the bossbabe podcast - 143. The Real Truth About Becoming A Millionaire

Episode Date: January 13, 2021

There’s a difference between being a millionaire and doing one million dollars in revenue. Join BossBabe Co-Founder & CEO Natalie Ellis as she pulls back the curtain on the real truth about becoming a millionaire and takes a deep dive into how becoming a millionaire really feels, how to choose what opportunities align with the goals you’re working towards to get you there, and how income and impact come hand in hand. To join us live on our training to learn how to make six figures in 2021, click here Follow:  BossBabe: @bossbabe.inc Natalie: @iamnatalie

having an awareness of all of your finances and being really comfortable taking a good hard look at them if you're not in the best situation is really really important if i'm focused if i know what i'm working on if i'm clear on my, I'm turning off distractions and I'm getting shit done, what is my time worth? Welcome to the Boss Babe podcast, a place where we share with you the real behind the scenes of building successful businesses, achieving peak performance and learning how to balance it all. I'm Natalie, your host for this episode and today I am doing another solo and I want to talk about the realness, the reality of becoming a millionaire, because I know that you have massive goals. And if you're not there yet, a lot of you want to get there. So I want to really lift the lid and have a real conversation about this because I actually

don't think I ever have. I don't talk about money that often, but I felt like it was time so we're going to get into it and before we get started there's probably a lot of you wanting a bit more than this episode because I'm going to keep it straight to the point if you want to go in more depth on any training on scaling your business on generating more revenue I've linked below a bunch of free trainings that I've done no fluff no BS I think you'll get a lot of value out of them and especially over the holidays if you're wanting to really invest in your growth and development might be a really good place for you to start so all of those links are below a boss babe is unapologetically ambitious and paves the way for herself and other women to rise keep going and fighting on she is on a mission to be her best self in all areas it's just believing

in yourself confidently stepping outside her comfort zone to create her own vision of success. So getting straight to it, I had a goal when I was younger, I guess like 18, I probably came up with the goal that I wanted to be a millionaire before I turned 30. Now, it actually happened to me a couple of years ago but if I go back to remembering that younger version of myself and what I thought was this big audacious goal because it is I remember thinking about it and putting that as my intention like I really want to be a millionaire before I'm 30 but also having this total I don't have any idea how I'm going to get there or if this is even possible type of mindset I wanted it but I didn't really believe it was possible I hadn't seen anyone around me do it it wasn't isn't normal where I

come from and I didn't know anyone that had gotten there but I still had this really big goal and I remember just thinking okay well if I keep it in my mind and I really lead from the heart and I follow every opportunity and every intuitive moment that tells me I should take this next step then I think I'll get there and I've really done that since leaving school it's very much been a sequence of let me put one foot in front of the other and see where it leads me if it feels like a yes let's go for it and make it a yes is it scary that's fine is it uncomfortable that's fine I will do it as long as I'm moving closer and closer to living out my life's purpose and being fulfilled that really was my mindset and always has been my

mindset still continues to be my mindset I'm always willing to do things differently to take myself out my comfort zone right now Stephen and I are even considering leaving California and that's so uncomfortable for me all my friends are here there is so much that I love about where I live I have the house of my dreams I have amazing weather every day there's so much about where I live that I love and I'm getting this feeling that moving out of California is the right move and I'm willing to explore that. I'm not just going to shut it down because it feels uncomfortable and I've always been that way but going back to the whole millionaire piece, I don't know if you guys know this but less than two percent of female founded companies actually reach a million dollars in revenue. So not even touching

on becoming a millionaire, less than two percent of female founded companies reach a million in revenue which is a really small number. For men this is higher, it's not one-to-one, it is higher for men but for women it's two percent. Here's the thing, being a millionaire is not just making a million dollars. Contrary to what a lot of people on Instagram and Facebook will have you believe, you are not a millionaire just because you make a million dollars in your company, right? It's having a million dollars in assets. I know some people on Instagram who are sharing this seven-figure business but it's barely even profitable. They're barely actually taking any money home and making any money and I'm not saying there's anything wrong with that we all know that there's a lot

of smoke and mirrors going on on social media not everything you see is truth we all know that and I'm not saying it's wrong to not be making money and to be having high costs and investing in your business that's sometimes what is required of your business model but that doesn't make that person a millionaire it's having that in assets so for me I really really deep down believe that income and impact go hand in hand it's not some fancy quote or buzzword to me I really really believe it I feel like if we make a massive impact on the world, we will be given abundance in return. I really, truly believe it. And so I've always focused on the impact. That's always been my number one priority, not the income. For example, our first product at

Bosswave, the site, it's $35 a month. It was $29 when we launched it everyone thought we were crazy for giving away the value we did for $29 a month and we didn't know if we'd get a big volume of people and we didn't have the millions of followers that we have now we had no idea how it was going to go but we did it because growing businesses for us was lonely it was confusing it was overwhelming and so we led with the impact we wanted to make and the problem we wanted to solve it wasn't about how much money we were making and that's not really the way that we're motivated even though I had this big goal it wasn't the thing really really driving me this big goal for me really summed up all of the things that would come with if I was a millionaire, I was imagining I'd be doing what I love.

I'd be having freedom of schedule, location, finance. I wouldn't have the stress of finances, the stress of uncertainty. It symbolized a lot for me. It symbolized that I'd be on the right path, that I'd be helping and reaching a lot of people, that I would be building something really meaningful. It was just so much more and still is so much more than that goal. It's just everything that leads you to that goal. And I think a lot of business owners are actually focused so much on making money that they don't think about their customers enough or how they're leading with value. And I think that can really trip people up.

That can trip entrepreneurs up and they might hit a ceiling in their business where they're not making the revenue goals that they hoped for because their clients aren't coming back to them because they didn't have a good experience or their clients aren't feeling like they've seen enough value or know them enough there are so many things that come with purely going out there with the intention of making money and I don't think it's a long-term strategy. I think the clients can see through it, I can see through it. If I see someone on social showing up and all they're caring about is are they making the next sale, it doesn't feel to me, I don't feel attracted to that and I think other people feel this way too. When I buy buy from someone I buy because I see the problem that they're solving for me and that adds something to my life and maybe I've seen enough value from

them or testimonials from them to know that they are the right person to invest with or or something like that it's not just showing up and putting something for sale and hoping people buy it and making money it's so much more than that I give away so much value for free I don't really see competition I believe very much in collaboration I have an abundance mindset and I truly believe that there is enough for all of us and I feel like you feel that way too when I get dms or responses to any posts I put out on this topic it's always the same sentiment we all believe in leading from that and know that the abundance follows and you don't have to have all of this abundance to have an abundance mindset even in the beginning let's just talk about boss babe in the beginning I didn't want

to do this alone that didn't feel right to me and so when I met Danielle and I pitched her this idea that I had I was more than willing to say let's do this 50-50 let's go all in let's put two brains together and create a third brain I have always been that way and I didn't really have the abundance back then when we were just starting out but I've always been that way inclined I think that's really served me and so just thinking about where you could maybe have more of an abundance mindset if you haven't already it's just a total game changer another thing and I want to get practical too because mindset is a massive thing and I want to get practical in a sense of where maybe do you feel some scarcity or where do you feel some

tension where might you not be leading with value because you are frantically worried about where your next sale is going to come from and how can you balance that how can you still lead with impact and contribution in mind knowing that you do need to make sales to sustain yourself 100 how can you find that balance and build a long-term business build a long-term strategy another thing is I know my focus and I don't stray away from that and I never have and what I mean by that is and this is not just in business this is across the board other people's priorities will always be the priority to them and they might try and make their priorities your priority and it's really on you to discern that so it's on you especially as a business owner to have your goals in mind and be

crystal clear on what your focus is you should be waking up every single day knowing what you were going to work on what's going to move the needle for you what's going to get you closer towards your goal and so when people come to you with questions collaborations ideas all of their own priorities you need to feel comfortable saying no and discerning from what isn't moving you towards your goals let's take a quick pause to talk about my new favorite all-in-one platform kajabi you know i've been singing their praises lately because they have helped our business run so much smoother and with way less complexity, which I love. Not to mention our team couldn't be happier because now everything is in one place, so it makes collecting data, creating pages, collecting payment, all the things so much simpler. One of our mottos at Boss Babe is simplify

to amplify and Kajabi has really helped us do that this year. So of course I needed to share it here with you. It's the perfect time of year to do a bit of spring cleaning in your business, you know, get rid of the complexity and instead really focus on getting organized and making things as smooth as possible. I definitely recommend Kajabi to all of my clients and students. So if you're listening and haven't checked out Kajabi yet, now is the perfect time to do so because they are offering Boss Babe listeners a 30-day free trial. Go to kajabi.com slash Boss Babe to claim your 30-day free trial. That's kajabi.com slash Boss Babe. Okay, so before we continue, I'd love to give you some info on our sponsor

for this week's episode. Hey there, I wanted to take a little break during this episode to share an exciting live training that's available with me and you're going to want to save your spot. So for many, 2020 resulted in so much uncertainty, but for some, there is a huge opportunity to start or grow your business. Some online business owners have been able to really overcome the hurdles while other industries have struggled and 2020 has sadly fundamentally changed the way we will be doing business moving forward and if you have an online business there are some elements of your strategy that you might need to change especially in regards to marketing and sales. Even if you're a total beginner and haven't even firmed up a business idea yet, you can absolutely make six figures in 2021 and I'm lifting the lid on exactly how you can do that step by step. So I've put together a completely free training sharing

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into today's episode. Now I have turned down some crazy opportunities, really crazy. I'm not even going to get into them right now, but crazy. And in the moment, it was absolutely terrifying. I might never get this opportunity ever again. But I knew it wasn't leading me towards the goals I was working towards. And those goals were more important than just saying yes to something else in the moment out of fear of never having the opportunity again or having FOMO or anything like that I've always stayed really focused and really true to my purpose and what I'm doing and so again I want to make this practical have a think about what your lens is when you look at opportunities are you looking through the lens of your goals and your priorities? Or are you in a place where you're willing to take every single opportunity because you

don't want to let people down or you don't want to experience FOMO? Because if you get crystal clear on what your vision is and what your goals are, you'll know what's a yes and what's a no. So just be thinking about that and then moving into the actual money part and the finance part I get asked a lot around how do you actually manage money? What are the practical tips around it? People saying I'm not good at saving and all of those things. So I'll share a couple of things that have worked for me and before I get into this I want to share something quite personal. So we're all learning and growing and we all have things that we get to work on.

Now, my money mindset a few years ago was not amazing. I had this real fear and this is getting very vulnerable for me. I had this real fear of losing everything. Now, I'm not going to get into where that came from, but it definitely came from my childhood and it was something that I was really unaware of. now I'm not going to get into where that came from but it definitely came from my childhood and it was something that I was really unaware of I knew I had this fear of losing everything I would imagine what it would feel like to lose everything and what's crazy is I actually did manifest that that's a story for another day but I did manifest that and it was only when I started

doing therapy and different things and diving into my childhood and different trauma that we've all encountered, but different traumas that I encountered, that I started to see this pattern in the conscious versus the subconscious mind. And working on my money mindset and having this abundance mindset and not constantly being in scarcity and fearing that I'm going to lose everything was really really important and so firstly just know that even if you don't have the best money mindset right now it is possible to work on that and change that because I've done a full 360 from where I was I was the person that especially when I first moved to America and I was living in credit card debt I had absolutely not a single dollar to my name I was terrified to look at my bank statements to see what the balance was to see what I'd been spending I had this pattern of avoidance I would just pretend if it's not there if I don't see it then it doesn't exist which isn't quite true but that's how I felt if I don't

look at this then it doesn't exist it's not going to feel as bad which is the first thing that I'm going to tell you not to do. Having an awareness of all of your finances and being really comfortable taking a good hard look at them if you're not in the best situation is really really important. So this means using different apps or it means printing out your bank statements at the end of every month and going through them with a highlighter. What could I reduce? Where have I spent a lot of money? What can I budget for next month? Just getting super clear and not feeling like you need to completely avoid your finances. That part is really, really important. I love the Copilot app. I've been using it for quite a long time and it helps me keep on top of absolutely everything.

And you get a snapshot of what your net worth is, brings in all of your bank accounts, it updates automatically, it syncs with your bank account. So every month it'll give you a full rundown of what you spent, what you spent it on, it'll categorize it and then you can set budgets and it will alert you if you're going over budget.

So that's a really good hack it's called copilot I really really love that so I recommend that or doing it manually as a starting point for being able to manage your money I also have a 401k and I invest in stock so I'm always thinking about okay if I'm bringing money home how do I put this money to work for me not just have it sitting in my bank account and spend it how does this money go to work for me so I put in my 401k I invest in stock especially this year with COVID the stock market was really volatile and when it crashed I lost a lot of money and I kept investing really heavily because I knew it was going to bounce back. So I took that risk and

it really paid off. I buy a lot of tech stock. I look at what companies are going to IPO. I look at what companies that I think are going to do really well long term, things like that. And then I also, any money that I'm not investing, I don't keep it in a normal bank account because you get such low interest. If I'm making this money I want it to go to you Samina. I want to make as much money from the money I've already made as possible. So I use high interest savings account. If you're in America check out Max My Interest and if you're not if you just do a google search you'll see just look for high interest savings account. You'll see what exists in your country for you so the app that I

use basically it opens a bunch of different savings accounts under your name with different really high interest rates and it will spread your money out across them and it will automatically update if another bank account is gonna give you a high interest rate it will move that money for you there so it's been really really great and I've been making good money just from the money I've got in interest and even if in the beginning for you it's not loads of money maybe it's paying for one Postmates a month or one coffee a month and eventually it starts paying for an outfit and all these different things and that's just money you already had that's making you more money so it's not even about how do I go make more it's like how do I take what I've already got and leverage this Tony Robbins also has a really good book that I'd recommend on finance and really helping you to

master your finances so if it's something that you want to get into that's really powerful and then another thing I want to share is I got really really clear on what my time was worth now I want to share is I got really really clear on what my time was worth. Now I want to preface this with what's my time worth if I'm spending it in the right ways. Not if I'm just mindlessly scrolling Instagram or I'm in the mood where I'm just procrastinating. My time probably isn't worth a lot but if I'm focused, if I know what I'm working on, if I'm clear on my goals, I'm turning off distractions and I'm getting shit done. What is my time worth? And how can I optimize this? So what I did was I hired support.

I hired people to help me so that I can keep my focus on the things that are generating me an ROI. Say your time's worth $1,000 and you can bring in a personal assistant for $30 an hour. That's going to really pay off for you because instead of doing errand running and different things or prepping your vegetables or answering your emails or whatever it is for you, you could be focusing on those $1,000 an hour tasks,

whether that's getting clients or creating content or creating programs, whatever it is, think about what your time is worth and how you can optimize it. So it's less of how do I go make more money? How do I achieve this certain status? And more of how do I really lead with value? How do I lead with impact and contribution at the absolute forefront of every single thing that I do? How am I in alignment with what I know my purpose is? How do I get a really good money mindset and move into a place of abundance and move into a place

of being comfortable with money, having money, then getting really practical. So managing your money, getting more money from the money you've already made and then optimizing your time spent and bringing in any support that you might need. So I hope this was helpful and more of a real look behind the scenes and I just want to share I remember around the time when I hit that quote-unquote millionaire status nothing really changed for me the feeling was was all of those risks that I'd taken were starting to pay off all of that money and time that I'd invested into education and learning and growth had paid off all of those hours and hours that I put in when I had no idea what I was doing but all I wanted to do was show up and help people was paying off and that's

really all of it that's really how it feels it's all about what am I unlocking as a result of being so in alignment with my purpose and maybe your goal isn't a million dollars maybe it isn't monetary whatever your goal is if you have that top of mind and you think about how can I lead with more impact contribution and wanting to help people you will be able to unlock that it's when you get so caught up in the details and the things that don't matter so much that pulls you away from that so hopefully this was helpful like I said I would love it if it was take a screenshot of you listening to this podcast and maybe share a takeaway that you had or encourage anyone you know that you think would like this to listen to it and please leave a review we are going all in

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