In today’s episode, I am speaking about setting wealth boundaries, boundaries that will result in you having a wealthier life.
First of all, we need to speak about what a boundary actually is. It’s only a boundary if it is enforced. If you don’t enforce it, it is not a boundary. It’s your actions that matter here and not your words. Boundaries are necessary in all areas of our life, and strong wealth boundaries results in strong finances in the same way that strong health boundaries result in strong health. So setting wealth boundaries is one of the most valuable things you can do to ensure greater wealth in your life. As I said, boundaries are set and kept not by what you say, but what you do. You train others to respect your boundaries by your actions around those boundaries. If you let your boundaries slide, other people will too.
Let me give you a recent example. I recently told someone that it was not appropriate to contact me via WhatsApp. I was not available via that contact method. They did not respect that boundary, and they kept doing it. Anytime they would message me on WhatsApp, I did not reply. I stuck to my words and I stuck to my boundary with my actions.
Now, if I had started to replying to them, if I had got fed up of speaking to them in another medium when they messaged me on WhatsApp, then I would have weakened my boundary. They would have continued to do the thing that I had explicitly asked them not to. When they realised that I was being serious and I was sticking to my boundary, they adhered to it at their end as well.
If you uphold your boundaries to your actions, they will be respected. But if you don’t, then no matter what you claim, no one else will respect them either. You need to uphold them so that you personally will respect your own boundaries. Setting boundaries is serious and powerful, and I encourage you to set some serious boundaries. It can cause huge breakthroughs for you. How you set and stick to your boundaries will let you and others know how serious you are about having a wealthy life or not for yourself.
If you have set goals before and you’ve not achieved them, if you have certain milestones and you’ve fallen short, have you been firm with your boundaries or have you been lax with them? There is usually a link between achieving our goals and not achieving them, and upholding our boundaries and not upholding them. If you’ve always set a boundary that, for example, you will pay yourself 50% of your revenue as take home, whether that’s salary or profits or a mix of the two, but you have not always done that, you have not always followed through as a non-negotiable, then that’s not a boundary, that’s just a wish.
If you’ve set a boundary that you’re going to run your business on, say the Profit First methodology, but then you haven’t always followed through as a non-negotiable, then that’s not a boundary, that’s a wish. Upholding a boundary to always pay yourself first to take home a certain percentage of your revenue, and running your business on whatever is left over would make you exponentially better off, but only if you actually uphold that boundary.
But setting that and not following through shows that you’re not serious about it yet. It makes you feel like you failed when in actual fact, did you try? Did you really set a clear boundary around it? So, let’s say that paying yourself first is one of your wealthy boundaries. How do you actually do that? Well, you need to implement Profit First by Mike Michalowicz. You can get that book, you can get the core chapters by heading over to annetteandco.co.uk/pfbook. That’s annetteandco.co.uk/pfbook. Learning from there, that is a boundary that you are creating. If you want to pay yourself first from your business, you need to read that book because that is basically what the book is all about.
So, set that boundary around that action of paying yourself first. Set up an auto payment so that it happens so that you do do it. What about boundaries that you’ve set around your expenses in your business, around the budget that you have for courses and programmes, the budget that you have for ad spend, or your team? Setting up budgets to make sure that you end up with a profit you predict, it is so crucial so you don’t, quite frankly, run out of money and your business.
Regardless if you are a startup or an eight figure business, budgets are crucial boundary in your business. If it’s not in the budget, you don’t buy it. It stops that shiny object syndrome. Do you have a budget around who you take financial advice or coaching from? Would you take financial advice from a broke financial advisor? Does it make sense to take financial advice from someone who is in a worse financial position than you? Would you take relationship advice from someone who’s in a worse relationship than you? Would you take business advice from someone who has a much smaller business than you?
No, why would you? They haven’t been there and done it yet. The same boundary goes for you. Who are you taking your financial advice or coaching advice from? If your parents are not where you want to be when you retire, don’t take retirement advice from them. I wouldn’t take advice from someone who has not been there and not done it yet because it shows to me that they’re not able to use their own advice yet. So, why would I use their advice?
Set strong boundaries around who you will listen to you and who you won’t when it comes to your business and your finances. All of these boundaries have long-term on your wealth. And remember, it’s only a boundary when you enforce it. I hope this episode has given you some things to think around setting wealth boundaries.
Whilst we are here, I would love to let you know the next wealth lab that we have happening inside the Uncover Wealth community. The wealth lab runs from November the 11th to the 15th, and during it, we will be building out your profit plan to release the next six figure take home from your business. Head over to annetteandco.co.uk/weathlabnov19, which I realise is a mouthful, but the link will also be in the show notes, and you can register your place there.
Thank you so much for listening. Until next time, let’s find the clarity in your numbers, increase your wealth, and get more money in your pockets.