April 2, 2025 • 20 mins
Are you trapped in the cycle of working more hours but seeing less profit?
In this eye-opening episode, we explore the transformative journey of Lisa, a marketing consultant who went from working 70+ hour weeks and missing her daughter's birthday to running a thriving business on just four days a week while doubling her income.
Discover the three-part strategy that changed everything for Lisa:
- How implementing Profit First (even at just 1% initially) transformed her relationship with money
- Why establishing a Bank On Yourself policy gave her the confidence to transform her client relationships
- The exact script she used to transition from hourly billing to value-based pricing that tripled her rates
We also address common objections from business owners in various industries, with examples of how they adapted these strategies to their unique situations.
Key Quote: "The real transformation wasn't just in Lisa's bank account but in her relationship with both money and time. She no longer feels owned by her business or controlled by client demands."
Whether you're drowning in client work, struggling with inconsistent cash flow, or simply tired of missing life's important moments, this episode provides a practical roadmap to working less while earning more.
Want more? Get our "Work Less, Earn More" case study pack in the Wealth Wisdom Financial Community by becoming a premium member here: https://www.wealthwisdomfp.com/community.
00:00 Introduction to Sam's Story
00:40 Welcome to Wealth Wisdom Financial Podcast
01:33 The Importance of Long-Term Tax Planning
03:03 Planning for a Business Sale
08:32 Estate Planning and Business Succession
12:29 Retirement Tax Planning for Business Owners
19:13 Conclusion and Next Steps
Watch On YouTube: https://youtu.be/1pGip0hlQeU
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:01):
What if you could cut your work hours in
half while doubling your income?
That sounds awesome. It also sounds
impossible, but that's exactly what
happened to Lisa, a marketing consultant
who was drowning in client work but
barely staying afloat financially. Today
we're sharing Lisa's remarkable
transformation using two powerful systems
(00:23):
that turned her business from a time
sucking monster into a freedom
creating machine. Stick around to
discover how you can follow the same path
in a world where chaos seems to reign
supreme, where uncertainty lurks around
every corner and financial markets
(00:43):
are now more unpredictable than ever.
There's one place you can turn to to find
clarity and control. Welcome to the
Wealth Wisdom Financial Podcast. Hey, I'm
Brandon. And I'm Amanda. Join us as we
dive deep in the world of personal and
business finance to assist you in
navigating through the chaos and building
(01:04):
the financial future you deserve. We
believe when conventional financial
thinking doesn't get you where you want
to go, you need wealth wisdom. So if
you're ready to take control of your
financial destiny. Tune in to the Wealth
Wisdom Financial Podcast because in a
chaotic world, your money shouldn't be.
Subscribe now and never miss an episode.
(01:28):
This is the first episode in a series
about work-life reset, where
this series is all about helping you
build a business that serves your life,
not the other way around. And of course,
we're your host as always. And we're we
are making this series because we're
really passionate about helping
entrepreneurs and business owners create
both wealth and freedom.
(01:50):
Doesn't matter how rich you are if you
don't get to to enjoy those riches. And
wealth isn't always, you know, just about
money and, you know, all those things
that we've talked about. Now you'll
notice that we also call it a work-life
reset, not work-life balance.
As you'll discover through this series,
it's. we're really thinking about
work-life integration. Without giving
(02:10):
away too much, what we're gonna cover
later in today's episode and the next few
episodes, Brandon, what are those words
work-life integration mean to you?
Yeah, it's definitely not work-life
balance. What people always say,
uh, a lot of times is I want work-life
balance and whatever the heck that means,
um,Integration means I wanna win
(02:32):
in all areas. I wanna be a good,
uh, father, good dad, good husband, right?
Um, and also I wanna win in
business. Now here's the thing.
Sometimes, sometimes
business is gonna win, as, as you
mentioned from your, uh, American Heart
Association days, that,
(02:53):
um, business may take precedence. You
know, we have to go on a company trip and
we're gone for a couple days. And on the
other end, uh, family's gonna win.
Uh, and we wanna- Like summertime. Like
summertime. Yeah. Uh, kids are off and
they are free. We're gonna go on some
trips. And so you wanna like focus in
that direction. Doesn't mean that work
(03:14):
isn't important. It just means that it is
shifting at that point in time. And so I
like the idea of winning in all areas,
um, and working in all areas, kind of
like the, the barrels, right?And if you
have these barrels and slats, if you
aren't like focusing on all the areas
one slats down, then
(03:37):
water's going to pour out. And so we want
to like be able to build those little
levers, family, business,
marriage, to bring those up. Yeah,
this doesn't mean though that you work
during family time. Yeah Not what he
means by winning in all areas. But this
also reminds me of Lisa, who we
introduced at the very beginning. Let me
(03:58):
tell you a little bit more about her
story, which was what we're going to
focus on today. She runs a digital
marketing agency, and at one point she
got to the place where she was completely
burned out. During one of our
conversations, her phone rang four
times, all client
emergencies, which if you're listening to
the podcast version of this, there was
(04:19):
totally air quotes around emergencies.
When I asked about her profit margins,
she laughed and said, what profit?Despite
working 70 plus hours a weekly with a
team of three, she was paying herself
less than her employees
until she reached a breaking point. And
that's what brought her to me that she
got to this breaking point. It was
(04:40):
missing her daughter's birthday party in
order to go to a client crisis, right?And
go handle that, be, you know, superwoman
for that client while missing out on her
daughter's birthday party. only to have,
the very next day, the client haggle over
the invoice. And I would
say a lot of times this happens. I mean,
(05:00):
again, this is her story, but you know
you can put yourself in this situation.
We put ourselves in that situation with
our coffee shop. Lisa's story
is one we've seen countless
times, but what makes her journey
remarkable is how quickly things
turned around once she
implemented three
(05:22):
key changes. Yeah. So
first, Lisa met Robert, a
business owner in our network who had
implemented Profit First two years
earlier. Robert shared how he had gone
from constant cash flow stressto making
regular profit distributions
by simply changing how money flowed
through his business. The concept was
(05:42):
simple. Whenever money came in,
immediately he'd set aside percentages
for profit, owner's pay, and taxes before
looking at operating expenses. Now,
Lisa was skeptical, but she
was desperate. And sometimes when you're
desperate, that's when you actually
change. So she started small.
just taking 1% for profit and 5%
(06:03):
for her personal pay from
every deposit. Within three months,
something remarkable happened. Not only
did she manage to run the business on
less, but seeing actual profits
accumulated, even small amounts,
shifted her mindset about whather
time was worth. And that is the
(06:25):
biggest change. It wasn't in her
checkbook and all that, it was in her
head. Yeah, and the value of her time.
Pinned in that, we're going to come back
to it. But this new confidence then
led to her second breakthrough. So
another business owner in our community,
Lisa, learned about Bank On Yourself, a
strategy using properly structured whole
life insurance to create a personal
(06:46):
banking system. What appealed to Lisa
wasn't just the guaranteed growth and tax
advantages under current law and with all
the right, you know, companies and all
those fabulous things. The thing that
appealed to her most was the emotional
security of building assets that no one
could take away. Not clients, not market
downturns. This felt very safe to her.
(07:07):
She was ready to move forward. She had
started a modest policy, directing a
portion of her newly consistent personal
pay into it each month. having
the growing financial foundation gave her
something she'd been missing for years,
the power to say
no, not yes. Yep.
(07:28):
Another mindset shift, right?She
started to value her time and then she
got the power to say no to
maybe the bottom 20%, things like that.
Okay?Yeah. All kinds of things that we
can talk, we talk about in our community
and other people talk about. as well.
Yeah, and we're gonna be coming back to
some of those through the the series.
(07:48):
Now we get to the third transformation.
So she implemented Profit First, she
implemented Bank On Yourself. With this
newfound financial courage from these
mindset shifts, Lisa completely
restructured her client agreements.
Instead of hourly billing, she created
value-based packages tied to
specific business outcomes. When a
(08:10):
potential client questioned a $10,000
fee, maybe like that client, right, that
got that challenge the invoice before.
This time, Lisa calmly asked
how much their current marketing problems
are costing them. And their answer,
about $85,000 annually in lost
opportunities. Suddenly, her fee seemed
(08:31):
like an investment, not an expense.
Now, what I want to mention here is
she was part of a community,
right?So sometimes you might think, oh,
well, that's a waste of time. But being
in community and in collaboration, she
was able to learn from other people
outside of even her own industry. And I
(08:52):
think that's something we forget about,
that the power of community, though may
seem insignificant, really helped her
to be a game changer. Now stay
tuned after the break to hear about
another community's reaction when Lisa
shared her journey with them.
(09:16):
Ready to take the next step towards
securing your financial future?Whether
you're planning for retirement, saving
for your dream home, or you just want to
make your money work harder for you. The
team at Wealth Wisdom Financial are ready
to assist you, and now it's easier than
ever to see how we might give you a boost
on your financial journey. Schedule a 15
minute discovery call with one of us
(09:38):
today and let's discuss your questions
and your financial goals together. Don't
wait any longer. Your financial freedom
awaits. Schedule your discovery call at
www.wealthwisdomfp.com/call.
OK, now Lisa was
(10:00):
also part of another mastermind and she
shared this journey with them. And
several members raised concerns that
you might already be having for Lisa. And
we want to talk about them. We're going
to talk about what their concern was and
what Lisa shared with them to help them
address that concern, you know, have
similar mindset shifts to how she had and
(10:21):
and so forth. So why don't you start with
the first one?Yeah. And I want to also
begin before I. Say about him
is thinking about being in other
masterminds. Other systems helps
you to again see from other mindsets,
other other points of view. And so we're
a part of multiple as well because we're
always learning and we are teaching at
(10:42):
the same time, right?And so being in
those places. So if you're in a different
group, they might not have learned the
language of the
group that you're. in. And so you're
coming in doing that. And so, so she
meets these other people that are, uh,
have a different language for their
community. And so she runs into James.
(11:03):
James runs an architecture firm. He's
worried that his clients would never
accept value-based pricing since
his industry traditionally bills hourly.
It's a different industry, right?Lisa
suggests starting with just one service
component and priced on value
while maintaining hourly rates
(11:24):
everywhere else. Within six months,
James took this advice and then
transitioned 40% of his service to
outcome-based pricing and increased his
margins by 30%
becauseHe listened to her
and implemented that. Yeah, and he
started small, changing one thing, and
(11:45):
then growing from there to 40% has
changed. Now, Tanya was
also in this group. Tanya's a solo
consultant, and she believed she couldn't
implement profit first because her income
was too inconsistent. We've heard that
one many times. Some months really big,
some months none, right?But Lisa
recommended starting with just 1% for
profit, just like Lisa had done. An
(12:06):
amount so small it wouldn't hurt, but it
would establish a habit. It would build a
muscle. Today, Tanya takes 8%
profit on every dollar and has built her
first real emergency fund. Way to go,
Tanya. Which is huge, right?
And then she met Michael. He was
hugely concerned about the
(12:26):
Bank On Yourself thing, right?The
infinite banking thing that he's heard
all kinds of other things about it, and
so he was like,Oh, I need to talk to you
about this. So he was thinking it was
just another investment scheme.
Lisa explained to him it wasn't about
getting rich quick, that often people
think it is, but building financial
(12:48):
stability that gave her confidence to
make better business decisions.
So he listens, he ends up
doing it, right?And so he starts his own
policy. Six months after starting his
own policy, Michael had the confidence to
fire his most demanding, lowest paying
clients and replace them with two ideal
(13:10):
clients at higher rates. Why did he do
this?Because he had a buffer,
a an emergency fund that he could depend
on to be able to make that smart decision
and not just be living in fear of
worrying what's gonna happen. Yeah,
so let's look back at these three.
James has profits that are 30%
(13:32):
higher because he switched to value-based
pricing. Tanya has a real
emergency fund because she started
Profit First. And Michael fired
two of his most demanding, lowest paying
clients and was able to replace them with
two clients with higher rates and you
know took less of his time. Can you
imagine how those changes at work-ish,
(13:54):
right, impacted their time?And how they
were to invest their time differently
with their family or even at work and
be more productive and more satisfied
about life. Now we're going to be coming
back over the next few episodes in the
series to talk more about time management
and productivity. But Brandon had
something he wanted to make sure to say
today about this topic. And then we'll
(14:17):
recap. Yeah. So one of the things that I,
I see in her story was,
one, she was teachable and learning, and
she was listening and being a part of a
community. Now, something I think about
when it comes to time management is
thinking about old us. So not old us in
the past, but the future us who is older
(14:39):
than us. Yeah. Yeah, there you go. Uh,
and then kind of working backwards and
saying, how can we build this business or
life or other things that help serve that?
Because oftentimes, again, when it comes
to time management, all the, the
bottom percent of, of our clients even
wanna take up that time, right?the
(15:00):
financial system wants to take up that
time or money. And so we have to like be
focused being in intentional community
that helps us build towards that
future us. And so that's one of the
reasons I love the, um, infinite banking
policies because I'm thinking in
three-dimensional almost in how I use my
(15:21):
money and how I use my time. Yeah.
And the thing I think that's the most
powerful about Lisa's story
is she was so stuck in the day-to-day
that she couldn't think 20, 30 years into
the future, right?And a lot of us get
there. And that made
her have this moment, this
(15:41):
pivot point where she missed her
daughter's birthday party to help this
client, who then the next day was mad
about the the cost, right?Imagine
a year later. Lisa's showing me a picture
of her daughter's most recent birthday
party, but this time, Lisa's in the
picture, fully present, no phone calls,
no emergencies. Do you think she's better
(16:02):
able to think 20, 30 years into the
future now?I I was literally
just talking about this in our small
group today. And we brought up, I
think it was Stevie Nicks or somebody,
the cat's in the cradle. remember that
song, the cat's in the cradle and the.
Kind of remember that song, but no words
to it. It's It's where the guy
says the kid wants to spend time with his
(16:24):
dad, but his dad's too busy working, too
busy doing all the stuff. And then 30
years goes by and he then wants to spend
time with his son, but his son isn't
there. And so so just
thinking about that song, listen to that
song and say, am IIn that
place?Or am I not thinking long
range?And so I
(16:47):
recommend listen to that song. It's a
powerful one. Amanda, if you don't
remember, you should listen to it.
Probably should. So let's go back to
Lisa. Lisa's business is running
on four days a week, with revenues up
40%, her personal income more than
doubled. Her profit first accounts, I'm
sure she gets paid consistently. Her
profit, her bank on yourself policy has
(17:08):
grown into a significant asset that
recently provided capital for a strategic
hire without taking on debt. All of those
are really great, but they're only part
of the story. The real transformation
was in Lisa's relationship with
both money and time. She no
longer feels owned by her business or
(17:29):
controlled by clients' demands. By
combining value-based pricing and
constant profit-taking and long-term
financial security, she created something
most entrepreneurs only dream
of, a business that serves her life,
not the other way around. If you didn't
catch that, Brandon used three words
(17:50):
That a lot of people use a lot together.
Money and time, time and money.
And Lisa's real transformation was in her
relationship with time and money. If
there's not a better reason to subscribe
to make sure you don't miss the next
episodes, I had a huge epiphany
about money and time that we're going to
be sharing this month. A lot of people
(18:12):
say time is money, money is time. Kind of
true, but also kind of not true. And I'm
going to reveal how looking at them
differently, having a reset and how we
think about time and money is just
mind-blowing and very clear on what you
could do moving forward. In the meantime,
Lisa's path is something any business
owner can follow regardless of industry,
(18:32):
current financial situation. And we want
to help you follow it. If you'd like to
explore it, see what how it works for
you. What we've created is a work less,
earn more. more case study pack that
involves detailed breakdowns of five
business owners like Lisa, who
transformed their work and finances using
these exact strategies. Each case
study includes their starting point, the
(18:54):
specific steps they took, and their
results, plus some questions, some ideas,
some worksheets to help you identify your
first move. There's nothing more valuable
than seeing how others have successfully
walked this path before you. You can get
those case studies in the Wealth Wisdom
Financial Community right now. Join
as a premium member at
wealthwisdomfp.com/community,
(19:17):
and those case studies are waiting for
you. Again, that's
wealthwisdomfp.com/community.
We'll have that link in the show notes
too. It's really hard sometimes doing
these podcasts because we, you know,
word slur, all the fun stuff.
But you see us real, right?So thanks for
joining us. Don't forget, hit that
subscribe. I say it every time. Don't
(19:39):
forget. Don't forget, hit that subscribe
button so you don't miss the next episode
where we're going to be talking about
setting boundaries, right?Yeah.
Setting boundaries. Setting boundaries.
It's a critical component to working less
and earning more. In the meantime, we
hope you live long and profit. The topics
presented in this podcast are for general
information only and not for the purpose
(20:00):
of providing legal, accounting or
investment advice. On such matters,
please consult a professional who knows
your specific situation.
What if you could cut your work hours in
half while doubling your income?
That sounds awesome. It also sounds
impossible, but that's exactly what
happened to Lisa, a marketing consultant
who was drowning in client work but
barely staying afloat financially. Today
we're sharing Lisa's remarkable
transformation using two powerful systems
(00:23):
that turned her business from a time
sucking monster into a freedom
creating machine. Stick around to
discover how you can follow the same path
in a world where chaos seems to reign
supreme, where uncertainty lurks around
every corner and financial markets
(00:43):
are now more unpredictable than ever.
There's one place you can turn to to find
clarity and control. Welcome to the
Wealth Wisdom Financial Podcast. Hey, I'm
Brandon. And I'm Amanda. Join us as we
dive deep in the world of personal and
business finance to assist you in
navigating through the chaos and building
(01:04):
the financial future you deserve. We
believe when conventional financial
thinking doesn't get you where you want
to go, you need wealth wisdom. So if
you're ready to take control of your
financial destiny. Tune in to the Wealth
Wisdom Financial Podcast because in a
chaotic world, your money shouldn't be.
Subscribe now and never miss an episode.
(01:28):
This is the first episode in a series
about work-life reset, where
this series is all about helping you
build a business that serves your life,
not the other way around. And of course,
we're your host as always. And we're we
are making this series because we're
really passionate about helping
entrepreneurs and business owners create
both wealth and freedom.
(01:50):
Doesn't matter how rich you are if you
don't get to to enjoy those riches. And
wealth isn't always, you know, just about
money and, you know, all those things
that we've talked about. Now you'll
notice that we also call it a work-life
reset, not work-life balance.
As you'll discover through this series,
it's. we're really thinking about
work-life integration. Without giving
(02:10):
away too much, what we're gonna cover
later in today's episode and the next few
episodes, Brandon, what are those words
work-life integration mean to you?
Yeah, it's definitely not work-life
balance. What people always say,
uh, a lot of times is I want work-life
balance and whatever the heck that means,
um,Integration means I wanna win
(02:32):
in all areas. I wanna be a good,
uh, father, good dad, good husband, right?
Um, and also I wanna win in
business. Now here's the thing.
Sometimes, sometimes
business is gonna win, as, as you
mentioned from your, uh, American Heart
Association days, that,
(02:53):
um, business may take precedence. You
know, we have to go on a company trip and
we're gone for a couple days. And on the
other end, uh, family's gonna win.
Uh, and we wanna- Like summertime. Like
summertime. Yeah. Uh, kids are off and
they are free. We're gonna go on some
trips. And so you wanna like focus in
that direction. Doesn't mean that work
(03:14):
isn't important. It just means that it is
shifting at that point in time. And so I
like the idea of winning in all areas,
um, and working in all areas, kind of
like the, the barrels, right?And if you
have these barrels and slats, if you
aren't like focusing on all the areas
one slats down, then
(03:37):
water's going to pour out. And so we want
to like be able to build those little
levers, family, business,
marriage, to bring those up. Yeah,
this doesn't mean though that you work
during family time. Yeah Not what he
means by winning in all areas. But this
also reminds me of Lisa, who we
introduced at the very beginning. Let me
(03:58):
tell you a little bit more about her
story, which was what we're going to
focus on today. She runs a digital
marketing agency, and at one point she
got to the place where she was completely
burned out. During one of our
conversations, her phone rang four
times, all client
emergencies, which if you're listening to
the podcast version of this, there was
(04:19):
totally air quotes around emergencies.
When I asked about her profit margins,
she laughed and said, what profit?Despite
working 70 plus hours a weekly with a
team of three, she was paying herself
less than her employees
until she reached a breaking point. And
that's what brought her to me that she
got to this breaking point. It was
(04:40):
missing her daughter's birthday party in
order to go to a client crisis, right?And
go handle that, be, you know, superwoman
for that client while missing out on her
daughter's birthday party. only to have,
the very next day, the client haggle over
the invoice. And I would
say a lot of times this happens. I mean,
(05:00):
again, this is her story, but you know
you can put yourself in this situation.
We put ourselves in that situation with
our coffee shop. Lisa's story
is one we've seen countless
times, but what makes her journey
remarkable is how quickly things
turned around once she
implemented three
(05:22):
key changes. Yeah. So
first, Lisa met Robert, a
business owner in our network who had
implemented Profit First two years
earlier. Robert shared how he had gone
from constant cash flow stressto making
regular profit distributions
by simply changing how money flowed
through his business. The concept was
(05:42):
simple. Whenever money came in,
immediately he'd set aside percentages
for profit, owner's pay, and taxes before
looking at operating expenses. Now,
Lisa was skeptical, but she
was desperate. And sometimes when you're
desperate, that's when you actually
change. So she started small.
just taking 1% for profit and 5%
(06:03):
for her personal pay from
every deposit. Within three months,
something remarkable happened. Not only
did she manage to run the business on
less, but seeing actual profits
accumulated, even small amounts,
shifted her mindset about whather
time was worth. And that is the
(06:25):
biggest change. It wasn't in her
checkbook and all that, it was in her
head. Yeah, and the value of her time.
Pinned in that, we're going to come back
to it. But this new confidence then
led to her second breakthrough. So
another business owner in our community,
Lisa, learned about Bank On Yourself, a
strategy using properly structured whole
life insurance to create a personal
(06:46):
banking system. What appealed to Lisa
wasn't just the guaranteed growth and tax
advantages under current law and with all
the right, you know, companies and all
those fabulous things. The thing that
appealed to her most was the emotional
security of building assets that no one
could take away. Not clients, not market
downturns. This felt very safe to her.
(07:07):
She was ready to move forward. She had
started a modest policy, directing a
portion of her newly consistent personal
pay into it each month. having
the growing financial foundation gave her
something she'd been missing for years,
the power to say
no, not yes. Yep.
(07:28):
Another mindset shift, right?She
started to value her time and then she
got the power to say no to
maybe the bottom 20%, things like that.
Okay?Yeah. All kinds of things that we
can talk, we talk about in our community
and other people talk about. as well.
Yeah, and we're gonna be coming back to
some of those through the the series.
(07:48):
Now we get to the third transformation.
So she implemented Profit First, she
implemented Bank On Yourself. With this
newfound financial courage from these
mindset shifts, Lisa completely
restructured her client agreements.
Instead of hourly billing, she created
value-based packages tied to
specific business outcomes. When a
(08:10):
potential client questioned a $10,000
fee, maybe like that client, right, that
got that challenge the invoice before.
This time, Lisa calmly asked
how much their current marketing problems
are costing them. And their answer,
about $85,000 annually in lost
opportunities. Suddenly, her fee seemed
(08:31):
like an investment, not an expense.
Now, what I want to mention here is
she was part of a community,
right?So sometimes you might think, oh,
well, that's a waste of time. But being
in community and in collaboration, she
was able to learn from other people
outside of even her own industry. And I
(08:52):
think that's something we forget about,
that the power of community, though may
seem insignificant, really helped her
to be a game changer. Now stay
tuned after the break to hear about
another community's reaction when Lisa
shared her journey with them.
(09:16):
Ready to take the next step towards
securing your financial future?Whether
you're planning for retirement, saving
for your dream home, or you just want to
make your money work harder for you. The
team at Wealth Wisdom Financial are ready
to assist you, and now it's easier than
ever to see how we might give you a boost
on your financial journey. Schedule a 15
minute discovery call with one of us
(09:38):
today and let's discuss your questions
and your financial goals together. Don't
wait any longer. Your financial freedom
awaits. Schedule your discovery call at
www.wealthwisdomfp.com/call.
OK, now Lisa was
(10:00):
also part of another mastermind and she
shared this journey with them. And
several members raised concerns that
you might already be having for Lisa. And
we want to talk about them. We're going
to talk about what their concern was and
what Lisa shared with them to help them
address that concern, you know, have
similar mindset shifts to how she had and
(10:21):
and so forth. So why don't you start with
the first one?Yeah. And I want to also
begin before I. Say about him
is thinking about being in other
masterminds. Other systems helps
you to again see from other mindsets,
other other points of view. And so we're
a part of multiple as well because we're
always learning and we are teaching at
(10:42):
the same time, right?And so being in
those places. So if you're in a different
group, they might not have learned the
language of the
group that you're. in. And so you're
coming in doing that. And so, so she
meets these other people that are, uh,
have a different language for their
community. And so she runs into James.
(11:03):
James runs an architecture firm. He's
worried that his clients would never
accept value-based pricing since
his industry traditionally bills hourly.
It's a different industry, right?Lisa
suggests starting with just one service
component and priced on value
while maintaining hourly rates
(11:24):
everywhere else. Within six months,
James took this advice and then
transitioned 40% of his service to
outcome-based pricing and increased his
margins by 30%
becauseHe listened to her
and implemented that. Yeah, and he
started small, changing one thing, and
(11:45):
then growing from there to 40% has
changed. Now, Tanya was
also in this group. Tanya's a solo
consultant, and she believed she couldn't
implement profit first because her income
was too inconsistent. We've heard that
one many times. Some months really big,
some months none, right?But Lisa
recommended starting with just 1% for
profit, just like Lisa had done. An
(12:06):
amount so small it wouldn't hurt, but it
would establish a habit. It would build a
muscle. Today, Tanya takes 8%
profit on every dollar and has built her
first real emergency fund. Way to go,
Tanya. Which is huge, right?
And then she met Michael. He was
hugely concerned about the
(12:26):
Bank On Yourself thing, right?The
infinite banking thing that he's heard
all kinds of other things about it, and
so he was like,Oh, I need to talk to you
about this. So he was thinking it was
just another investment scheme.
Lisa explained to him it wasn't about
getting rich quick, that often people
think it is, but building financial
(12:48):
stability that gave her confidence to
make better business decisions.
So he listens, he ends up
doing it, right?And so he starts his own
policy. Six months after starting his
own policy, Michael had the confidence to
fire his most demanding, lowest paying
clients and replace them with two ideal
(13:10):
clients at higher rates. Why did he do
this?Because he had a buffer,
a an emergency fund that he could depend
on to be able to make that smart decision
and not just be living in fear of
worrying what's gonna happen. Yeah,
so let's look back at these three.
James has profits that are 30%
(13:32):
higher because he switched to value-based
pricing. Tanya has a real
emergency fund because she started
Profit First. And Michael fired
two of his most demanding, lowest paying
clients and was able to replace them with
two clients with higher rates and you
know took less of his time. Can you
imagine how those changes at work-ish,
(13:54):
right, impacted their time?And how they
were to invest their time differently
with their family or even at work and
be more productive and more satisfied
about life. Now we're going to be coming
back over the next few episodes in the
series to talk more about time management
and productivity. But Brandon had
something he wanted to make sure to say
today about this topic. And then we'll
(14:17):
recap. Yeah. So one of the things that I,
I see in her story was,
one, she was teachable and learning, and
she was listening and being a part of a
community. Now, something I think about
when it comes to time management is
thinking about old us. So not old us in
the past, but the future us who is older
(14:39):
than us. Yeah. Yeah, there you go. Uh,
and then kind of working backwards and
saying, how can we build this business or
life or other things that help serve that?
Because oftentimes, again, when it comes
to time management, all the, the
bottom percent of, of our clients even
wanna take up that time, right?the
(15:00):
financial system wants to take up that
time or money. And so we have to like be
focused being in intentional community
that helps us build towards that
future us. And so that's one of the
reasons I love the, um, infinite banking
policies because I'm thinking in
three-dimensional almost in how I use my
(15:21):
money and how I use my time. Yeah.
And the thing I think that's the most
powerful about Lisa's story
is she was so stuck in the day-to-day
that she couldn't think 20, 30 years into
the future, right?And a lot of us get
there. And that made
her have this moment, this
(15:41):
pivot point where she missed her
daughter's birthday party to help this
client, who then the next day was mad
about the the cost, right?Imagine
a year later. Lisa's showing me a picture
of her daughter's most recent birthday
party, but this time, Lisa's in the
picture, fully present, no phone calls,
no emergencies. Do you think she's better
(16:02):
able to think 20, 30 years into the
future now?I I was literally
just talking about this in our small
group today. And we brought up, I
think it was Stevie Nicks or somebody,
the cat's in the cradle. remember that
song, the cat's in the cradle and the.
Kind of remember that song, but no words
to it. It's It's where the guy
says the kid wants to spend time with his
(16:24):
dad, but his dad's too busy working, too
busy doing all the stuff. And then 30
years goes by and he then wants to spend
time with his son, but his son isn't
there. And so so just
thinking about that song, listen to that
song and say, am IIn that
place?Or am I not thinking long
range?And so I
(16:47):
recommend listen to that song. It's a
powerful one. Amanda, if you don't
remember, you should listen to it.
Probably should. So let's go back to
Lisa. Lisa's business is running
on four days a week, with revenues up
40%, her personal income more than
doubled. Her profit first accounts, I'm
sure she gets paid consistently. Her
profit, her bank on yourself policy has
(17:08):
grown into a significant asset that
recently provided capital for a strategic
hire without taking on debt. All of those
are really great, but they're only part
of the story. The real transformation
was in Lisa's relationship with
both money and time. She no
longer feels owned by her business or
(17:29):
controlled by clients' demands. By
combining value-based pricing and
constant profit-taking and long-term
financial security, she created something
most entrepreneurs only dream
of, a business that serves her life,
not the other way around. If you didn't
catch that, Brandon used three words
(17:50):
That a lot of people use a lot together.
Money and time, time and money.
And Lisa's real transformation was in her
relationship with time and money. If
there's not a better reason to subscribe
to make sure you don't miss the next
episodes, I had a huge epiphany
about money and time that we're going to
be sharing this month. A lot of people
(18:12):
say time is money, money is time. Kind of
true, but also kind of not true. And I'm
going to reveal how looking at them
differently, having a reset and how we
think about time and money is just
mind-blowing and very clear on what you
could do moving forward. In the meantime,
Lisa's path is something any business
owner can follow regardless of industry,
(18:32):
current financial situation. And we want
to help you follow it. If you'd like to
explore it, see what how it works for
you. What we've created is a work less,
earn more. more case study pack that
involves detailed breakdowns of five
business owners like Lisa, who
transformed their work and finances using
these exact strategies. Each case
study includes their starting point, the
(18:54):
specific steps they took, and their
results, plus some questions, some ideas,
some worksheets to help you identify your
first move. There's nothing more valuable
than seeing how others have successfully
walked this path before you. You can get
those case studies in the Wealth Wisdom
Financial Community right now. Join
as a premium member at
wealthwisdomfp.com/community,
(19:17):
and those case studies are waiting for
you. Again, that's
wealthwisdomfp.com/community.
We'll have that link in the show notes
too. It's really hard sometimes doing
these podcasts because we, you know,
word slur, all the fun stuff.
But you see us real, right?So thanks for
joining us. Don't forget, hit that
subscribe. I say it every time. Don't
(19:39):
forget. Don't forget, hit that subscribe
button so you don't miss the next episode
where we're going to be talking about
setting boundaries, right?Yeah.
Setting boundaries. Setting boundaries.
It's a critical component to working less
and earning more. In the meantime, we
hope you live long and profit. The topics
presented in this podcast are for general
information only and not for the purpose
(20:00):
of providing legal, accounting or
investment advice. On such matters,
please consult a professional who knows
your specific situation.
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Therapy Gecko
An unlicensed lizard psychologist travels the universe talking to strangers about absolutely nothing. TO CALL THE GECKO: follow me on https://www.twitch.tv/lyleforever to get a notification for when I am taking calls. I am usually live Mondays, Wednesdays, and Fridays but lately a lot of other times too. I am a gecko.