On this episode Josh debates “financial EQ” and “money stories” with Anne Beaulieu the Founder of Femme Sauvage and the website FinancialEQ.coach.
Anne Beaulieu started her career as a Finance Economist and Chartered Financial Analyst. But like many successful people, she felt like
something was missing.
Through her commitment to deep mentoring and EQ training, Anne has become The Financial Emotional Intelligence
Coach, Keynote Speaker, and Author who delivers the self-awareness skills, tools, and strategies we need to shift our money beliefs to get out
of our own way. She is the Founder of Femme Sauvage, the heart of money matters.
In today’s episode you will learn about:
- How do you feel about money? Why does it matter?
- Which money beliefs are you mirroring? Are you sure they are your own?
- Where do you collect money from? How much can your money basket hold?
- Which seeds are being replanted for sustainable growth?
Narrator: Welcome to “Cracking the Cash Flow Code”, where you’ll learn what it takes to create enough cash to fill the four buckets of profit. You’ll learn what it takes to have enough cash for a great lifestyle, have enough cash for when an emergency strikes, fully fund a growth program and fund your retirement program. When you do this, you’ll have a sale ready company that will allow you to keep or sell your business. This allows you to do what you want with your business, when you want in the way you want.
In Cracking the Cash Flow code, we focus on the four areas of business that let you take your successful business and make it economically and personally sustainable. Your host, Josh Patrick, is going to help us through finding great thought leaders as well as providing insights he’s learned through his 40 years of owning, running, planning, and thinking about what it takes to make a successful business sustainable and allow you to be free of cash flow worries.
Josh: Hey, this is Josh Patrick. You’re at Cracking the Cash Flow Code. My guest today is Ann Beaulieu. I probably massacred that. She told me about her other company and I just forgot it again which is really a terrible thing for me to do. At any rate, you can find Ann at https://www.financialeq.coach/. We’re going to start a conversation off today about what Financial EQ might be. Let’s bring Ann on.
Hey Ann, how are you today?
Ann: Hi, Josh. It’s my pleasure to be here. Thank you for inviting me.
Josh: My pleasure. Tell me, what is financial EQ coach?
Ann: First, the website, it’s https://www.financialeq.coach/ the dot coach is one of the new like the.com. Financial EQ what it is, it’s way more than just financial literacy. People think that financial emotional intelligence It’s only about understanding about how a checking account works, how compound interest rate works, how to do our asset allocation for our portfolio, for retirement and things like that, but it’s much more than that. It’s about how we feel about money. It’s about why we feel that way. It’s all our money beliefs, how they come into play, and how they impact our feelings and emotions impact our money decisions.
Josh: That sounds like behavioral economics, if I’m not mistaken.
Ann: Well, I’m a finance economist, too. It is sort of behavioral economics. It sees things as a whole, as a society, as a group of people, but we all make individually. All decisions that we make, we make them emotionally first. So what might feel right, money wise for one person does not feel right for another person. It’s important that we know where our money beliefs come from, why we feel that way.
Most importantly, it’s crucial. Otherwise, our money beliefs are going to run the show because we’re going to validate what we know and what we know might not be what’s in our best interest in that moment when it comes to money.
Josh: Well, I mean, there’s always this fight with the economist. Most economists believe that in the concept of homo economics meaning that we are rational actors when it comes to money and anybody financial planning for more than five minutes knows that’s not true. So what does your stuff do for the investor? How does it work or the business owner more importantly? Because we’re talking about blue collar businesses here and more importantly, what does this mean for a business owner? Why should they care?
Ann: They should care because I’ll give you an example. Otherwise, it’s all theory. I had this client yesterday and it’s a brand new business. I asked the client, how much what’s your strategy, like, how much money would you like to make in one year with that business? They looked at me like a deer in headlights. I could feel them retreating in their seat and then they were like, so they said a number.
That number, they couldn’t own it emotionally. I said, “If you had to say, another number, much bigger, what would it be?” They said another number. It was six figures, and multiple hundreds of thousands of dollars. I said, “Okay, what prevented you from saying that number from owning it emotionally?” Because everybody say, “I want more money. I want more money. I want to make more money.”
But emotionally, they have a wealth threshold where they block it. I brought the client there emotionally, to feel that blockage within them what it was about. They got very, very somber, and they were like, “Because then my life if I make that amount of money then my life will change. People will view me differently.
Family members are going to treat me differently.” I said, “Okay, who else? What did you hear growing up about money? What did you hear as a young adult?” The client said, “Well, I was not good with money.” There was a single parent raising their children, that I was not good with money. That’s what my parents told me, I was not good with money. I did not know how to invest money, that I did not know how to get the right job, or how to keep the right job.
All those beliefs came into play, but that feeling that they have of not welcoming money was actually blocking how much money they will make. It impacts the bottom line. That’s the stuff that I help people that I educate people so much about it because we all make decisions emotionally. It may not make sense rationally because rationally that client said, “I welcome as much money as possible.” Emotionally, that as much as possible became smaller, smaller and smaller.
Josh: As much as possible also is not a number. It’s kind of hard to say—
Ann: They didn’t say a number. For their first year of business, they said, 250, but they had that sarcasm and chuckle and like whoo. Then when they said, 300, that’s when the tears came. I said, “Is it feasible? 300,000?” They said, “Yes.” “But do you want to do it?” Their mind says yes, rationally they say yes, but emotionally, it’s like, a lot of beliefs comes in because of their main feeling. We all have a main feeling when it comes to money.
We have a dominant feeling and how I find the dominant feeling with people, I do this exercise with them. I ask people, do you rationally welcome $1 million in your bank account right now? Most people go, “Yes, hell yeah.” They may even drop an F word. I rationally welcome a million dollars in my bank account. Okay. Now imagine you’re walking in the desert. You’re all by yourself. There’s nobody around you. Suddenly, you find a black duffel bag at your feet.
You open the duffel bag and you find $1 million in unmarked bills. What feeling came up for you? Most people when they’re honest with themselves, some people start crying when I do the exercise with them. They’re like, “I feel anxious. I feel worried.” I said, “Why?” When you dip into that feeling, a memory, a belief popped up. What was it? Some people said to me, “Well, mafia, the mafia movies.” I say to that time in particular, I said, “Well, for you to welcome $1 million in your bank account. You’re either part of a cartel, it’s either drug money, or you did something really wrong to have that amount of money in your bank account because your dominant feeling about it is anxiety not that joy and appreciation and gratitude.” There are people I’ve done the exercise with, they cry too, but tears of gratitude.
Josh: I’m going to push back a little bit because here’s the issue. The issue is, you’re absolutely right that we all have money scripts that people live with. What I’m not hearing here, I’m not hearing the word “why” comes in? Why do you want to earn this much money? How would that make your life different? How will that make your life better? If this was to happen, what will happen then I’m not hearing any of that conversation going on.
Ann: Because in order to get that, why they want the money, they need to feel it. They need to feel it. They need to connect with their purpose as to what they’re going to do with that money. It’s not a rationale answer.
Josh: That’s a why question. Why do you want this money? How does it make your life different? How does it make your life better?
Ann: Most people want to ask, why? I tend to stay away from why questions.
Josh: There’s lots of ways, I just asked why questions in three or four different ways.
Ann: Because a why questions to me when we say why as a child? Why did you do that? They might feel it.
Josh: I just told you, I just asked you a bunch of wild questions without using the word why so that’s not the issue. The issue is I’m not hearing us get to a why. Without a why emotions are just a waste of time.
Ann: A why is based in emotions?
Ann: It’s based a why rationally we want to be happy. It will never be enough.
Josh: That’s why you ask how will this make your life different? How will this make your life better? What way will this make things different for your life? You keep drilling down there to get to a core reason. Without doing the “why” I mean, this whole thing with emotion is great, but emotion without action is a waste of time. I can tell you that.
Ann: I agree. I agree because our life is based on the actions that we take, but in order to take different actions, we must feel our truth. Usually our truth is yackey. When we get to that deeper level as to that you would say “why we do this” and why and why and why, like you would say, then we get to the point.
Josh: Okay, so I’m going to interrupt again, our audience is blue collar business owners. What you just said— a blue collar business owner throw up in their shoes about. How do you say that to a blue collar business owner to get them to listen?
Ann: I would start at the beginning.
Josh: Okay, let’s go back to the beginning.
Ann: How do you feel about money? Generally, when you pay the bills? How do you feel? If you have the money to pay the bills, how do you feel? If you don’t have the money to pay the bills, how do you feel? By asking that people start isolating, you could say that dominant feeling about money.
Once they know that dominant feeling then we can go one level deeper. Who taught you that? Where did it come from? We got to go at the bottom of things, in order to change our money story, in order to make more money or to welcome more money into our life. We must know our history.
Josh: I’m not convinced to that at all. I know lots of people who have made a lot of money and they had known nothing about their money story.
Ann: Well, that’s you. We’re all entitled to our opinions. I beg to differ.
Josh: You’re saying I have to know my money story before I make a lot of money. That’s just not true. There are plenty of people who have made lots of money, have no idea what their money story is, nor are they really interested in what their money story is.
Ann: I beg to differ. I bet that most people, they do know their money story. They have a clarity. They understand what money means to them emotionally. I believe that. That’s my belief.
Josh: Okay, I guess we’ll have to agree to disagree.
Ann: That’s okay, too. That’s okay, too.
Josh: I’m still not clear. Okay, I know my money story so what?
Ann: So you know your money story than knowing how you feel about money and why would you use your word why? Where that money story comes from then if you understand how feedback loops because you talk about behavioral economics?
If you understand how feedback loops work, first we get a thought. If we keep thinking about that thing, it generates an emotion. If we keep thinking that thought with that emotion, it generates a feeling. That’s the dominant feeling and our ego, our mind, validates that dominant feeling by dipping it into the pool of beliefs and memories that we have associated with that dominant feeling.
So if we want to change our history, we must know looking at that feedback loop, how it works. We must know how we think when our thoughts. We must know how we feel about those thoughts so that next time we get triggered by money or anything else. We have a choice. we can either react or we can respond. We can choose to validate something else. For me, this is why we must know our history in order to change something. Otherwise, it’s like going through life blind.
Josh: Okay, so I know my history, what’s that going to do for me? How does that make my life specifically better? How would I take different actions?
Ann: Because you will start feeling differently. You will be aware. It’s like, when we are triggered about something, we all have pet peeves. Just make it clear, I had a client who had a pet peeve about people chewing, people who chewed loud. So many people have that pet peeve. They hear people chewing yangyang, and they go, “No.” They never understand where it comes from? So when I ask my clients, what does that pet peeve come from? When did you first see it in your life? That client was nine years old. It was when a father and mother got separated and there was a new man sitting in a father’s chair and that man chewed loudly. When that client realized that her pet peeve about chewing came from there, she stopped having that pet peeves with everybody. She understood where it came from. It’s very important to understand our history and to understand all of that so we can make different choices. It’s all about making different choices.
Josh: I know lots of things that were sent me off when I was younger. I know why they sent me off. Guess what? Because I know it doesn’t mean it doesn’t set me off now.
Ann: I agree. To me, it’s like Rocky. You just get back up quicker because you know where it comes from. You can position yourself. You have a choice. Once we’re aware, we can choose. We can choose to redo the same crap all over again or we can choose to do different. we all have that moment, that split second when we can position ourselves emotionally to decide what our action is going to be. That action is going to impact the next action and the next action. That’s how it works to me anyway.
Josh: Okay, I’m still trying to say, “Okay, I know my money story. How does that make me a better business person?”
Ann: By knowing how you feel about money and why you feel that way. Then you are more aware when it comes to your decision. You’re more aware as to which decision to make. You will understand where your money beliefs come from. You will go to that bottom why, like, why do I want to buy that piece of equipment? Why do I want that product or services at this time?
The people who have that emotional connection with their products and services, they tend to do a lot better financially than those who go through life thinking that, for example, that money is hard to earn or money doesn’t grow on trees.
Josh: Okay. First of all, making money in the business is not a purpose.
Ann: I agree, it’s deeper than that.
Josh: It’s a result. To run a business effectively and well, you have to do things that create that result. That really doesn’t have a whole lot to do with my money story. It has a lot to do with how I feel about myself, how I feel about my employees, how much I trust my employees, how much I allow mistakes to be made, how much I’m willing to have a systematized, repeatable process in my business, how disciplined I want to be out running my sales operations. All those are things that have to happen to the business for you to have a sale ready company or become sustainable. None of them have a thing to do with my money script.
Ann: I disagree. We are the common denominator.
Josh: Tell me how hiring effectively has anything to do with my money script.
Ann: For example, let’s say you want to hire somebody and you say, I’ll pay them $75,000. You’re just looking at here are the criteria to hire that person and whoever fills those criteria get the job. Many companies go like that.
Josh: Well, if they do they’re doing a terrible job of hiring.
Ann: You’re asking me an example.
Josh: I’m asking you how money script fits in with hiring the right person.
Ann: I am going to that. Okay, you need to let me talk too.
Josh: You’ve been talking most of the time.
Ann: Well, then you tell me because you seem to know best.
Josh: I don’t see where you’re coming from. I think money scripts are fine. I think it’s fine to understand it. I don’t think it makes you a better business owner. I think that understanding which the behavioral economics things get in my way, that’s worthwhile understanding, because those will keep you from taking the right actions. The money script for who I’m going to hire has zero to do with that. I got a news man. I’ve hired hundreds of people in my life. I’ve never had a money script running through when I’ve been going through a hiring process. I have a need and a company. That’s why I’m hiring for.
Ann: We are the common denominator with every experience that we have. Do you agree with that?
Josh: I don’t know what that means.
Ann: If you look at every relationship in your life, every interaction, everything you’ve ever done, you are that common denominator with person A, with Person B. It’s you and Person A, you and Person B.
Josh: Okay. Yep, I don’t care what there has to do with money script.
Ann: If you don’t know your money script then you have a blind spot that’s you’re taking into that relationship. Therefore, there will be a blind spot when it comes to hiring. To me, it’s that simple.
Josh: Okay, well, I’m not convinced and don’t think I’m going to be. Ann, if somebody wanted to find you, how would they go about doing so?
Ann: They would find me at https://www.financialeq.coach/. I am on LinkedIn. I am on Facebook. I’m on Twitter, Instagram, all of that. I’m pretty much on social media.
Josh: Okay, cool. If you would like to find more episodes, you can find them at www.sustainablebusiness.co. While you’re at it, why don’t you go over to iTunes or Spotify or wherever you listen to your podcasts and give us an honest rating and review over there. I would really appreciate it and it helps out our rankings which you probably already know.
We have a free eBook which we call the Sale Ready Company. Sale Ready Company is for people who have a company that could be sold even though they probably don’t want to do so because we’re having too much fun and making too much money. To get it, it’s really easy. You go to www.sustainablebusiness.co/saleready. That’s www.sustainablebusiness.co/saleready. This is Josh Patrick. We’re with Ann Beaulieu. You’re at Cracking the Cash Flow Code. Thanks a lot for stopping by. I hope to see you back here really soon.
Narrator: You’ve been listening to the “Cracking the Cash Flow Code” where we ask the question, “What would it take for your business to still be around a hundred years from now?”
If you’ve liked what you’ve heard and want more information, please contact Josh Patrick at 802-846-1264 extension 102. Or visit us on our website at www.sustainablebusiness.co. Or you can send Josh an email at firstname.lastname@example.org. Thanks for listening and we hope to see you at Cracking the Cash Flow Code in the near future.