SUMMARY
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Full Transcript:
[The following is the full transcript of this episode of Joey’s Performance Tune Up With Joey Klein. Please note that this episode, like all episodes, features Joey speaking unscripted and unedited. This video is captured in one take.]
Very happy New Year to you. We're going to talk about money benchmarks in this session and how to essentially nail your money benchmarks and the outcomes that you'd like to achieve for yourself in regard to your finances this year. You're right after the holidays, so you probably noticed that your plan went out the window the last few weeks, called the holidays. All of a sudden it's okay to overspend both on travel and luxuries and presents and gifts and all the things, and you just buried your head in the sand and pretended like you didn't have a credit card bill coming in January, which you've probably seen recently, right? And so we've got to combine two things in order to achieve our benchmarks around money, we've got to understand the outcome we want to achieve. So we've got to have the clear benchmark that we set, which is part of tactics. But then we've got to leverage emotion.
Where it falls apart for so many people as it pertains to the outcomes that they want to achieve is they have an outcome. They name it. They may even get passionate about it, but they don't know how to leverage emotion in order to intrinsically motivate action so that you achieve that benchmark so it becomes a reality of your life. And so let's talk about the mechanics of how to do that, right? Number one, we've got to be clear on the outcome that we want to achieve. So for so many people, there's so many fear based emotions that are tied to money in an unhealthy way. So when we think about the amount of money we want to make, we feel guilty for wanting to make that. We feel shame about wanting to have that amount of money. People feel greedy that they want more and that they should feel okay with what they have. A lot of people tie anger and resentment to money.
And so we have this very unhealthy relationship with money. I've had the opportunity to train now dozens of individuals from having very little money to no money to sometimes a lot of debt, to become multimillionaires and to do so in a span of maybe three years, five years. And what needed to happen in order to achieve that? People who have never had that kind of money before. And the first step is always understanding that it's okay to want more and also to have it. And that's so very important to understand. And the way that we get the nervous system or unconscious self to buy into that is, number one, name the amount of money that you really want to have. You have to feel free and courageous enough and okay with naming the amount. It if you're not willing to name the amount of money, then nothing else is going to work. You're never going to have it.
And so you've got to name what that amount is for you. Do you want to make 5000 a month or 10,000 a month? Do you want 10,000 in savings? Do you want to have a million dollars in savings or $100,000 in savings? Name the benchmark. Name the outcome that you want to achieve financially as your next step, and then we can start looking at the tactics to achieve that. Once you name the benchmark around the amount of money you want to make or the amount of money you want to achieve or have, the next step is understanding why it's important.
And so the way we want to start to understand how it's important is really get clear on what would it mean from a lifestyle reality to be making or to have that kind of wealth, to have that kind of money? Would you live in a different house? Would you provide for your family differently? Would you contribute differently? Would you travel more? Would you travel in a different way? Where would you stay? Where would you go? Would you give to causes that you believe in and that you care about? Would there be a service aspect to having more wealth for you where you could give to a nonprofit or maybe just to people you care about and help them out in ways that you would like to be able to help out and contribute and make a difference? What would that look like? In a practical way? If you don't create a picture of the life that's made possible because you make more money, then it's never going to become important to you to achieve it.
And so this is all part of that emotional component where we have to not just have the tactics for building wealth, but we got to understand, how do we get ourself inspired about wealth and make it important and make it purposeful, if you will, so that when we think of money and wealth, we tie freedom and possibility and confidence and empowerment and a sense of joy even with money. Because if we don't have that relationship, then it's going to be very hard to achieve great levels of wealth or to up level your financial reality. And then once we start to understand the lifestyle that's made possible, we've got to tie meaning to it. And so ask yourself, hey, in the sense, what would be made possible if I had that kind of money and what would I avoid if I had that kind of money? What would be made possible if I had that kind of money and what would I avoid if I had that kind of money?
And so one of the things I've been doing for many years now is I invest every single month in a very intelligent way. I follow a system and tactics around building wealth that has ensured that my wealth has increased every single year now, for the past 18 years. The amount of money I make and my net worth has increased every year for the last 18 years. And one of the things I do to make sure that I do that and stay motivated around it is, I think out into the future and I go, man, in 20 years, how do I want to live? And when I think about that, I want to be free to serve people, to continue to contribute in a beneficial way to people's lives and be able to do that simply because it's something that's meaningful and important to me. I want to be able to travel, I want to be able to do the hobbies that I love doing, like skiing and mountain biking and being in nature and spending time with people that I love and I care about and so on and so forth. And I want to have no confines around that. I want to be financially free in that reality where I can live the way I choose on my terms. And that's what's made possible if I achieve that sort of wealth mark. And then what are the things I avoid, right? I avoid having to work 60, 70 hour weeks when I'm 70 years old, when I'm 80 years old.
I know so many people who are in their 60s or 70s or 80s, and they're not living the way that they would really love to live. And a lot of what they're doing is so that they make certain money. I think about the health that I want to be inside of later. And what I avoid if I am able to build or make money is I'm able to contribute to my health in a different way when it most matters, right? When our health is potentially declining. When I look at people in their later stage of life who have resources, the quality of life they live because they can take care of their health in a certain way, as opposed to those who maybe don't have resources they're faced to kind of struggle in a different way. Like it or not, that's just the reality of how it is. And so tie meaning to the money that you're going to make is the point of this conversation, right?
Don't just name some arbitrary number, but rather name the number and get clear, here's what it'll mean for my life, here's what I'll have access to, here's what I'll avoid. And begin to repeat that conversation with yourself because before you know it, you'll be motivated in a different way than you've ever been to achieve your financial marks in ways you never have before, and be able to live a quality of life that's better than you could have possibly imagined. But you'll also be able to provide for the people that you love and you care about in ways you probably never thought you could as well. And so don't just do it for yourself, but do it for those that it's going to matter to around you and beyond yourself, right? And then always know you got to combine the tactics.
I teach a whole program on how to build wealth. Like, how do you manage your money in a way that you build wealth over time, from everything, from budgeting to managing money to what do you do with it, to the systems that you follow, to how do you invest, and all of those things? And so if it makes sense to engage with me at some point around a program like that, please do so. If not, no problem. There's a lot of great money systems out there. The point is, you've got to have the tactics of how to manage money if you want it to grow. And so remember the three components that you got to bring together.
Number one, have a specific and clear benchmark with money that you want to attain. Number two, make sure you know what it means. Tie emotional importance to it by understanding what's the lifestyle that's made possible for me as a result of achieving that benchmark, so it's not just a dry outcome or result. And then, number three, what are the tactics? What is the action plan that I'm going to engage in with money on a daily, weekly basis that's going to move me toward the achievement of that benchmark and inherently up level the quality of my life? And so enjoy this, have fun with it, and make this your best year yet in terms of building wealth.