September 29, 2022

Grab that cash with both hands and make a stash

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Apropos of nothing, here’s a collection of thoughts, opinions, questions and insights about money.

First, let’s talk mindset.

Setting the intention to make money with your work is a forcing function for value creation.

Knowing that you’re ultimately going to ask people to pay you, regardless of the amount, assures you will actually make something that’s useful to them.

More importantly, there is no possibility of sustainable growth unless you have carefully considered the logic of how your business sustains itself financially.

Second, let’s consider marketing.

Charging for your work an implied statement that you’re offering premium content. The story you’re telling the world is that good quality things cost money to produce, and if they want access to them, then they’ve got to open your wallets.

This straightforward transaction increases the chance of people actually using your product, and separates you from all of the free services for whom the only actual product being sold is the user himself.

Third, let’s think about operations.

When you charge real money, it becomes a critical growth lever for your company. The higher the average revenue per user is, the more economic breathing room you give yourself to iterate on the next version, or innovate on the next product.

Money is fuel for prolificacy. It enhance your capacity to create more value. Your earnings underwrite the ability to make future optimizations.

Fourth, it’s time to get psychological.

You are what you charge. Your price is a story. It alerts the world that you’re a real business interested in fairly exchanging value for money.

Make sure to charge enough that people will take your product seriously, but not so much that it will trigger their fear of loss. This practice of requesting rightful compensation for your work sets a precedent and lowers the likelihood of resentment and guilt around giving too much away for free.

It ultimately allows you to put the focus on making your business more valuable, rather than simply less expensive.

Fifth, consider the confidence and momentum you gain from charging.

Having actual paying customers is deeply validating. It means you made something that’s worth buying. Something that’s good enough to solve people’s problem.

Never underestimate how good that can make a person feel. Knowing that you’re not completely hallucinating when it comes to your business is worth its weight in gold.

Sixth, think about the spiritual piece.

What if the definition of wealth wasn’t money, but the wisdom and experience you gained from making it?

That’s the real dividend. The payout of learning and growth. Becoming a better version of yourself. Taking the journey that earns invaluable perspective and judgment to use as leverage for your future endeavors.

Nobody can take that away from you. Whereas the money itself can fade away faster than a fake tattoo. This is how you develop a relationship with money that supports and enhances your overall experience of prosperity.

Seventh, let’s not forget the fulfillment piece.

Regardless of the amount you charge, whether it’s one dollar a month or one million dollars up front, you don’t do it for the money, you do it for what the money stands for.

That you’re worth it.

My mentor used to ask me, if you were arrested and charged with creating value for people, would there be enough evidence to convict you?

Once you can confidently answer yes to that question, the fulfillment box will be automatically checked.

Where did your relationship with money come from?

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