Podcast Summary: Build with Leila Hormozi – Episode 239: Dismantling Broken Money Beliefs
Introduction
In Episode 239 of Build with Leila Hormozi, titled "Dismantling Broken Money Beliefs," host Leila Hormozi delves into the often-taboo subject of money, specifically focusing on the unique challenges women face regarding financial empowerment. With a candid and empowering approach, Leila shares her personal journey, insights from her extensive business experience, and actionable frameworks to help women overcome ingrained money-related beliefs and build unshakeable businesses.
Key Sections
- The Need to Talk About Money
- Personal Journey and Evolution of Money Mindset
- Understanding Quality Money
- Gender Gap in Money Mindset
- Social Penalties for Wealthy Women
- Shifting Money Mindsets: Actionable Steps
- Final Empowering Thoughts
1. The Need to Talk About Money
Leila opens the episode by addressing the discomfort many women feel when discussing money. She emphasizes that societal norms often discourage women from openly talking about finances, leading to hesitation and self-doubt.
Notable Quote [00:00]:
"You don't need permission to want to make more money. You don't need permission to talk about money. You don't need permission to want to be rich."
2. Personal Journey and Evolution of Money Mindset
Twelve years ago, Leila wasn’t focused on money. Her primary goal was to help others, leading to undercharging, overworking, and an inequitable exchange with clients. Partnering with Alex, who was more financially focused, helped her balance her altruistic goals with financial success. This partnership was pivotal in reshaping her relationship with money.
3. Understanding Quality Money
Leila introduces the concept of "quality money"—earnings that are ethically generated and contribute positively to the world. Quality money ensures that financial gains enhance the lives of employees, clients, and the broader community.
Notable Quote [05:45]:
"I see money and helping People as, like, one and the same."
She differentiates between quality money and low-quality money, the latter being associated with businesses that undervalue clients and mistreat employees.
4. Gender Gap in Money Mindset
Leila highlights a significant gender gap in money mindset. Men often "play to win," while women "play not to lose." This difference is rooted in societal conditioning where men are encouraged to pursue success relentlessly, whereas women are taught that making money is optional.
Notable Quote [14:30]:
"Men are valued on success much more than women. Men are taught that making money is their duty, while women are taught that making money is optional."
She cites a statistic revealing that 86% of women feel uncomfortable discussing money, even with friends, compared to men who are more proactive in financial endeavors.
5. Social Penalties for Wealthy Women
Leila discusses the societal backlash women face when they achieve financial success. Studies, such as one from Columbia Business School, indicate that women are twice as likely as men to be labeled unlikable for being wealthy or successful. This stigma discourages women from pursuing higher earnings fearlessly.
Notable Quote [20:15]:
"If you let other people's opinions of you determine your income, then you're never going to have enough to build the life you want anyways."
6. Shifting Money Mindsets: Actionable Steps
Leila provides a three-pronged framework to shift money mindsets:
a. Stop Seeking Permission
Encouraging women to take charge of their financial aspirations without waiting for validation or approval from others.
Notable Quote [37:10]:
"You don't need permission to be successful if you're waiting for somebody to give you permission."
b. Embrace Competition
Leila urges women to view competition as a positive force rather than a threatening one. She emphasizes the importance of charging what you’re worth and not fearing judgment.
Notable Quote [46:50]:
"Imperfection beats perfection any day, and especially when it comes to speed and getting something off the ground."
c. Build a Bigger Vision
Women are encouraged to think beyond modest goals. A larger vision not only amplifies impact but also aligns with greater financial success, enabling more significant contributions to family, teams, and communities.
Notable Quote [54:35]:
"The bigger your vision, the bigger impact. And the more wealth you create, the more freedom you have to make that vision come to life."
7. Final Empowering Thoughts
Leila concludes by reinforcing that women have every right to pursue financial success. She emphasizes the importance of developing resilience against societal judgments and staying true to one’s goals and values.
Notable Quote [60:00]:
"You have every right to make money. You have every right to win. You have every right to charge what you're worth."
She encourages women to make bold, unapologetic moves towards their financial goals, asserting that success is a choice many shy away from due to fear and societal pressures.
Conclusion
In this empowering episode, Leila Hormozi dismantles the broken money beliefs that hinder women from achieving financial success. By sharing her personal experiences and providing strategic frameworks, she equips women with the mindset shifts necessary to overcome societal barriers and build prosperous, impactful businesses. Leila’s message is clear: women deserve to own their financial journeys unapologetically and redefine what success means on their own terms.
Key Takeaways:
- Quality Money: Strive for earnings that positively impact your community and workforce.
- Mindset Shift: Move from a scarcity mindset ("playing not to lose") to an abundance mindset ("playing to win").
- Overcome Societal Stigmas: Recognize and resist the societal penalties associated with women’s financial success.
- Actionable Steps: Stop seeking external permission, embrace competition, and build a grander vision for your endeavors.
- Empowerment: Assert your right to financial success and develop resilience against judgment and societal expectations.
Leila Hormozi’s candid discussion serves as a crucial guide for women aiming to break free from limiting beliefs and achieve unshakeable business success.