Confidence Classic: The Mindset Shifts That Create REAL Wealth with Chris Harder
In this episode of Creating Confidence, Chris Harder discusses his transition from corporate banking to entrepreneurship during the 2008 recession, sharing how he transformed financial setbacks into opportunities for reinvention. He explains his approach to building wealth through multiple income streams and strategic investments, while highlighting the role of delayed gratification in financial decision-making.
The conversation explores how relationships and spiritual practices contribute to financial success, with Harder describing his 20-year partnership with Lori Harder and the importance of maintaining supportive connections. He also discusses the connection between philanthropy and wealth creation, explaining how charitable giving can expand professional networks and create new business opportunities while helping others.
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1-Page Summary
Entrepreneurial Pivot and Mindset Shift
Chris Harder shares his journey from corporate banking to entrepreneurship, catalyzed by the 2008 recession. After losing his job and facing significant financial setbacks, including the short sale of his home, Harder chose to view this challenge as an opportunity for reinvention. Rather than surrendering to negativity, he embraced the chance to shed his corporate identity and redefine his value to the world.
Principles and Practices For Building Wealth
The Harders' approach to building wealth centers on developing multiple income streams for financial stability. Chris emphasizes their practice of avoiding instant gratification purchases, only buying luxury items when they can afford them in cash without disrupting their lifestyle. They prioritize legacy investments over short-term pleasures, demonstrated by their strategic purchase of a lake house as a long-term family investment.
The Role of Relationships and Partnerships
Chris and Lori Harder's 20-year relationship exemplifies the power of maintaining independent identities while supporting each other's ideas. Chris emphasizes the importance of surrounding oneself with positive, opportunity-focused individuals rather than pessimistic people. He attributes 60-80% of their financial success to spiritual practices, including meditation and gratitude, which he believes attract supportive relationships and manifest desires.
Giving Back and Philanthropy
Chris Harder discusses how generous giving can drive financial growth and expand professional networks. He shares how his daily practice of sending positive affirmations to thousands of people creates fulfillment while helping others. Through examples like his friend Steve, who saw record income after committing to substantial charitable giving, Harder demonstrates how philanthropy can motivate income growth. He explains that participating in charitable activities places individuals among successful, like-minded philanthropists, potentially leading to valuable business connections and opportunities.
1-Page Summary
Additional Materials
Counterarguments
- While developing multiple income streams can provide financial stability, it's not always feasible for everyone due to various constraints such as time, resources, or skills.
- Avoiding instant gratification and only buying luxury items with cash is a sound financial principle, but it may not account for the complexities of everyone's financial situations or the potential benefits of leveraging credit responsibly.
- Prioritizing legacy investments over short-term pleasures is a strategic choice, but it may not align with everyone's values or life goals, which can be equally valid.
- The idea that maintaining independent identities in a relationship contributes to success may not resonate with everyone, as some couples thrive with deeply intertwined lives and shared identities.
- The belief that surrounding oneself with positive, opportunity-focused individuals leads to success can be overly simplistic and may not account for the value of diverse perspectives, including constructive criticism.
- Attributing financial success to spiritual practices may not be universally applicable, as success can come from a variety of factors, including hard work, education, and sometimes luck.
- The notion that generous giving and philanthropy drive financial growth could be seen as instrumentalizing charity, whereas some believe that giving should be an altruistic act without expectation of personal gain.
- The idea that daily practices like sending positive affirmations can create personal fulfillment and help others might not be effective for everyone, as individuals respond differently to various forms of communication and self-help practices.
- The story of Harder's friend Steve experiencing income growth after charitable giving could be an anecdote rather than a generalizable principle, as correlation does not imply causation.
- The suggestion that participating in charitable activities for networking purposes might be criticized for potentially commodifying philanthropy rather than focusing on the altruistic aspect of giving back.
Actionables
- You can redefine your approach to financial setbacks by starting a "Setback Journal" where you document any financial challenges and brainstorm potential opportunities or new skills they could lead to. For example, if you lose a source of income, use the journal to explore ideas for a side business or ways to upskill for a different industry.
- Create a "Luxury Savings Account" where you deposit a small, affordable amount of money regularly, earmarked specifically for luxury purchases. This practice encourages you to save for high-value items over time, ensuring you can afford them without financial strain. For instance, if you desire a high-end gadget, calculate the cost and set up automatic transfers to this account until you reach your goal.
- Develop a "Giving Growth Plan" by setting a charitable giving goal that slightly stretches your financial comfort zone, incentivizing you to increase your income to meet this target. You might choose a cause you're passionate about and pledge a yearly donation that requires you to find creative ways to boost your earnings, such as starting a side hustle or investing in learning a new skill.
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Entrepreneurial Pivot and Mindset Shift
Chris Harder's personal story encapsulates a transformation from a corporate banker to a successful entrepreneur, with the 2008 recession serving as a pivotal moment.
From Corporate Banker to Entrepreneurial Success
Chris Harder once thrived in the banking industry, advancing rapidly in his career and living a life beyond his means. Despite warnings, he believed his success was a constant. However, the 2008 recession drastically altered his trajectory, resulting in job loss and a need to reinvent himself.
Job Loss in 2008 Recession Sparked Reinvention and New Perspective
The recession hit Harder hard. He had to inform his wife, Lori, that they needed to short sell their newly built home, walk away from rental properties, and sell their cars. Lori's reaction was decisive—she vowed to never be in that position again. This determination sparked her own successful career path, and together they embarked on a new journey.
Embracing the Opportunity For Reinvention
Instead of surrendering to negativity, Chris chose optimism, viewing job loss as an opportunity. This pivotal moment forced him to strip away his identity tied to a corporate title and the prestige of managing a large team.
Opting For an Optimistic, Opportunistic Mindset Over Negativity
The 2008 recession, while initially daunting for Harder, became a chance to reassess what he wanted from life. Instead of allowing ...
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Entrepreneurial Pivot and Mindset Shift
Additional Materials
Counterarguments
- The narrative of reinvention may not acknowledge the role of privilege or external support systems that can significantly impact one's ability to pivot careers successfully.
- The idea that one can simply choose optimism in the face of adversity may not be universally applicable, as individuals face different psychological and socioeconomic challenges.
- The story implies a linear progression from failure to success, which may oversimplify the complex nature of career transitions and entrepreneurial endeavors.
- The notion of shedding corporate ego and arrogance could imply that these traits are inherent in corporate environments, which may not be true for all individuals or corporate cultures.
- The emphasis on individual mindset shifts may underplay the importance of practical strategies, resources, and networking in achieving entrepreneurial success.
- The portrayal of Lori Harder's vow to never be financially vulnerable again could be seen as a ...
Actionables
- You can create a "Reinvention Roadmap" by writing down your current skills and interests, then brainstorming how they could translate into different industries or roles. For example, if you're skilled in project management, consider how those skills could apply to event planning, construction management, or starting a small business.
- Develop a "Financial Resilience Plan" by assessing your expenses and income, then setting up an emergency fund and diversifying income streams. Start with a simple budget to track your spending, and explore side hustles like freelancing, tutoring, or selling handmade goods online to build additional financial security.
- Practice "Optim ...
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Principles and Practices For Building Wealth
Chris Harder explains his and his wife Laurie's strategic financial practices that contribute to building lasting wealth.
Developing Multiple Income Streams For Stability and Security
Chris Harder highlights the importance of having various income sources. He states that by having multiple streams of revenue, their stability and security are enhanced. Should one source falter, their lifestyle wouldn't be immediately affected because they could rely on their other income sources to maintain their standard of living.
Building Passive Income to Withstand Loss
The Harders' principle extends to building passive income streams which are crucial for enduring any potential loss of active income. This approach underpins their financial resilience.
Avoiding Instant Gratification Purchases
Chris emphasizes the practice of restrained spending.
Buying Only With Cash Without Disrupting Lifestyle
A key rule for the Harders is not purchasing luxury items unless they can do so in cash without altering their future financial stability. Though not always paying upfront due to potential benefits of leveraging low-interest rates, the Harders make certain they have the means to afford the purchase outright, thereby avoiding unnecessary debt.
...
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Principles and Practices For Building Wealth
Additional Materials
Counterarguments
- Developing multiple income streams can be beneficial, but it may not be feasible for everyone due to varying levels of skill, knowledge, time, and resources.
- Passive income often requires a significant upfront investment or effort, which might not be possible for individuals with limited capital or opportunities.
- Restrained spending and avoiding instant gratification are sound practices, but they may not account for the complexities of individual financial situations, such as the need for credit in emergencies or to take advantage of time-sensitive opportunities.
- Buying luxury items with cash can be a wise strategy to avoid debt, but it may not always be the best use of funds if the cash could be invested elsewhere for a higher return.
- Leveraging low-interest rates can be beneficial, but it also involves risk and may not be the right approach for everyone, especially those who are risk-averse or debt-averse.
- Long-term thinking and patience are important, but there ma ...
Actionables
- You can diversify your income by starting a small online business that aligns with your hobbies or interests. For instance, if you enjoy crafting, you could sell handmade goods on platforms like Etsy or create digital products like instructional eBooks or courses. This approach not only taps into your passions but also creates an additional revenue stream that can grow over time.
- Develop a habit of evaluating each potential purchase with a 48-hour rule to combat impulse buying. Before making any non-essential purchase, wait for 48 hours and then reassess whether you still want or need the item. This delay can help you differentiate between fleeting desires and genuine needs, potentially saving money that can be allocated to more meaningful investments or savings.
- Create a "legacy fund" by setting up a dedicated savings account where a small percentage of your income ...
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The Role of Relationships and Partnerships
Finding the right partner and fostering positive relationships can magnify personal and entrepreneurial growth. Chris and Lori's story reveals the power of open-mindedness, independent identities, and spiritual practices in creating successful collaborations.
Importance Of Finding the Right Entrepreneurial Partner
Chris and Lori highlight the significance of trying out each other's ideas, staying positive, and maintaining separate identities throughout their 20-year relationship.
Lori and Chris's Commitment To Trying Ideas, Staying Positive, and Maintaining Identities
Chris discusses the evolution he and Lori have experienced as individuals over their relationship, emphasizing the importance of being open to change and new ideas. They've cultivated a relationship that values each partner's thoughts by agreeing to always consider and try on each other's ideas, fostering a safe environment for expressing new concepts. Chris points to their successful maintenance of separate identities, as well as the open and respectful communication, as key to their growth, both personally and entrepreneurially.
Selecting Positive, Opportunity-Focused People As Collaborators
Chris Harder advises to avoid those who are pessimistic and drag down progress.
Avoiding Pessimistic Individuals Who Drag Down Progress
Chris shares the belief that one should surround themselves with optimistic, opportunity-focused individuals rather than those who are pessimistic. He notes that positive spiritual and energetic practices not only improve personal well-being but also enhance relationships by attracting like-minded and supportive individuals.
Valuing the Power of Spiritual/Energetic Practices
Spiritual and energetic disciplines can play a significant role in the prosperity and well-being of an individual, impacting the quality of relationships they foster.
How Meditation, Gratitude, and Positivity Attract Relationships
Chris attributes 60 to 80% of their financial success to spirituality and the practice of prayer and meditation. He advocates for spiritual practices as crucial to maintaining a positive and opportunistic mindset, which then compounds to manifest one's desires and attract positive relationships. He compar ...
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The Role of Relationships and Partnerships
Additional Materials
Counterarguments
- While maintaining separate identities is important, too much independence without sufficient common goals or values can lead to a lack of alignment and potential conflict in partnerships.
- Open-mindedness is generally positive, but it should be balanced with critical thinking to avoid pursuing ideas that are not viable or beneficial.
- Positive thinking is valuable, but it is also important to realistically assess risks and challenges; excessive optimism can sometimes lead to underestimating difficulties.
- Spiritual and energetic practices may not resonate with everyone, and their effectiveness can vary from person to person; some individuals may find success through other forms of personal development.
- The idea that spirituality directly contributes to financial success may not be universally applicable and could be influenced by other factors such as market conditions, business acumen, and timing.
- Attributing a high percentage of success to spirituality might overlook the hard work, strategic planning, and practical actions that are also critical components of entrepreneurial success.
- The concept of manifesting desires can be controversial; some may argue that success is more about concrete actions and less about spiritual or mental intentions.
- The suggestion to avoid pessimistic individuals might be ove ...
Actionables
- Create a "relationship growth journal" where you document insights and progress from your partnerships, noting how each interaction or decision affected your personal and entrepreneurial journey. This can help you reflect on the dynamics of your relationships and make more informed decisions in the future. For example, after a business meeting with your partner, write down how the exchange influenced your project and what you learned about each other's communication styles.
- Develop a "collaboration playbook" with your partner, outlining strategies for trying out each other's ideas, such as a rotating leadership system where each person takes turns leading a project based on their idea. This ensures that both partners feel their contributions are valued and tested in the real world, fostering a sense of equality and mutual respect.
- Start a "positi ...
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Giving Back and Philanthropy
Chris Harder and Heather Monahan explore the connection between generous giving and personal success, suggesting that philanthropy can align with and even drive financial growth while expanding networks and opening new doors.
Experiencing the Personal Benefits of Generous Giving
Chris Harder discusses the benefits he experiences from his daily act of sending out positive affirmations and business perspectives to thousands of people. This program was started as a suggestion from his partner and has resulted in people sharing how these messages positively impact their day, which in turn gives him a sense of fulfillment and positivity.
Giving Triggers Abundance and Propels Success
Harder explains that the act of helping others releases [restricted term], which feels good and encourages further kindness. He posits that even giving a small amount signals to oneself a state of excess, synonymous with abundance, which reinforces the belief that one isn't in as dire a situation as they might believe and that creating more abundance is possible.
Strategically Aligning Giving With Big, Audacious Financial Goals
Chris Harder emphasizes that a commitment to giving can propel people to reach their financial goals, offering a story of a friend named Steve, who committed to donating $50,000 in a year. This led Steve to have a record income year, and after increasing their giving goal to $250,000, they had their first seven-figure year. Harder suggests that setting a challenging giving goal can motivate individuals to find ways to increase their income to meet their philanthropic commitments.
Commitment To Giving Drives Income Growth
Heather Monahan shares that commitment to giving, such as her own pledge to donate $50,000, prompted her to do whatever it takes to succeed, implying that the act of giving can be a powerful motivator. Furthermore, Harder notes that public acts of giving make an individual appear as a good person, which can attract assistance, clients, or advice, possessing a "snowball" effect in one's favor.
Harder’s own entrepreneurial ventures, which include various programs and coaching that help clients earn significant incomes, also reflect his commi ...
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Giving Back and Philanthropy
Additional Materials
Counterarguments
- The correlation between giving and success may be influenced by other factors, such as existing wealth, resources, and opportunities, which are not equally available to everyone.
- Positive affirmations and business perspectives may not have a universally positive impact, as their effectiveness can vary based on individual circumstances and personal beliefs.
- The concept of giving signaling a state of excess may not resonate with those who give out of sacrifice rather than abundance, challenging the idea that giving is always linked to personal wealth.
- Setting significant giving goals could potentially lead to financial strain or stress for some individuals if their income does not increase as expected.
- Public acts of giving could be perceived as self-serving or performative if not accompanied by genuine altruism, potentially undermining the perceived benefits to reputation.
- Networking through philanthropy might inadvertently create exclusive circles that favor the wealth ...
Actionables
- You can integrate micro-donations into your daily transactions by rounding up purchases and donating the difference to charity. This habit not only supports good causes but also reinforces your personal belief in abundance. For example, if you spend $3.50 on coffee, round up to $4 and donate the $0.50.
- Start a personal challenge where you commit to offering a specific skill or service for free to one person or organization each month. This could be anything from offering a free consultation if you're knowledgeable in a certain area, to volunteering your time to help with a local event. This practice can help you meet your giving goals and potentially connect you with new networks and opportunities.
- Create a "kindness calendar" where ...
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