10 things I learned after losing a lot of money | Dorothée Loorbach | TEDxMünster

Summary

In this inspiring narrative, the speaker recounts her journey from a financially successful marketing career to an entrepreneur who faced bankruptcy. After hitting rock bottom, she initiated 'the money project,' publicly exposing her failure and setting a goal to regain financial stability within six months. Through determination, learning, and self-reflection, she not only achieved financial success but also learned valuable life lessons about the true value of money, time, self-worth, and the power of a positive mindset.

Takeaways

• 😊 Money is important, and it's not inherently bad; it enhances who you already are.
• ⏳ Money equals time. Prioritize how you spend your time and ensure you value it appropriately.
• 💰 Money equals value. Learn to value yourself and what you offer.
• 💬 What people say doesn't matter. Criticism often reflects the critic's issues, not your worth.
• 🗣️ What you say to yourself matters most. Be kind and encouraging to yourself.
• 🔄 Simple financial principles: spend less, earn more, invest wisely, and value yourself.
• 💡 Parkinson's Law: Expenses rise to match income, so manage your finances carefully.
• 😟 Being broke is mentally exhausting and prevents long-term thinking and planning.
• 🙏 Stay broke in mindset. True wealth is wanting less, not having more.
• 👨‍👩‍👧 Quality time with loved ones is more valuable than money. Presence and attention create happiness.

Q & A

What was the speaker's initial reason for leaving her well-paid job in marketing?

The speaker left her job in marketing to become an entrepreneur, seeking to do something that would last and matter beyond just having fun.

What did the speaker initially value more than money?

The speaker initially valued fun and creating amazing memories more than money, which led to her making impulse purchases like a new car and a house.

What significant change did the speaker experience after starting to work with students?

After working with students, the speaker began to receive heartfelt thanks from them, which made her feel that her work was valuable and meaningful, even if it didn't pay well.

How did the speaker's financial situation drastically change in the summer of 2016?

In the summer of 2016, the speaker received five envelopes from tax services demanding immediate payment for her past earnings, which resulted in her losing all her savings and being left with very little money.

What was the speaker's immediate action after realizing she couldn't afford to bake a cake for her daughter's birthday?

The speaker decided to publicly expose herself as a failure by starting 'the money project,' where she shared her financial struggles and goals on Facebook, and began selling a book about her journey.

What was the speaker's main goal with 'the money project'?

The main goal of 'the money project' was to change her financial situation, learn about entrepreneurship and business, enhance her financial intelligence, and become free of financial stress within six months.

What was the speaker's realization about the importance of money after her experiences?

The speaker realized that money is important and that it doesn't make one a bad person; rather, it amplifies who one already is. She also understood that having money allows her to give more.

How did the speaker's perspective on time and money change after her financial struggles?

The speaker came to see that money equals time, and that by valuing her time more, she needed to exchange it for more money so she could spend less time working and more time living.

What did the speaker learn about self-worth and its relation to her financial situation?

The speaker learned that she needed to see herself as a person of value, which would reflect in how she treated herself and her rates for work. Changing her self-perception was crucial for her financial turnaround.

How did the speaker deal with negative comments and hate speech she received online?

The speaker learned that people's opinions and comments about her were more reflective of them than of her. She realized that what people say about you is not personal and does not define who you are.

What was the speaker's advice on the importance of self-talk and its impact on one's financial situation?

The speaker advised being kind to oneself and maintaining positive self-talk, as our internal dialogue can significantly affect our circumstances and our ability to change them.

What is 'Parkinson's Law' as mentioned by the speaker, and how did it apply to her situation?

Parkinson's Law states that expenses will always rise to match income. The speaker realized that even when earning more, she wasn't saving or investing, which is why she had nothing left at the end of the month.

How did the speaker's experience with being broke affect her perspective on wealth and happiness?

The experience of being broke made the speaker appreciate the simple things in life and understand that happiness does not require money. She now chooses to live as if she's broke, focusing on presence and experiences rather than material wealth.