The following article is from Barb Wade and is her advice to coaches she mentors. I think it also applies to all of us so I am sharing with you
“Always pay yourself first!” Yes. Right. Huh? Over the years, I’ve heard financial experts, business gurus, and other teachers say that phrase, but I never really understood what they meant in practice.
It made a lot more sense to me to pay my mortgage, my utility bills, preschool tuition for my daughters, and other very important expenses first. Paying myself first sounded kinda crazy to me.
Then one day, one of my mentors said something that stopped me in my tracks:
“Paying yourself last sends a clear message to the Universe and to yourself: I don’t matter”.
Wow. That’s the last message I wanted to be sending out to anyone. I believe strongly that we, especially as Coaches, all deserve to be richly rewarded for the work we do and that our contribution to the world is very important and valuable.
So I made a decision to change my thinking about “paying myself first.” With help from my own coach I have been able to shift my entire paradigm. I’m now putting money aside regularly (paying myself), and yet still am manifesting more than enough to pay expenses. Funny that, eh?
Here are some tips to help you adopt this practice and draw in the abundance (money) you so deserve:
You Must Value Yourself
By not paying yourself first, you keep reinforcing the message to both yourself and the Universe that you are not worthy of being paid. But how can others value you and your word if you don’t truly value it yourself? You must set the tone, and when you do, many things will begin to shift in the amount of money you make and the kind of clients you attract.
Make Savings a Priority
Now that you’ve decided you will no longer de-value yourself, it’s time to take action to back that up. The first thing you’re going to do is to start putting away some money into your savings every month. This is the simplest way to immediately start paying yourself (although it’s not always easy).
So, open a savings account or an IRA and pick an amount of money you will put into that account on a regular basis. It doesn’t matter how much you put aside at first, what does matter is that you consistently take the action.
Important: make sure that this money goes into your savings account before you pay any of your bills or expenses. Remember, this is money you are not planning on spending, it’s not just another place to keep your expense money.
Some people like to divide their savings into three categories:
If you’re not in the habit of valuing yourself, you may find some fears and money blocks coming up almost immediately. Just remember that you are changing a mindset that may go back years – or was even passed down to you by watching your own parents’ money habits. If that happens, remind yourself that this is normal and that you are committed to creating a shift in your relationship to money.
So don’t give up – make a plan and stick to it. Your fears will disappear in time and you will be well on the road to more money in the bank and more authentic self-worth, too.
Barb Wade, M.A., specializes in teaching Coaches to create thriving, 6-figure practices in under 20 hours a week! She teaches her clients how to attract an abundance of eager clients, how to charge what they're truly worth.... and get it (!), how to create multiple streams of income from their expertise, how to work on their terms and time schedule, and much much more -- all while still having ample time and energy to live the life they always dreamed of. For a free how to get clients "BREAKTHROUGH BUSINESS KIT" just for coaches visit http://www.barbwade.com/?awt_l=KKeYg&awt_m=3gEjQ.Lu1HdVgpW
“Always pay yourself first!” Yes. Right. Huh? Over the years, I’ve heard financial experts, business gurus, and other teachers say that phrase, but I never really understood what they meant in practice.
It made a lot more sense to me to pay my mortgage, my utility bills, preschool tuition for my daughters, and other very important expenses first. Paying myself first sounded kinda crazy to me.
Then one day, one of my mentors said something that stopped me in my tracks:
“Paying yourself last sends a clear message to the Universe and to yourself: I don’t matter”.
Wow. That’s the last message I wanted to be sending out to anyone. I believe strongly that we, especially as Coaches, all deserve to be richly rewarded for the work we do and that our contribution to the world is very important and valuable.
So I made a decision to change my thinking about “paying myself first.” With help from my own coach I have been able to shift my entire paradigm. I’m now putting money aside regularly (paying myself), and yet still am manifesting more than enough to pay expenses. Funny that, eh?
Here are some tips to help you adopt this practice and draw in the abundance (money) you so deserve:
You Must Value Yourself
By not paying yourself first, you keep reinforcing the message to both yourself and the Universe that you are not worthy of being paid. But how can others value you and your word if you don’t truly value it yourself? You must set the tone, and when you do, many things will begin to shift in the amount of money you make and the kind of clients you attract.
Make Savings a Priority
Now that you’ve decided you will no longer de-value yourself, it’s time to take action to back that up. The first thing you’re going to do is to start putting away some money into your savings every month. This is the simplest way to immediately start paying yourself (although it’s not always easy).
So, open a savings account or an IRA and pick an amount of money you will put into that account on a regular basis. It doesn’t matter how much you put aside at first, what does matter is that you consistently take the action.
Important: make sure that this money goes into your savings account before you pay any of your bills or expenses. Remember, this is money you are not planning on spending, it’s not just another place to keep your expense money.
Some people like to divide their savings into three categories:
- Mandatory = Long term savings (this is often a retirement account)
- Great Idea = 6 Month Emergency Fund
- Optional = Goal Savings (vacation, new car, etc)
If you’re not in the habit of valuing yourself, you may find some fears and money blocks coming up almost immediately. Just remember that you are changing a mindset that may go back years – or was even passed down to you by watching your own parents’ money habits. If that happens, remind yourself that this is normal and that you are committed to creating a shift in your relationship to money.
So don’t give up – make a plan and stick to it. Your fears will disappear in time and you will be well on the road to more money in the bank and more authentic self-worth, too.
Barb Wade, M.A., specializes in teaching Coaches to create thriving, 6-figure practices in under 20 hours a week! She teaches her clients how to attract an abundance of eager clients, how to charge what they're truly worth.... and get it (!), how to create multiple streams of income from their expertise, how to work on their terms and time schedule, and much much more -- all while still having ample time and energy to live the life they always dreamed of. For a free how to get clients "BREAKTHROUGH BUSINESS KIT" just for coaches visit http://www.barbwade.com/?awt_l=KKeYg&awt_m=3gEjQ.Lu1HdVgpW
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