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Wealth Tactic Rebels - Kevin M Dumont EPISODE 44
How to Build Wealth by Doing What You Love: A WTR Discussion With Cathleen Merkel
00:00:00 00:33:08

How to Build Wealth by Doing What You Love: A WTR Discussion With Cathleen Merkel

In today’s world, we’re always looking for things that will bring us an abundance of wealth. Often times though, some of us go into a field of work that we don’t really enjoy doing. Today, WTR welcomes Cathleen Merkel, who helps her clients find their purpose and live the life they really love. In this episode, join us as we discuss why it’s important to fix your mindset and respect your values in order to attract wealth and satisfaction with what it is you do for a living.

Ingenious tactics to accumulate wealth, for people who see things differently.

Cathleen Merkel

Website

http://www.cathleenmerkel.com

LinkedIn URL

https://www.linkedin.com/in/cathleen-merkel/

Facebook URL

https://www.facebook.com/CathleenMerkelCoaching/

Twitter URL

https://twitter.com/CathleenMerkel7

NOTES

  • [00:28] Kevin: Today, we're joined by Cathleen Merkel. We will be talking about how to build wealth by doing what you love, which is usually understated today.[01:04] A lot of people get into a career for various reasons, but it's not really what they want to do
  • [01:22] Would you mind sharing a little bit about where you came from and what inspired you to get to where you are today?
  • [01:41] Cathleen: I am supporting my clients with helping them live the life they really love.
  • [01:50] A lot of coaches, facilitators, and trainers that I've met came to build their career based on their own story (in terms of childhood, how they've been raised, their career choices, etc.)
  • [02:51] Kevin: My parents were raised after the Great Depression, and they were taught to save everything (it was just about survival and not about living)
  • [03:19] Cathleen: I never realized what it actually meant to be living and I never thought about it because when you're being raised with a mindset of scarcity, money doesn't grow on trees so you're encouraged to get a safe job and earn money
  • [03:39] I always had an inner urge (intuition) that made me think that I wanted to do something different than my corporate job[04:52] I made the decision when I was 26 to move to the U.K. (gave up my job and home)
  • [05:21] I think the biggest changes I've made is to dive into roles and jobs that I really love doing, explore myself and how I operate with people, etc.
  • [06:01] I really didn’t want to get to the stage where I say I have worked really hard with long hours and then one day wake up in my 70s and think that I've really missed out on my life with experiences that's created memories (losing touch with living)
  • [06:53] Kevin: You were thinking about the opportunity costs of life basically. Opportunity cost is if you have a dollar, when you lose that dollar, you lose everything that dollar could have earned for you
  • [07:25] Cathleen: For me, one of the biggest losses would be my freedom (to choose what work I do, where I live, who I want to spend my time with, etc.)[07:40] Living a wealthy life for me means living a life of freedom (financial freedom)
  • [07:59] Kevin: Can we talk a little bit about what you see that has been going on with purpose versus wealth? I mentioned earlier that people go and get a job to try and make money, but they're not happy doing it (not living, not fulfilling a purpose)
  • [08:23] Cathleen: You basically sell your time for money. However the ratio is very disproportional (there are limitations to your earnings per hour)[08:47] What a lot of people do is invest a lot of time in their work in a job that they don't actually know if it even gives them a purpose
  • [09:50] When you think about the money to come, how does that make you feel?
  • [10:00] What is the one thing that makes you believe you can’t wait for tomorrow?
  • [10:22] Having purpose creates wealth, because wealth is not only about making money. It is about a quality of life
  • [12:31] A lot of people apply the scarcity mindset instead of the abundance mindset[12:43] Scarcity mindset: there's not enough money out there, you won't attract clients or work
  • [12:56] Abundance mindset: there's enough money and work out there (you just have to change your mindset to attract it... be a positive person)
  • [13:31] A lot of people think it's incredible how much I say yes to opportunities and I always say if they sound interesting and intriguing the worst thing that could happen is they are a learning experience
  • [15:05] People who are positive and have an opportunity mindset create wealth 100%
  • [16:32] Kevin: It's so important to take care of yourself first because if you don't and you're not in a good place, you're no good to anyone[16:46] Find your purpose but make sure you're a part of it
  • [16:59] Cathleen: You should focus on yourself and understanding your needs 100%
  • [17:06] Kevin: In your experience, do you have some tips/ideas that you can share with our listeners that would help them to discover what their purpose is?
  • Cathleen:[17:21] To identify your strengths[17:27] Write down what you're good at (ask people in your work environment and outside of your work environment)
  1. [17:52] To believe that these are your strengths (if other people give you the data, then trust it)
  • [18:05] If you have the luxury to do it, test a few things (ex: internships)[19:08] Talk to people at networking events (approach with abundance mindset)
  • [19:32] Understand your values (getting in check with yourself)[19:50] What kind of environment, job, etc. do you need that gives you what you most value?
  • [20:20] Intuition[20:24] If your job doesn't feel right, then check in with yourself and possibly check in with a career consultant, coaches, mentors, friends, etc. (talk to people about it)
  • [21:17] Kevin: Right now, what have you been doing that helped create the wealth in your life?
  • [21:26] Cathleen: Wealth has such a wide definition and meaning for me
  • [21:35] I did move into a classical coaching business (working online, working with different cultures)
  • [24:15] Choosing the clients I get to work with (mainly high-achieving women in corporate who somewhat share my story)
  • [24:41] Something that's really important is the creation of passive income[24:48] Enables me to really step more into the work I love doing
  • [25:39] Helps pay off debt quicker
  • [26:18] Kevin: So before we close for today, I'm going to ask you for a value bomb, which is what in your experience our listeners could look to avoid doing and what they can do about it?
  • [26:48] Cathleen: The most important one that has accompanied me throughout my life so far is think about what you spend your earnings on and think about how quickly you spent it[27:09] Just because you earn a lot of money and are happy with your income, doesn't mean you need to immediately spend everything
  • [27:54] Don't just spend time on things that don't make the biggest impact and that don't add the biggest value to your life just because you have this need to fill a void (some sort of recognition or reward)
  • [28:19] Make sure that when you spend money, spend it wisely on the things that make memories and that have a long-term impact