Road to Financial Freedom: The Million Dollar Mindset with Jackson Millan
Establishing a business is a dream for many of us. However, once we've already reached that goal, we tend to veer away from and lose sight of our vision. Instead, we become a hamster in a wheel that continues to work without ever reaching progress and fulfilment. We’re unable to achieve true financial freedom and bring our businesses to where we want them to go.
In this episode, Jackson Millan joins us to talk about the million-dollar mindset. He uncovers the struggles entrepreneurs face on the road to financial freedom. Jackson also shares some actionable tips to create a killer cash flow, boost business profit and build high-performance teams.
If you want to get the best insights into achieving financial freedom, this episode is for you.
Here are three reasons why you should listen to the full episode:
- Learn what it takes to have a million-dollar mindset to achieve financial freedom.
- Find out the three questions you should answer to create a killer cash flow.
- Discover the five-step framework in scaling high-performance teams.
LISTEN NOW: (and check out the Resources and Episode Highlights below):
WATCH NOW (and check out the Resources and Episode Highlights below):
- Download the workbook and jot down relevant notes as you listen to/watch the show
- Connect with Jackson: Website | Facebook | LinkedIn
- Aureus Financial
- Download the Business Scorecard and more resources from Aureus Financial to know how your business is doing.
- Enjoy The Journey: Creating Wealth and Living the Life You Desire by Jackson Millan
- Kolbe A™ Index
- The Influence Alliance — A business-building community for changemakers who want to build a sustainable and scalable business they love.
- The Influence Alliance Free Podcast Series
[02:24] Jackson’s Entrepreneurship Journey
- Jackson’s journey started with his parents, who were both business owners. They told him that he had to work hard if he wanted to be successful in life.
- However, the harsh reality was that while his parents worked for money, money wasn’t working for them.
- At 19, Jackson decided that he wanted to become a financial advisor. He pursued it and landed a traineeship opportunity.
- After seeing that the industry is not helping entrepreneurs achieve true financial freedom, he decided that something needed to change.
- Jackson commits his life and career to help entrepreneurs create true financial freedom.
[04:23] The Financial Freedom Mindset
- All business owners got into business to create freedom and flexibility for themselves. But how many business owners have that?
- We’ve been conditioned from all of our experiences to create a job for ourselves.
- Mindset is vital because it expands the quality of our ideas, especially when it comes to money.
- The idea of a million-dollar mindset is to help equip business owners with everything they need to create true financial freedom.
- The difference between people in rich lists and average entrepreneurs is that they have a million-dollar mindset.
[06:54] What Impacts Someone from Developing the Million Dollar Mindset
- Most people just haven’t been taught about the concept.
- Jackson notes that like trees, we are either growing or dying.
- None of us makes bad decisions on purpose. It’s only in hindsight that we realise we might have made poor decisions.
- We need to go from unconscious incompetence to being consciously competent to being unconsciously competent.
- Understanding the need to pivot, how we position our businesses and achieving financial freedom is a matter of education.
[09:41] Creating a Killer Cash Flow
- The idea of creating the million dollar mindset and killer cash flow starts with you and what you want.
- Jackson gets all his private clients to ask themselves three questions at least once a quarter.
- These three questions are: What is fundamentally important to you? What then become your goals, dreams and aspirations? What is their significance to you?
- The answers to these questions become the North Star entrepreneurs work hard for.
- Jackson then helps them reverse engineer and link them to the business.
[13:05] Getting Clarity Around Your North Star
- The power of reflection is the most valuable and most often underutilised tool we have.
- It requires taking the time to step back and reflect on the outcomes presented in your life and business.
- Busy doesn’t mean productive and effective.
- We need an objective framework because, as entrepreneurs, we are emotional creatures.
- Listen to the full episode to hear Jackson’s UK rowing team analogy!
[17:27] What Gets in the Way of a High-Performance Team?
- We become the hero and technician to our own story.
- The big issue starts with having the belief and self-fulfilling prophecy that nobody can do things better than us.
- But it's important to realise that having your team reach its fullest potential is how you can get your business to where you want it to go.
- Tune in to the full podcast for Jackson’s 100% vs. 70% analogy!
- Jackson has never been motivated by money; he’s always been inspired by lifestyle as he reflected on his father’s life.
[21:09] The Team Onboarding Framework
- First, you need to get clear on your vision based on the impacts you want to achieve.
- Second, you need a 12-month game plan to turn the vision into a tangible and clear action plan.
- Third, break it down into four 90-day sprints to execute the plan.
- Fourth, there must be KPIs and metrics in place that will measure success.
- Fifth, there must be a mechanism for reflection. Listen to the full episode to learn how to execute these steps and how the process has driven results for Jackson’s team!
[25:02] Building Momentum
- A business should be simple, sustainable and scalable.
- Having these lenses in making business decisions turns us into objective leaders. It’s where the best businesses are built.
[26:40] Getting a Second View
- Jackson recognised early on that while he’s a visionary, he’s not a good implementer.
- Kolbe A is a phenomenal framework that tells you four numbers of your skillset: Fact Finding, Implementational Follow Thru, Quick Start and Implementation.
- Tune in to the full episode to learn more about the Kolbe A test!
- The key to Jackson’s success is having yin and yang dynamics with his business partner.
[30:44] Managing the Team
- Jackson’s team meets as a complete team weekly.
- He facilitates coaching for all their teams.
- Their strategy is about passing on their vision to the team based on their specific roles.
- People can feel small and demotivated when they don’t know where they fit in the business.
[32:57] Building the Team
- Jackson breaks every single business into four quadrants: marketing, sales, delivery and growth.
- Find out what quadrant of business you are going to focus on building a team around.
- The first thing you should do is tap your network, then set the right income for the people you will hire.
- It’s important to hire competent people. Not doing so will be costly in the long run.
[36:38] Chasing the Metrics that Matter
- The metrics you follow should allow you to create more profit, free time and personal wealth.
- Jackson’s team has created a 40-point performance scorecard of the things to do to turn your business into a profit-making machine.
- The average score of most businesses is 18 out of 40 — far below par.
- Understanding the areas you're not doing well can help boost your score in as little as 30 days or less.
10 Powerful Quotes from This Episode
[03:10] ‘And ultimately I discovered that they (Jackson’s parents) were working for their money; their money wasn't working for them.’
[04:56] ‘The importance of mindset is about expanding the quality of your ideas, and particularly when this comes around money. Most people have self-limiting beliefs, these invisible ceilings around money.’
[07:08] ‘As a human being, we are all like a tree; you’re either growing and thriving, or you're rotting and dying; you need to choose one. And what we've also got to realise is that none of us make bad decisions on purpose; we choose the best option on life's menu at the time.’
[08:00] ‘We understand that we need to pivot; we understand how we position our business as a true vehicle to create the cash flow and the wealth that we really need to achieve ,what we define as financial freedom for us and our family. And this is purely about education.’
[09:45] ‘Because this whole idea of creating the million dollar mindset and then creating killer cash flow, of having a business that allows you to fuel all of your goals, dreams and ambitions, it actually starts with you and what you want.’
[15:11] ‘So this is why this framework that I’ve spoken about, reverse engineering and setting that income target, is so important. Because what that income target allows us to ask ourselves is, “Does it make the boat go faster?”’
[29:37] ‘You hire based on values, and you train everything else. You can have the most qualified, smart, intelligent, experienced person, but if you do not align from a value standpoint, good work cannot occur.’
[30:05] ‘So take the time to get to know people on a personal level, find out what makes them tick. And this is why having that vision is so important; help them buy into the vision.’
[31:11] ‘Because what we've often found is that when you do grow a big business, people do love the kind of big picture vision. But the question that's often left to them is, “Where do I fit into all of this?”’
[34:56] ‘But by not hiring A players, it will be the most costly decision that you ever make in your business. It will cost you tenfold of what it would if you hired the right people the first time.’
Jackson Millan, also known as The Wealth Mentor, is a wealth coach, well-sought speaker and an award-winning entrepreneur. He has worked with over 1000 clients and has helped scale numerous 7-figure businesses. In total, Jackson has helped build over $1.4 billion of wealth for his clients. In his programs, Jackson shares proven and tested strategies to enable business owners to generate more cash flow and personal wealth.
He is the author of the international best-selling book, Enjoy The Journey: Creating Wealth & Living The Life You Desire. Jackson has two programs that cater to different business sizes: the Wealth Accelerator Program and the Lifestyle Business Mastermind Program.
Enjoy This Podcast?
Many business owners want financial freedom, but not all of them have the right mindset to get there. To have true financial freedom, you need to cultivate a million-dollar mindset and create a killer cash flow.
Entrepreneurs need to build a vision of what they want for themselves and their businesses. Remember, it's also important to have the right people in your team. From there, they take the necessary steps towards financial freedom. If you enjoyed today's episode of Ambitious Entrepreneur Podcast, then hit subscribe now!
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