Do you find it difficult to increase your prices? To charge what you’re worth?
I’ve met countless women with money mindset issues. I myself had to change the way I think about money in order to be successful. But this week on the Sigrun Show, my guest’s story goes far beyond that.
Ali Katz achieved everything she could have possibly imagined. She graduated at the top of her class from law school and worked at the best law firm in the US. She started her own law practice, then a second business, then she wrote a best-selling book and appeared on TV.
But upon joining a new mastermind, all she could do was cry. Not being able to pinpoint exactly what was wrong, she knew that something was off, and it had to do with her motivation.
She stopped seeing the value of what she was doing, doubting her business and herself. She constantly compared herself to others. And she was wondering: Were the people in her life only there because she was paying them money?
$40M or the Farm?
Ali started to indulge in fantasies, and two very different escape routes manifested in her head: One was to have $40M on her bank account and earn 5% interest per year. She believed this would make her free from any pressure she felt to make money with her businesses. The other was to walk away from everything and live on a farm.
She picked the farm.
In this episode, Ali shares how she went from having it all to bankruptcy, how she learned to feel financially liberated and you can, too, and where her path has led her today.
Ali’s is a truly inspiring story and if you ever felt your relationship with money is off, you know the feeling of being at war with yourself, or just want to hear about a woman who went from one extreme to the other and bounced back again, then I’m sure you will relate to this episode.
[tweetshareinline tweet=”“Money is infinitely renewable – when you know how to earn and use it wisely.” – Ali Katz” username=”sigruncom”]
Are you more of a reader? Scroll down for the blog post.
What you will get out of this episode:
- Ali’s journey and how she suffered from money dysmorphia (4:28)
- Two contradicting escape fantasies (9:37)
- The 100M dollar man (14:44)
- Why Ali went bankrupt (17:02)
- Feeling financially liberated – now what? (20:15)
- Ali’s big lightbulb-moment (23:13)
- How to cure money dysmorphia (27:57)
- The effect changing her lifestyle had on Ali (37:25)
- The story with the dress (39:53)
- How Ali feels today making $5M with her company (44:16)
Want to dive deeper? Learn how your money mindset affects your revenue potential or how you can achieve your dream number with the right mindset.
How to Cure Money Dysmorphia
Ali calls money dysmorphia a dis-ease. It’s not something that can be diagnosed by a doctor – it’s something that is deeply buried inside you and drives you to do certain things, and not feeling very good about them.
For example, money dysmorphia can cause you to not recognise the true value of what you’re doing. You might be comparing yourself to others all the time, and doubt the value of your work. It might make you question your entire business, or constantly want more for less. Or it could make you not care about money at all anymore, resulting in your business not making enough to actually bring your work forward in the world.
If you’re suffering from money dysmorphia, Ali came up with the following ways to overcome your issues with money:
- Recognise that you have money dysmorphia. Acknowledging that you’ve created your relationship with money through a distorted lens, and that it keeps you from showing up fully in your work and life and being who you really are is the first step to changing something about it.
- From there you can work on your relationship with money. Begin with understanding your needs. Separate your needs from your wants. Your wants are welcome, but if you’re driving towards those wants without having your needs met first, you’ll either never get to the wants and constantly feel you’re failing, or you’ll achieve them only to discover that they weren’t the right wants after all, because you formed them using the wrong internal motivation.
- Assess what you already have and where you are now. Structure your income model to utilise your time, energy and attention with eyes wide open. It’s all about seeing the bigger vision of where you want to go.
Knowing what you have, need and want is crucial to understand what is driving you. It helps you achieve your goals with the right motivation.
Have you made your own experiences with money dysmorphia? You can follow, connect and share with me on Facebook, Twitter, and Instagram.
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Connect with Ali Katz
- Ali Katz
- If you want to find out more about Ali’s lawyer business, click here.
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