In the finale of the Mastery series, the topic is ‘wealth mastery’ and the 5 systems and habits you’ll need to achieve your desired financial life.
Do you want to get to the next level in your career and in your financial status?
Do you wish to…
Earn more money?
Get promoted at work?
Start or grow your business?
Reach financial independence?
If you’ve been working hard to achieve any of those, then it’s time you hit play on this episode.
For the finale of the four-part series on Mastery, we’re going to talk about how you can master your wealth and your career.
In this episode, I’ll reveal the 5 systems and habits you’ll need for mastering your financial life and finally reach your financial and career goals.
Listen now, take notes, and— more importantly— take action!
If you don’t have time to listen to the entire episode or if you hear something that you like but don’t have time to write it down, be sure to grab your free copy of the Action Plan from this episode— as well as get access to action plans from EVERY episode— at JimHarshawJr.com/Action.
[00:00] We all want to get to the next level in our career and in our financial status, it may be earning more money or getting that promotion or starting a business or growing a business, or maybe just more freedom or financial independence. And if any of those sound good to you, then this episode is for you.
[00:20] Welcome to another episode of success through failure. This is your host, Jim Harshaw, Jr. and today I'm bringing you a solo episode. This is part number four of a four-part series. The first one was on relationships. The second one on self and third one on health today is on wealth mastery. Now, if you wanna listen to all four of these episodes, you can go to JimHarshawJr.com/Mastery and they're all right there. You don't have to enter your email address or anything. You just go there and it'll have the podcast player and everything. You can just open that window on your computer and just play those four sequentially. If you'd like their episodes 357, 359, 360, and then 365.
[01:03] Okay. So all odd numbers missed one in there because I actually inserted a solo episode on my experience with Appalachia Service Project, which. Absolutely incredible. It was a, uh, mission trip that I took with my boys to West Virginia, fixing up homes of just folks who, who don't have the means to, to really get out of their situation.
[01:23] And man, I, I had so much feedback, maybe the best feedback that I've ever had from a single episode, the number of people reaching out to me, telling me how much that episode really impacted them. Some people even telling me it, it brought them to tears. So you might wanna check that one out if you're so inclined.
[01:38] That's episode 360 1 about the mission trip with Appalachia Service Project. So anyway, all right, let's get into our wealth mastery episode. This is the fourth and final mastery episode. Now I hosted a retreat back in may titled, Moving to Mastery, and I learned so much in preparing for that retreat. And I learned so much more then from the attendees and the discussions that we had.
[02:01] And that's what I'm sharing with you. Once again, here in this wealth mastery episode, now, next year, there's gonna be another retreat it's gonna be in May. Details are forthcoming. So just hang tight and make sure you check back to get those details. But. Block off your calendar. If we're gonna find a weekend in May and it's gonna be another absolutely incredible experience now, before I share those five ingredients that you need in order to master your wealth and your career and your financial independence.
[02:28] Do this, if you're listening to your, this podcast episode on your phone, take a screenshot right now and then post it on Instagram or post it on Twitter and tag me on Twitter. I'm just @jimharshaw, on Instagram, jimharshawjr. But tag me, I will be sure to interact with you there. I love to know who's out there listening.
[02:45] And this is another way that this podcast grows. You can also use the hashtag, #STFpod for success through failure podcast, #STFpod, you can use that hashtag whatever you're posting about the podcast. You can also click on that hashtag and see years worth of posts about the podcast and post that others have made as well.
[03:05] Also, if you didn't know already, you can listen to success through failure on your smart speaker. Just tell Siri or Alexa to play the success through failure podcast. Lastly, this I don't know about you, but I listen to podcasts and sometimes. I enjoy hearing the actual host more than I enjoy hearing the host do interviews.
[03:25] And I have had a ton of amazing interviews and amazing guests that I've had on here, including Tim Ferris and Ken Blanchard and the Navy seal who shot and killed OSA have bin Laden, Robert O'Neil and just on and on. But if you like, just hearing these solo episodes, if you really enjoy these, you can get all of my solo episodes.
[03:44] If you go to JimHarshawJr.com/Solo. Again, you don't have to enter your email address. You just go to that page, it'll have the podcast player. Literally you can click play right from that page and listen to any of the solo episodes. Typically they're about every other episode, every once in a while, we'll do two in a row or we'll do two interviews in a row.
[04:05] But for the most part it's every other episode. JimHarshawJr.com/Solo. So let's talk now about wealth mastery. There's a reason why this is the fourth and final topic in the reveal, your path coaching program that I run. Wealth is the final area where we set goals, because it's the least important.
[04:28] Yes. It's the least important. Now there's nothing wrong with money. I wanna make a ton of money and I know you do too, but there are things that are actually more important than that. Right. We tend to look at these career goals and a lot of us put 'em first. Right. And we kind of. Push the health and maybe the relationship stuff aside or that suffers because we're putting our wealth and our career in front of other things.
[04:49] So I'm very intentional about putting this forth. It's very important, but it's also not as important as for example, relationships or self mastery or health mastery. So we set goals in those four areas. Relationships, Self, health, and wealth. This is the fourth of those, you know, like I said, money is great.
[05:08] It's awesome to make a ton of money. You can do a lot of great things in the world and for yourself and for your family money, amplifies those things, right? Whenever you have the other things in place, relationships, self, health, when you have those things in place, money can amplify. All of those other things, you know, as I was putting this episode together and it reminds me of the fable, I dunno if you may have heard this before, but the fable about the stressed out American investment banker who takes this much-needed vacation, he goes down to a small coastal village in Mexico and he's sitting there on the beach and he sees a fisherman.
[05:40] Come up in his boat and has a bunch of large fish in it. And the banker's like impressed with the quality of the fish. And he, and he asked the Mexican fisherman how long it took to, to catch him. And the fisherman replied, ah, just a little while is just out for a few hours. And the banker asked him, well, why didn't you stay out longer and catch more fish?
[05:58] And the, the fisherman said, well, I I've got enough. I've got enough here to support my family and my immediate needs. And so why stay out longer? And the American. Banker he's like, well, what do you do with the rest of your time? And the, the fisherman says, well, I, I sleep late. I fish a little, I play with my kids.
[06:16] I take a siesta with my wife. I stroll into the village every evening and I drink wine and play guitar with my friends. You know, I have a busy life. Then the investment banker like looked at him and he is like, ah, well, you know, I have an MBA from an Ivy League and I could help you, you know, you could spend more time fishing and with the proceeds, you could buy your bigger boat and then you could buy more boats and you could actually have a, a whole fleet of boats and then you could move to the city.
[06:39] Then instead of selling your fish to a middle man, you could then, you know, sell 'em directly to the processor. And eventually, you could open your own cannery and goes on and on telling about how you could build this business. And like in 15 or 20 years, You could announce an IPO and sell your company and sell stock and become really, really rich and make millions of dollars.
[06:59] And the fisherman's like, well then what? And he said, well, the banker's like, then you could retire and you could move to a small coastal fishing village where you could sleep late and fish a little and play with your kids. Take a siesta with your wife and, you know, go to the village every evening and you'll drink wine and play guitar with your friends.
[07:18] So the point here is money. Doesn't buy happiness. It enhances it. Okay. Understand don't forsake what you have for your career and for wealth, right? Focus on relationships and self and health. Be grateful for what you have. And from that baseline, now we can begin. The lesson, the things that I wanna share with you today.
[07:43] All right. Start from gratitude for what you have, look at what you have and don't forsake those things for what you're striving to get in your bank account. All right. So here are the five ingredients that I learned the biggest takeaways from this retreat on wealth and career master. Right now the last one, by the way, I'm gonna share with you five.
[08:04] The last one is, is the magic that makes all of these work. So make sure you get to the last one here. Number one, is this experimentation, try things, test things, whether it's, you know, you're trying to get a promotion or start a side hustle or grow your business, or, you know, get better at sales or, you know, improve your investments.
[08:24] I learned one thing really from this episode with Tim Ferris, when I interviewed Tim Ferris back to that episode, 246 and 247, he talked about short duration, low-cost experiments, short duration, low-cost experiments. So experimentation, try things, test things out. He also talked about taking asymmetric bets.
[08:45] Okay. Asymmetric, meaning the, maybe favor you a little bit better. What are the bets that you can place that maybe you have some skillset or some knowledge or some industry information that maybe make that bet a little bit more in your favor than it might be for somebody else. Okay. So trying things testing.
[09:03] So for example, I owned a window cleaning business years. And we tried lots of different things to advertise. As a matter of fact, I remember the very first advertisement. The first thing we tried was I placed an ad in a development has like 1500 homes. As a matter of fact, it's the development that I live in today.
[09:21] And it's like, you know, Lot, tons of homes, nice homes, and they could get window cleaning done. And I placed an ad in like the HOA newsletter that goes out once a month. And I remember the day that it, I knew it was going into mailboxes. I sat with my phone. I was like, okay, today's the day this thing's gonna take off.
[09:39] And I waited all day. Guess how many phone calls I got zero. Guess how many I got the next day? None, zero again, I tested it out. It didn't work. I tried it. I realized, okay, maybe this is a little bit harder than I thought, let me try something new. Let me try something different. Right. I started trying, I started iterating and I started improving.
[09:57] And I, I learned there was this newspaper ad that I could run that really worked. And I ran some other advertisements and, and they really worked. They got on television and that worked and those things allowed me to eventually have a successful business that I could sell just a couple years later. But it started with experimentation with trying things with testing things.
[10:16] And it's the same with you. What can you do? What are the short-duration, low-cost experiments that you can do with your business, right. With your career, with your investments, with your finances, right? It might even be learning new skills. What are those things that you can do? To try to test out different opportunities.
[10:37] Quick interruption, if you like what you're hearing here, and you want to learn how you can implement this into your life. Just go to JimHarshawJr.com/Apply to see how you can get a free one-on-one coaching session with me. That's JimHarshawJr.com/Apply now back to the show. All right, so that's number one towards you.
[10:56] There was five that's number one of five is experimentation. Number two is. You have to have systems in place replicable and profitable systems like Warren buffet. He has a system, it's a simple system. At least I've read one book on his investment strategies, very simple system. Right? You can learn that system.
[11:16] You can replicate it. And it's a very profitable system, right? Ray crock. He knew this also he knew about having replicable and profitable systems. And so he created systems. Ray crock. If you don't know, is the man behind McDonald's. He bought McDonald's from the McDonald brothers and Ray crock knew about creating replicable and profitable systems.
[11:38] Now there's 38,000 thousand. McDonald's around the world. You walk into any one of them. You get a big Mac and it's gonna taste. Pretty much the same, no matter where you go. Right. Replicable and profitable systems, Jim Packard. He's an amazing entrepreneur who I interviewed back in episode 330. And he actually, matter of fact, he holds the patent to something that you have likely used.
[12:02] You've definitely used it at some point in your life, maybe in, in the last week. And maybe you're using it actually right now. But he holds the patent to the disposable coffee cup, lid so he is just a fascinating entrepreneur. Been very successful in so many different businesses. He reaches out to three people every day.
[12:20] That's just his thing. That's his system, very simple, very replicable, very profitable system. What about you? Like what are the systems that you can create and going back to number one, what are the systems you can experiment? Right. Figure out what works and double down on it. Figure out what doesn't work and either iterate it, improve it or move on from it.
[12:41] So number two is systems having systems in place. All right. Number one was experimentation. Number two was systems number three in wealth mastery. Is this getting uncomfortable? Find ways to get uncomfortable for me, it was speaking. Yes. And I know I've done a TEDx talk and, and I'm a professional speaker now, but that was very uncomfortable for me.
[13:05] And to be honest, it's still a little bit uncomfortable for me, but I enjoy it. Like I've gotten good at it and, and people pay me to do it now. I, I, I worked at it. I've had coaches, I've tested it. I've I've tried it out. I've forced myself into these uncomfortable situations and now I'm good at it. Right.
[13:23] I had also to get uncomfortable with my coaching, right. I started out with a coaching system titled reveal your path. I talked, mentioned that earlier and. I had to promote it early on when I didn't have testimonials. And I didn't really know at what scale this would work for other people. I knew it worked great for me and, and other people who I've I've come in contact with, but I didn't really know that I could promote this and share this and lead people through it and have such impact on their lives.
[13:49] And so I had to start somewhere. I had to get uncomfortable and, and, and create an email and build an email list and, and then start promoting this thing and asking people to actually pay me money for it. That was scary. That was uncom. And then I had to get comfortable actually charging the true value of what this thing is.
[14:06] And that was uncomfortable for me. You know, making bold requests, you've got to get uncomfortable. It's just gonna happen. Like going back to number one, experiment with it, right. Experiment with different things that are uncomfortable for you. And then number two, creating systems, right? Find out what works and create systems to replicate that.
[14:26] But you've got to get uncomfortable. You've gotta try new things. If you don't, you're gonna stay status quo. So number three in wealth mastery is get uncomfortable, try different things, try new things. Okay. Number four is this, you've got to have a purpose behind your wealth and your work in your career mastery, whatever you're trying to master in this area, there's gotta be a purpose behind it.
[14:52] Like for me, when I first got outta college, I became a wrestling coach and. That was very purposeful for me. I didn't make a whole lot of money, but man, there's purpose behind it. The money actually didn't even matter because I was, I was just loving what I did so much. I was having such an impact on young men.
[15:10] And then even in, when I was doing the youth coaching that was going along with the, the college coaching, like I would coach a, a youth program. And that was fun too. I was coaching young men and even some girls and, you know, wrestling is exploding on the, on the girls and women's side now, too. But there was a lot of purpose in.
[15:27] When I was a fundraiser professional full-time major gift fundraiser, there was purpose behind it. I was working at my Alma mater the University of Virginia fundraising for athletics. I, I knew the impact that it had on me. And I could go out and do again, going back to the number three, the uncomfortable thing, when there's a purpose behind it, it's much easier to do the uncomfortable.
[15:48] Ask for money. I've looked people dead in the eye and asked them for a million dollars and they, and they've said, yes, that was uncomfortable when there's a purpose behind it. When you understand why you're doing this and how you're wired and what is important to you and what your values are, then you can do things that are hard.
[16:03] You can be resilient, you can be disciplined, you can be patient, you can get uncomfortable. You know, I, I had owned a window cleaning business. I sold that because I really didn't feel purpose. I was a little shortsighted now that I look back because I was really making an impact on the lives of my employees.
[16:19] I had 10 employees and I was making an impact on their lives. And I was connecting with all these great customers, all over town and, and, you know, making their homes brighter and cleaner. And, and I did enjoy that, but I really didn't have a purpose in that business. So I kind of got bored with it and I sold it.
[16:33] But when you have purpose behind building your wealth behind your career, whatever you're trying to master in this area, it becomes the difference between hard work. And inspired action. I'd actually recorded an episode on hard work versus inspired action episode 155. It's been a few years since I recorded that one, but man, that was one of my favorite episodes.
[16:55] Inspired action is based on purposeful work building these businesses that I've built over the years, doing the hard things, wrestling and cutting weight. Sure. Those hard work, but it was purpose behind it when there's purpose behind it, that hard work. Becomes inspired action. I'm actually interviewing Daniel Rudiger.
[17:16] You may know him as Rudy guy behind the movie. Rudy I'm actually interviewing him. It's gonna be amazing. I can't wait to talk to him. Talk about purpose. Right? This guy had purpose. He wanted to, to run out onto the field, wearing the gold helmet of Notre Dame and play football for. He was so driven by this.
[17:35] He wanted to prove to his father and his brothers and everybody hall at home that, that he was worthy, that he was enough and he wanted to be a light in their lives to show them what is possible. Talk about purpose. I'm like my goodness, what a great movie, by the way. So that's number four, purpose finding purpose behind why you wanna build wealth and you know, not just because you wanna have money, but what's the purpose behind.
[17:58] Why do you wanna get that promotion? Is it because you wanna have more influence, more impact? You wanna bring home a bigger paycheck, help your family prove something to yourself? Okay. So number one was experimentation. Number two was having systems number three, get uncomfortable. Number four, finding purpose number five.
[18:15] This is the one I told you. This is the magic behind it all. And it is this having the abundance mindset. And before you say, ah, Jim abundance, I've heard that buzzword before mindset, come on, gimme a pill to take, or, you know, tell me to, you know, jump in the air and click my heel three time and that's gonna help me, you know, master my wealth.
[18:34] No it's abundance mindset. Do you have that? Like, do you have the concept, the idea in your head that opportunity is everywhere. You actually have to have a practice. You have to have something that you do, not just like this, this knowledge that this is a thing out there that some people do that I should have.
[18:52] And I think I kind of have it, maybe, I don't know, like, no, you actually have to do something about it. Like, what are you doing about it? Are you visualizing, do you have a mantra that you actually say that you actually write out? Do you write out your goals? Back in episode 307. I interviewed Jack Canfield.
[19:08] If you've never heard of Jack Canfield, I don't know, maybe living under a rock, but he's the author behind the chicken soup for the soul books. He's been on some of the biggest speaking stages in the world. I mean, pretty well known guy worldwide, but he talks about his practices, his law of attraction, his abundance mindset practices in visualization.
[19:27] He talks about that in episode 307. So you may enjoy that one, but you can go back just one episode. Episode 364, Ryan interviewed Cody Smith. He's another Pathfinder coach with me and for Cody. I mean, despite his growing up poor being actually homeless for a while, losing his mom when he was young, Cody has created incredible success, incredible wealth.
[19:52] He's created a huge vision for his life and he's achieved huge things along the way. I mean, gosh, when I started working with Cody and we got to know each other years ago, He had these huge visions and I'm like, whew, I don't know. I mean, this guy, like where he is at now, where he wants to go now it's just, boom, boom, boom.
[20:07] He keeps checking these things off. It's fascinating to watch how quick I knew he could do it. It's just like, boy, he really compressed the timeframe and it has just grown by leaps and bounds. It's fascinating. To watch him grow, but he's got the abundance mindset. He knows that opportunity is everywhere.
[20:23] He's worked on his mindset. He does the things, he, you know, he knew he needed a coach to get there and, and he knew that this was possible and he has to surround himself with the right people. He knew he had to have purpose behind it to get uncomfortable. He knew he had to have systems and then he knew he had to test and try and experiment.
[20:40] Right. For those taking notes at home, I just went through all four of the other. Ingredients that I talked about, right. Experimentation having a system, getting uncomfortable, finding purpose behind it. You know, for me, like my mindset early in the pandemic was like, oh crap, I'm losing a bunch of business here.
[20:58] And then I said, wait a second. This lasted for about a week. And I said, wait a second. What if opportunity actually is everywhere in front of me right now. And I realized that it was, this was like the greatest opportunity for my business. Now everybody's stuck at home. I'm already comfortable using zoom.
[21:14] Everybody's figuring just learning how to use zoom and figuring it out. I've been using it for years. I can now show up at all these companies and, and do, you know, 20-minute pep talks in their, in their weekly staff meetings, I can interact with so many more people and it was, it was this immense opportunity.
[21:29] And I took advantage of it. And I said to myself, my business is gonna be positioned better than ever coming outta the. Guess what it is. Right. I saw the opportunity. I believed I actually suspended what might be reality for just a moment and said, what if are you willing to do that? Are you willing to say, what if, what if there is opportunities staring me in the face that I don't even see right now?
[21:50] What might that be? That is the abundance mindset. All right. So I've given you five ingredients. You can get these in the action plan. Go to JimHarshawJr.com/Action. If you wanna give this a share, that is how this podcast grows. Episode 365, text a friend, tweet it out. JimHarshawJr.com/365 is the link.
[22:12] If you wanna share that link, you can share with anybody, but just take action, take some kind of action for yourself. Don't just listen to this and move on with your. Take action. Good luck. Thanks for listening. If you want to apply these principles into your life, let's talk. You can see the limited spaces that are open on my calendar JimHarshawJr.com/Apply where you can sign up for a free one-time coaching call directly with me.
[22:39] And don't forget to grab your action plan. Just go to JimHarshawJr.com/Action. And lastly, iTunes tends to suggest podcasts with more ratings and reviews more. You would totally make my day. If you give me a rating and review those go a long way in helping me grow the podcast audience, just open up your podcast app.
[23:00] If you have an iPhone, do a search for success through failure, select it, and then scroll the whole way to the bottom where you can leave the podcast, a rating and a review. Now I hope this isn't just another podcast episode for you. I hope you take action on what you learned here today. Good luck and thanks for listening.
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