everybody, trying to blend in with our competitors, so we will stand out. Money Shame also shows up as backing down. In backing down, what happens is, we present our offering to a prospect that we’re excited about. And then suddenly out of nowhere, the prospect will complain, and you’ve all heard it. They’ll say something like, “Oh! That’s nothing new.” The new possible suddenly at the end of our presentation, after telling that was exactly what they needed.  And then, suddenly upon hearing the price, we’ll say, “That’s a whole lot of money. I don’t know if I can do that.”
Susanne Mariga:And who hasn’t heard that? Sometimes we’ll hear a few nos back to back. And then we’ll certainly start to doubt our value, and we’ll start to doubt our work. And then, suddenly we’re negotiating, and we’re dropping our prices like it’s hot. And suddenly we’re finding ourselves working with people and doing things that we really don’t like, things that are outside our zone of genius. And we’re trying to overwork to overcompensate for the discount that we just offer because we have to make up those margins with value. Who hasn’t been there before? And this is all because somebody said, “Oh, that’s a whole lot of money,” and that is called Money Shame, my friend. So, Money Shame is all about the ego. It’s our ego telling us that we don’t really want to change, our ego is telling us who you think you are, or who are you to command that price and see that you can offer that level of value.
Susanne Mariga:That is the ego saying, “do you really want to stand out from the pack? Can you deliver that in a way that really is better than anybody else?” And at the end of the day, being the same, staying the same, it’s really not that bad. That’s what the ego is saying. Money shame keeps us small. Money shame blocks our ability to have the impact in the world that only we were met to have, and money shame blocks our blessings. And so, today, I want to talk about money, shame, but not only do I want to talk about money shame, but I want to talk about how do you overcome it and grow beyond that? But before I begin, I want you to answer some questions for me. I want to know from each of you, what does winning look like in your business and in your personal life?
Susanne Mariga:And I want you to share it. I want you to write it down. What does winning look like in your business? What do you want your retirement to look like? How much do you need to have saved and stashed away for that day that you finally walk out of your office, close the door, lock the door and walk away forever in retirement? What do you want to have saved for that day? And, what impact do you want to have in this world? How do you want to be remembered? And then, in order to have this impact, realize that in order for this to actually happen, to have this goal actually become a reality, how much do you need to earn each year to achieve this? Go ahead, write it down, let me know what you need to do in order to do this.
Susanne Mariga:How much do you need to earn each year to achieve this? And if you have money shame, and if you’re allowing money shame  to dictate your life, how will you ever achieve this? By accomplishing the things that you want, you help every single person around you. Whether that’s providing a job to a stranger that you would never have met otherwise, or providing a training that’s going to alter the life of another person for generations to come, or if it’s giving to a charity or helping a client achieve their goal, a rising tide lifts all boats. When you rise, I rise. When you rise, your neighbor rises. When you rise, the world rises with you. Money shame doesn’t allow you to rise, get rid of it. Money shame doesn’t serve you. My next question is, how is money shame affecting your life now?
Susanne Mariga:And I will tell you, money shame affects everybody’s life differently. Sometimes it shows up with you being unable or unwilling to show up for your customers. Some of you guys I’ve met you before, and you’re really likable. And some of you guys are really cute, and you could really build a following, really create a tribe and really change lives. You have that power. You have that ed factor about you. But the problem is you’re afraid to show up. You’re afraid to show up on camera. You’re afraid to pick out your cell phone. You’re afraid to hit that button that says record. And you’re afraid to start that Facebook live. And you’re afraid that the world will criticize you, that you won’t look your best, you won’t say that script just right, or even worse, you won’t say anything at all.
Susanne Mariga:My friend and fellow entrepreneur, the world needs your message. The world needs your perspective. The world needs you to show up. And if you fail to show up, no one can show up for you. Now, some of you are afraid to ask for a fair price for the service, offering that you’re offering or your product. Do you know how much it costs for you to acquire a new client? And I’ll tell you this, referrals we’re only going to bring you so far. If you’re lucky, maybe referrals might bring you to a half, a million dollars in revenue. But for most businesses, referrals are only going to bring in low six figures in annualized revenue. That’s low six figures. In fact, statistics say, and I’m quoting from Pandora that 86.3% of businesses generate a hundred thousand dollars or less. Literally 86.3% of businesses generate less than a hundred thousand dollars a year.
Susanne Mariga:And so, most businesses are destined to stay small. They stay teeny and small businesses that don’t have any employees earn an average annual revenue of only $46,978. Most small business earn less than that, those solopreneurs. But it’s interesting because most of the people that are telling you, that your prices are too high, most of them that are telling you your prices are too low, they have no clue. They have no clue what it costs for you to bring your product or services to market in a way that will meet their needs. They absolutely have no clue. And, I’ll be honest with you, most of them don’t even care. Most of these people are not running successful businesses. The stats tell you that. US Bureau of Labor statistics tell you that in 10 years, 65% of small businesses that start to your left to your right, they won’t be there.
Susanne Mariga:Most small businesses fail. So, why are you listening to someone who is uneducated about your field? Why are you listening to them? Do not allow somebody else’s money issues or money shame, or inability to run their own business, or even their own lives, reflect and dictate where you will go. Don’t allow that. Entrepreneurs find your tribe. Find the people that you can best help. Find the people that will most appreciate the quality that you’re bringing to the table and service them well. Stand in your calling. Stand in your presence. Only you can show up, and only you can do as you were intended and destined to do. I love this scripture from the Bible. You guys have been with me for a while, you know that I am a Bible freak.
Susanne Mariga:Jeremiah 29 11, it says, “For I know the plans I have for you,’ declares the Lord, ‘plans to prosper you and not to harm you, plans to give you hope and a future.” Nobody knows the plans that the Lord has for you. Not your prospects, not your critics, and definitely not your ego. Do not be ashamed of your skill set, nor your life experiences. Do not block your blessings. My challenge for you is to not be overcome by money shame. Do not limit yourself. Do not limit your impact. Do not let anyone else’s limitations define you. Instead, I want you to stay in your place. I want you to deliver to the world what only you were meant to do. I want you to find your tribe. It has been the utmost pleasure hanging out with you guys this afternoon or this morning for some of you guys that are listening to the podcast in the morning. Until next time may the profits be with you. 
Susanne Mariga:I want you to have your most profitable year ever. Yes, no matter what’s going on in the economy, no matter what’s going on in the world, you can have your best year ever. And, I want to show you how. Join me in our private Facebook group where I will be hosting our Free, Yes, I said, FREE Profit First Masterclass on Facebook. Please join the Profit First Master Class with Susanne Mariga. I look forward to seeing you there and watching you have your best year ever.

DISCLAIMER: The information contained within these podcast is provided for informational purposes only and does not constitute, an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions, or regulatory updates in the content of this video. Any U.S. federal tax advice contained within is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law.