Have a podcast in 30 days

Without headaches or hassles

In this episode, you’ll learn…

  • The faulty view of wealth that’s stopping you from becoming filthy rich (2:24)
  • How to make $17,000 profit in your side business in 3 weeks or less (4:08)
  • How your beliefs attract debt and bankruptcy without you realizing it (6:11)
  • The only way you can truly fail is by making this fatal mistake (7:42)
  • How to “rewire” your brain to invite opportunities and fortune into your life (11:08)
  • The trick to overcome a loss of 40% or more of your income without missing a beat (14:16)

Are you crushing it at work but struggling at home? If you want to learn how to win at home, then go to https://CoryMCarlson.com and download your free copy of “10 Ways To Win At Home.”

Read Full Transcript

Welcome to the win at home first podcast. I'm your host, Corey Carlson. This podcast is where we talk about how successful business leaders win, not only at work, but also at home. On this podcast, we will go behind the scenes with great leaders to hear stories of how they win. Thank you for listening and on to today's episode.

Hello, my name is Corey Carlson and you're listening to the win at home first podcast. Thank you very much for listening today and matter of fact, thank you for listening to all the episodes before this one has been fun to get your feet

(00:37): Back and to hear how these episodes are helping you. So thank you. Continue to send feedback my way, share on social media subscribe if you are not already, because it helps. It helps get the word out to others of how they can not only win at work, but also be winning at home along the way. So thank you very much for all your support. Today's episode is the fifth and last capital of the five capitals. The first capital spiritual capital. It's about loving God, pursuing your purpose that God has for you. Number two is relational, loving others. Who are you doing life with? Third is physical capital. It's about investing in your time and energy so that you can invest in other people. The fourth is about intellectual capital. It's about insight and ideas. And then the fifth capital is financial capital. It's currency is obviously dollars and cents, but it's not just about that.

(01:40): It is about what, what do you do with the money that you're making the generosity, the profit for your company, and how do you view your future? Is it one of scarcity in abundance? So today it is. What is your view of your financial future? Isn't one of scarcity, one of abundance. And so three areas I want to unpack today to help you have breakthroughs in this area. The first one is that we often tie our identity to our finances. Second, we believe our financial future is related to our financial past. And the third is our mindset actually needs to shift that we are stewarding what has been given to us. So first to dive in is how we often tie our identity to our financials. We understand this a lot with just the idea of keeping up with the Joneses. We see the type of car someone drives, and we start to think they're rich.

(02:37): You know, they have a Tesla or a range Rover. They're rich. They're doing well. Or we see someone else driving a beater. Well, they must not be doing well. That could be completely inaccurate. The person with the Tesla may be in debt up to their eyeballs. I love that commercial from years ago where an individual is in the backyard grilling, they're just talking about all their finances. And he looks at the camera, says that he's in debt up to his eyeballs. But some of those individuals with the nice homes with the fancy cars could be in fact, that way they're on the other end of the spectrum. Those wood beaters may just be choosing to financially, spend their money, other places other than cars. We don't know. But what I do know is we can take those same type of profiling and put on ourselves as if we had a better car.

(03:28): Our finances would be better. And because I drive this particular car, I'm not as good as the next person. So we can so often tie our identity to our finances. And I know for me, this was a hurdle I had to overcome. I want to share a story that I think can help you break some chains of maybe your financial identity before the recession. My wife and I got involved in real estate. I had this idea that obviously site incoming that'd be great to invest in real estate, have rental properties flip and sell some houses, a whole different, no variety of exit strategies with each of the houses, but it was to bring in more money. Well, before the recession bought one house and in a matter of about three weeks was able to, I get it, it remodeled and turn and sold for a profit of $17,000.

(04:22): It was awesome and almost like a drug, but after seeing how quickly it happened I decided I want to do more. So I put together a plan. Some of the houses were just with my wife and I, others. I brought in a couple of business partners, but quickly put together an idea to go get five houses and did just that. When buy five houses, we started to remodel them. [inaudible] it's started to sell them. And the 2008 recession happens so we could not sell them because everyone else who was trying to sell a house that was now available on the market. So we had a lot of houses on the market. So people were not buying. Then we went to rent it, plan B for our exit strategy. Well, all these surplus homes that are available to rent cause the market price to go down for the rentals.

(05:19): So what ended up happening is we did in fact rent them, but well below any of the market PR or projections that we're doing for our forecasting in the financials of these homes. So we, we did that. So each month was a negative cash flow and is things need to be fixed, continued just the downward spiral of this negative cashflow. Fast forward to a few years later, we just ran out of time, ran out of money. Holly and I found ourselves sitting in a bankruptcy attorney's office, deciding what to do. Matter of fact, we going into office. We had a good idea what we were going to do because we had been bombarded by phone calls, the loan sharks, and the pressure of what we going to do. We can't get out of this fast enough as we're sitting there in this bankruptcy attorney's office, hearing the plan of basically, if we pay roughly about 3,500 to $4,000, sign the paperwork file bankruptcy, all that would go away.

(06:26): Those five different houses that either had a foreclosure or short sale, then we could get out of all of it. And at that moment, for sure, that's exactly what I wanted. I was looking for any way to get out of this. I possibly could. So as we're sitting there with the bankruptcy attorney, all of a sudden, out of nowhere, I just felt this nudge from God that said, I will get you out of this. There is another way. And I never had felt there was another way other than filing bankruptcy and getting the heck out of there. I look over at Holly. She seems, even though we had not communicated, she kind of gave me this kind of visual of, you know, Hey, we can, we can go. And so we, in fact left, the bankruptcy attorney did not file bankruptcy, did not pay, did not sign, even though I knew for sure that's what we were going to do.

(07:20): Well, we did it. And in fact, we climbed out of that debt. It's an amazing story. Won't go into all of those podcasts. But in fact, we did, we went from sitting in a bankruptcy attorney's office to deciding after hearing from God not to do that. And we climbed out of the debt and an amazing, amazing story. But what I love about that story is for a long time, I tied my identity to a business failure. I had this idea go buy houses. It failed. Therefore I am a failure. I can't launch another business. I'll never be able to do it fast forward to where we're at now, since then, I no about four years ago left my corporate career to build a coaching practice, which is working and thriving and was able to do it because I broke through that identity of finances. Jeff Bezos in the book, the everything store talking about Amazon.

(08:18): I love this quote where he says, when the stock is up 30% in a month, don't feel 30% smarter because when the stock is down 30% in a month, it's not going to feel so good to feel 30% dumber. I love how direct he is. So often the thing to know to take away is that our identity is not tied to our finances, no matter how much we have or how little we have, cause it can change. If we have a ton of money and the company we were for goes bankrupt or the stock market crashes, or we don't have a lot of money, but an incredible opportunity comes up that maybe the investment we made actually worked out well, whatever it may be, we can't tie our identity to our success or failure of money. But instead it is tied to being a beloved son or daughter of God.

(09:15): You're unstoppable at work at home. It's another story sound like you. Good news. I'm here to help. If you're ready to win at home, then go to Corey M carlson.com and download your free copy of 10 ways to win it all.

(09:35): Secondly, we believe our financial future is related to our financial past, similarly to the identity, but we almost feel this thought of, Hey, these are just the cards I was dealt. I was not born into a wealthy family or I was born into a wealthy family. Therefore I expect to have these things going forward for me. This was something I had to overcome as well. My mom died when I was 15 years old from cancer, a seven year battle with cancer. So in that battle, there was a lot of family resources spent on just that the cancer journey from whether it was just medicines and insurance premiums, whatever, it could be. A lot of money went towards that. And so when she, after she passed away and then my dad also had some bouts with unemployment as well. When we went to college, the college savings has been spent on other things, other family emergencies that we needed to.

(10:39): So I was able to go to college thankfully and got the student loans to go and got scholarships. What was so interesting for a long time, I had this mindset that my upbringing, and especially those high school, college years, even though I never wanted for anything, I just never had a ton of extra. And so at times it looking back, it felt like just in time, just enough resources. And so that's a mindset that I had going into my thirties and forties of, I would only get just enough just in time in recent years, talking with my dad, looking back at that time, sharing some reflections. I had some of which sharing here, but others, maybe for a later date, my dad says, I don't know if you know this, but a year for the next year after mom passed away, the church paid our mortgage. And that blew my mind because that squash the idea of just in time, just enough instead, it was

(11:47): Just God's provision that would come through other means, other than just what I thought. Instead, friends, family stepped up to pay our mortgage. And so hearing that just in recent years started to just break through this stronghold that I had, that my financial past it was going to drive the rest of my future. That is well, has allowed me to, to break through and to think that, Hey, I can elevate my mindset financially. It is not what I thought my childhood was, but instead can push through that and it could be one of abundance. It doesn't have to look the same. It's the same thing for you, whether you're an individual that came from somewhat of just survival, if you will, you can push through to the other side, or even if it was one of abundance, it doesn't mean that it will always be that way.

(12:45): So it's understanding that the financial past financial future are not tied together and we can rewrite the story financially in our lives, as we want. The third one talked to is that our mindset needs to be that we are just stewarding, that we do not control the impact financially of what we're doing. We just control the input. This really rocked my world a few months ago when I learned the story of the parable of the 10 minus, if you listened to the five capitals podcasts earlier that I did in regard to the overall five capitals, it's based on the parable of talents, the parable of the talents is from Matthew 25, 14 through 30 parable of the talents is one that I had seen to be very similar to the parable of the 10 minors, which is in Luke 1911 through 27. When I first read them years ago, I thought, Oh, they're very, very similar, but because the parable of talents just has a lot more to it that can be used in leadership lessons and other discussions.

(13:58): I've continued to read that and study that one. And really quite honestly dropped 10. Mine is off to the side and never revisit it. But I heard teaching a few months ago that actually kind of rocked my world and it hit right at the right time when I was starting to going to some bad financial thoughts right before the quarantine hit my company business revenue was basically about a 60 40 split between what I did from coaching and what I did from speaking, when Coronavirus hit and the quarantine took place, it was speaking engagements went away like snap of a failure. And so 40% of my income went completely away. And that kind of rocked my world. It almost sent me backwards in some of my financial mindset breakthroughs that I've been having over the years. And what's interesting about the parable of towns and how this was taught to me is if you recall, the parable of talents is when the master gives three different individuals, some money and then leaves for them to invest it.

(15:00): When that owner comes back and all three scenarios, they say, I have made five talents more for the first one. The second one is that I have made two towns more. The third one who ends up bearing it says, so I was afraid. So very self centered approach to it. So it's interesting. It's all three have a, a response, a posture, a mindset of, of I very self centered. And so the master gives the one that took the five towns and made five more towns. It gives them more money for the third one who just buried the treasure, the talent, that's what he gets. But what's interesting is if you look at the parable of the 10 minors, the response is not self centered. Instead when the master asked about the money in verse 18, it says, Lord, your minor has made 10. Mine is more.

(15:59): And then the second one does the same thing, your minor. So it's a posture of this is your resources guide. These are, this is your money. All I'm doing is stewarding it. I'm just making choices of where do I invest? How do I invest? What I do? I control the input, not the impact. What's interesting is I believe that the Lord loves that response much more than in the parable of towns, because instead of getting just more money says, well done, good servant, because you have been faithful in very little. You shall have authority over 10 cities. So parallel towns just get some extra money, terrible 10 minus in fact, get city gets authority, gets more power. So I believe we have that mindset instead of just getting a return on investment of money. It will be a much more and in my own life, as I'm learning that we can only control the input, not the impact.

(16:56): I got to see that firsthand with my book, getting published in Germany. It's not done yet, but it's in the process. I had no way of making that happen. I could have tried to go after every single country, but that wouldn't have worked, but because of a connection here and there, and God at work, a German publisher is picking up my book, which is exciting and awesome, but it was a reminder to me that I control the input. I have to put together the podcast I have to put together the blogs, the book, coaching, my clients, bringing my best to work. That's my job is controlling the input, stewarding what God has given me to the best that I can and the impact that's up to God. That's just up to what may happen. And for whatever reason, Germany was part of the, the bland and impact.

(17:48): And I'm excited. I have no idea how that will look, but also I can't get deflated or beat up about what about all the other countries are? Why is it not, you know, sold all the time every day in the United States? I don't know, but I can't control that. And I am not defined by the impact of that. Instead, my responsibility financially is to have that mindset of your minor, not mine, but yours God. And so for you, whatever you're doing, whether it is your family finances, whether it's the company's P and L, but to have this mindset of you are steward in it. And it is God's, it is God's miner. Your job is to just do your best to steward it well and bring profitability to the company and to the family, through your stewardship. So just as we recap, today's episode that finances can be such a heavy thing in all of our lives.

(18:47): And Jesus knew it'd be this way. When he talks about, we can't have two masters, both God and money, he knew money would get in the way of many, many good relationships, good activity, good mindsets. It could totally get in the way. And so for us, if we can break the strongholds of tying our identity to our finances and understand our identity has nothing to do with our finances instead is being a beloved child of God that we can realize that there is no strong hold to our financial pastor, our financial future. Instead, we can rewrite the story of how we go forward. And the third is our mindset needs to be one of stewarding God's miner and not ours. So hopefully this is helpful to you and a value as you start breaking through some of those chains that you may have in your life financially, that I, that I have for many, many years, that I've been able to break through in recent years.

(19:41): Thank you very, very much for listening. Thanks for subscribing. Thanks for sharing all that good stuff. Continue to help get this word out to help others. And until next time continue to not only win at work, but also win at home. Thank you very much.

(20:00): You're unstoppable at work at home. It's another story sound like you. Good news. I'm here to help. If you're ready to win at home, then go to Corey M carlson.com and download your free copy of 10 ways to win.

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