If money is your only hope of independence, you will never be free
Henry Ford
Surely we need money to survive in the modern world, don’t we? So doesn’t independence come from having enough money so you don’t have to rely on anyone else?
Nope – that’s got it backwards. Having enough to not need to rely on anyone else comes from being independent. When you are independent, you don’t need anyone else’s permission to do what feels right. And you don’t need to fit in with other people’s version of ‘enough’. You define what you really need (as opposed to want) and then get resourceful to create that much and more.
One of the big ways that new business owners and contractors trip themselves up is to believe they have to maintain a certain lifestyle and therefore a certain income. The problem with income based goals is that they are inherently ‘away from‘ not having them. And when the ‘required’ income level is too high, they are setting you up to fail – repeatedly. Every month you don’t hit your desired income level is another month you failed. And repeated failure is one of the best demotivators there is.
Far better to set yourself goals that relate to business or personal development. Things that are both under your control, and help to build capabilities. It’s having the capabilities of independence that will create the income – not the other way round. So focusing on building your independence rather than your income will get you the most sustainable outcomes.
One method I use with clients to deal with the fear that drives income-based goals is derived from the Stoics of ancient Greece. Put simply, they would ask themselves repeatedly “what’s the worst thing that could happen”. So, for example:
Coach: "If you don't hit your income target, what's the worst that could happen?" Client: "I won't be able to keep the kids in school." Coach: "And if that happens, what's the worst that could happen" Client: "They'd have to go to a public school." Coach: "And if that happened, what's the worst that could happen?" Client: "They might not get their grades." Coach: "And if that happens, what's the worst that could happen?" Client: "They might end up at a lesser college. Hmm ... just like me, and I did OK."
Going through that exercise really helps clarify what actually matters to you and in your life. Rarely do people find a ‘worst that could happen’ that they couldn’t cope with or recover from. And when they do, that helps define their real needs – which are rarely what they thought they were.
And then we can take all of that into account in creating a bespoke personal and business development plan to create sustainable, consistent and independent success that is just right for them.
What manifestation of glorious independence could you and your business be today?
If this post has got you thinking, and you would like to follow up on the ideas and see how you can create your true independence, let's have a chat!
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