The Identity Shift That Unlocks Wealth | Jen Sincero
In this episode of The School of Greatness, Jen Sincero and Lewis Howes examine the relationship between personal beliefs about money and financial success. They discuss how societal attitudes and personal experiences shape our views of wealth, with both hosts sharing their own stories of overcoming negative money associations. The conversation explores why people often view financial ambition differently from other types of aspirations.
The hosts outline practical approaches to transforming one's financial mindset, including the value of stepping outside comfort zones and maintaining daily practices for personal growth. They emphasize the role of external guidance in achieving financial transformation, with both Sincero and Howes describing how coaches and mentors helped reshape their understanding of wealth. The discussion covers specific techniques for addressing money-related fears and building confidence in financial decisions.
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1-Page Summary
Overcoming Beliefs and Associations With Money and Wealth
In a discussion about financial abundance, Jen Sincero and Lewis Howes explore how shifting perceptions about money from negative to positive can transform one's financial life.
Sincero challenges the common belief that equates wanting wealth with greed, suggesting that desiring financial success is a natural human need. She notes that while other aspirations are celebrated, financial ambition often faces criticism due to societal views that link wealth with unethical behavior.
Both hosts share personal experiences with negative money associations. Howes reveals how family stress around money led him to associate it with hardship, while Sincero discovered her fear that wealth might affect her relationship with her father. To overcome these beliefs, Sincero recommends changing negative self-talk about money and visualizing it as a positive force.
Action, Facing Fears, Stepping Out of Comfort Zones
Sincero and Howes emphasize that transformation requires consistent, courageous steps outside comfort zones. Howes suggests creating a 'fear list' and methodically addressing each fear to build confidence. Sincero introduces the concept of "tear-citement"—a mix of terror and excitement—as a signal of growth potential.
To maintain momentum, Sincero recommends establishing a daily "spiritual gym" routine, spending at least 20 minutes on activities like meditation or reading self-help books. Howes adds that regularly facing fears in daily practice helps build confidence over time.
Coaches, Mentors, and Guidance in Financial Transformation
Both hosts stress the importance of seeking outside guidance for financial transformation. Sincero emphasizes that coaching is vital not just for athletes but for anyone seeking to improve their financial situation. She shares her experience of investing in coaches despite the cost, viewing it as a commitment to her financial growth.
Howes reflects on the crucial role mentors and coaches played in reshaping his financial mindset, suggesting that professional guidance is essential for achieving financial mastery. Both hosts agree that external perspective and accountability are key factors in overcoming ingrained financial beliefs and habits.
1-Page Summary
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Counterarguments
- While positive thinking about money can be beneficial, it is not a guarantee of financial transformation; systemic issues and external factors also play significant roles in an individual's financial situation.
- The desire for financial success may be natural, but unchecked ambition can lead to unethical behavior if not balanced with social responsibility and ethical considerations.
- Criticism of financial ambition may sometimes be warranted, as wealth accumulation can be associated with exploitation or unfair practices in certain contexts.
- Personal experiences with money are diverse, and not all negative associations stem from stress or fear; some may be based on cultural values or personal principles.
- Positive visualization and changing self-talk can be helpful, but they are not substitutes for practical financial planning and education.
- Stepping out of comfort zones is important, but so is recognizing and respecting personal limits and mental health considerations.
- A 'fear list' might not be suitable for everyone, as some individuals may require professional support to address deep-seated fears or phobias.
- The concept of "tear-citement" may not resonate with everyone, and for some, it could be a sign of taking on too much risk or an unhealthy level of stress.
- A daily routine of spiritual or self-help activities may not be practical or appealing to everyone, and other forms of self-care or professional development might be more effective for some individuals.
- Regularly facing fears can build confidence, but it can also lead to burnout or anxiety if not managed properly.
- Coaching and mentoring can be beneficial, but they are not the only paths to financial success; self-taught financial literacy and learning from personal experiences can also be valuable.
- The cost of investing in coaches may not be justifiable or feasible for everyone, especially those with limited financial resources.
- External guidance is helpful, but it should not replace personal judgment and critical thinking; individuals must still take responsibility for their financial decisions.
Actionables
- You can create a "money mantra" that encapsulates your new positive outlook on finances and repeat it during your daily routine to reinforce a positive financial mindset. For example, if you've always seen money as scarce, your mantra could be "Abundance flows to me easily, and I manage it wisely." Say this while you're brushing your teeth or during your morning commute to gradually shift your subconscious beliefs.
- Start a "bravery ledger" where you record small risks you've taken each day related to your finances. This could be anything from asking for a discount on a service, investing a small amount in a new venture, or even just reading a financial book that seems a bit advanced. The key is to make a note of the action and how it made you feel, tracking your progress over time and encouraging you to take increasingly bold steps.
- Engage in "financial role-play" by setting up mock negotiations or financial planning sessions with a friend or family member. This practice can help you develop negotiation skills, learn to articulate your financial goals and strategies, and become more comfortable with financial discussions. You might role-play asking for a raise, discussing investment strategies, or planning a budget, which can build your confidence in real-world financial situations.
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Overcoming Beliefs and Associations With Money and Wealth
Shifting perceptions about money from negative to positive can be transformative in achieving financial abundance. Jen Sincero and Lewis Howes discuss the cultural and personal attitudes that hinder this shift, offering insights to overcome them.
Reframe Morality and Judgement Around Pursuing Financial Abundance
Wealth Desire Is a Human Need, Not Inherently Greedy or Immoral
Jen Sincero suggests that there's a moral judgment that equates the desire to be wealthy with greed. She clarifies that desiring money is not the same as greed, yet people often conflate the two. When someone aims to be rich, they can be met with disgust, yet striving for other goals, such as losing weight, is endorsed.
Lewis Howes questions why financial ambition is frowned upon, and Sincero attributes this to societal views that equate the wish to be rich with unethical behavior, perpetuated by news that highlights negative aspects of the wealthy rather than their positive deeds. Sincero urges against judging others and advises not to concern oneself with others' opinions regarding financial ambitions.
Shift Money Associations From Stress To Abundance
Origins of Negative Money Beliefs in Childhood or Family Dynamics
Howes shares that family stress around money caused him to associate it with hardship and discomfort. Sincero reveals her own discovery of a major personal block: the fear that becoming rich would reduce her need for her father's financial expressions of love.
Visualize Money As a Positive, Liberating Force, Not a Source of Fear or Shame
Sincero changed her negative self-talk about money by affirming that "money flows to me easily and freely" instead of "I can't afford it." She emphasizes not the belief in these statements, but the feeling and emotional frequency behind them. To change the perception of money, one might visualize it as a positive force and talk about it openly and joyfully.
Develop Self-Appreciation and Worthiness to Receive Financial Abundance
Overcome Imposter Syndrome and Feelings Of Undeserving Wealth
Sincero discusses her own journey from feeling undeserving of wealth to recognizi ...
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Overcoming Beliefs and Associations With Money and Wealth
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Counterarguments
- While desiring wealth may not be inherently greedy, unchecked capitalism and the pursuit of wealth can lead to unethical behavior and systemic inequality.
- The media may highlight negative stories about the wealthy, but this can be a reflection of real issues such as economic disparity and the social impact of wealth accumulation.
- Personal goals like health improvements are often pursued for personal well-being and may not have the same societal impact as the pursuit of wealth, which can affect others through economic dynamics.
- While individuals should not be judged solely for their financial goals, it is also important to consider the broader impact of one's pursuit of wealth on society and the environment.
- Positive affirmations about money can be helpful, but they must be coupled with actionable financial strategies and education to be effective.
- Visualizing money as a positive force is beneficial, but it's also important to acknowledge and address the systemic issues that can make money a source of stress for many people.
- Overcoming imposter syndrome is important, but it's also necessary to recognize that systemic barriers can contribute to feelings of undeservingness, which requires more than ...
Actionables
- Create a "Money Positivity Journal" where you write down three positive financial experiences or thoughts each day. This practice encourages you to notice and appreciate the positive aspects of money in your life, helping to shift your mindset from scarcity to abundance. For example, you might write about a time you felt grateful for being able to pay for groceries, a moment you received unexpected financial help, or a day you managed to save a little extra.
- Develop a "Wealth Affirmation Ritual" by setting aside five minutes each morning to repeat personalized affirmations about your financial goals and self-worth. Craft affirmations that resonate with your aspirations and repeat them while in a relaxed state to reinforce a positive financial self-image. An example of an affirmation could be, "I am capable of creating prosperity, and my value is not defined by my bank account."
- Organize a monthly "Abundance Circle" with friends or community members ...
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Action, Facing Fears, Stepping Out of Comfort Zones
To experience transformation, it's essential to consistently take courageous steps outside of familiar patterns.
Transformation Requires Consistent, Courageous Steps Outside Familiar Patterns
Identify Fears Holding Back Financial Growth and Plan to Confront Them
Jen Sincero and Lewis Howes discuss the necessity of letting go of the old identity in order to embrace transformation, which often feels like an explosive change. They believe that to change one's life, one must take risks and step into a new reality, despite the loneliness and discomfort it may cause. This is particularly true when friends and family do not support the change.
To grow financially, Howes emphasizes the need to confront fears and change the conversation around money, reflecting on his own experience of overcoming money fears. He suggests creating a 'fear list' and addressing each fear methodically, as he did, to gain confidence with each small improvement. Healing past issues is presented as a precondition for financial peace.
Embrace Excitement In Facing Fears
Fear Guides Your Greatest Growth and Opportunity
Sincero highlights the importance of doing the scary thing every day to rapidly transform your life. She introduces the concept of "tear-citement," a mixture of terror and excitement, to emphasize that fear is a sign of stepping outside your comfort zone — where true transformation occurs. The journey of growth may lead to losing friends, but it also opens the door to meeting new, inspiring people who support your goals.
Sincero asserts that one should focus on the excitement of growth and the opportunities that come with overcoming fears, rather than those who do not support your transformation.
Maintain Momentum and Motivation Through Discomfort or Self-Doubt
Develop Daily Practices for Sustained Focus and Commitment
Sincero recommends establishing a "spiritual gym" routine—a daily practice akin to physical exercise—to maintain focus and commitment. This involves engaging in activities like meditation o ...
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Action, Facing Fears, Stepping Out of Comfort Zones
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Counterarguments
- Transformation can sometimes occur within familiar patterns through deepening understanding or mastery, not always requiring stepping outside of comfort zones.
- Identity can evolve gradually, and not all transformative changes feel explosive or uncomfortable; some can be subtle and gentle.
- Risk-taking is not the only path to change; calculated and cautious approaches can also lead to significant life transformations.
- Financial growth can also be achieved through consistent, risk-averse strategies, not solely by confronting fears.
- A 'fear list' might not be effective for everyone; some individuals may require professional support to address deep-seated fears.
- Healing past issues is important, but it's not always a precondition for financial peace; some individuals achieve financial success without resolving all past issues.
- Daily confrontation with fears might not be sustainable or healthy for everyone; balance and self-care are also important.
- Fear is not always an indicator of growth opportunities; sometimes it's a sign of genuine danger or a signal to proceed with caution.
- Personal growth does not necessarily lead to losing friends; it can sometimes strengthen existing relationships or encourage mutual growth.
- Focusing exclusively on excitement and opportunities can lead to overlooking important considerations and potential risks.
- A "spiritual gym" routine may not resonate with everyone; different practices work for different indi ...
Actionables
- You can create a "comfort zone map" by drawing a circle and writing down all your usual activities inside it, then list new, challenging activities outside the circle to visually identify areas for growth. This visual tool can help you see where you're playing it safe and where you can push boundaries, making it easier to commit to trying something new each week.
- Develop a "transformation journal" where you document not only your fears and successes but also the identity shifts you experience as you grow. Use this journal to reflect on how your self-perception changes with each risk you take, which can reinforce your commitment to transformation and help you let go of old identities.
- Start a "fear ...
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Coaches, Mentors, and Guidance in Financial Transformation
Kaya Henderson, Jen Sincero, and Lewis Howes explore the impact that coaching and mentoring can have on personal and financial transformation, advocating for the importance of seeking outside perspectives and accountability.
Value Outside Perspective and Accountability In Overcoming Ingrained Financial Beliefs and Habits
Be Aware That Self-Assessment Can Be Skewed by Biases and Limitations
Sincero underscores the need for outside guidance in financial matters, recognizing that her views on finance might be limited or biased. The discussion implies that books and conversation can provide valuable outside perspectives to help overcome self-doubt and ingrained habits. Implicit in her decision to seek a life coach is the acknowledgment that an external party can help shift one's financial mindset.
Pursue Quality Coaching for Financial and Personal Growth
Invest In Growth, Even When Uncomfortable
Jen Sincero discusses the benefits of taking action without waiting for perfection and facing fears with the guidance of a coach. She stresses the importance of coaching in every area, especially when one is not making money. Sincero illustrates that coaching is needed for non-athletes just as Olympic athletes require coaching to reach their peak performance. She acknowledges the value of coaching and is open to the idea, even if she currently does not have a coach.
Lewis Howes also reflects on the significant role that mentors and coaches have played in teaching him about money, suggesting one should actively seek guidance to learn and change their financial mindset.
Use Coaches For Planning and Accountability
Coaching Is Vital for Olympians and Financial Mastery
Jen Sincero and Lewis Howes both acknowledg ...
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Coaches, Mentors, and Guidance in Financial Transformation
Additional Materials
Counterarguments
- While coaching and mentoring can provide valuable outside perspectives, not all advice may be suitable for every individual's unique financial situation, and some may benefit more from personalized financial planning.
- Self-assessment, despite its limitations, is a crucial skill for personal growth and financial independence, and individuals should not entirely discount their ability to understand and manage their finances.
- Books and conversations can offer insights, but they cannot replace the tailored advice that comes from a professional financial advisor who understands an individual's specific financial goals and circumstances.
- The cost of quality coaching can be prohibitive for some individuals, potentially creating a barrier to access for those who may benefit most from financial guidance.
- Taking action without waiting for perfection is valuable, but it is also important to conduct due diligence and plan carefully to avoid unnecessary financial risks.
- While coaching can help individuals reach peak performance, self-motivation and self-directed learning can also be powerful tools for personal and financial development.
- The role of mentors and coaches in teaching about money is significant, but self-education and critical thinking are also essent ...
Actionables
- You can start a peer accountability group with friends or colleagues to discuss financial goals and progress. Meet bi-weekly to share updates, challenges, and successes. This creates a support network that mirrors the accountability aspect of coaching, encouraging members to stay committed to their financial plans.
- Develop a "financial growth journal" where you document your financial decisions, feelings about money, and areas where you seek improvement. Use this journal to reflect on your financial mindset shifts and to prepare specific questions or topics for future discussions with a mentor or coach.
- Create a "fear-facing challenge" f ...
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