#190: Unpack and Improve Your Money Beliefs with Austin L. Church’s Book “Free Money”
May 30, 2024
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Austin L. Church, a branding strategist for e-commerce founders and fractional CMO, shares insights from his book, "Free Money." He discusses how childhood money beliefs shape freelancer success and the importance of financial literacy. Austin reveals the psychological impacts of pricing strategies, the dangers of hustle culture, and the four freelancing stages: Moonlighter, Hustler, Lifestyler, and Diversifier. He also emphasizes setting healthy boundaries with clients and the value of investing in a business coach to enhance financial acumen.
Understanding and addressing childhood beliefs about money is crucial for freelancers to improve their pricing strategies and financial success.
Implementing precise pricing tactics and understanding financial metrics are essential for freelancers to ensure sustainable income and client satisfaction.
Deep dives
Understanding Money Beliefs
Identifying and understanding personal beliefs about money is essential for freelancers seeking financial success. The speaker emphasizes that many freelancing professionals harbor subconscious attitudes toward money that can dictate their pricing strategies and overall financial journey. For instance, negative beliefs like 'wealth is inherently bad' can lead to undercharging and self-sabotage, preventing individuals from achieving their financial goals. By exploring these beliefs and addressing them, freelancers can develop a healthier mindset that supports their growth and helps them embrace higher income potential.
Strategic Pricing Techniques
Effective pricing is crucial for freelancers to achieve sustainable income. The discussion outlines the importance of calculating key financial numbers, such as survival and dream rates, to set pricing that not only covers expenses but also reflects the value offered to clients. The introduction of tactical elements like adding a 20% buffer to project estimates ensures freelancers account for scope creep and unexpected client requests. Additionally, using precise pricing strategies, such as ending quotes with odd numbers, can enhance perceived value and strengthen negotiations.
Four Stages of Freelancing
Freelancers typically progress through four distinct stages: moonlighter, hustler, lifestyleer, and diversifier. Each stage reflects varying levels of commitment and financial dependency on freelancing, influencing the individual’s approach to work and client relations. Moonlighters tend to have a casual attitude, while hustlers focus on replacing their past salaries. In contrast, lifestyleers prioritize work-life balance and may seek new ways to optimize their work, while diversifiers expand into new markets or income streams through other ventures.
The Role of Mindset in Freelancing
A positive money mindset plays a critical role in a freelancer's journey, directly impacting income and satisfaction levels. The conversation highlights how understanding one’s financial mindset and beliefs allows for strategic decision-making, creating a pathway to better pricing and more meaningful client relationships. Freelancers are encouraged to explore their motivations for wanting to earn more, often connecting it to broader life goals, such as financial stability or the ability to give back. Seeking mentorship or coaching can also be instrumental in recognizing and overcoming limiting beliefs about money.
Today’s guest is Austin L. Church, who returns to the show to talk about his book “Free Money.”
Austin lives in Knoxville, Tennessee. He helps e-commerce founders stand out online with their brand strategy. Lately, he’s been working as a fractional chief marketing officer, consulting for creator economy companies. He also coaches freelance creatives.
Austin returned to the podcast to talk about his new book, “Free Money,” which I have read and highly recommend for all freelancers.
In this episode, we talk about:
Who this book is for and why he wrote it.
How our beliefs about money from childhood affect our businesses now.
The financial numbers you need to know to run your business.
What “pessimistic pricing” and “weirdly precise” numbers are.
Set a price that reduces the chances you will resent the client or the project.
The fine line between setting boundaries and being difficult to work with.
Why the “hustle” isn’t sustainable and can lead to burnout.
The four stages of freelancing: Moonlighter, Hustler, Lifestyler and Diversifier.
The money mindset questions Austin asks his clients. For example, fill in the blank: Wealthy people are __________. Making money is __________.
How to address our money beliefs and improve our financial literacy.
Why investing in a business coach can be important to improve your business.