In short
The Marie Forleo Podcast - Episode 387: 6 Things To Stop Doing in 2024 (To Get Rich)
Episode Overview In this episode, Marie Forleo shares six critical actions that entrepreneurs should stop taking in order to achieve greater financial success and happiness in their businesses. This episode emphasizes the importance of recognizing and eliminating unproductive habits and mindsets that hinder progress.
Key Topics Covered
- Maximizing Income with Less Work
- Focus on high ROI (Return on Investment) activities.
- Avoid creating low-priced products that require excessive effort for minimal return.
- The Myth of Courage
- The real barrier to success is not a lack of courage but a lack of consistent action.
- Successful entrepreneurs take actionable steps regardless of their feelings of fear or self-doubt.
- Harnessing Social Contagion
- Social contagion is the spread of emotions and behaviors among individuals.
- Evaluate your social circle: Are they uplifting you or dragging you down?
- Remove toxic influences to enhance your growth and success.
- The Importance of Email Marketing
- Email provides a direct and owned channel for engaging with your audience, offering a far greater ROI than social media.
- Highlight the necessity of a robust email marketing strategy to ensure financial success.
- Time Management and Prioritization
- Recognize if you are misallocating your time on the wrong activities.
- Constantly audit your priorities to ensure you're focusing on growth-oriented tasks.
- Learning from Others
- Seek mentorship and guidance from successful individuals in your desired field.
- Avoid reinventing the wheel; leverage the knowledge of those who have achieved what you aspire to.
Additional Insights
- Action Lists: Create specific action lists to break down goals into manageable steps.
- Mindset Shift: Shift focus from fear of failure to actionable strategies that lead to success.
- Networking: Building a supportive and goal-oriented network is crucial for personal and professional growth.
Key Takeaways
- Don't Chase Minnows: Focus on high-value products/services instead of low-cost offers.
- Take Action: Stop waiting for the right moment—take action even when you don't feel ready.
- Evaluate Relationships: Surround yourself with positive, successful people who inspire growth.
- Email is Gold: Invest in your email marketing strategy for significant returns.
- Time is Valuable: Continuously assess how you spend your time to ensure it aligns with your goals.
- Seek Help: Don't hesitate to learn from others who have already achieved what you're aiming for.
Conclusion The episode concludes with a motivational reminder that growth and success are attainable through the right mindset, actions, and support systems. Marie encourages listeners to embrace their unique gifts and continue pursuing their dreams with confidence.
Resources Mentioned
- Join B-School: [JoinBSchool.com](https://joinbschool.com)
- Free 3-Day Dream Business Bootcamp: [DreamBusinessBootcamp.com](https://dreambusinessbootcamp.com)
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This episode serves as a powerful guide for entrepreneurs looking to improve their business strategies and achieve financial success in 2024. Tune in for practical advice and insights from Marie Forleo!
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Transcript
Automatic transcript. May contain errors.0:01What is that? Do you see that? It's a Smurf. No, it's a Vespa. Wait, it's Super Marie. whoa whoa hold on it's just me i'm no superhero but didn't you start and grow a global inc 500 company that positively impacts millions well yeah and produce a weekly show write two best-selling books and still take weeks off for adventures well yes but it's not because i'm some kind of superwoman look i've got adhd i've got mouths to feed laundry to do and yes i battle fears and doubts and ever-changing demands just like everybody else. Then what's your secret? Honest truth, I start every day knowing exactly what to focus on and what to ignore.
0:46I have a list of what produces the highest ROI in terms of profit, impact, and happiness. And most importantly, I've learned some pretty mind-blowing tricks about the brain and body that help me get more done than I've ever dreamed possible. Whoa, I want that. Well, you can have it. Time Genius is my revolutionary training experience that'll help you set the right priorities, double your creative output, and skyrocket your energy, joy, and profits. Get ready to kiss overwhelmed goodbye forever. To learn more, go to jointimegenius.com. That's jointimegenius.com. I can't wait to see you there.
1:25If you want to get rich in business this year, here are six things to stop doing right now. Ignoring these is what keeps most entrepreneurs stuck, struggling, and barely scraping by. But when you get these right, not only is your bank account going to get swole, but you are going to be way friggin' happier. Now, pay special attention to number four and six. They're a little more controversial, but I think the most important. If you want true financial freedom, this is how to add massive growth and a lot of zeros to your bottom line. You know that saying, I've got bigger fish to fry? if you really want to make bank, do not waste your time and energy frying minnows.
2:02Here's what I mean. One year I thought to myself, I really need a low price product. Everyone says you should have a low price product, right? And I didn't. Everything was either a hundred percent free or thousands of dollars. What can I say? I'm expensive and worth it.com. So I literally took months in addition to creating all our free content and running the existing business to create this new low priced offer. And I remember thinking, oh my God, I'm going to help so many more people and the sales are going to be bonker pants. You want another result? Massively disappointing. I mean, based on the kind of conversions that I'm used to, this was terrible.
2:40Look, if you're anything like me, somewhat of a perfectionist, you pour a lot of time and effort into almost everything you create, right? And launching anything new, it takes a ton of time and energy and attention. So if you're going to create something. Don't focus on the minnows, focus on the whales. Let me break this down. Let's say you want to make a million dollars in your business. So you could create a hundred dollar offer and you need to sell 10 ,000 units. Now look, that's a fair amount of sales for anybody. Or you can make a thousand dollar offer and you need to sell a thousand units.
3:12I think that's a lot more doable. Or check this out. You could get creative. You could get bold and make a$5 ,000 offer and you'd only need 200 people. And look, you got your Millie. And by the way, if you don't think you have the creativity and the value inside of you to make a smoking$5 ,000 offer, I guarantee you're thinking way too small. Bottom line, it's a whole lot easier to sell something to 200 people than 10 ,000. And that is how for the same time and effort and energy, you can make a lot more money faster once you stop chasing the minnows. Marie, I would truly love to quit my teaching job and open a studio for women this year.
3:50I have the concept, certification, and products. I simply don't have the courage to start. Want to know what separates the top three to four percent of entrepreneurs, those who actually make a huge impact and get paid to do it, from those who don't? They think and do the opposite for most other people, especially about courage. You know, back in 2019, I had this crazy idea to launch my book, Everything is Figureoutable. I thought to myself, what if a Beyonce concert, a TED Talk, and a block party had a baby? That's what my book launch party should be in New York City, right? Sounds like so much fun.
4:23Now, the only problem is, to my knowledge, a book launch like that had never been done before. I was both super excited and super terrified. I honestly didn't know how to pull it off, but I needed to walk my talk. I mean, I just wrote a book called everything is figureoutable. So naturally, a book launch concert is something that one can figure out, which we did. And let me say it was amazing. If you think that you need more courage to launch your thing, to raise your prices, to make more money, you're thinking in the wrong way. It's like trying to catch a sunset running East. It's never going to happen.
4:59Why? Because you don't have a courage problem. You have an action problem. Your problem has literally nothing to do with your confidence or your self-worth or some magical feeling of motivation. The truth is you're not doing the things you need to do, right? You're not taking action day in and day out towards the thing that you want to achieve. But if you're thinking right now, Marie, you got me all wrong. I am doing lots of things and they're not working. I got you. Just keep watching because we're going to talk about that in a few minutes. But first, what's the fix here? Stop waiting for courage.
5:33start taking action. So what does that even mean? You know, when I started to figure out the book tour, I wrote down every single thing that I knew I needed to figure out and that was my action list. So for example, first up, what concert venues existed in New York City and which were available on my launch date, September 9th? So my action, Google concert venues near you and make calls. Number two, is there anyone I know that's hired backup dancers before and created choreography for like a real concert. So my action step was text everyone you've ever met and ask them if they know choreographers.
6:08Next up, how do I not make a frigging idiot out of myself on stage in front of thousands of people? So my action here was to train and rehearse my ass off for months before the event. Now look, your actions don't need to be perfect at all. Let them be messy. Mine are. But take that action. Take it every day, day in and day out and do it whether or not you feel like it. Make your commitment to your dream stronger than your moods. By the way, if you want a little step-by-step guide to figure anything out, get your hands on Everything is Figureoutable. I think it's in like 36 languages and counting.
6:42Look, you don't need courage to take action. You take action and then courage just takes care of itself. In June of 1962, dozens of workers in a textile factory came down with the same physical symptoms, rashes, dizziness, and vomiting. At first, everybody thought the factory was infected with a toxic insect that was biting the workers. This became known as the June bug epidemic. Scientists and experts were called in to find the cause. However, none was found. Why? Because there was no toxic bug to begin with. It was an example of a very well-documented phenomenon called social contagion. So social contagion is the subtle and sometimes unwitting spread of emotions and behaviors from one individual to another.
7:24Whether you like it or not, it's impacting all of us 24-7, 365. Look, I know, we all like to think that we're autonomous, right? We're independent. We're such free thinkers. Newsflash, we're not. I guarantee that there are people in your life right now who are secretly controlling or at least heavily influencing all of your thoughts and your feelings and your behavior. They impact your stress levels, your health, the actions you take, and ding, ding, ding, the amount of money you make. Now, the million-dollar question becomes, do the people that you interact with every day in your business and life, are they getting you closer to your goals or are they dragging you down?
8:07Is your social contagion crew helping you grow and become better as a human or are they making you more complainy and sad? If anyone that you work with, anyone on your team or a freelancer or a consultant, if they consistently underperform, if they miss deadlines, they bring drama, they bring negativity or stress to your business and your life, guess what? They got to go like yesterday. How do you know? If every time you interact with someone, you walk away feeling worse than when you showed up, that's your clue. Look, people are probably going to get so mad at me in the comments about what I'm about to say, but my perspective, life is too short to put up with crappy behavior.
8:45And constant negativity will destroy you if you let it. So you just do you. Here's what I say. You don't have to have some big awkward therapy session or have a script to set boundaries. Just think about what my friend Chris Carr says. The only time you can change other people is when they're in diapers. So you might want to try this. Just keep it simple. Do a little version of the Irish goodbye. Just behave your way into not spending time with them anymore. Just bless them on their path and you stay on yours. No matter what, if you want to get and stay rich in every sense of that word, stop tolerating toxic vibes.
9:22A couple of months ago, I sat down and I talked with someone who has a massive audience on social media, like millions and millions of people. She's an amazing human. She's a fantastic creator full of integrity. And I told her straight up, I said, look, One of my gifts is helping women get rich. I've been doing it for decades. I'm really good at it. So you got to tell me outside of social, what's your marketing look like for your business? So she told me a little bit about our backend operations and then she casually slipped this in. Oh, and I've got a couple hundred thousand people on my email list, but I'm not doing that much with that right now.
9:59I said, my love, you are sitting on a frigging goldmine. please, for the love of all things holy, let me show you how to start engaging with all those incredible humans who want to hear from you. And I promise you get this one skill right, and it can turn into millions in your business and so many more lives changed. I've been saying this since like 2001, and I'm still saying it now. Stop ignoring email if you want to maximize money and impact. And the strategy is really simple. We use social media channels to reach and engage with the largest ideal audience possible, right? Then we elegantly get people off of social and onto our email list because that's the place where we own the connection and the relationship with our audience.
10:44And that's also the place where we can sell in a more elegant and personal and effective way. Write this down. Never build a business on rented land, which is what every single social platform like TikTok and even YouTube and Instagram are. And from a stacked cheddar perspective, the numbers just don't lie. Email generates an ROI of about 3 ,600%, meaning that for every$1 spent on email, guess what? You get back 36 bucks. Some studies show that for every dollar you spend, you get 42 back. Now, of course, every business and every industry is different, but rich business owners know that the biggest conversion rates, they don't happen on social.
11:21They happen in your inbox. So one last thing this year, it is imperative that you get your email marketing right. You can't wing this. You can't phone it in any longer. You need an updated strategy. Here's why. There are some pretty big changes coming from Google specifically about email marketing, and you cannot, I repeat, cannot F this up. Otherwise, your business could get blacklisted and banned overnight, and I'm not kidding. If you're a B-School grad, you have lifetime access to the program, so we're going to be going over all of these important email marketing updates together. Now, if you're not a B-Schooler yet and you are serious about getting bigger, better results this year, go to joinbschool.com.
12:00You can learn more. You can let me and my team help you get the results that you've been aiming for. You know, probably one of the biggest obstacles that can stop all of us, it's time. This perception that we don't have enough to do all the things that we want to do in order to grow. Now, in my experience, people who feel like they don't have enough time, they really fall into one of two camps. Camp one, people who know they're not spending their time on the right stuff. Camp two, people who don't. So I want to focus on camp two because I think that's got the biggest potential for transformation.
12:34How do you know if you're in camp two? Simple. You say things like this, but Marie, I'm already doing so many things to grow my business. I'm working all the time. I'm working mornings and nights and weekends, but I don't have any results. This sucks. Now look, if you're truly doing a lot of things right now and you are doing them consistently, like for six months or a year or more, and you're still not getting where you wanna go, guess what? You're doing the wrong things. Maybe you're spending weeks trying to get your logo right, but you haven't even made a single sale yet. Or maybe you're spending way too much time trying to get famous on social, but you don't even have anything real to sell or offer quite yet.
13:10If you're not getting the results you want and you're working all the time, my bet is that you've got the wrong roadmap or no roadmap at all. It's kind of like trying to bake a vegan cake using a recipe for steak or pop. It's not going to work ever. Now, in a minute, I'm going to show you how to figure out the right things to do a lot faster. But first, realize this. Every single one of us has to pay attention to whether or not we're using our time in the smartest way. Nobody gets a pass here. And auditing your activities, it's not a one-time event, right? You got to keep reevaluating this. I am constantly asking myself the hard questions about whether or not I'm actually doing the right stuff to get where I want to go at this particular stage and season of my life.
13:52So I need you to challenge yourself. I want you to evolve what you spend your time on. Raise the bar for you and for your team. Otherwise, if we just keep doing the same old stuff again and again, we stagnate. We start to backslide and of course we lose our edge. So this year, if you want to get some big wins in your bank account, stop saying that you don't have enough time. Just start assuming that you do have the time, but you've just been doing the wrong stuff. And that's no big deal. We all do it. It's easy to change, which brings me to my final point. Did you know that there are people out there right now living the life you want or something pretty close to it?
14:34They've got the kind of energy and strength that you want. Yes, at your age and even older. They've got the kind of relationship you want and they're making the kind of money that you want to make. Or even, let's break this down even further, let's say you want to learn how to speak Italian or you want to learn how to speed read or dance or play guitar. There are people out there that started out exactly like you at ground zero knowing nothing and now can do all those things and more. Now look, I'm not telling you this to make you feel like crap about yourself. I'm telling you this to get you inspired and fired up.
15:05No matter what it is that you want to achieve. There are people out there right now that can help you get that thing faster and easier than trying to figure it out on your own. And in terms of your business goals, stop making it harder than it needs to be. If you want to radically increase your speed, meaning how quickly you get results and increase your chances for success, you got to learn from people who already have the kind of results that you want. Look, I do this day in and day out constantly. I don't need to reinvent the wheel. I mean, who's got time for that? In this day and age of online education, where some of the top experts in the world will show you how to shorten your learning curve, if you don't take advantage of this, that's just dumb.
15:50And you're not dumb. Let me give you an example outside of business. So I have this actor friend, right? And she got called about being the lead in a huge musical. So she's an amazing actor, but she's not really a trained singer. Immediately, I thought to myself, I got to call my friend Roger Love. He's one of the best voice coaches in the world. He's worked with Bradley Cooper and Lady Gaga, and the list goes on and on. And I said to my actor friend, I said, look, if you really want to land this role, go get coaching from him. Train with the best. Do not leave your dream to chance. And I say the same thing to you right now.
16:26Stop screwing around trying to piece all this stuff together. Growing a business, it's hard enough. Stop making it harder than it needs to be trying to figure everything out on your own. Just go find a successful person that you vibe with, right? Someone who's already gotten the results that you want, who also, and this is key, has a track record of getting results for other people, and then do whatever it takes to go coach with them or train with them or learn from them. And look, if I'm that person for you, if you want to learn how to make a ton of cash running a business that legitimately changes lives, go to joinbschool.com.
17:01We've got another cohort coming up. We've already helped over 80 ,000 people. And if it's the right fit, we'd love to help you too. No matter what, get off the struggle bus. Life is hard enough. I know you know this, but business is hard enough too. And in this day and age, you do not need to reinvent the wheel. Learn from other people, get the skills you need, and stop making it harder than it needs to be. Until next time, stay on your game and keep going for your big dreams because the world really does need that very special gift that only you have.
From the publisher
If you want to get rich in business this year, here are 6 things to stop doing NOW. Ignoring these is what keeps most entrepreneurs stuck, struggling, and barely scraping by. (Pay special attention to 4 and 6. They're a little controversial, but the MOST important.)
WHAT'S COVERED IN THIS EPISODE:
[0:30] How to make WAY more money with the same amount of work
[2:20] Why you don't have a courage problem (& what's really holding you back)
[5:22] How to use "Social Contagion" to your advantage
[7:57] The #1 rule to get rich in business – don't break this!
[10:41] Why you work 24/7 but never get ahead, until now
[13:01] The fastest way to build wealth and achieve any goal
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