How to Avoid Getting Emotionally Attached to your Money

How to avoid getting emotionally attached to your money. 

Well, I just got off the phone with my very good friend Matthew Pollard. You can check him out at MatthewPollard.com, and he was talking about how he is going into Facebook strategy and trying to figure out how to do it in a way that will convert. Now, it's going to be on his own team, so what he does is he hires a contractor and says, "How much money do you think we need in order to get results from creating this funnel strategy?" He puts it on them. So let's say they say $5,000. So in one month, we can double your revenue in $5,000, whatever that number is. 

Then you put that number in one specific bank account with a balance sheet, bank account sort of vaguely, right, with a balance sheet. So that the contractor is now in charge of that money. Now what he says, which I so appreciate, is that it's on the contractor to be able to work with that amount, and there is no more after that. So if they can't actually deliver what they say they're going to deliver, it doesn't matter, right? They're gone, no matter what. There's no, "Let just try this one more thing. Let's just do this," right? 

It is already made in advance, the decision so you can emotionally un-attach from that money. It's not like gambling, where you're like sunk costs a little more, a little more, a little more. That's where we get these ups and downs emotional rollercoaster for all this. Instead, he's like, "I decided I'm going to potentially lose this much money. I'm going to emotionally attach as much as possible and then let them do their work instead of consistently making new decisions and new decisions, trying to make sure that you're on track because those typically are very emotionally involved." I'm sure you've heard of sunk cost. 

So I highly recommend to test this strategy out in many ways. Budget, not only for Facebook ads but for other pieces in your business so that we're running tests that we're not emotionally attached to, and it's making us go crazy because business ownership is hard enough without going crazy. Have an amazing day!

Summary

Title

How to Avoid Getting Emotionally Attached to your Money

Description

Have you tried this strategy in your business? Shout out to Matthew Pollard for bringing this brilliant idea up to me - Does it resonate? We want to hear from you!

Tags: advertising budget, Budgeting, Facebook Ads, fixed mindset, social media strategy, The Money Test

Categories: Facebook, Fear, Finance, Funding, Mindset, Profit/Loss, Starting A Business

Hi I’m Jaime. Each and every week I bring you the top business advice from the people who know best.

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