Financial struggles have a direct, negative impact on your freelance work.
Not only does the quality of your work suffer when you’re in a tight financial spot, but you’re also much more likely to make bad decisions.
Both men and women can struggle financially. But often, women face a different set of challenges.
That’s why I’m excited to have Barbara Huson on the show today.
Barbara is an experienced financial therapist, wealth coach and author of six acclaimed financial books, including her newly released book Rewire for Wealth: Three Steps Any Woman Can Take to Program Her Brain for Financial Success.
She teaches women to earn the money they deserve, build the wealth they desire, and step fully into their power.
This was a fascinating discussion. And frankly, it’s not just for the ladies. It’s just as relevant for us guys.
So, guys, don’t skip this one based on the title. You’ll get a lot out of it, too.
The notes that follow are a very basic, unedited summary of the show. There’s a lot more detail in the audio version. You can listen to the show using the audio player below. Or you can subscribe in iTunes to get this show delivered straight to the Podcasts app on your smartphone, tablet or iPod.
Tell us what you do today—and your path to get there.
Barbara never thought she’d end up as a financial therapist, wealth coach, and expert on women’s wealth and power.
The only advice she received about money as a child was to let a man take care of her.
Unfortunately, her husband was a compulsive gambler who lost her inheritance.
After they divorced, she was left with a tax bill of almost two million dollars.
Barbara didn’t have that money. But she had three daughters and was determined to get smart about money.
For a freelance project, she was hired to interview financially savvy women, and those interviews changed her life. She wrote about them in her first book, Prince Charming Isn’t Coming: How Women Get Smart About Money.
She had a whole new career, traveling the country educating women about their finances.
But even though Barbara knew the mechanics of money (spend less, save more, invest wisely), she couldn’t make money.
She was an underearner. But she thought all writers were poor by definition.
For her next book, she interviewed women making six figures. Some of them were freelance writers making six figures, so that blew her theory!
By the time she finished writing that book, Secrets of Six Figure Women, she too was making six figures. And now she helps other women create wealth.
You said that you understood the managing part of money, but the earning part was missing. When did you identify that gap?
The women making six figures were very confident. But as Barbara dug deeper, she also saw that every single one struggled with fear and self-doubt.
But they didn’t let that stop them.
Fear isn’t a sign for you to stop. It’s just an indication that you’re going to the next level.
The number one requirement for overcoming underearning is a willingness to be uncomfortable.
The willingness to do what you think you can’t do, what you think you shouldn’t do, or what you don’t want to do.
As Ray Bradbury said, you “jump off the cliff and build your wings on the way down.”
What’s the difference between profit and wealth?
Barbara’s definition of wealth is someone who has more than enough.
Financial development has three levels: survival, stability and affluence. Survival is not enough. Stability is just enough. Affluence is more than enough.
There’s nothing wrong with remaining at the stability level. But affluence is where the fun, joy and power is.
I know this is a huge topic, but what are your thoughts about the wage gap and wealth gap when it comes to women?
It’s a fact. There IS a wage gap and wealth gap for women. But you won’t change the wealth gap by overcoming the wage gap.
You read articles about house cleaners and gas station attendants who die with millions because they understand the four rules of wealth:
- Spend less
- Save more
- Invest wisely
- Give generously.
And you do it in that order!
You talk about the spiritual element of all this. What does that mean to you?
Creating wealth is a three-pronged process: outer work, inner work and higher work.
Outer work is the practical work, such as understanding the difference between a stock and bond or how to negotiate a higher fee.
Inner work is looking at your attitudes, beliefs and decisions about money.
Higher work is the spiritual element. What motivates women once they have a roof over their head and food on the table? It’s not making more money. It’s making a difference.
You can’t pursue your purpose if you’re struggling to make ends meet.
You say that “problems about money are never problems about money.” What do you mean by that?
The financial problems of women have very little to do with money and everything to do with their fear of (or ambivalence about) power.
Becoming wealthy isn’t just about being strategic or spending less and saving more.
It’s becoming who we have to become to be a container that can attract and grow our wealth.
Recently, you’ve been getting into the neuroscience of finances. Tell us about that.
Men and women’s brains process financial information differently, especially when it comes to investing.
Men see investing as an exciting challenge. Women see it as a threat.
Barbara realized she needed to help women rewire their brains.
What flows through your mind is what wires your brain.
Every time you think, “there’s never enough,” it reinforces that neural pathway. And soon it becomes a hardwired habit.
Changing those hardwired habits is really hard. But when you change your thoughts and actions, you weaken that neural pathway and strengthen a new one.
How does this work?
There are three simple (but not easy) steps: recognize, reframe, and respond differently.
Recognize whenever you have a negative thought. Observe it like a bystander. When you do that, it separates you from your thoughts—because your thoughts are not the truth.
Reframe the thought. Try to see it differently. Shift your perspective.
If the thought is “I don’t have what it takes,” reframe it to “I can handle this.
Respond differently. You may want to say no. But say yes instead.
Tell us about your upcoming book, Rewire for Wealth: Three Steps Every Woman Can Take to Program Her Brain for Financial Success
Barbara’s new book talks about how you can rewire your brain, with lots of stories, steps and tools.
Where can my listeners learn more about you?
Barbara’s website:
The Wealth Connection, Barbara’s virtual community for women: https://www.barbara-huson.com/twc-2020-new
By the way… whenever you’re ready, here are 3 ways I can help you grow your freelance business:
1. Grab a free copy of my book.
It’s called Earn More in Less Time: The Proven Mindset, Strategies and Actions to Prosper as a Freelance Writer. The title says it all. 😉 — Click Here
2. Join my implementation program and be a case study.
I’m putting together a new implementation group this month. If you’re earning $5k+/month (or the part-time equivalent) from your freelance business … and you’d like to grow your income quickly with better clients … just email me at ed@b2blauncher.com and put “Case Study” in the subject line.
3. Work with me privately.
If you’re a 6-figure writer who’s trying to earn more in less time, with less stress, I might be able to help you get there faster than you think. Just email me at ed@b2blauncher.com and put “Breakthrough” in the subject line, and I’ll get back to you with more details.
