80: A Managed Mind Equals More Money

What is a managed mind and how does having one help you create more money?  Today I'm sharing that knowing how to manage my mind has been my secret weapon in creating a profitable business in a pandemic and has helped me increase my net worth.

In this episode you will learn:

  • What is a managed mind and how does having one help you create more money
  • What is an unmanaged mind
  • Why it's so important to create awareness of your unintentional & unexamined thoughts
  • How I increase my net worth x18
  • How I created a profitable business during a world pandemic

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

Transcript

Meaghan Smith  00:20

Hello, beautiful people. And welcome to another episode of the money mindful Podcast.

Meaghan Smith  00:25

I am your host, Meaghan Jean Smith. I'm a money mindset and life coach for women. Okay, good, good. Good. Let's get into it. Let's get into it. Today, I want to talk to you about how a managed mind equals more money. What? Yes, totally true. Okay, so, as you probably aware, if you listen to the podcast, I am a life coach. That means I work with people helping them use their mind their brains to work with them, not against them. And I help people manage their mind through different tools and looking at different aspects of their life. So first of all, I want to talk to you about what a managed mind actually is.

Meaghan Smith  01:23

Well, so can I just say, there's no beating around the bush here where one minute in and I'm already like, right into the meat of the episode. Listen, I don't mind a little bit of a small bit of small talk. But sometimes it kind of annoys me that when I'm listening to podcasts, I am hearing all this stuff for about seven or eight minutes about to some random stories. And yeah, what seven or eight minutes in before actually talking about what the podcasts about. I don't like that. So I generally tend to not do it. But I'm not gonna get sidetracked now. Let's move along.

Meaghan Smith  01:59

Alright, so what is a managed mind? It's when we have awareness of our thoughts. Okay, so it's when we know what we're thinking. And I'm not suggesting that you walk around every second of the day in this. What am I trying to say? Like a state of being like, Oh, I just thought this? Oh, I just thought that no, we have about 60,000 thoughts a day. That's not possible. We don't do that. But what, what I mean is, is that we, we create space, we create time to actually look at how we think. Okay, and we think thoughts intentionally.

Meaghan Smith  02:50

Alright, everyone will always think thoughts unintentionally, everybody does it. Okay. But the differences when you have a manage mind is that you create awareness around your unintentional thoughts. So you can figure out why you're getting results in your life that you don't want. It's because of your unintentional thinking. And if you don't have any awareness around the way, that you think it's very hard to create new results in your life. And that's why so many people struggle with creating new goals, like losing weight, or making more money or start a business is because they don't understand, or they don't have the awareness of how they're thinking. It's very hard to create something new in your life, if you are continuing to think the way that you've always thought. That's why you see people who win the lottery, you know, end up more broke than they were before they they won the lottery. It's not the money that creates a new experience in their life. It's their thoughts. That's why so often you see people who lose weight, put the weight back on again, it's because they don't know how to manage their mind. Right? This is like the secret tool to the universe. Okay, so what else is a managed mind? It's, it's thinking thoughts intentionally, or it's deciding in advance how we need to think to get the results that we want. Okay? So if you want a particular result in your life, for example, you want to buy a house or you want to start a business. How do you need to think, to create that? Because if you want to be somebody who buys a house, for instance, or invest, but the thoughts that you have about yourself is I'm terrible with money. Investing is really complex. I could never buy a house. I have no idea. about investing, that that's an unmanaged mind. Okay? So again, it's when we've got awareness of our thoughts, we can actually change them. And choosing your thoughts intentionally, is having a managed mind. So you can have. Just because you've got to manage mind, it doesn't

Meaghan Smith  05:23

mean that you don't have negative thoughts or you don't have thoughts that create self doubt, or that create feelings of discomfort or not confident in areas. It's not that it's when you have a manage mind, you can identify how you're thinking, and what result that's causing in your life. And then you can change it. Okay, because we can't change our thinking if we don't even have any awareness of how we're thinking. Alright, but that makes sense when I say it like that. Right. So what's an unmanaged mind? an unmanaged mind is when we think thoughts that we haven't examined, it's when we're unaware of what we're thinking. And we're unaware of what our thinking is creating. And we don't have awareness of our thoughts. Now, that could be from indoctrination. It could be from modelling, you know, what we've seen growing up, it really doesn't matter why you think a particular way. You know, we have 60,000 thoughts a day. And everybody in the whole world picks up stuff, we don't live in a vacuum, you see things around you, you grow up. You you learn things from what you see from your parents and your community and what you're exposed to. Nothing's gone wrong here. The only thing that I'm suggesting is, if you've never examined those thoughts, that you've grown up thinking and decided on purpose, are they the thoughts that you want to continue to think, for example, you might have a thought, like, money is hard, or you have to work really hard to earn money. Now, is that a thought that is serving you? Do you want to think that thought on purpose, are you intentionally choosing to think that thought, or IE just thinking that because that's what you grew up seeing? Maybe you grew up in a family where your parents, you know, who knows they might have made good money, they might have not made good money, whatever, but maybe they worked really hard to earn money. And so that's what you saw. That's what you believed. And now you continue to think that and operate your life through that thought. So we we don't have to keep thinking the same thoughts that we had, when we were kids, things that we learned growing up, money doesn't grow on trees, I'm no good with money. I'm not good enough, right? All those thoughts? Maybe you have those thoughts, but you don't even realise or maybe you have a whole heap of negative thoughts about wealthy people that you've just never even consciously examined or been aware of that you actually think that way? So often, like this happens to me all the time. When I work with my coach, we understand we uncover thoughts that I'm thinking that I'm like, Wow, I didn't even realise I was thinking that. Right. And there's techniques, there's ways that you can reveal what you're thinking. And working with a coach is like one reason why you would work with a coach is to find that stuff out actually work out. What are you thinking, Why are you getting those results in your life and then you can change it. Okay, this is how it relates to money. Okay, because unexamined unintentional thoughts can create results that we don't want and it creates unnecessary suffering. The whole Dave Ramsey manifesto of no debt for instance, all right, there's a whole heap of people who have thoughts about debt is bad. Now,

Meaghan Smith  09:40

I'm not suggesting or I'm not advocating for you to go out and max out your credit card right now. But there's areas like debt debts a beautiful debts, a perfect one to bring this up as an example, that you know, there's it's very common for some people have thoughts about debt like debt is bad? It's, it's really no, but you shouldn't have debt, having credit card debt is shameful or, you know, whatever. Like, the way that people think about debt can often be quite negative. And this idea that we shouldn't have debt. And I've just to put a spanner in the works, you know, I, my net worth, majority of my net worth has been created because I have used debt, I've bought money to buy investments, and those investments have increased in value. And those investments also income producing investments. And because of my willingness to have debt investment debt, I've made a lot of money from that debt. Okay. So in that area of debt, I feel totally good about it. I'm completely okay with debt, in fact, of 18 times increased our net worth because of investment debt. Now, there's been times when I've had drama about debt, and have not wanted to go into debt. But some of that drama was caused by unintentional thinking like thoughts that I hadn't actually spent time examining and deciding if I intentionally wanted to think those thoughts that I won't go into in detail, because I have mentioned it on the podcast before. But I've told you about how when I wanted to invest in coach training, it was a significant amount of money, I didn't have the whole amount upfront, and I needed to go into some amount of debt to pay for it. And initially, I had a lot of drama about it. And I, I got coaching on it, because it was something that I really wanted to do. And I just want to point out that I did go into debt to do coach training. And then once I was certified, I started a business during a pandemic, a worldwide pandemic, I started a brand new business that is now one year in operation. And after one year, from having that debt, like changing my thoughts around debt, so I could be willing to borrow money to invest in that certification, I now have paid all that debt off, I run a profitable business. In the first year, people in my first year of business, I'm running at a profit, I pay myself a wage, I pay myself superannuation, and for those of you overseas, that's like a pension, or 401k, for the Americans listening. I do all those things, and I still have profit in my business. Okay. And I was able to create that because I manage my mind around going into debt. Now, imagine if I didn't have that tool if I didn't know how to do that. And I was just still coming from that place that unexamined place of debt is bad. You know, it's bad to get debt unless it's investment debt. I mean, funnily enough, this was investment debt was investing in me, investing in my qualifications. But because it wasn't the traditional debt, you know, a mortgage to buy a house, I had some thoughts about it, that were negative that I thought was bad that I shouldn't do it. And, again, I'm not suggesting that you have to go into debt, but because I'd never even examined my thoughts around it. I could have blocked myself from getting qualifications that allowed me to create a new business and create income and a profit during a world wide pandemic. So this is why I'm telling you that a manage mind equals more money. Like how much money would I have left on the table? If I hadn't been able to manage my mind around debt and be willing to look at the way that I thought and question it and

Meaghan Smith  14:38

ask myself, is that how I want to choose to think on purpose? Now, when you do that with something like debt? Your answer might be yes. I choose to never have debt and I like my reasons. I'm guessing there are people out there who have will save up 100% money to buy a home. And they like their reasons. And they're happy about that. And, you know, I think that's amazing if if that's you, it doesn't matter. It's not like there's good or bad thoughts. But there's thoughts that serve you. And there's thoughts that don't, and only you can be the judge of that. Okay. And through knowing how to manage your mind, you can change those thoughts. Right? I've got a friend of mine who is really terrified of putting herself out there on social media, and she has a business that she really could make a lot more money in her business if she was on social media, but she just doesn't want to. And that's a perfect example of unmanaged mind. If she was willing to go there and look at all her thoughts around social media and the results that that's causing her and learn how to think about social media in a different way, she would open up the door to making so much more money for herself because she wouldn't be able to use social media as a marketing tool. But at the moment, she that's that option is shut down for her because of her thoughts about social media. And it really is that simple to you change your thoughts, and you change your results. And I have to give you one more money thought example. When people say it's not about the money, Oh, my gosh, okay, is that an unexamined thought? Or what? I've said, I've said this, I'm not trying to have a goal or anything, but I hear people say it all the time. Oh, it's not about the money. And I just think, BS, it's not about the money, okay? If it's not about the money, why are you going to work? Why are you getting up in the morning and going to work if it's not about the money? And if it's not about the money? Let me give you my bank account details and go ahead and deposit the money in my bank account. Right, like that is a classic example. And I probably ruffling a few feathers here. But that is a classic example of unexamined thinking around money. Because, really, why do you do there are so many income producing things that we do, or decisions that we make where we do or don't purchase something, and it's all about the money, but we tell ourselves that's like a thought that so many people have? Oh, yes, yes, yes. But it's not about the money. Okay, so give all your money to charity, then if it's not about the money, or give all your money to me, I'll take it, I'll quite happily take it no problem. That's a thought that's just a thought. It's an unexamined, thought. I mean, unless you are a Zen Buddhist monk living on a mountain and not conducting yourself in the modern world with using money as a transaction tool. It's absolutely about the money. Okay, so one more thing I've got to tell you about an unmanaged mind. This is another experience of that I've had recently totally me having an unmanaged mind. So one of my clients said to me recently that the thing that sealed the deal for her when she was deciding whether to work with me or not, was when I told her that I was certified through the life coach schools, the Life Coach School has got a really good reputation. There are many people who only want to work with Life Coach School coaches.

Meaghan Smith  18:55

And when she heard that I was a life coach, school coach, she was like, that sealed the deal. Like I knew I wanted to work with you. But when I heard that, that absolutely sealed the deal for me. And she said to me, when I checked your website, I didn't know that you're a life coach, school certified coach. And you should have that on your website. And I was thinking after that conversation, I was like, Yeah, I totally should. When you when you certify you get this little Life Coach School logo that you can use and just for that exact purpose, you can put it on your website to tell people that you are certified through that school. And I thought about it and I thought about it and I thought about it some more. And I thought about how difficult it would be to put it on my website and then I didn't have time to stuff around with that stuff and that I was busy working on on other things. Okay. All those thoughts all unexamined thoughts, okay. I never took the time to coach myself on I never really decided deliberately how I wanted to think about it, I just let my brain run wild. Six months later, guys, six months later, seriously, I decided that, you know, I really should get around to putting that logo on my website. And I had a moment where I was like, Ah, this is gonna be so hard. And I thought, come on, just let's just do this. It took me 15 minutes. That's it. It was so simple to do. 15 minutes, people, that is all it took me. And, you know, I don't want to waste my time. There's not really much point thinking thoughts like this, but just for argument's sake, think about how many people might have 1000s of people actually, by the way, have been to my clicked on my website, like I can see in the stats, how many people have gone to my website, thinking, I only want to work with a life coach, school certified coach. And they've looked and I haven't seen that little logo, and then maybe not realise that I'm certified through the school and clicked off because they want to work with a life coach, school coach. And I'm just saying this for argument's sake. But think about how many things that you put off in your life, because you tell yourself, Oh, it's so hard, or whatever else, you know, I mean, we we have so many thoughts about things that we just simply don't take the time to examine. And look, I don't examine every single one of my thoughts. I don't sit around all day examining every thought but things that are important to me. Yeah, but little things like that. I mean, that's just such a perfect example of I could have had that logo up on my website six months ago. And it was so easy to do, it took me 15 minutes. But because I just let my brain go off on its little tangent, telling me that would be really difficult. And I just believed it and never questioned it questioned it that that resulted in that for six months, I haven't had that up on my website when I could have easily have put it up. So oh my gosh, yes, I am totally human, just like you guys. And I do all these these things, too. Okay, that is all I've got for you today. If you want to learn how to manage your mind to work with you, instead of against you, you should totally sign up and have a consult with me. I help women creators and entrepreneurs and women aspiring to create change, essentially, to create the extraordinary lives that they want to live on purpose. All my clients learn the main tools that are taught through the Life Coach School, if you've know anything about them, I teach all my clients the model, and how to use that that is one of the very first things that I work on with my new clients who aren't familiar with that. So until I see you again next week, if you want to work with me, go to the website. Now. That's money mindful.com.au. And there's a work with me tab that you can click to book a consultation. Now speaking of unmanaged minds, before I let you go, I must tell you about book club tonight, we are discussing chasing cupcakes by Elizabeth Benton, and she has an amazing questions in her book to help you manage your mind. So if you're not coming already, and you've never heard of book club, I'm just going to quickly

Meaghan Smith  23:48

let you know that I run a book club. It happens on the last Tuesday of the month. We meet at 8:30pm Australian Eastern Standard Time. On the money mindful Facebook page. There are links to it on my website, there are links to it on my social media. You just show up on the you show up on the page, I show up at 830 and go live. And we talk all about the book we discuss it we talk about how we can apply it in our lives. It's with a group of really awesome women that come along and you can be an active participant or you can just hang back and watch in the backgrounds You do not have to have read the book if you want to participate although obviously it's better for the book, but you might want to come along anyway and then discover one awesome book it is and then you'll go out and get it straight away after you've been to book club. Alright, my friends have an amazing week until I either see tonight at book club or again next week. Have an amazing week. Bye

Episode references

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