Be A Good Receiver of Money

Last week, we talked about how your money beliefs/blocks from early in life could hold you back and limit your potential. I hope you took some time to dig deep and make sure you believe that you are worthy of financial success from all your hard work.

Money is constantly flowing. We have especially learned that during the challenging times of the pandemic, and while we saw many industries (like our own) that were devastated from the effects of the pandemic, other industries had the best 12-18 months ever. Examples are home service companies, home remodeling, pool installation companies, real estate agents, gun stores, and new home builders. 

When events, travel, and working from the office came to a halt, money flow did not stop. It just moved in a different direction. Think of it as a parade. Before the pandemic hit, we were in the routine of going to work, attending events (weddings, graduations, company parties, gatherings with friends, group entertainment, etc.), and taking vacations. That was our society’s parade route.

Once the pandemic started, the parade route changed. The money started flowing more towards the home, where we were spending all of our time. But please notice that even in the most challenging times, the parade of money did not stop. It just changed direction. Your greatest opportunity lies in standing in front of a parade that is already in motion. And when the route changes, like it did with the onset of the pandemic, you must change your location to accommodate the new route.

The most successful dry cleaning companies quickly adjusted to this new route by offering services tied more to the home than to events/travel/office – services like wash/dry/fold, bedding, patio cushions, upholstery spot removal, area rugs, curtains, and drapes. Some even went so far as to offer carpet cleaning, window cleaning, heating and cooling, plumbing, hardwood floor cleaning, and general house cleaning (either by offering the actual service or referring clients to a trusted company and taking an affiliate fee for the referral).

To make these quick adjustments, especially during challenging times like the pandemic, you must be a good receiver of money. You cannot feel guilty taking money from others if you are adding value differently than you are used to. How do you know if you are a good receiver of money? Can you accept a gift without feeling like you owe the other person something? Will you let someone else pick up the tab occasionally if you go out to dinner together? Can you freely give money to others?

Money flows. Do you let it flow to you without restriction? Do you let it flow from you to others without restriction? Or are you always keeping a scorecard? Do you think money is so scarce that you need to hold on to it whenever you can and not let it go? Let the money flow in both directions – both to you and away from you. You will notice that the best receivers are also the best givers. And pay attention to where it is flowing during prosperous times, zero growth times, and challenging times. The money is still flowing. The parade is still moving. Are you adjusting and moving to be in the parade route? Or are you standing still, hoping the parade will switch back to where you are?

Successful businesses require two key inputs – marketing and innovation. If you do not adjust to changes in the route where money is flowing, your marketing will fall flat because you will be using an old message your clients do not want to hear. You must innovate, change with the times, be client-centric in everything you do, and then you will always stay relevant and be financially successful. Where’s the parade going right now? Where is it going in the future? Whatever you do, make sure you stay on the route as it changes.