2254 - The Hidden Emotional Blocks That Keep You from Financial Success with Wealth Clinic's Leisa Peterson

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1:05With us right now, it's Lisa Peterson. My Lisa, my good friend. We're Facebook friends. We've known each other forever. We come from the money nerd world and in our backgrounds. Lisa, you are the founder of Wealth Clinic, found on the web at wealthclinic.com. Your new book is The Money Catalyst, Your Guide to Prosperity, Freedom, and Living Your Best Life. This book is for leaders. Because I know, Lisa, that's a lot of who you work with. And that's who's listening to this podcast. Well, Lisa, thank you so much for joining us. Thank you for having me. And before we get into all your superpowers, when we talk about the book for sure, I always love asking our super high-powered leaders, what kind of stuff you're doing for fun outside of work lately?

2:01So hobbies, movies, TV shows, games, like just whatever you're into, music, like whatever you're into lately. Lisa, what are you into lately that's not associated with your work and book launch? I'd have to say travel. For the past couple of years, it's all been about travel. We're empty nesters. And so when that happened, we just sort of opened the floodgates, just got back from Maui. And that was two weeks of heaven that I'm missing and the turtles. And now I'm in Tahoe where my daughter has a place. And so we're here to paddleboard and e-bike and hike. And yeah, so that's what I'm into. Not a bad place to be.

2:41Lisa, I also want to point out that you are the pod, you're a podcaster. Your show is Mindful Millionaire with Lisa Peterson. So to our friend that's listening, if you like what you're about to hear, go subscribe to Mindful Millionaire right now because you can hear a whole bunch more. Well, Lisa, let me let you just talk about your superpowers and the work that you do. I am a money coach who specializes now and more recently in helping people navigate what I call sudden wealth situations. So there's two main areas to what I do, mindset and financial understanding that comes from me working with people and money for the past 30 years.

3:23Also, my own journey of becoming a millionaire in my mid-30s, now 20 plus years later, how to not just make money, but keep it and build wealth and passive income over time. So what I really have gotten excited about for two reasons, a lot of my clients have inherited money. So big lump sums of money that they've never had to manage before. I get really excited about that. And recently, in the past few years, my daughter has started a content creation company with her husband that's really taken off. And helping them to understand what it's like to go from, you know, barely making anything to making a lot of money in a very short amount of time has shown me that the skills that I've developed over the past 30 years are really, really helpful to certain individuals.

4:13Yeah. And Lisa, I think we've all heard stories of people who have come across a lot of money quickly. Certainly there's kind of the trope of the lottery winner. And statistically, I remember reading a book, I think it was called Money for Nothing, which really examined that phenomenon. I don't know if you've ever heard of that book. and just the stories of just lottery winners. It is something. Well, listen, I want to get your perspective on this idea of sudden wealth and how some people seem to handle it okay and a lot of people don't. Yeah. The big issue is, well, when even with lottery winners, if somebody has been doing really, really well with money and then they win lottery, nothing really changes.

5:01They continue to do what they were doing before. But let's face it, the majority of people, 98.5 % of the people in the United States do not have millions of dollars, like just to put it in perspective. and they have never managed millions of dollars or even half a million dollars before. And so the odds are against them that they're gonna make really good decisions when that money comes in of how to handle it, including who they hire for advisors because not all advisors are, let's say, as helpful as we'd like them to be. Yeah, all right. Well, to our friends that are listening and they are about to experience a sudden windfall because they're going to have a business, they're going to have a product that's going to do very well.

5:52And it's kind of funny that you and I are talking about this because that's kind of how things are looking here on our end. We're getting ready to launch a new platform and it's the validation, the product like is it being a goof. I mean, we'll learn a lot and it's still going to be a lot of work. However, it puts us in a completely different position because of the big problem that we're solving. And the market is just kind of ripe for what we're launching with PodVerified, which I'm really, really excited about. But Lisa, let's say that you and I are working together and I'm like, oh my gosh, Lisa.

6:28Okay, so I paid my bills, which is the first thing that I wanted to do because I wanted to get rid of some debt or whatever. I'm like, okay, now what? What do I do with all this? What do I do with this money? Because I don't want the huge tax burden. Like, you know, there's a certain amount that I need to keep my bills paid and, you know, general lifestyle stuff. But I don't want to make bad mistakes. And I certainly want to make sure that I'm making my decisions with clear eyes, right? Because that's the other thing, too, is, you know, people don't manage their money well. They end up losing it.

7:02They spend it in very ineffective ways. I mean, we've heard the horror stories of lottery winners and other people that experience these windfalls. and then it's like all gone. And then they end up in a worse situation than when they beginning. And I know that that's kind of a trope, but it's actually unfortunately a far too common trope. Yeah. So the question is like, what do you do when you come into a big lump sum? I think there was a question in there somewhere. Yeah. Okay. So here's the deal. First of all, I think it's really helpful to know where you're coming from. And I want to go back to the basics, and then you're going to help me make sure that it's super relevant to your audience.

7:45But let's just say one question for everyone to be thinking about, which is I want you to rate yourself on a scale of 1 to 10. One would be money was never discussed, or if it was discussed growing up, it was discussed negatively in your home. Okay? That's number one. Yes. So does the amp go up? I would have the amplifier that goes up to 11. you know and listen hard-working midwest fam i you know and again i think that this is maybe um you know a you know a stereotype but we lived it poor working class dad worked his tail off you know really great worth that work ethic but there was just this belief that's like the harder you work the more money you make and if you work hard then you're being noble and then therefore you'll get your rewards from doing that.

8:35Not a bad, inherently bad message at all. Dad certainly rocking life as best as he could to provide for his family. But I don't know that that necessarily translates 100 % today. Right, right. Well, if the one is like no discussion of it, and the 10 is all you did was learn from your parents about what to do. And it was money was talked about positively and in a very productive way. Like, would you say you might be like in between, like a five in between the two? Yeah, in between. And definitely there was a lot of stress that went along with money as well. You know, and again, dad just trying to do everything that he could, but, you know, we were poor, you know, I'd say, you know, especially up through middle school, you know, at least lower class, you know, and there were so many things that my friends could do in high school.

9:29I could never do. I just never had the money for it, which again, I think was part of what made me who I am today in a very positive way, because I have a lot of empathy for people that don't have means. Right. And I get it. And I, I understand what that's like. And so, you know, you look at who I became the savings angel, you know, my primary brand And, you know, very much an extension of that advocate personality. And I think that work ethic has been exceptionally valuable for me today. And by the way, I don't mean to our friend that's listening, I hope you're seeing yourself in my story. And I hope you don't mind me, Lisa, just being very transparent with you about where I'm at.

10:11I love it. Because I suspect this is probably a common story that you hear. Totally, totally. I mean, most people are going to be like eight and under. Like it wasn't commonly discussed. There weren't always positive messages about how to think about money, what to do with money, how to invest it. Like it's not that common that people are super confident about money. And so what I found is that when people are eight, nine, and 10, they're probably not finding their way to me. They don't, they're not needing some assistance, like they're in a solid place. But the majority of people are like under, let's say seven.

10:49And I've figured out that when someone, there's holes in the system, there's holes in the way in your relationship with money. and when we feel really confident which would be eight and above we make very different decisions we're coming from a place of abundance we're thinking about how do i take this situation and win from it whereas when we're like six or below there's a good chance that we're like how do i not lose when i'm making this decision and it changes the whole trajectory of our business of our decisions, of our lifestyle. Because when we're afraid, we tend to get rid of money. This is the problem.

11:31I was shocked because I don't feel like, I mean, we have enough money. I just want to tell everyone, we have enough money to last us for the rest of our lives. We're in our late 50s. We're careful and we're conscious of what we're doing. We're good, which is an amazing place to be. But when you look at the world in the United States, you would think that someone who's saying that would be, I don't know, I don't know where you'd fall. But when I put my numbers in the system, even though we don't make a lot of money, I'm just talking about net worth, we put that in a comparison, it turns out my husband and I are in the top 1.5 % of the people in the country.

12:09That means 98 % of people have less net worth than my husband and I. So but people are making hundreds of thousands of dollars in this country. And yet it is not translating to their bottom line that worth. They are spending it far too much. Yeah. And of course, you know, you and I know, you know, just, you know, mathematically what happens there, you know, when you're living a$200 ,000 lifestyle on$150 ,000 income, you know, it's, it's, there's going to be negative consequences to that. So Lisa, and again, on this note, I want to make sure that we're talking about The Money Catalyst, because your book addresses this and other things.

12:58Do you mind just giving us who is The Money Catalyst for? Who is this book for? And what is the transformation that will happen from someone who goes on this journey? Yeah. The Money Catalyst was written as a fictional parable. The main characters are 34 years old. And it really was written to that part of me that wished I had had a book like this earlier in life. However, I'm noticing that even people in their 40s and 50s are getting tremendous benefit from it because here's what it does. It allows you to go into someone else's story to unpack what are the thoughts, the emotions, and the behaviors that these people are having about money?

13:40Where did they come from? And what do they do differently going forward through the catalyst, these eight catalysts that the character is going through? The idea is to help people become more conscious of a relationship that is very uncomfortable for most people, which is what's going on inside of these decisions, these stresses, these difficult situations that come up on a regular basis, just as a human being, it's not that we're immune from that, no matter how much money we have. But the question is, is can you be given a process that allows you to unpack some of those stories, heal them in very simplistic ways that I found, you know, doing this for 25 plus 30 years with people and money, I've learned really simple ways to show people that you don't have to like uproot your whole entire life, but there's a good chance that there's some steps that you could put in place to help yourself forgive, let go of the past, not be stuck in trauma from, you know, situations that may have occurred that you didn't even know were affecting your relationship with money.

14:51And then, and then a lot of times people need a refresher course as it pertains to money. And some of the things that they could be doing that would be more beneficial for building, like we were talking about, their net worth, building their confidence with money, which you and I know as a business owner, the stronger your relationship is with money, the more joy and power you're going to have in your business. So the tool inside of Money Catalyst is really a way to walk down and read this very simple story, but then have it translate even without much work into your subconscious thoughts of like, oh, wait, maybe I shouldn't make that decision.

15:39Maybe I should do this instead. Lisa, I want to continue to kind of further use me as an example here, because I think that there are other folks that might be in this situation where you might feel burnt out from work, like you might be depressed, You might be anxious. And then if you say, well, why am I burnt out? Why am I stressed? Why am I sad? Why am I depressed? Why am I anxious? And you don't necessarily have a very good, clear, logical answer for that. I'm going to tell you right now, I've learned this from experience, Lisa, is it may likely have to do with some old programming, some sort of subconscious belief.

16:21And again, you can laugh this off if you want to, but I'm telling you that if you can figure out there's something that's out of alignment, that is likely, I mean, unless there's some chemical, blah, blah, blah, blah. Like, I'm not going to get into that. I'm not a doctor. But I just say from my own experience, when I started digging and I said, no, no, no, no, there's a reason for this. Like there's some sort of reason why I'm feeling depressed. There's no logical reason why I should feel depressed. And so I start digging, right? And I do the work. And hopefully, Lisa, if someone has the ability to work with someone like you, they can likely figure that out.

16:58Obviously, the money catalyst is going to help them discover that as well. But when you discover that and you just say, well, maybe it's this, right? Oh, okay. Well, there's probably some background evidential, you know, you know, evidence to support that maybe I have a belief. And Lisa, this is how insidious this is, right? Our subconscious or like would Carl Jung would call like our shadow work that we have to do. Like there is a very strong delineation for most of us where our conscious brain cannot even identify what it is that's the programming that's driving us to believe that, oh, you know what?

17:35Because you haven't closed, for those of you doing founder-led sales, because you haven't closed a new deal in three weeks, then somehow that makes you a bad business owner or an unsuccessful person. and you should now feel pressure or anxiety because of that. And where does that come from? I don't know. You know, some belief you picked up a long time ago, and even though you're not thinking of it, because you're falling into that pattern, your brain who wants to keep you safe or your emotions that want to keep you safe are flashing warning signs. You should feel worried. You should feel depressed because you're not closing sales at the pace that you should be.

18:17that, you know, I'm just going to throw that out there. I have felt like that and it's not logical. I wish I didn't feel like that, but there is a path to clear that. And so that it won't bother you and you can be much more logical and natural in your work without being constantly pulled down by those old narratives. How's that? A hundred percent. And I will tell you this, Josh, I've been doing this for a long time. A hundred percent of the time when I've worked to a somebody, it has not been the thing they thought it was. 100 % of the time, they would not have been able to come to it without somebody on the outside, right, helping them.

19:00I don't know why that is, I wouldn't have believed it had I not witnessed it over and over again. It's very, very hard to unpack it. It is by yourself. The book definitely helps people get closer. And it's it's new. So I don't know yet the impact it will have. I hope it does. It helps people get closer, but most of the time we really struggle in seeing it ourselves. Yeah. Yeah. It's, it's why, again, I'm a big, my wife is a licensed family therapist. You know, she's very, very good at what she does work with a professional. I mean, it is going to shortcut, you know, months and years, or maybe never figuring this out, man, the earlier in life, you can figure some of this stuff out, the earlier you can be free from some of this rehashed, old, unhelpful programming that's keeping you sad.

19:51Again, I'm not a doctor. I'm just kind of sharing my experience, having done a lot of this deep work with, again, someone not myself to kind of dig in. And Elisa, I know you have a real gift for this. Do you mind maybe sharing how you work specifically with your clients? So obviously there's a lot of great value you provide. You provide so much content. Obviously, there's the book, The Money Catalyst. But how do people work with you? What does that look like? And by the way, do you have a few more minutes? Do you have a hard stop in two minutes? I'm good. I'm fine. Okay. Just stay. Okay. Yes. Thank you for that question.

20:27First of all, if somebody is really resonating with this conversation, the best thing to do is meet with me. And I do offer free consultations for those who fit. But what I want to do, even in that first conversation, is to help to understand where are the gaps between what your business and your financial plan look like now and into the future. Because that will give us an indicator of, is this even something worthwhile? Like, if you don't have gaps between where you're at and where you want to go, then you probably don't need to work with somebody like me. Read the book. That's enough. But what I'm looking for is what is your understanding and confidence about money?

21:11And sometimes people are really confident. And yet I can identify a lot of missing links in that overall picture. Because again, I used to be a financial advisor. I don't want to do that. I'm more interested in like, where's the mindset and where's the strategy? I like doing that more than helping somebody to figure out what investment is the best thing for them. And most advisors don't do that sort of thing because they're not trained to have been a millionaire for 20 plus years, to have lost money, to have gained money, to have made terrible decisions, to have made good decisions. I use all of my past experience to help measure, like, are you going to go where you want to go?

21:52And do you even know where you want to go? Because that's going to be really, really important. A lot of business people are too busy with their current business situation to understand what is it going to look like 10 years from now. And that's something I've done a lot of. That's why I ended up where I'm at, where I don't need to work anymore if I don't want to. So there you go. Lisa, your book is The Money Catalyst, Your Guide to Prosperity, Freedom, and Living Your Best Life. It's on Amazon, both in paperback and Kindle version. It's sold everywhere else as well. I wanted to shout out Bob Berg, who wrote a very glowing endorsement here.

22:35Why does Bob Berg, like to our friends, Bob Berg is, I talk about quite often. He's the author of the book, The Go-Giver. and co-author of the book, The Go-Giver, and all of the follow-up books to that series. Lisa, why does Bob Berg like The Money Catalyst? Well, funny story. I've known Bob for eight or nine years, big fan just like you. We were introduced by mutual friends. He came on my podcast. But I don't know, five or six years ago, he started writing about my book after The Mindful Millionaire came out and telling everyone in his community that I was the person to go to as far as money is concerned.

23:14And so when he, I didn't even know him that well, and he started doing that, but we've become friends over the years. And when the book was getting close to being finished and I knew it was a fictional parable, I was like, is there a chance that you could read this? And I know you won't endorse it unless you believe in it. And thankfully, he was really excited about it. So, yeah. I want to point this out. You are a great LinkedIn follow Lisa, you had shared a post of Walter Goggins, who I've been told I resemble. I lost some weight and grew my hair out. And now I've had multiple people on Facebook say, call me Walter Goggins lookalike or whatever.

23:54I don't know, kind of see him maybe a little bit. Anyway, I share that because someone asked him and you shared this, what is the trait you most deplore in yourself. And he answered insecurity around money. I have this profound insecurity about not having enough to provide for my family. Money anxiety affects so many of us, even successful people. In fact, I would argue that having more money isn't really the solution that you're looking for because you think you'll be happy and free from that anxiety when you get more money. Turns out that programming doesn't go away just because you don't have the money insecurity.

24:34You just have it, but you have it in different ways. Is that your experience? Definitely. I had to see that in my early, when I was 35, when we all of a sudden were millionaires and it's like, I don't feel any different. I still have the same hangups that I had before, like nothing changed. And it would take me, I think one of the reasons I'm so passionate about this is that it is about both. And you can have the money, but you really need to figure out what is underneath those stories with money to have freedom. Freedom doesn't come because you have a certain dollar amount. Look at the billionaires who are never, ever, ever satisfied.

25:17Like it is not about the numbers at the end of the day. It's going to be about what is your definition of living your best life? And are you actually doing that? All right. Lisa Peterson, the book is The Money Catalyst. You can find this at both wealthclinic.com or you can go to moneycatalystbook.com, your guide to prosperity, freedom, and living your best life. Lisa Peterson, again, you're the founder of Wealth Clinic. Nick, it's been such a joy to have you. Also, to our friends listening, if you like podcasts, go ahead and subscribe to Mindful Millionaire with Lisa Peterson right now. Lisa, thank you so much for joining us.

26:00Thank you, Josh. Thanks, everyone.

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