How You Invest Based On Your Personality Type with Jessica Eley
Episode 141: Show Notes
Today on the show, we welcome back Jessica Eley, a woman who sets our souls on fire in all the best ways! Jessica is a mindset coach for high-achieving entrepreneurs. She also brings clean water to hundreds of people through her Workshops for Water Program while helping small business owners with their money mindset. Today, we are talking through money mindsets and how they vary based on your personality. We are offering ourselves to Jessica on a silver platter for her to pick apart and call out all of our “bad” money habits.
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Money mindset is the underlying structure and core beliefs you have that are running your show around money. The things you don’t even question and the beliefs you “absorb” from your parents, friends and society. This forms a sort of cocktail, if you will, of how you perceive money and your own personal relationship with it. Some cocktails are well-mixed and others are just a really bad blend! In this episode, we’ll be breaking down four types of spenders and equipping you with the right questions to ask yourself before making a purchase. By the end of this episode, you’ll feel more confident in making better money decisions and investments and ensure they’re not coming from a place of fear.
Making Buying Decisions: Where Is Your Head At?
It’s important to know what place you’re making decisions from when you’re buying stuff in your business. Buying stuff for your business is very different to how you buy stuff in your personal life. We’re taking it back to month one of our business, March 2015, where Abbie and Emylee were two very different business people! We spent differently, we saved differently and we invested in our business differently. This often translated into Emylee wanting to buy everything and Abbie not wanting to spend a dime! So many of us fall into one of those categories. How do we find a healthy balance and make the right investments?
Jessica’s Four Categories Of Non-Spenders:
Meet Susan
Jess has defined her own four categories of spenders and here we give them human names. The first category we named is Susan. Susan represents the non-spenders who hoard their money. They don’t spend because they’re afraid that the investment won’t pay off and they don’t believe in the other person. They’re skeptical of being ripped off or they don’t believe they need to buy things in order to be successful. Susan might have had negative experiences that taught her to be self-reliant and untrusting.
Meet Abbie
The second category is the people who just don’t buy because they don’t think they need it. They’re afraid the investment won’t pay off. There won’t be any sort of return and they are convinced the purchase just won’t work out for them, personally. They will often talk themselves out of purchases. We call this category “Abbie”. What often makes us hesitant to invest, is that we cannot detach time from money. And the Abbie in this scenario will literally say to herself: “I have exchanged a portion of my life (in terms of hours spent working) for this thing that I am buying.” Having this mindset will often steer us away from purchases.
Meet Emylee
We’ve called the third category “Emylee”. Emylee will purchase in order to solve problems. However, often times these are problems that don’t even exist for her yet. People in this category will do this with freebies, podcast episodes, online courses or anything. They purchase from a place of being super anxious that a problem or a situation may arise, so they want to be prepared for it, just in case, by buying goods or services that they don’t necessarily need just to equip themselves. This is how most of society is operating right now. We are consuming information, just in case. The problem with everything being so accessible right now is that it’s so easy to try and prevent problems that you’re not even dealing with. This is Emylee.
Meet Penelope
The fourth category is the people who invest wisely, who we’ve named “Penelope”. Penelope (aside from having crazy good skin and hair) is the one who has actively been trying to solve a problem already and looking for a solution. She is the smart-planner and will invest in things she knows, for a fact, she is going to need or will help advance her business. She is the person who is investing because she believes in the inevitability of her growth and expansion.
How To Know If You’re Making A Money Decision For The Right Reasons
The big thing is figuring out what is motivating you either purchasing or not purchasing, based on the personality type that you are. Why are you thinking you want this thing? Jessica was an Emylee and today she is definitely a Penelope. In 2016, Jessica invested in a mindset coach and this was the best decision she ever made. Sometimes, you just need someone to call you out on your crap. Jessica would often ask her spouse’s opinion when deciding on a big purchase but became too reliant on outside opinion, so she could have someone else to shift the responsibility of that purchase onto in case it didn’t turn out to be a good investment. We need to take responsibility for our own purchases and realize when others question them, and we can’t adequately back them up, that maybe we need to be a little more honest about our needs and wants.
Are You Making A Decision Out Of Fear or FOMO?
You have to be willing to say, before making your purchase, “This is what I am going to do with it. This is the next step for me.” Not, “Oh my God, if I don’t buy this now I’m going to miss out on the bonuses!” You need to analyze your purchase from a place of, “Will this help me effectively do what I need to do and how? What is the underlying motivation for me buying this thing? Am I afraid of what happens if I don’t?” Because if you are afraid, you are looking for that thing to change your life and the only thing that can change your life is you. If you can’t answer those questions honestly, then you’re not ready to make an investment. You are not ready to trust yourself.
Three Questions To Ask Yourself Before Making An Investment
The first set of questions Jessica encourages us to ask ourselves before making a big investment is: “What result am I hoping for if I buy this thing that I don’t believe I can get right now on my own?”, “What have I tried to do to already get that result?” and “What is not working about that?” The second big thing to ask yourself is: "What happens if I don’t buy this now?”, “What am I afraid might happen?” and “What would I do instead?” If you don’t know what you would do instead, then you don’t have clarity about what you want to begin with. The third big thing to ask is: “If I don’t get results from this thing, if it’s not as good as I thought it was going to be, how am I going to feel?” There are douchebags out there that sell bad things, yes. But generally, if you are disappointed with the results from that investment, are you going to take it on the chin? Or are you going to be resentful? If you are going to be resentful, then don’t buy the thing!
Quote This
The only thing that can change your life is you.
—Jessica Eley
Highlights
Learn how to make buying decisions and understand where your head is. [0:06:25.6]
Jessica’s four categories of non-spenders: Meet Susan, The Skeptic. [0:08:30.6]
Jessica’s four categories of non-spenders: Meet Abbie, The Hesitant. [0:09:45.6]
Jessica’s four categories of non-spenders: Meet Emylee, The Panick-er. [0:13:05.6]
Jessica’s four categories of non-spenders: Meet Penelope, The Thoughtful Investor. [0:20:45.6]
How to know if you’re making a money decision for the right reasons. [0:24:50.6]
Identifying whether or not you are making a decision out of fear or FOMO. [0:44:20.6]
The three questions to ask yourself before making an investment decision. [0:48:50.6]
#TalkStrategyToMe [0:49:00.6]
What result am I hoping for?
What happens if I don’t buy this now?
If I don’t get results, how am I going to feel?
ON TODAY’S SHOW
Jessica Eley
Website | Instagram
Jessica Eley is a mindset coach to high-achieving entrepreneurs. She also brings clean water to hundreds of people through her Workshops for Water program while helping small business owners with their money mindset. Jessica helps entrepreneurs achieve their financial and lifestyle goals through mindset and wealth consciousness coaching. She is located in the Madison, Wisconsin area and has three kids.
KEY TOPICS
Making buying decisions, Saving money, Money mindsets, Investing in business, Making smarter purchases
