Confidence Classic: Make More Money & Do More Good with Derrick Kinney, CEO of Good Money Framework

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1:14Come on this journey with me. Each week when you join me, we are going to chase down our goals, overcome adversity, and set you up for a better tomorrow. I'm ready for my close-up. Tell me, have you been enjoying these new bonus confidence classics episodes we've been dropping on you every week? We've literally hundreds of episodes for you to listen to. So these bonuses are a great way to help you find the ones you may have already missed. I hope you love this one as much as I do.

1:46I'm so excited for you to meet my friend, Derek Kinney. He's changing how you feel about money. He believes money is not bad and good people should have more of it. That means you. After applying these proven principles with thousands of clients, Kinney sold his multi multi-million dollar business to teach these steps to you. As CEO of Good Money Framework and host of the popular Good Money podcast, Kenny visits with influential business and thought leaders to inspire you to make more money and use it for good. Known for making complex financial topics easy to understand, thank goodness, Kenny is a sought-after guest on local and national media where he has been interviewed on CNBC, Fox, CNN, Fox Business, PBS, Cheddar News, Wall Street Journal.

2:35Oh my gosh, so many. For more good money tips, connect with him on Instagram at Derek T. Kinney, or today you've got him here on the show. Derek, thanks so much for being here. My pleasure, Heather. I know that you've got a large audience, and so it's a real honor to have me on as your guest. I'm looking forward to our conversation. Okay. So I love giving behind the scenes to my peeps. So I met you through a DM on Instagram that you sent to me, you not knowing me. And this was super smart, guys, because I get a lot of DMs People want to be on the show or want me to promote something for them. And, you know, I always look at things from a sales perspective.

3:09You look at things a little differently than I do. But to break through the noise, you need to be willing to serve and do for others. However, I very rarely see it. And Derek sent me a DM saying something like, hey, Heather, I've got this new book out. I'm starting this movement. I want to help people. If there's any way I can be of value to you, I would be happy to make a donation to a charity for you. I'd be happy to buy books from you and give them away to people to support you. Tell me how I can add value to you. I'd love to have a conversation. And that approach is so brilliant because, of course, you get a yes.

3:41How long have you been taking this approach in business? Well, it's an approach I learned when I was quite a bit younger because I realized sometimes you have to sort of pay to play. And what I mean by that is you can wait for just the happenstance relationship to form, or I can identify the people who I respect and I admire and I can reach out to say, look, I know you're busy and I'm one little call in all of your calls you'll make today. But if I can do something for you, it's sort of the radio station, WIIFM, what's in it for me? And Heather, here's what happened is I bought some of your books, which is a great book.

4:19And I am on the board of directors for the local junior league here in town. And I gave each member one of your books. And so the benefit was, is you helped me, I helped them. And several ladies have come back and said, Heather's book is great. And so it just goes on and on and on. And so it was a way for us to contact. And we've done an Instagram live and now I'm on your podcast. I mean, so it's all about putting things in the benefit of the other person. And how can we collaborate to make something even bigger? It's so true, right? I wouldn't have known you to know to invite you on to my show.

4:53And because you sent me that DM and gave me that generous offer, which I took you up on, and thank you for telling me that the ladies like the book, that makes me so happy. I received a copy of your book from you and I read your book and I loved your book and I got great feedback on the Instagram live that we did. And so that led me to saying, Hey, Derek, I'd love to have you on the show. I know my listeners can benefit from you. So I totally agree with you in that domino effect. You don't know until you show up and start serving and giving others how that's going to play out and how many people that can affect.

5:25Well, it's so true. And there's a book I read probably about 10 years ago by Jack Canfield, Chicken Soup for the Soul. Most people know who he is. And in the book, Heather, he talks about this rule of five and he gives this visual that if you go to the Redwood Forest in California, and I'm not suggesting you do this, but just follow along for the analogy. And you were to take an ax and you took five swings a day at a Redwood. eventually we know what's going to happen, that Redwood's going to fall over. But it just takes five swings a day. And so what I took from his point was I needed to do five things a day to direct myself to what my goal was.

6:04And my goal when I launched the book was, how can I get this book on the USA Today bestseller list and on the Wall Street Journal bestseller list? And it was going to take about 10 ,000 copies to do that. And so through a lot of campaigns because there's never one silver bullet. There's just, I call it spokes on the wheel. You try all kinds of stuff. Then in retrospect, in the rear view mirror, you can look back and say, clearly that was the best way to do it. But we hit our goal of 10 ,000 and that really helped propel the book. And the reason why that's important is not so much for the list itself, but it's because the number of people's lives impacted by the book can grow exponentially.

6:40Just like you're talking about on this well-regarded large podcast, you know, people that hear this message may want to buy the book and it can really help improve their lives and change their family direction for generations to come. You know that I love your book because I shared this with you offline before we did the Instagram live. And when we jumped on to do the podcast, I said, Derek, is there anything I need to know other than what I already know about the book? And he said, oh yeah, by the way, I just decided to give away the first few chapters for free at my new website because I need this message to get out there and help people.

7:12Nobody in the book business does this. How did this idea come to be? Well, ultimately, the book took about 16 months to write. And I realized if I wait for everyone just to buy the book, which ultimately I want them to do, that can take a long time because many people don't know me or don't know the message. But if I give them something of value, it's all that what's in it for me approach. How can we add value to people? If I can give people the first five chapters of this book for free, Number one, the first five chapters can help change their life. If they just drop off there, I've helped their lives get better.

7:46But a large majority will realize, hey, this is a really good book. It's impacting me financially. And personally, I'm going to buy the book. Ultimately, it's about launching a movement. You know, when I think about money, so many people think about money books as I read it. There's the principles. They're all the same. It goes on the bookshelf and gathers dust. I hope that this one, people tear the pages out. They earmark it. They just begin to implement it. You know, one of the games I like to play, Heather, just real quick. So this book retails for like 25 bucks. So if I was going to buy a business book for 25 bucks, what I would do is how can I then turn that around and make$5 ,000 to$10 ,000 off of a$25 book purchase?

8:26And that's what I feel like people watching this now implement the principles in the book and you're going to by far pay yourself back, not just in savings, but how you think about money and have a more confident money mindset. And that's priceless. Okay. So I have a real life example to give you of how your book made me money since I've read it. And this is true story. I'm proud of it too, because it affected somebody's life in such a positive way. And that is, first of all, this is not your normal business, your money type book, right? This is definitely, you're not reading about spreadsheets, guys.

9:01There's no graphs in there, it's a lot more personal story and example, real life testimonial stories of people that you have had in your life and how these different principles have affected to drive revenue, solve problems, et cetera. So it's super interesting. It's a fast read, but you get so much value. You opened my eyes to this idea of giving back and making money purpose-driven, which I had known about when I was younger, but I forgot about it. I kind of got away from it for whatever reason, it wasn't top of mind for me. You made it very top of mind. I have a client that I do consulting for, and he's kind of lost his spark.

9:38Very wealthy man. He does good. He gives back a lot in charity, but he kind of lost his spark. And he went on a mission the same time I was reading your book. He went on a mission to Africa and he comes back and he says, Heather, I don't know. Should I even keep my business anymore? I don't even know. I'm so obsessed with helping these people with this water. There's a huge water problem in Africa. And he said, no one here knows about it. And I feel like maybe I should just walk away from business and just go delve into this charity work full time. And I thought about your book and I said, no, I said, in fact, you can do more good.

10:11If you were actually to stay here, let's give yourself a much, let's say he was doing 20 million a year and let's give the stretch full of 75 million a year revenue. And now you have a huge percentage of your profits back. You will have such a bigger impact than you just going to move to Africa and help build a water irrigation system. If you give them$20 million, you will change millions of people's lives. And in that moment, I saw the light bulb go on for him. The next thing he did was he said, let's set up a webinar for my entire company. Let's teach them what we're going to do, how they're all going to become a part of this purpose, a part of helping.

10:46And then once we did that, Derek, then his team said, let's set up a webinar for all of our customers and let them know. And now we're just seeing this huge movement around his company and his community that's doing so much good. And it all came from one of the chapters in your book. Man, I got to tell you that I'm trying to get too emotional on podcasts like this, but that when you say that, I mean, that's what it's about, Heather. I mean, real life people seeing, look, I like to make money and there's nothing wrong with that. But if you can tie meaning to your money, now you have a reason to go make more.

11:19And it becomes so personal that it's just not right that if you have the tools and the ability to help solve this water cleanliness crisis and you're not doing it, you're really doing the world a disservice. And your customer is a disservice because, look, they could probably work with any of this person's competitors. And it might even be a reasonably similar product or service. But it's this generosity purpose, as I call it, that will separate your client and people want to pay more, do more business with him, and he's more fulfilled. I mean, and when you lay your head on the pillow at night, isn't that what we all want to have added value to ourselves, the world, and helping make the world better?

11:59I mean, it's such a powerful combination.

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15:33And one of the attributes there was, to your point, this competitor of ours that was light years ahead of us has a give back program and is marketing it. And when you look at the differentiators from their results versus ours versus anybody else, This company was light years ahead. And I raised my hand and said, hang on, we're looking beyond this. No one was noticing that this was actually an element that was driving ROI for the company. And because your book brought such a spotlight to it, can you share a little bit around how you understood or the data behind why that is that people want to do business with companies that are giving back?

16:09Well, I'll give you an example. In my book, I feature a woman, her name is B. Bo Calandro, and she wrote a book called Doing Good at Work. And one of the interviews I did with her, she talked about how when we watch advertisements on television, if you see, for example, an advertisement that saves the whales or it's about cleaning the ocean or about helping with poverty, the emotional response our brain has is similar, get this, Heather, to looking into the eyes of someone we love. I mean, that's a powerful emotion when you think about our brain recognizes that giving back is such a powerful tool.

16:43Plus, we know the research tells us that when someone is known as a giver, they're known as more trustworthy. They're more likable, which means people want to do business with them. And I want to share a story with you that really brought this home to me in my own office. About 10 years ago, a gentleman named Dave came into my office, longtime client. but I could tell he was wearing the weight of the world on his shoulders. We exchanged some small talk and I said, Dave, you've got to spill it. I know something's wrong. He began to tell me that he just wasn't into going to work anymore. You know, he liked making money, but he was questioning, is there more to this business than just making money?

17:20And for some reason, Heather, the word just shot out of my mouth. I said, Dave, is there a cause that you care deeply about? And I could tell the question stunned him. He sat back in his chair and he began to tell me a story that He had gone overseas with his family a couple of years earlier in a village that they had gone to. The guide talked about how they needed a schoolhouse built because the lack of education was holding back this entire village. And he remembered exchanging that glance with his wife as to say, wouldn't it be cool to fund that school? Well, they get back to the States, life gets busy, business, family, et cetera.

17:55So my question brought it all right in front of him. And I said, Dave, what if you did this? What if you set a sales goal to increase your sales over the next 12 months and you took half of that increase and used it to fund that school? And how would how would you feel about that? And he said, Derek, I think that's a great idea. So he leaves the office. He comes back in the office three months later. He looks younger. He looks more invigorated. He looks like he's back in the game again. I said, Dave, it's clear something happened. Tell me the story. He said, Derek, at first I was a bit skeptical of what you said, but I said there was nothing to lose.

18:28he called all of his clients when he got back to the business and said, look, we've decided to have a generosity purpose. And our purpose is we're going to take a portion of all of our proceeds and use it to build the school. Well, the clients got on board. They began to buy more from him, referred people to buy more from him. Dave got more excited about going to the business because he had a purpose. There was meaning to his money. He said, Derek, we've already funded half of that school in just three months. Well, that was an aha moment for me because here are two grown men. It was pretty emotional to see this belief that he had get shattered and how he could use his business as a platform to do more good.

19:11And what it based on was when I was an advisor about 20 years earlier, when I started my practice, I always loved education and I had a passion for giving back. And so I would give back and recognize a student of the month and a teacher of the month in my local high school, because I realized I would have wanted to have an adult, a successful business person come back and sort of give me the bigger picture, not algebra is important, economics is important. Those are okay then, but they don't really help you in real life. And so I would give a$25 gift card to the student of the month and a$50 gift card to the teacher of the month.

19:45They would have thought they won the lottery. I mean, that money was so important to them. I took a picture back in the day, there was a thing called a newspaper for all of our listeners that are young, especially. And I put a picture of myself and the student and the principal in the paper and a picture of myself and the teacher and the principal in the paper. Well, I began to get phone calls and clients would say, Derek, we want to work with you. And finally, after the third call, I said, why are you calling me out of all the advisors in town? Why did you pick me? And they said, Derek, we know you're good with money, but we picked you because you believe and care about the same things that we care about.

20:22We like education as well. And Heather, that was the epiphany for me of how I grew my business was giving back. And the more I gave, I didn't do this intentionally, but the more it came back to me in terms of clients who loved not just the work we did, but the cause they could be a part of. Wow. So that was one of the shocking parts of your book, which I've seen play out and create real monetization in my business. and like you're saying, purpose in other people's lives and success for them. And it's really had this rapid domino effect in my life. So guys, for everyone listening right now, if you work for a company, raise your hand and bring this idea up at your company.

21:01If you have your own company and you're passionate about giving back to a certain charity, start talking about it with your team, start, set a goal, you know, come up with this give back number and realize when you read good money revolution, you're going to see how it's not only is it going to deliver dollars for you and your initiatives, but it's going to create this momentum of doing good in the world, which is so sadly missed right now. And so, so needed. Well, so true. And I'll give you an example. When I launched my own podcast about two years ago, the world series was coming to Arlington.

21:32It was the first time that they'd had a neutral side because of COVID. So my daughter's a huge baseball fan, Heather. So I bought a ticket for my daughter, myself and her boyfriend. But then I said, you know what? I'm going to back myself against the wall here and say, I'm not going to allow myself to go to the World Series until I get a certain number of downloads on the podcast. And I wanted to go all in. And so I came up with a variety of ways to do that. And it was amazing how when I put myself in a situation of I'm going to lose something valuable, my brain went into overdrive. It was like ideas began to fire back and forth because there was a purpose.

22:07There was a cause. I had to do it. So the day before the World Series, we hit the goal. But I say all that because for people who are thinking about their money as if I go to a job, I come back home, I press repeat and do it again the next day. And then Sunday about four o 'clock, that icky feeling settles in that says, oh, I got to start this all over again on Monday. This message is for you. And I want to tell you, if you're working in a job right now, where your feet are today is where you can have the most impact. And if you can find a way to increase business, reduce costs, and grow the bottom line where you're at right now in a job, you can make more money, which means you can then give more money to the causes you care about.

22:51And I want to dispel something real quick, Heather. This was a problem I had to work through myself many years ago. And that was when I would give to an organization I believed in, I was giving money. So therefore, I was losing money for them to gain the money. Okay. So get this. it was lose-win, which is never a good scenario. And what I realized when I came upon this generosity purpose, this is a way for you to make more money, do more good. And because you're doing more good, more people typically want to work with you and you are driven to make the business successful, which means you keep making even more money to do more good.

23:26And the cycle just keeps repeating itself. And so no longer is it lose-win, it's almost win-win and the charity gets one win. You're almost winning more than the charity is because it changes your mindset to have a fulfillment mentality. And you're helping your customers. And I think you're helping your business, Heather, because you're decommoditizing the product or service you've got. There's so many things right now. People can work with any CPA, realtor, attorney, salesperson. It all looks the same, sorry to say to the audience, to the outside person. But when you raise your flag up and say, you know what?