24 Mar Ep. #65 Money March Pt. 3 MINDSET: MATH vs DRAMA.
My goal for this episode is NOT to tell you what you should or shouldn’t think about money, or even THAT you should or shouldn’t think about money. My goal is to hold a safe place for you to explore, and discuss your RELATIONSHIP with money. By the end of this episode, you’ll understand your beliefs about money, how (long it takes) to make a billion dollars AND the very significant role your emotions play in managing your wealth.
Columbus and Billionaires: https://www.truthorfiction.com/if-you-made-5000-a-day-starting-in-1492-would-you-still-have-less-money-than-jeff-bezos/
Intro: This is words that move me, the podcast where movers and shakers, like you get the information and inspiration. You need to navigate your creative career with clarity and confidence. I am your host master mover, Dana Wilson. And if you’re someone that loves to learn, laugh and is looking to rewrite the starving artist story, then sit tight, but don’t stop moving because you’re in the right place.
Dana: Hello. Hello. Hi, and welcome to the podcast. I’m Dana. This is Words That Move Me. I’m stoked. This episode is a really, really special one, a subject that is very close to my heart, question mark.. I take that back immediately. Um, close to my mind, at least pretty close to my mind. Most of the time, um, today we’re talking about money mindset. This is part three of money March. We’ve already discussed dancer specific dollars. In episode 63, episode 64 was all about choreographers and the unique challenges that we are looking at in our industry right now. And today we are talking about your mindset about money, and I’m very simply put separating the math from the drama and I’m jazzed about it. But first we’re going to talk wins, and I love my win this week. I’m very excited to share. I’ll tell you mine, and then you will take the floor and share with yourself, or whoever happens to be around you, uh, something that’s going well in your world. So here we go. Uh, this week I am celebrating that there is finally an in theater and HBO max release date for In the Heights, which of course is Jon Chu’s feature film adaptation of Lin-Manuel Miranda and Quiara Alegría Hudes’ Tony award-winning musical coming to the big screen. Holy smokes. You guys, I’m extremely emotional about this one. Um, for, for much of 2019, I lived in New York city and was an associate choreographer along with Ebony Williams, Emilio Dosal, and Eddie Torres Jr. Um, working under the fearless leadership of dance and choreography champion, Mr. Christopher Scott and wow friends. I cannot wait for you to see this film. And, uh, I’ve been fortunate enough to reconnect with some of the team in the last few weeks. And that is my win. I am. I’m simply smitten with admiration and awe and pride, um, at being a part of this team and a part of this project, I am thrilled for you to see it. Okay, now it’s your turn. What is going well in your world?
Congratulations. I commend you for your grind. Please keep going. There are important stories out there that need to be told, and they are demanding and they’re calling for you. So keep going, keep winning and dammit. Even if you’re losing lose forward. I think the more eloquent way to put that as fail forward, but just, just keep going. All right, congrats. You got this.
Now my aim for this podcast, for every single words that move me episode is to help you listener become more informed and empowered and capable and actively creating more than you consume in terms of value in the world. Um, but my goal for this specific episode is not to tell you what you should or shouldn’t think about money or even that you should or shouldn’t think about money. My goal is to hold a safe place for you to explore and, um, discuss. And in general, become more aware of your relationship with money. Uh, I suppose you might think of this as, as a relationship counseling session, but since money doesn’t have thoughts and feelings about you, this is going to be a pretty one-sided session. Now, before I get too deep into it, uh, the lovely Riley Higgins, who is my assistant engineer on the podcast, she creates interactive PDF worksheets for every single words that move me podcast episode, the worksheets are designed to be a companion to each episode, a place where you can really apply and study what you are learning, what you’re listening to really recommend you check those out worksheets are sold in bundles of ten at thedanawilson.com/shop And we are making a special deal and bundle out of the money March episodes. So all four parts of our money March series will be turned into worksheets, bundled together thedanawilson.com/shop And they will exist for you there forever. Um, so that you can keep your financial flow locked in and lovely. I love alliteration. I really can’t help it. Um, I really do encourage you to go check that out. Especially this episode’s worksheet will be particularly useful because today I’ll be asking for a lot of crowd participation. Um, I’m going to ask you to look to yourself for a lot of answers to questions instead of to me or to my guests. Um, I suppose I should also make a quick warning that this conversation can bring up a lot.
Yes. Money. When I think about money, I think about my dad. I think about my childhood. I think about this country. I think about my car. I think about my house. I think about homelessness. I think about inequity. Wow. I mean, this subject of money is loaded and we’re going to start unpacking it. We’re going to unpack it because it can teach us so much about ourselves and our world. Now, before we even unzip to unpack, let’s talk about the suitcase that we’re unpacking. I am very interested in social and economic justice yet. This episode is really not directly about redistributing wealth from the haves to the have nots from the oppressors to the oppressed. This podcast assumes that you are listening to this podcast, which means that you have a phone or some sort of device, possibly a computer or tablet. And you have wifi. This episode was created with an audience whose basic human needs are already met in mind. All right, let’s jump right into it. Shall we? The first idea that I want to introduce is this concept of a relationship. I already touched on it once already, but whether, whether you’ve said yes to that relationship or not, you are indeed in a relationship with money and just like in a friendship or a romantic relationship, your thoughts and beliefs about your partner affect your experience of the relationship. If you think your partner is the greatest thing since sliced bread, which Holy smokes let’s be real is so good. I have a loaf, the sourdough bread on my counter right now. And it’s so, okay. We’re back. Money, money, not bread, money, not bread. Oh my God. Money, bread. Okay. Moving on. If you think your partner is the greatest thing since something great, you probably feel wonderful about being in a relationship with them, or perhaps you think that your partner is cheating on you. And that makes for a very different experience of the relationship. You might even be able to remember a relationship where the harder and harder you to get the interest of someone, the less interested they became is this a, is this a scary parallel for money or what it might be? It might not. The point is the thoughts and the beliefs that you have about your partner affect your experience of the relationship. So let’s uncover your current beliefs about money. I’m going to start by asking three questions and I’ll leave a little bit of space here for you to answer. If you’re using the words that move me worksheets by all means have a heyday. If not a plain old pen and paper or note in your phone should do just fine.
Question number one is this, what comes to mind when you think about money? What comes to mind, when you think about money? Do you think about catch phrases? Like money equals power or time is money or you have to work hard to make money? Or do you think more personal thoughts? Like, Oh, I’ll never be a millionaire as a dancer. When you think about money, do you think about the stuff that money buys do you think about the people who have it? Do you think about the people who don’t have it? When you think about money, do you think about disparities, pay gaps and equity? What comes up for you when you think about money, make a list of all your thoughts, or I suppose you could simply think them, but we will be coming back to this in a moment. Feel free to take a little more time if you would like.
Question number two is a two-parter part one. Do you have a lot of money? And why? Part two? Do you want a lot of money? And why do you have a lot of money and why? And do you want a lot of money and why? Yes, my friends, we are doing it. We are uncovering your beliefs about the greenbacks. Okay. Next question. What were you taught about money from your parents, from your teachers, your role models, leaders, key figures, and even friends in your life. What were you taught about money? Were you taught that, that you need to hold on tight because you might lose it at any time. Were you taught that it takes money to make money? Um, were you taught that high risk equals high reward? What were you taught about money? Of course you can take as much time as you need here, but I’ll keep moving.
My fourth question is simply what is money factually? What is money? Not your thoughts about money, but what actually is money. Of course I consulted the internet and the Internet’s definition of money is a current medium of exchange in the form of coins and bank notes. Yep. That’s it. Coins and bank notes. Uh, current medium of exchange money. Factually is neutral. There’s nothing in that definition that says money is good or money is bad, or even money is essential. It is a piece of paper or a coin that humans have all collectively agreed is worth something. Imagine an alien descends on earth lands here and finds a $100 bill on the ground and a dime. And let’s say a crushed up Carl’s Jr cup. They would have no idea which one has more value because humans have invented the construct that is money and humans have a lot of different thoughts about what it means. Do you love that? In that scenario, I made this subtle assumption that aliens are real and that money is in fact neutral money itself by itself is a circumstance. It’s not until we think about it, that it holds any rank or pull on our lives. We think that it’s essential for survival. We think that we don’t have enough of it or that other people have too much of it. You can, and you probably do think many different thoughts about money than I do. We, the universal we, will all think different thoughts about money. And that is a beautiful and slightly scary thing. But the bottom line is that most of us think thoughts about money, not facts about money. The facts are the simple math, but the thoughts are usually simple drama. You know, that friend who makes everything extremely dramatic, nothing is okay. Everything is either amazing or awful. Yeah. That might be you a little bit with maybe it’s possible. So let’s focus on separating facts about money from thoughts about money. Take a look at your answers to the questions that I’ve asked. What comes to mind when you think about money, do you have a lot of it? Why do you want a lot of it? Why, what were you taught about it and look closely at your answers there? How much of that is money math and how much of that is money? Drama. Challenge yourself by asking is this is, this is what I’ve written here really empirically true, or could someone else think something differently? Could someone else even with similar circumstances think differently. In other words, I’m asking, do you have a money problem or do you simply have money drama? No matter what the answer is to that question, the good news is that both the circumstance of money and your drama about it can be changed. Check that out. Pretty sweet. Huh? I think so.
Now I want to deconstruct a very popular idea. This idea, that hard work putting in your time, saving up your money and making a budget will make you rich. Time does not make money. Hard work does not make money. A budget does not make money. It might save money, but the only thing actually makes money is value. Value is a measure of the benefit provided by a good or service. And my friends, we definitely want to create benefits just like we want to reap the benefits, right? So how much benefit are you providing? How much potential do you have to create value in the world? What skills do you have that the world could use? What ideas do you have that the world is begging for? You can go ahead and start a list for that too. I love that list. Now, as a demonstration of this fact, this idea that time doesn’t make money and hard work definitely does not equal money. As a demonstration of that fact, I am going to call on a, um, a tweet that was made back in 2019. If you used Twitter or the internet in 2019, you probably this tweet floating around. I think the original author of it was Zach Walls. Um, he, he, he wrote, if you worked every single day, making $5,000 per day from the time Columbus sailed to America, to the time you’re reading this tweet, you would still not be a billionaire and you would still have less money than Jeff Bezos makes in a week. Yikes. Let me just call that back. If you worked every single day for $5,000 a day from the time Christopher Columbus sailed to America, which was, I believe 1492. If my rhyme serves me correctly, um, until today, quote unquote, which was sometime in 2019, you would still not be a billionaire and you would still have less money than Jeff Bezos makes in a week. Well, my friend, there has been some pretty intense fact checking and math mapping on that tweet. And at least the first part of it is still true to this day and will be true. The first part of it, um, meaning $5,000 every day from 1492 until today, you still would not be a billionaire. That part is true and will be true until 2054, indeed. It would take about 562 years at $5,000 per day to become a billionaire. So what does that tell us? Well, a, it tells us that Jeff Bezos has an almost unthinkable amount of money. Um, and that if you’re a dancer earning the 2019 median average hourly rate of $17.49 per hour, that’s about $139 and 92 cents per day, which is a far cry from $5,000 a day. Um, yeah, if you’re a dancer making the average median hourly rate, you’re far from becoming a billionaire, unless you think outside of the billable hours in a day, let’s take a look at Oprah for example, always let’s always look at Oprah. For example, Oprah didn’t become a billionaire by increasing her day rate or her hourly rate and simply working more hours. She did it by creating value that works and earns even while she’s sleeping, that my friends is the dream, no pun intended. So yes, do everything you can to build the skills that earn you top dollar in your field, create and contribute benefits in the world. And yes, and also look for or create ways that your money can make money without you lifting a finger. This might mean licensing your choreography. Shout out to last week’s episode or writing a book perhaps, or selling a product, or of course, keeping your money in a safe place with a high interest yield instead of under your mattress. I suppose, in, in the words of my dear friend, Marty Kudelka what I’m trying to say is work smarter, not harder and let your money do the same.
Now, the next thing I want to talk about is emotions. Dana, why are you talking about emotions? This podcast episode is about money. Well, chill out and find out. I want you to take a moment and list all of the emotions that you associate with money, either having it or not having it doesn’t matter. A couple of examples are settled, safe, or struggling, glamorous, guilty, happy, scared, embarrassed, um, proud, free, greedy, accomplished, jealous, indulgent, superior inferior. Just rattle them off all of the emotions that you associate with money.
Now I’m going to say something that you might not like money cannot make you feel any of the things on this list. Now you might be thinking, uh, no Dana, for sure. I’m telling you. I swear to God. If I had money and could pay my rent, I would be happy. I would feel safe. If I can just pay my rent again, I’ll ask you to challenge yourself here, strip away the drama. You think you would be happy if you could just pay your rent, but is it possible that you could pay your rent and still be very unhappy? Is it possible that someone with a lot of money paying their rent could feel unhappy or insecure even? Is it possible that someone with very little money could feel happy? Yes, of course it is. I like to think of, um, Bernie Madoff. When I talk about emotions and money, Bernie Madoff, I can remember his last name because he is the financial advisor slash market maker slash fraudster who, I think that’s a word, but I’m not sure. Um, who made off with a bunch of people’s money. He’s the confessed operator of the largest Ponzi scheme in world history. Um, the amount missing from his client’s accounts was almost $65 billion. And we’ve already talked about how much a billion is now. Here’s the thing. Bernie’s clients felt great investing their money with him because they thought keyword, they thought their money was in good hands. Their money was long gone, nowhere to be found, but they felt fine until they found out their money was gone and enter the drama. PS, Bernie Madoff must be in his eighties by now and is still in prison. So yahoo. Now of course, money itself, coins, paper. They don’t affect our emotions, but if you happen to believe that money and your emotions are directly linked, you may actually be avoiding money to avoid the feelings that you don’t want to associate with. You might actually be avoiding money to avoid feeling greedy or indulgent or self-centered or ego maniacal, or you may be chasing money thinking once I have it, I can finally feel free or happy or glamorous or proud or accomplished. And this is a problem. This is a problem because all feelings are available regardless of money. Period. I know some very, very wealthy people that are very, very unhappy and extremely insecure. I know a lot of people living paycheck to paycheck that are thrilled with their lives, Joyful, grateful, generous, giving. These are just two examples of the evidence that money itself and the having of it is not directly correlated to your emotions. So are you avoiding money because of the way it makes you feel? Are you avoiding looking at your checking account or balancing your books or emailing your CPA because you feel stupid when you do it? Past itself raises hand. I’ve definitely gotten better at this, but these are two really important questions to ask yourself, are you avoiding money because of the way that it makes you feel or are you chasing it because of the way you think you’ll feel when you have it? If the answer is yes to either of those questions, take a super pause and really zoom out, actually better yet. Zoom in, zoom in to that feeling that you’re, that you can’t handle feeling or zoom into that feeling that you’re chasing that you think is sitting there with the pot of gold under the rainbow. Zoom in on that feeling. Can you feel it? Can you imagine what it feels like in your body? I bet you can feel that feeling right now. This, my friends is why managing your emotions is an excellent first step to managing your money now to show the importance of the way that you’re thinking with regards to money, we’re going to do a little experiment.
Notice the difference in the way that you feel. When I mentioned these different scenarios. Imagine you go to the store and you buy $10 worth of food and drink or anything that $10 can buy. All right. That’s scenario one. How does that, how does thinking about that scenario make you feel? Scenario two is a little bit different. Let’s say when you went to the store, you had a $10 bill in your back pocket. And when you got to the store to buy the stuff, the $10 bill is not there. It’s fallen out. You’ve lost it. You’ve got all your stuff up on the conveyor belt, $10 not there. How do you feel? Next scenario. Let’s say you’re eating out with a friend and they have lost or forgotten their wallet. So you say, dude, no worries. I got you. It’s just 10 bucks. You from your friend, your friend, 10 bucks for them. Yeah. How does that feel? Say this next scenario, you pay $10 for an online class. This is a teacher that you love. You get a great class. How does that feel? Notice the difference you feel when you think you are losing money versus spending money versus lending money versus investing the actual math of it is all exactly the same money goes out. That’s what happened in all of those scenarios. You bought things at the store, you lost the $10 bill. You covered your friend, you loaned your friend $10. Um, you paid $10 for an online class. The math is the same $10 out. The rest of it is drama. The drama says I should get something. When money goes out, the drama says that when you lose money, you get nothing but inconvenience in return. The drama says that when you loan money, you’re helping and that feels good. And depending on the situation, you might even think you’ll get it back. The drama says that when you invest, you think you’ll get it back plus some, but all are simply money out. So what if you could think of the dollar falling out of your pocket as paying for a lesson, maybe not a dance lesson, but a lesson in where to put your money. What if you could think of the money falling out of your pocket as lending money to someone else thinking that you’re helpful? Certainly it feels better than thinking that you’re reckless or that the universe is somehow unfair and his targeted you. What, if you could think that you will absolutely get that $10 back someday, 100%. That’s going to come back to you. If you truly believe that you would get that $10 back, I bet the way you treat the person at the checkout counter, when you realized your $10 was gone would be different. I bet the way you talked to yourself in that moment would be different. I really encourage you to start noticing the language that you use with yourself. When you think about money, not just the money out, but the money in as well. Think about making money versus earning money versus creating money. Do those generate different, different feelings in your body, different modes of being. For me It sure does. When I think about earning money, I am absolutely thinking about working. But when I think about creating money, there’s all sorts of different possibilities. There, possibilities that don’t necessarily include me busting through the cartilage in my knees.
Now, while we’re on the subject of trying on new words and new thoughts, when you’re thinking about money, you may notice that I have not yet mentioned abundance mentality and his entire episode about money mindset. I haven’t talked about abundance mentality. That is because I think there is a lot of, uh, excuse me, bull*** around the power of positive thinking. When it comes to money, taping a $100 bill to your ceiling and looking at it every morning and night will not make you rich thinking that you are a millionaire, doesn’t make you a millionaire, but thinking like one and then taking massive action, sometimes massive risk. Well that might help you to become one. The numbers are the numbers. What you earn is what you earn, what you spend is what you spend, what you have is what you have. And what you’d like to have is what you’d like to have. That’s all math, everything else is drama. And it’s optional. Please. Don’t forget to take a look at the worksheet companion to this episode and the rest of the money March episodes. I’m really hopeful that they will help you gain clarity of your thoughts and feelings around money. They are also a very interesting time capsule type project, a really cool thing to do once, maybe twice a year returned to reference back to, and really kind of clock how those thoughts, feelings, and yes, the math changes over time. Highly, highly recommend, okay, everybody that is it for me today. Next week I will be joined by not only a dancer, but a CPA as well. And yeah, that’s one person I’m super excited about next week’s episode. It’s entirely Q and A. So anything that’s come up for you in this episode or in the last two, all things money March, bring your questions about money, bring your questions about contracts, my guests, and I will do our very best to answer all your Qs. Get out in the world. Everybody be kind, and please Keep it funky. I’ll talk to you soon.
Me again, wondering if you ever noticed that one more time. Almost never means one more time. Well, here on the podcast, one more thing actually means two more things. Number one thing. If you’re digging the pod, if these words are moving you, please don’t forget to download, subscribe and leave a rating or review because your words move me too. Number two thing. I make more than weekly podcasts. So please visit TheDanawilson.com for links to free workshops. And so, so, so much more. All right, that’s it now for real talk to you soon. Bye.