One of the key ingredients to the success or failure of a business, the ease and flow or the constant struggle in a business can all be attributed to one often overlooked factor – mindset.
Mastering money is a big crucial piece in terms of creating a prosperous lifestyle.
I sat down with top money breakthrough coach Wei Houng to talk about money mindsets and his work.
BIM: What is The 6 Figure Academy
WEI: The 6 Figure Academy was created to be a resource hub for entrepreneurs. We call it The 6 Figure Academy, not just because we help entrepreneurs make six figures and beyond as an end result, but really for what the term six-figure actually represents in the life of an entrepreneur. Typically, it’s the first crowning benchmark of success in their business. It is the last figure that they see before they break the millionaire status; $999,999 is still six figures, and it’s only a dollar away from seven figures.
Really, it’s a compilation of programs and services and coaching that is designed to ultimately hit our vision of empowering a million entrepreneurs a year to achieve success because we believe that entrepreneurs are the problem solvers of this world.
BIM: I know you mentioned entrepreneurs, but who is your target audience?
WEI: Our ideal audiences are entrepreneurs who have ideally been in business for at least three years and they’ve already established a bit of a groove or a flow for themselves. They
know what they want to do and have a desire to make an impact and they feel like this money thing is just an obstacle that they want to overcome so they can truly blow the doors out and take their business to that next level.
Typically, we work really well with service oriented businesses. We have worked with product based or brick-and-mortar businesses as well. We just find that most service oriented businesses have truly built-in to their business model an intrinsic desire to make an impact. They almost have to in order to be successful.
BIM: How did The 6 Figure Academy get started?
WEI: The inspiration behind The 6 Figure Academy was based on my own personal journey as an entrepreneur. My first business was in high school, and it wasn’t because my parents were entrepreneurs. I was really having such a problem with authority that I believed there was always a way to do something else.
My dad did not allow me to get a part-time job, and I really wanted to work. I had this attraction toward independence so I didn’t have to rely on my parents for anything, and they just simply refused. I had to create my own business, which I ran only during recess and lunch.
With that type of mindset, I noticed the aspirations of my friends, and people who were fresh into the work force, when asked “How much money do you want to make?” they said, “It would be great if I could come out of school to make $100,000, but that’s really not going to be the case.” When I graduated from college, $50,000 was great. $60,000 or $70,000 or $80,000 would be the A student who worked the system to their favor.
Almost everybody that came out of school that didn’t go to grad school had this dream that six figures would be the mark of success, and not so much that they wanted to see a pile of money on the table, but it was a representation of their dreams, like, “With six figures, I can get myself a house. I can start thinking about a family. I can get that car that I’ve always wanted. I can travel the way I want.”
The 6 Figure Academy got started when I was thinking about what best represented what it is that I help entrepreneurs do. We want to help people achieve the entrepreneurial dream. No one’s attracted to become an entrepreneur because of all the great hard work you have to put into it and the endless crazy hours, the stumbling, the obstacles and all of the blood, sweat and tears that you have to put into it.
People choose to be entrepreneurs because they have a specific goal and they have a dream that they want to achieve, whether it be a lifestyle dream or a global impact and one of the first benchmarks of whether or not you have made it is that six-figure mark.
BIM: How does your work help your clients?
WEI: There’s a variety of ways that people can interact with The 6 Figure Academy. We put out content every single week, including videos. We have virtual programs that we’re putting together now.
The coaching programs are really instrumental in helping our clients break through and release the blocks that are, in many cases, holding them back. Those blocks that they have throughout their life didn’t become as relevant until they became entrepreneurs.
The coaching helps clients release the old mental blocks, the old limiting beliefs that keep them from taking action in a way that entrepreneurs need to be able to. A lot of how we’re raised is through the employee mindset, a lot of the habits and the belief systems around money and around how we take action in life, risk management, is all related to the assumption that you have a 9 to 5 job.
Most of those belief systems simply don’t apply to entrepreneurs, and so a lot of what our coaching does is blow out those old belief systems and actually expand our client’s awareness, and their skill sets and the spectrum of what they can see as possible, releasing all limitations so that they can approach their business with a much more open, empowering mindset.
BIM: What kind of people benefit most from The 6 Figure Academy?
WEI: The people that benefit the most from The 6 Figure Academy are the ones whose ego has taken enough beating to realize that the ego doesn’t really have much of a place in entrepreneurship. The kind of people that benefit the most are the ones who are ready to put their egos aside and allow themselves to be supported and to receive openly.