73: Your Earning Capacity Is Not Based On Your Past

How to avoid this common mistake about earning more money.  And what to do about it.

In this episode you will learn:

  • That your earning capacity is not based on your past
  • Why your income stays the same
  • The common mistake so many people make when it comes to earning more
  • How to avoid this common mistake
  • Why being future focussed is key, when it comes to creating new goals

You can listen to the episode above or read the unedited transcript below.


Meaghan Smith  00:21

Hello beautiful people and welcome to another episode of the money mindful Podcast. I am your host, Meaghan Jean Smith. I'm a money mindset and life coach for women. I help women essentially get out of their own way. So they can live the extraordinary lives they want to live on purpose.

Meaghan Smith  00:44

all right. I have had so much going on this last couple of weeks, it has been an absolute blast. I've been running online workshops, I've been running workshops, with live real, actual people in the same room, which has been so much fun. I want to tell you a little bit about it. Actually, I just did a workshop for The Cohive Collective. They reached out to me and asked if I could run a mindset workshop.

Meaghan Smith  01:21

For the women who are part of this organisation. They're mainly business women. And I want to tell you a little bit about Cohive Collective I want to give them a shout out actually because I think it's such they're such a fantastic organisation. If you are based in Sydney, Australia, listen up this message is for you. This is a group of women who host homes across Sydney that other women can come to and work from. So for example, if you run a business and you work from home, and maybe it's the school holidays and you need to get out of the house and have a space to work, these women actually host homes like beautiful homes are you should have seen the house I was in in Willoughby to run this workshop absolutely gorgeous, beautiful space to work in with other women. So you can work from home and someone else's home and have companionship and network. And what they also do is they run workshops and they get people like me to come in and run a workshop for everyone. So just a shout out to Carmel and Josie who run The Cohive Collective. Go check them out on Instagram, I think they are co hive collective, just search them and find out what they're doing, especially if you are a woman in Sydney because this is a group that you want to be a part of, and that you want to know. Alright, moving on. I've got quite a few things I want to tell you. Before we get into the episode today. First of all, I have started running workshops for Life Coach University, and this is a pay it forward platform. It is organised by a colleague of mine dien she's in the UK and it is a space, her mission is to make coaching available to everyone. Okay, because coaching is not available to some people in some income brackets. And she doesn't want that to be the case. She wants coaching to be available to everyone. And I absolutely love this whole philosophy. And I have chosen to be a part of it. I'm running workshops for the Life Coach University monthly online at different times. I did a workshop recently on scarcity versus abundance mindset. And I will be doing that again this month in April. So if you want to find out about that, make sure that you are on my email list or that you are following me on Instagram or Facebook because that is where I give you the details. But the link is on my What is it? my Instagram page if you go into the link in my bio on my Instagram page or get on my email list to find out how to come and be a part of a free workshop with me. Where there is also the opportunity to get coaching by me for free. You just reach out to any of my current clients to understand how valuable that is. So go and find out about that. All right. Next I want to tell you about book club. It's a new month and we have I have a new book we are reading the compound effect, jumpstart your income, your life, your success, and it's by Darren Hardy. This is a terrific book, this is really practical, it gives you so much information about how to reach your goals and succeed in life. And what I mean by that succeed in life is however that looks for you. There's no formula in terms of the success that you're supposed to have. But it's whatever it is that you want to do with your life, it gives you steps in this book, how to actually achieve it in a really doable way. And so much of what Darren Hardy teaches in this book is in alignment with how I coach my clients. So I absolutely love this book, we're going to be reading it all month. If you want to find out about it and be part of it, go to the money mindful website, that's money mindful.com dot A you and click on the book club page, you there's a link there, if you want to buy the book, if you buy the book through the website, it's actually just a convenience thing. But I do want to let you know that I receive a really teensy teeny, tiny compensation for that if you buy it through my website.

Meaghan Smith  06:24

And all the details there for book club are there it's happening on the 27th of April, that's Tuesday at 8:30pm. Australian Eastern Standard Time. The details are always up on the website, I create an event on the Money Mindful Facebook page that you can go and join. So we get notifications. Come and be a part of it. It's an amazing night. All right, oh, my goodness, six or seven minutes in, let's get into what this episode is usually about. I don't usually talk for a long time at the start. I know I get straight into it. But there's so much that I just want to share and let you know about because there's so many opportunities where you can work with me. Get coaching, learn about your money, mindset and just your mindset in general, for free. There's so many ways that that's available to you. And I want you to know that that exists.

Meaghan Smith  07:21

All right, let's talk about your past doesn't determine your earning capacity. The one of the biggest mistakes I see people and clients do when it comes to creating and reaching new financial goals is they look to their past. They look to their past to see if they are capable of achieving this new goal. Why is that a problem? Well, here's why. Our past doesn't exist. Only in our mind. Right? Like the past is done. It's over. It's happened, it's gone. The only place that the past exists is in our thoughts in our memories of the past. So why do we spend so much time rolling around in the past and looking to our past as a point of reference? Here's why our brains job is to keep us alive. That's our brains number one job. And the way that our brain does that is by seeking pleasure. Avoiding pain, and being efficient, like conserving energy, like you think about it in terms of survival, like keeping our body alive. So whenever we go to do something new our brain goes to the past to reference. You know, it's it's that thinking like all that Berry, I saw my friend ate that Berry and keel over and die. Okay, let's not eat that Berry. Do you get what I mean? It's like we're looking to the past to see what's happened in the past to work out, okay, that's what we did before. That kept us alive. Let's just do that again. But in the modern world, when we're trying to achieve new things, new goals, do new things. It doesn't work that way that our brain works doesn't help us achieve new goals. Because if we want to earn more income or invest in property or buy shares or start a business, or ask for a promotion, at work, all of those things are new things that are a part of our future. And the trouble is we look to our past to see what we've created in the past and we use our past as a reference point. And that is where so many of us get it. We really roadblock because there is no evidence for our future in our past, unless we want to keep living our same life on repeat. So why is it so much harder to look to our future and create future focus? Well, the reason is, is because our future hasn't happened yet. So our brain sees that as new and scary and uncomfortable. When we, in general in life, we we tend to, what if I go back to what our brain does avoid pain, right? seek pleasure, avoid pain. So anything that's scary, or new or different or uncomfortable, what we generally do unless we're onto ourselves and intentionally planning our future is we avoid that. So we look at something like asking for a raise at work. And we immediately think, Oh, well, that's uncomfortable. That's something like, my boss might say, No.

Meaghan Smith  11:08

So I'm not going to do that. It's new, it's different. It's scary, and so we don't do it. And then guess what, you don't get a raise, and you don't earn more money. Or you think about the possibility of investing. But investing is new, it's scary, it's uncomfortable, you look to your past, you haven't done it in the past. So you shut down your dreams, I just I want you to take from this today, like the reason why this is so important is because when we look to our past, we block ourselves to what we want to create in the future. And we have so much future ahead of us, we have the whole rest of our lives to live. And if you want to create a future that is extraordinary, and is intentional, and meets the goals and dreams, and involves how you in, envisage and imagine your life that you want to have, you have to start thinking differently, you have to shift your focus from the past, to what you've already been able to do in the past, to your future.

Meaghan Smith  12:27

And the reason why I titled this podcast, your your past doesn't determine your earning capacity, is because this is what we do, we stay in the same, we stay in the realm of the same, because we just keep living our life on repeat. We keep looking to our past to look to what we've already done. And then we just continue to do that. But if you want to create a new part, a new future, if you want to create a new life new results, you have to look forward to your future, you need to think about what's the future that I want? How do I create that? What steps can I take towards doing that? What sort of person would I be if I was somebody who invested in shares? What sort of person would I be if I earned 20,000? More 50,000? More 100,000? More, a million more? How would I show up in the world? Right? Who do I need to start being now to create that future that I want? There's a big difference there, right? Instead of looking to what we've done in the past, what have we achieved in the past? What money did we earn in the past? No, no, no past is over past has happened. We want to switch our focus to what do I want to create in the future? How do I intentionally want to live my life? And then imagine, who am I in the future? What does my life look like? What am I doing? What do I dress like? If I got that raise at work that extra $15,000 or $20,000? How am I showing up because it's going to be different to what you're doing now. Because if it's the same as what you're doing now, then you're creating what you already have, you're not creating something new. This is something that is actually really, really simple to do. And it is extremely effective. And it is the way that I have created all the new results in my life. If I was still looking to my past now I would still be a school teacher. That's what I'd still be doing. And I'd still be earning the same amount of money as I was earning as a school teacher. But what you did in the past doesn't affect what you want to do in the future. your future is hasn't happened yet you get to create it right now you get to decide for yourself the future that you want and it really truly has nothing to do with your past it doesn't matter if you're in your 50s or your 60s and you've done one particular career your whole life so what what are you going to do for the rest of your life what is in front of you start thinking about that start thinking about what you want in the future start thinking about how much money you would like to earn in the future right because even that so many people when i ask my clients what they want to do they don't tell me actually what they want to do they tell me what they think they're capable of doing and how do we know what they're capable of doing?

Meaghan Smith  15:56

or what they're capable of doing like the reference point is they're looking to their past to see what they already could do in the past but again I feel like I'm repeating myself but in a good way so you get the message our future hasn't happened yet and to create a different future than the life that we're living right now we have to do things differently and we have to look in the direction that we're going it makes sense i mean when you drive a car and you're going somewhere new you're not looking at the rearview mirror the whole time you're looking forward you're looking to where you want to go where you want to reach and listen if you want to double your income right now you might be thinking I really have no idea how to do that and that's okay like that's not a problem nothing's gone wrong there but if you want to double your income and you're looking to the past for the answers of how to do that okay that's where we have a little problem because unless you doubled your income in the past you that is not the reference point where you need to be looking you need to be looking to your future and start imagining well what kind of person would I be if I doubled my income what would I be doing how would i be living what would i be thinking what would i be doing and that's where you get the answers for what you need to be doing now to create the future that you want nothing in our past determines our earning capacity for the future

Meaghan Smith  17:36

If you want to earn more money you totally absolutely can but you can't look to what you've already done in the past you must start looking to the future because in the future is when new life happens new results happen if you keep looking to your past you will just repeat your life you will just live your life on repeat you'll just keep doing the same thing I think I have hammered in the message enough there for you that new results exist in the future and if you want to earn a different income you have to start thinking differently and it is absolutely not based on your past but if you keep looking to the past that's what you're going to recreate this is the work that I do with my clients but i actually teach them the tools that they need how to create their future on purpose deliberately intentionally so it's as good as done and if that's something that you are interested in doing I would like to invite you to get on a consult call with me find out how like what what happens when you work with me we talk about that on the consult call but we also the consult call is an opportunity for you to tell me all the things that you are struggling with where you're at now in your life, where you actually want to be like what is it what are the results that you want to create and then I bridge the gap for you like I show you had to create that that's what the console is about it's about finding that transformation for you from where you are now to where you want to be and how to get there okay that's all I've got for you today until next time have a beautiful week bye bye.

Episode references

Register for the Scarcity Vs Abundance Mindset workshop here.

Check out Life Coach University here.

Find out all the info for book club and get the book here.

The Cohive Collective


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