What is wealth?

Hello hello and welcome to Greedy Bitch, a podcast where groomers stop apologizing for charging their worth.  I’m your host River Lee, founder of the Savvy Groomer.

Today’s episode is sponsored by the Price Increase Masterclass, a 6-module Masterclass where we teach you all about increasing your prices.

Let’s talk about today's topic:

What is wealth?

So what does it mean to be wealthy? What I have learned in my personal life is to think about what wealth means as a relative term that makes sense to me. What does it mean to be wealthy in my life? For me, wealth means freedom. Wealth means being able to do what I want when I want. Wealth means security, safety, and that my son is able to have the best life possible. Those are some of the things that wealth will give me.

Now does wealth have a dollar amount? For me, it does. I know exactly how much money I need to have in an investment in order to be able to just live off of that investment. 

I also want to talk about our mindset surrounding wealth.

One time when I went to a trade show, I noticed some groomers checking out the mobile grooming vans. Now, just to put it in perspective, a Mercedes Sprinter van goes for about $80,000 to over $125,000. And so these groomers were complaining about the price and saying, “It’s so expensive. How would I ever make that money back?” You can’t have a wealthy mindset if you are so worried about those things.

We have to start thinking about wealth in terms of what we want. What is wealth to you? How much do you want? Do you equate wealth with positive things like success, fun, being grateful, and positive? Or do you associate wealth with negative things like greedy people, people that take advantage of people? How do you view wealth? That’s going to be incredibly important in how well you’re going to do in turn. If you honestly believe that the only people who make money are the bad guys, you’re never going to make enough money. That’s the truth. And if you do make enough money, you’re probably not going to do something with it like save for retirement or investing in yourself or your business. I don’t know how much you’ve saved for retirement yet, but the majority of groomers that I’ve met have nothing saved for retirement. 

For example, if saving up cash to buy a car scares you a little bit then ask yourself, “Okay, why does that scare me?” Is it something that you can’t do? Right now it might be something that you can’t do, but when you are wealthy you will be able to.

Again, wealth is relative. What kind of lifestyle would you have? Think about all the positive things that you could do with your wealth. Personally, I love giving. Nothing is more fun than giving. For my business owners, how awesome would it be to give all of your employees a trip to a trade show or upgrading your salon in a way that supports your employees? Stu McLaren says, “The more money you make the more money you can give!” 

When you’re wealthy, where do you want to go? 

A lot of times we have these limiting beliefs about how much money we should have. When do I become a bad person for having money based on my dollar amount?

Your relationship with money is what’s going to help you retire.

When figuring out what you need in order to be wealthy, I generally suggest starting out with figuring out how much money you’re going to need to retire. This will all come from figuring out your budget. 

So in order for you to feel and get wealthy, we then need to figure out how to get you there. The whole point of wealth is to be comfortable. You want to be able to protect yourself and the people you love. You have to know what wealth means to you. It’s important to always be working towards your dream and what you envision your life being when you’re wealthy. 

So what is your vision of wealth? Is it owning your own grooming salon, but not having to groom? Is it owning your own mobile van? Do you want to own a daycare, boarding, and grooming facility? What kind of business do you want? Do you want to travel? Where do you want to live? What do you want your life to look like?

If you guys are interested in learning more about the Price Increase Masterclass, be sure to check out savvygroomer.com/pimc. This is a 6-module Masterclass where we teach you how to formulate and implement your price increase so you can finally make money and grow your business.

Thank you all so much for listening to this podcast, What is wealth. Be sure to visit me at SavvyGroomer.com to see my current opportunities to work with me in growing your pet grooming business plus more free resources for you to learn. See you in our free community on Facebook - Savvy Pet Professionals! As always, Happy Grooming!