Money Mindset and Habits for Entrepreneurial Success
Dare to Escape: Chapter 5
✏️ DARE TO ESCAPE: Break Free from the Rat Race and Create Your Ideal Life
This is CHAPTER 05 of my write-in-public book project.
Read past chapters: 1 | 2 | 3 | 4.
Money Mindset and Habits for Entrepreneurial Success
“Seek wealth, not money or status. Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth. Status is your place in the social hierarchy.”
- Naval Ravikant
This year marks a milestone: my business is set to break six figures in revenue for the first time since embarking on my solo entrepreneurial journey in 2015.
This is also a significant milestone in my wealth-building journey, as I focus on income-producing assets and investments — not just time-for-money exchange. More on this later.
The path here wasn't straightforward—it was a mosaic of hard lessons learned, each piece a step towards financial literacy and a healthier money mindset.
Like all stories, understanding the journey starts with returning to the beginning.
My First Money Memory
Imagine this:
Under the kitchen table with some friends in a small unit in Campsie (a suburb eleven kilometres southwest of the Sydney CBD), a 4-year-old me watched as my parents, Laotian refugees, gambled their hard-earned money with their Lao friends.
This early image of "easy come, easy go" money left a lasting imprint, shaping my initial understanding of financial management.
The Roots of Scarcity
Understanding my patterns and thinking around money requires understanding where my parents and grandparents came from.
Mum and Dad grew up relatively poor in villages in Laos. Mum’s family lived several hours outside the capital city, Vientiane, and Dad’s family lived outside Luang Prabang.
Dad was one of six children in his family, and Mum was one of eight children in her family.
During the 60s and 70s, Laos went through a financial and political revolution.
From 1962 – 1975, Laos was pulled into the Secret War.
“America was never officially at war in Laos, but its bombing of the Southeast Asian country in the 1960s and 70s was so intense that it averaged one planeload of bombs dropping every eight minutes for a full decade.” (Source: Post Magazine)
As a young man barely out of his teens, Dad joined the army and became a soldier.
In the 70s, my parents moved from their simple village lives in rural Laos to the big city of Vientiane, where they met.
Escaping the incoming Communist regime, they left Laos in 1980 and spent some time being “processed” (that sounds weird to me) in a refugee camp in Thailand. After gaining sponsorship, they eventually took manual labour jobs to support our family in Australia.
Now, you can take the kid out of the village, but you can’t take the village out of the kid (and all their beliefs, values, and behaviours).
My parents' migration journey from villages in Laos to Australia was marked by resilience in the face of adversity. Despite their hard work, their financial literacy was limited, leading to a reliance on credit, debt, and gambling as coping mechanisms.
This backdrop was my first lesson in the value of money and the dangers of a scarcity mindset.
Gambling your money away was a common behaviour for immigrants.
Our family moved to Cabramatta in the early 1980s, and I started Kindergarten there. So I vaguely recall some of that tumultuous time when gangs, crime, and drugs ran rampant throughout the largely South-East Asian community there.
In recent years I learned, through a documentary about the rough 80s and 90s period in Cabramatta, about the harmful coping mechanisms of refugees who go from leaving their war-torn countries with little money to making (comparatively) lots of money in Australia.
In a journalistic piece by Connecticut Public Radio in the US titled “The Lure Of Luck: How Gambling Can Turn Addictive For Southeast Asian Refugee”, the following statistic caught my attention:
“Southeast Asian refugees are among the groups that are especially vulnerable to falling into gambling addiction, experts say. One groundbreaking study more than a decade ago in Connecticut examined a sample group of refugees from Vietnam, Cambodia and Laos — and reported their rate of gambling addiction was almost 30 times the national average.”
The situation is compounded by a lack of awareness and cultural stigma surrounding gambling addiction, making it a significant but often invisible issue within these communities.
During my late teen and young adult years - my parents and their friends spent more and more time playing pokies and other games at the local community club. For a stint, they also frequented the Sydney casino.
Despite their gambling habits, my parents were hardworking and caring, ensuring our basic needs and a happy life in South Western Sydney.
Replicating Unhealthy Habits
As I grew older, I mimicked the financial habits I saw at home, leading to my own struggles with debt and spending.
When I graduated from university, I went on my first big trip overseas to Europe with a few mates. We did a 37-day Contiki Tour across twelve countries and an extra two weeks with stops in Prague, Berlin, and Amsterdam. I can’t recall the exact amount spent on that trip, but I’m guessing it was around $10K. While I had some savings put aside for that trip, I also put a lot on my credit card.
When I was in corporate, even though I was earning more than each of my parents at the time, I blew my paychecks on indulgences like eating out at fancy restaurants, drinking and partying with friends at clubs and music festivals on the weekends, trips interstate, and so on.
The biggest money mistake? Taking out $30K in personal loan debt to pay for self-development seminars and a trip to Maui to attend a “Billionaire Bootcamp” workshop.
They were fantastic experiences, but this "buy now, worry later" mindset kept me in debt for decades — easy come, easy go.
Entrepreneurial Roadblocks
Those mental money blocks persisted even when I started my entrepreneurial ventures.
In 2013, my first business partner and I made only $1,010 each for the entire year of hustling —a sobering financial reality check.
We were hustling hard without paying ourselves a salary to cover our living expenses or build profit and real wealth for ourselves. It wasn’t sustainable, so it’s no surprise we decided to part ways after two long years together.
Being that we were both from South East Asian families - we both had engrained in us from a young age that we had to “work hard for your money”.
This experience and ingrained beliefs from my upbringing highlighted the critical need for a shift in how I viewed money and success.
Hitting Rock Bottom
After that business failed in 2012, I hit an emotional rock bottom.
A few years later, I hit rock bottom financially when I left my full-time job in 2015 to start a solo content service business.
For the first three years, I earned a big, fat ZERO DOLLARS in income, and flames of insecurity roared.
Somehow, though, the intensity of those lean years and various interactions with mentors and coaches started chipping away at old self-limiting beliefs around money.
The positive side of growing up with Lao immigrants who gambled
I want to clarify something with you. Growing up, my Lao parents' gambling taught me a lot - and it wasn’t all bad.
I learned to take risks wisely, enjoy time with friends, and adapt quickly. These lessons have been invaluable in my business, teaching me to balance risk, foster teamwork, and pivot as needed.
Their journey from escaping Communist Laos to starting afresh in an entirely new country to give our family a better chance at life also instilled in me resilience, a strong work ethic, and a deep commitment to family and community.
Their belief in education as a pathway to a prosperous life and their ability to adapt while maintaining a strong cultural identity taught me the power of perseverance and self-awareness.
Combining their experiences of hardship and hope has given me a unique perspective. I've learned to navigate risks joyfully and adaptively, backed by the resilience, dedication, and community spirit I've inherited from them.
This blend of traits and the sacrifices they made fuels my entrepreneurial path, making their legacy a cornerstone of my success.
My Money Angel - Cindy
Meeting Cindy in 2015 was a turning point in my life, personally and financially.
When we got married in 2017, I was drowning in $20K of debt while she was completely debt-free.
Her approach to my financial mess was straightforward and empowering: "Your mess, you clean it up." This tough love approach forced me to confront my financial irresponsibility head-on.
Over the years, while my business struggled to stay above water, Cindy supported us financially with her savings and sacrificed her salary by working in my business without pay.
Additionally, deep-seated cultural expectations played a role in this dynamic. There was an unspoken belief that Cindy, as the wife, had an obligation to support her husband's endeavours at any cost. This notion unfairly burdened her and hindered our ability to view her professional contributions through an equitable lens.
This was not easy for her, and eventually, she resigned from working in my business, having felt unappreciated for too long. Cindy prioritised our marriage over money and business. Though painful for both of us, it was undoubtedly the right move, and I thanked her for making that decision.
Her resilience, patience, and belief in me significantly reshaped my approach to money, teaching me the value of responsibility, hard work, and the importance of a supportive partner in overcoming life's financial hurdles.
Cindy also taught me to focus on what actually matters, i.e. the people who matter most.
Marrying Cindy, who came from a place of financial responsibility, forced me to confront my unhealthy money habits head-on. Her resilience and approach to finances inspired a significant mindset shift for me.
I've committed to a payback plan for all the time she worked in my business to rectify the oversight of not compensating Cindy for her contributions. It's a necessary step towards fairness and healing in our partnership.
"Your mess, you clean it up."
Cindy's impact on my life extended beyond the personal. Her principles of accountability, transparency, and mutual support are universally applicable. Whether in personal relationships, business partnerships, or solo ventures, these principles can guide us toward healthier financial habits and stronger, more supportive networks.
Remember, it's not about marrying someone to clean up your financial mess but about building a network of support that encourages you to take ownership, learn from your mistakes, and celebrate your successes.
Whether you're in a romantic partnership or not, accountability is key. Find a friend, family member, or mentor who can help you stay on track with your financial goals. Just as Cindy did for me, they don't have to fix your problems but can offer invaluable support and perspective.
Mindset Shifts That Led to Eventual Success
Several fundamental mindset shifts marked the journey from getting stuck in survival mode to financial stability and growth:
“Value” is subjective. Regularly forcing myself to increase my rates taught me to challenge my limiting beliefs about how prospective clients might perceive the value of my service offerings. This taught me to assess my worth by the value I provide, not by self-limiting beliefs.
Solve bigger, costlier problems. Early on, I saw myself merely as a content writer and promoted myself as one, which meant my earning potential was limited. Then, I identified a bigger issue for my clients and shifted my perspective and positioning. I became a strategic marketer, focusing on showing clients how to use content as a powerful tool that drives visitors, converts customers, and delivers fantastic ROI. This change not only expanded my skill set but significantly increased my income.
Choose the right clients. Not all clients, jobs, or projects are equal; only some clients deserve access to your services. Be selective about who you work with, and your income will increase. The right clients will happily pay for your top-tier services while valuing you as a key partner. Of course, this also means you must show you can deliver results.
You get what you pitch for. Shifting your mindset from "I don't have enough time" to "I need more support" can open doors to resources and solutions you hadn't considered. How you frame and pitch your needs to the world directly influences the outcomes and opportunities that come your way. As for what you want, not what you don’t want. As one of my mentors, Glen Carlson, said, “Your pitch = your reality. Remember, you get what you pitch for, and you're always pitching.” So, think twice about what you’re pitching into the world!
Prioritise Income-Generating Activities. Learning to value my time and focus on high-impact actions while delegating or automating low-value activities catalysed my financial growth.
Systemise Healthy Financial Habits. Implementing structured systems like "Profit First" for business and Barefoot Investor’s “buckets” for personal finances gave me clarity and encouraged discipline. This transformed my approach to business and personal finances.
Identify your current Level of Wealth: Recognise and adapt your strategy to your current financial stage, inspired by Roger Hamilton's "wealth lighthouse." Progress requires distinct actions at each level.
Unlearn to Progress: Advancing to a higher wealth stage often necessitates unlearning habits that bring success at the previous level and adopting new strategies. It's about knowing when to shift gears and change direction for growth.
Cultivate Self-Awareness: Understanding my strengths, weaknesses, and optimal energy use has been pivotal. Tools like Human Design and Wealth Dynamics have encouraged me to focus on my genius and given insights into how to best collaborate with others.
Lead by adapting to individual styles: Learning how different personalities and preferences operate in a work environment has enhanced teamwork and productivity, guiding more effective collaboration and leadership approaches.
Adopting the right mindset shifts, consistently seeking help and feedback, and receiving guidance from mentors transformed my path. I evolved from financially struggling to thriving as a solopreneur running a profitable business.
My experience has taught me that transforming our money mindset requires personal accountability and a compassionate understanding of our backgrounds.
By acknowledging our history and proactively shaping our financial behaviours, we can pave the way for a future marked by abundance and stability, setting a new legacy for generations to come.
By acknowledging our history and proactively shaping our financial behaviours, we can pave the way for a future marked by abundance and stability, setting a new legacy for generations to come.
Overcoming financial challenges as an entrepreneur
Tackling financial challenges is part and parcel of the entrepreneurial journey, transforming hurdles into stepping stones toward success.
Here’s how you can approach financial challenges as an entrepreneur, broken down into actionable tips:
Separate Personal and Business Finances: Keep your personal and business accounts distinct. This clarity is crucial for understanding your business’s profitability and managing your individual quality of life without confusion.
Schedule Strategic Planning Time: Regularly set aside CEO time to work on your business, not just in it. Focus on strategy, systems, and pipeline development to move beyond day-to-day revenue generation.
Embrace Delayed Gratification: Discipline yourself to reinvest profits into the business instead of taking them out too early. Avoid accumulating debt and focus on achieving a good product-market fit.
Seek Mentorship and Adopt a Growth Mindset: Open yourself to learning from mentors and embrace new financial frameworks. A growth mindset and openness to advice can significantly speed up your progress.
Implement Financial Systems: Use systems like Profit First to manage your finances more effectively. This practice helps make informed decisions about where to allocate resources for growth.
Play long-term games with long-term people: Focus on building sustainable growth and enduring relationships. Avoid shiny-object syndrome and the temptation of quick cash.
Focusing on these areas will help you navigate financial challenges more effectively and build a resilient, profit-oriented business.
Closing Thoughts:
My journey from unconscious spending to financial literacy and entrepreneurial success is a testament to the power of mindset, education, and support. It reminds me that financial stability and wealth are within reach when we actively work to transform our foundational beliefs and habits about money.
Your path might be different, but the principles remain the same: seek wealth in knowledge, relationships, and experiences that enrich your life beyond the monetary.
Let's embrace this journey together, transforming our money mindset to create a legacy of abundance and success.
Seek wealth in knowledge, relationships, and experiences
that enrich your life beyond the monetary.
Related reading:
TAKE ACTION: Shifting Money Beliefs
Working through this exercise can illuminate the foundations of your financial mindset and guide you toward adopting beliefs that support your financial well-being and goals.
To identify and transform your money beliefs, answer these questions:
What beliefs about money were instilled in me growing up?
Which of these beliefs empowers me?
Which of these beliefs limit me?
For each belief limiting you, what might be a positive belief that you can replace it with?
What's one action you can take this week to shift a limiting belief and begin adopting the new empowering belief you wrote down as its replacement?
To use my own money story as an example:
Empowering beliefs:
“Persevere through uncertainty”
“Evaluate risks wisely”
“Put family and community first”
Limiting beliefs
“Easy come, easy go” → Replacement: “Value and save money wisely”
“Work hard for money” → Replacement: “Money works for me”
“Buy now, worry later” → Replacement: “Plan purchases thoughtfully”
Next week:
Chapter 6: Aligning Business with Inner Wealth
Defining personal success and wealth
The pitfalls of external validation
Aligning business goals with personal values
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👍 3 THINGS THAT CAUGHT MY ATTENTION
1/ Watch: 5 Stages of Growing a Business to Exit: Insights and Strategies
“The best time to decide if you're going to sell or not, is at the very beginning.” - James Schramko
Many new digital or lifestyle entrepreneurs rarely consider an exit event. They only consider how running their own business might be better than working full-time for someone else. This was certainly my experience.
This podcast is good for getting you thinking about whether scaling and selling your business is worth exploring further. Even if you decide it’s not for you, at least you’ll have some insight into what potential buyers look for when they’re shopping for businesses to buy.
2/ Read: Fix Your Online Reputation: A guide to saving your brand online by Gert Mellak
If you're looking for an expert in SEO and online reputation management, look no further than my friend Gert.
He’s now published his second book on Amazon called "Fix Your Online Reputation", and it’s available for free for a few days only.
If you download and read it, please leave Gert a review on Amazon. It would the world to him.
3/ Listen: An Israeli and a Palestinian Talk Peace, Dignity and Safety | Ali Abu Awwad and Ami Dar | TED
I've always wanted to deepen my understanding of the complex history between Israel and Palestine, so I was drawn to a TED Membership conversation featuring Palestinian peace activist Ali Abu Awwad and Israeli founder of Idealist.org Ami Dar.
They share a vision of coexistence built on mutual respect and nonviolent activism, which I find inspiring.
🔧 TOOL SUPPLIER OF THE WEEK
Automation Agency
Feeling swamped by digital marketing and graphic design tasks?
Automation Agency could be the solution you need.
It's tough juggling everything from blog updates to software intricacies, not to mention crafting perfect social media posts and lead magnets. This is where Automation Agency comes in, offering a team of experts ready to handle your digital marketing and graphic design needs, freeing you to concentrate on strategy and growth.
They're skilled in various digital platforms and offer cost-effective, scalable solutions for graphic design tasks.
Say goodbye to being overwhelmed, and hello to more time for what truly matters in your business.
Do yourself a favour, sign up and watch your tech frustrations disappear.
(Oh and If you end up signing up, mention that Anf Chansamooth sent you 😉)
One last thing
I'll be speaking at The Profitable Coach Summit, happening March 19th - 22nd. If you're a coach or consultant looking to level up this year, grab your free ticket here.
See you next week,
Anf Chansamooth
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Forward it to someone else who might find it useful too.