Money Making Mindset For Entrepreneur Success

Money Making Mindset For Entrepreneur Success

Posted by on May 10, 2010 in Financial Freedom

I recently got an email from Amy from who asked me a few questions about my money mindset and entrepreneurial success – and I thought it would be interesting to share.

There are so many negative beliefs around money that cause us to self-sabotage our progress and keep us stuck at the same monthly income for years.

While just changing beliefs can’t just magically manifest money in your lap, it’s crucial to have positive attitude towards money if we want to have a great income and be financially free.

Here’s what Amy from The Leaping Lamp asked me about the money mindset and what I shared:

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Dear Tomaz:

You’re a specialist in having the mindset of a winner, especially in tennis. And you know you can close the gap of of your goal much faster if you already have that mindset of success.

I would like to get into the mindset you have now so I might close the gap of my goals faster. Would you indulge me in a couple of questions regarding your online success and the financial freedom you’ve acquired?

1. What are your level of skills regarding SEO and making a high traffic website? Would you consider yourself an expert?

I think I am an expert although I think SEO in these days is very simple.

This is like 95% of the stuff that I do.

2. How do you perceive money differently before you became financially free vs. today? For example, What was expensive to you before, but today you consider to be a great deal? Does the word /expensive /mean something different to you today?

I read lots of books on money before. Think and Grow Rich, Rich Dad Poor Dad and similar. I simultaneously changed my goals related to money as I was earning more online.

I decided at some point that I want to earn 1 million dollars. Not because of the amount but because of what it takes to get there. I am not there yet but I am still aware of that goal that I “installed” in my brain at some point.

Of course, when you earn much more, then stuff is not that expensive. Although I realize that there are some people who are obsessively frugal even though they have millions.

I am not like that. I don’t mind paying $2500 for business class flight to Bangkok. In fact, I enjoy it.

3. What is one of the biggest changes in attitudes you’ve had about money since it has flowed abundantly into your life?

I enjoy paying for stuff. When I get my monthly bills, I enjoy paying for them.

I read somewhere: “I pay this bill effortlessly.” Start with that mindset every time you pay a bill and eventually you will pay effortlessly.

Before I felt that people with lots of money couldn’t be 100% good. I felt slight resistance towards lots of money.

Now I don’t. I like it. I am not bound by money and it doesn’t define me – but I simply like it.

I keep a detailed record of my online earnings since the first month when I started to earn online. That was in February 2006.

I can see for every month since then how much I have earned and with which program (Adsense, Amazon, Chitika, Clickbank). This signals to the mind that these numbers are important and that I enjoy when they grow.

I also am not greedy. I never felt greedy wanting much more money. I was always very very happy when I earned more than previous month.

I am very grateful to my own talents (intelligence, perseverance, good concentration) and people who showed me the way – Ken Evoy, Andy Williams and others.

I do set some interesting goals when it comes to money – like I want to earn a minimum salary (of Slovenia) – per day. 😉 But again – it’s just an exciting goal and not really that I want that money so much.

What I am going to do with it? 😉

So I think I have a healthy and exciting attitude towards money and that probably attracts it into my life too.

4. How has your thought process changed over these years of your business success? Do you brainstorm good, profitable ideas more often?

It has simplified. I used to complicate more, now I focus on what works and don’t waste time on other stuff.

I don’t brainstorm much – I just grow the sites that I have. It’s more than enough – I don’t need more sites or more money.

I am focusing on my coaching career in tennis in the near and distant future.

5. How much money do you comfortably carry with you on your person? ( I ask this because I’ve heard that people with larger bank accounts carry more cash with them and I should carry more cash with me, too. Get out of my comfort zone a little bit and mimic those who have more wealth)

Very different. Typically around 100 euros. But I may have an empty wallet too and that doesn’t feel uncomfortable either.

But at some point I learned to have a very organized wallet. High notes at the back and lower notes in front. It signals to the mind that you respect money.

Some additional thoughts I think are important:

Money is just metal and paper. It doesn’t mean anything.

What’s important is to feel confident about money making skills and feel confident about entrepreneurial success regardless of the situation – whether I have something in my pocket or in my bank or not.

That inner calm and confidence is what works in the long term and not the outside results – how much I have in the bank.

With that inner confidence you feel calm in any situation. People who focus on the results and the amounts they see in their bank accounts are dependent on those amounts.

When the amount goes down, they feel very bad. They are slaves to the money.

I am not. If I lose everything today, I know I can build websites that bring lots of traffic which will transform into passive income.

So in summary, one should focus more on the inner game:

  • not having negative beliefs about money
  • enjoying any extra money regardless of the amount (not being greedy but being grateful)
  • and developing good skills in creating successful websites that give you confidence and inner calm regardless of the state of your bank account

The other part of entrepreneurial success of course lies in taking action, being productive and keeping your goals in your mind.

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    14 Comments

  1. Tomaz,

    I guess there is still a missing ingredient for me. I started SBI almost a year ago, and set to replace my previous yearly income as Full time apparel cutter within a year.

    Now even working on SBI full time, I am not anywhere close yet to achieve that goal, and my earnings are still under $1000 per month. (not to mention negative profit, because I still spend more on building sites than I earn)

    I don’t see myself lacking any attributes you listed above, and have read many self help books like think and grow rich, etc…

    One of my dreams since childhood were to achieve $1 mill/year before the age of 30.

    There must be something more to mindset and taking actions (because I take lots of actions with planned strategies).

    However, I do recognize very clearly, that after dozen times of trying and experimenting with different fields, from arts, to science, to technology (this IM stuffs), I still have not found my life time passion! Perhaps that’s all I need.

    Would love to hear your feedback, Tomaz 🙂

    [Reply]

  2. Nick,

    Check my post about 5 Must Dos in the SBI forums and see which of those 5 factors are missing in your case.

    As for life passion, keep asking yourself what you love to do and keep noticing at which activities you feel energized and really good inside.

    [Reply]

  3. I look at using SBI as a low risk – high reward situation. I probably could spend a lot of money to refine my site, but I haven’t yet. First I want to make sure my site is valuable just based on content. Soon I will start using the money I am making and put it back into my current site and more websites.

    Confidence is key, but I think the biggest factor is being “free.” I don’t like working for someone, and on the other hand, I don’t want someone to work for me. As long as I have that concept in mind, I keep working towards my financial freedom.

    [Reply]

  4. Tomaz,

    Thanks for your reply and recommendations.

    I read the post about 5 must dos before and no I am not missing anything from the list. Perhaps I wasted too much time (the first 3 months) before when I first created an SBI site around “how to increase website traffic” when in fact I was still newbie! :D.

    I am not doing too bad with traffic, just find it quite hard to monetize with a site under 1k visitors/day.

    Was wondering if you had any financial goals for the first year with SBI and whether you successfully achieved it?

    Do you think its mostly some sort of fortunate luck or is it all thanks to your winning mindset?

    [Reply]

    Tomaz Reply:

    Hey Nick,

    I didn’t have any specific goals at the beginning since I had no experience and couldn’t assess what is possible and what isn’t.

    I set my goals after about 1 year with SBI…

    The winning mindset is of course just a part of success. The other part is choosing the right keywords, adding lots of quality content, building links and simply persevering long enough for Google to notice you.

    I was lucky in a way when I bought Andy’s niche about vacuums – since I didn’t have a clear picture of what niche would be very successful.

    But there were 99 people who were also “lucky” and bought Andy’s niche – and none of them came even close to the quality, effort and eventual rankings of my site.

    So I think luck may have added 10% to my success, the rest was just smart and hard work.

    [Reply]

  5. Hi Tomaz:
    This was so fantastic to bring our Q&A exchange out for all your readers to learn from. I know I learned a lot from your response.

    I’m already implementing some of your ideas, like tracking my affiliate earnings monthly. I just set up my Excel document.

    I also like your musings toward the end, reminding us not to be slaves to money, that we have the instrument to make money at any time, and that instrument is our own minds.

    [Reply]

  6. I think one of the keys to the entrepreneurial mindset is to look for, and celebrate, small wins. Sure, everyone would like to be earning massive sums of money but it takes time to build up traffic, build up a readership and work out how to monetize those people.

    Celebrating small wins like a jump in search engine results, your first affiliate sale, your best Adsense day and so on can all be great motivators for keeping you moving in the right direction.

    [Reply]

  7. Tomaz! I love your blog and these last two posts have been particularly motivating. I have found myself getting nervous that these good “free” times are too good to be true? Not exactly a “winning mindset.” I just love my life so much now, and everything used to be such a drag having to do stuff I didn’t want to do all the time.

    Do you ever wonder that all this freedom will disappear? That online advertising and marketing will fade away? I’m going to use the tips you have here (I LOVE the “I pay this bill effortlessly,” tip.) If you have time in any future blogs or have a link to share that may help keep these non-winning thoughts at bay, I would be particularly grateful.

    I refer EVERYBODY to your blog always. Thank you for all your hard work and generous information. 🙂

    [Reply]

  8. Tomaz, I always come back to your site when I need a pickup in motivation. Your comment “I am very grateful to my own talents (intelligence, perseverance, good concentration)” hit me between the eyes. I can doggedly sit at my computer all day trying to write more content (I am an SBI owner) and end up with 3 short paragraphs. That word “concentration” is where I am sorely lacking. I get easily distracted by random thoughts and web surfing. Any suggestions? Thanks in advance.

    [Reply]

  9. Hi Tomaz,
    is it true that the new 3 column templates are now available from sbi as standard now, and are they any more difficult to create pages now as compared to old look way?
    Thanks

    [Reply]

    Tomaz Reply:

    Hi Dante,

    The new SBI 3 column templates are for those that upload HTML at the moment. They will be available for block-by-block builders by December.

    [Reply]

  10. Hi Tomaz,

    Great insights here as well, thanks. Before you started outsourcing your content writing, how frequently were you able to create pages? And, did you have any goals related to this and how did you make sure that you stuck to them?

    [Reply]

  11. Hey Mon,

    I typically wrote 2-3 articles per week on average for my tennis site. I didn’t set any goals for writing the pages – I simply WANTED to get as much content as fast as I could so that got away from what I hated (working for someone and not being free) and got closer to what I wanted – be personally and financially free.

    If you’re not motivated like that, then setting goals probably won’t work. And if you are motivated, there’s no need to set goals.

    Motivate yourself by constantly thinking what you hate and what you really really want. Writing content then is really easy…

    [Reply]

  12. Totally agree with your last comment Tomaz, where there’s a will, there’s a way.

    [Reply]

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