EP 144: The Mindset of Money


Manage episode 228085351 series 1198977
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I wasn’t always wealthy... I didn't come from money, I never had an upper hand in life, and I’m not even that great at managing my own money. But thankfully I had a few people in my life who took their time to show me how to view money in a completely different way, recognize the opportunity that is available to everyone, and create abundant, lasting wealth that brings real freedom & flexibility, and allows me to make a massive impact. And today, I’m going to break it all down for you. Get ready to take notes and follow me on IG @trevor.mauch to get my wealthy “cheat sheet” and other golden nuggets from this episode. THE CONVERSATION: 4:13 - Whether good or bad, our worldview of money is shaped at an early age. Hear Trevor’s backstory of growing up without much money, but having parents who built their own businesses and shaped his mindset around money. 10:15 - My journey from making 16k/year to 200k in my late twenties to Carrot bringing in just under 6m in revenue. 13:59 - Wealthy people don’t gauge their worth by how much money they make. After 60-70k/year, income has diminishing returns. 16:19 - Wealthy people realize the opportunity to create income is abundant - Scarce vs abundance mindset. 17:24 - Breaking down misconceptions around money and happiness. - If you don’t first find purpose in your work, the money will never make you happy. 19:05 - Chuck’s Texaco - How one mechanic found happiness and purpose in his work, and never wants to retire. 21:48 - Wealthy people create income from assets vs creating income from a job. 22:43 - How Trevor entered real estate at age 21, by buying his first rental property with only $600. 26:12 - Wealthy people invest and give, while others save and spend. Check out The Latte Factor! 28:51 - Wealthy buy only what they can afford in cash. Others take loans and debt on consumer goods. Create wealth-building habits that map to your goals. 30:41 - Wealthy people use credit cards the RIGHT way - to grow wealth and help manage finances. 31:55 - Wealthy people’s expenses stay well below their income threshold, instead of rising. 33:09 - Wealthy people buy back their time in the early stages, instead of buying more stuff. 35:33 - Finding Happiness in a 535 square foot apartment. 38:19 - Wealthy people focus on adding income, not cutting expenses. 39:54 - Wealthy people become wealthy by adding value to others, not by taking money. 43:20 - Working for free...People pay what your services are worth to them. Understand your immense value, have the confidence to tackle your insecurities, and start charging what you’re worth. 48:17 - “The best things I ever spent money on were experiences.” 51:05 - “You are rich right now” Money aside, what do you have in your life that makes you rich? Share with us on Instagram, what makes you #richrightnow 59:50 - Create positive, situational affirmations around flawed money mindsets.

185 episodes available. A new episode about every 4 days averaging 51 mins duration .