454: Fighting Jealousy to Find Joy in Your Business
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How do you overcome jealousy? As we step into the new year, it's an opportunity to embrace both new regulations and manage our emotions effectively. We begin by discussing the FinCEN and the U.S. Beneficial Ownership Information Registry, outlining what registration entails and its requirements. We then address a common yet powerful emotion: jealousy. We explore its triggers and potential impacts on your business. We then share four practical ways to start fighting jealousy so you can have more joy in your life.
Main topics:
FinCEN and You
Dangers of jealousy
Impacts to your business
Overcoming jealousy
Cheerleading others
Main takeaway: Focus on your own growth and goals, and you won’t have time to worry about what someone else is doing.
Links:
FinCEN Filing: https://www.fincen.gov/boi
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A VERY ROUGH TRANSCRIPT OF THE EPISODE
Provided by otter.ai
SUMMARY KEYWORDS
jealousy, fincen, client, business, reporting, moment, pet sitters, posting, people, wins, pet, information, focusing, associates, work, recognize, emotions, file, stop, hard
SPEAKERS
Collin Funkhouser
Collin Funkhouser 00:02
Hello and welcome to pet sitter confessional. Today we are brought to you by pet sitters associates and our amazing Patreon supporters, supporters like Tracy Tracy, thank you for keeping the show going. We are so happy that you have found value in the show. If you'd like to learn about all of the ways that you can support the show and keep it going, you can go to petsitter confessional.com/support. Real quick if you're in the US, have you heard of FinCEN? FYI, n cn, it's the Financial Crimes Enforcement Network. If not, don't worry, you're not the only one. And for the next few minutes, our international listeners can actually skip forward. This doesn't really apply to you. So anyway, FinCEN is a part of the US Treasury Department. They focus on protecting the financial system from misuse, things like money laundering, supporting national security in that way. They collect and analyze financial data that help law enforcement. They work under the rules of the bank Secretary Act, which requires banks to take steps against financial crimes like setting up anti money laundering programs and reporting certain financial activities. FinCEN also works with similar agencies and other countries and international groups to fight financial crimes. For us as business owners, this means that FinCEN is the government agency that ensures financial institutions follow rules to prevent and report activities, like I've mentioned, like money laundering, because that's kind of a big deal. So they do this by gathering and sharing financial data to help catch criminals and protect the economy from illegal activities. It's really important for us as businesses to understand and comply with the FinCEN regulations to avoid legal issues. Well, with that said, in 2021, Congress passed the corporate Transparency Act. This law creates a new beneficial ownership information reporting requirement as part of the US government's effort to make it harder for bad actors to hide or benefit from their ill gotten gains through shell companies or other opaque ownership structures. So think people trying to hide behind a corporate face and do illicit or illegal activities through a different company. On January 1, the fencin sent out an announcement about the US beneficial ownership information registry again, this was originally passed in 2021. It is now going to affect in this year 2024. So this announcement that came out on January 1, it reads. Today, the US Department of the Treasury's Financial Crimes Enforcement Network, or fencin, began accepting beneficial ownership information reports. The bipartisan corporate Transparency Act enacted in 2021. To curb illicit finance requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. Filing a simple, secure and free of charge. beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once unless the filer needs to update or correct the information. Companies that are required to comply must file by the following deadlines. reporting companies created or registered to do business in the United States before January 1 2024. must file so if you created a business before January 1 2024, you must file by January 1 of 2025. Okay, if you are a reporting company that you were created or registered to do business in the United States, in 2024, you have 90 calendar days to file after you receive your actual or public notice that their company's creation or registration is effective. What does that mean? If you're listening to this, and you haven't registered an LLC yet, but you are planning to register a business that requires filling out paperwork, so that goes for an S corp, some corporation levels, and LLC, if you are going to file paperwork to register your business, in this year 2024, you have 90 days to then fill out the beneficial ownership information report. If you created your business and filed that paperwork in 2023, or before, then you have until January 1 2025 to complete this. And you're supposed to fill this out. Even if it's just yourself that's a member of the LLC. The reporting process is actually very straightforward. We've gone through that for both our pet sitting business and for the podcast. And it takes a little bit of time you have to upload identifying information about yourself. Make sure all of your i's are dotted your T's are crossed before you hit submit. The website does make it very straightforward and only takes a couple of minutes. If you have further questions about this, check out the link in our show notes. Go talk to your CPA and your tax accountant to verify that you are required to do this. Most of us are going to be that the FinCEN website does have a tool to determine if you should file or not. It's something like a yes or no stepchart. But go to the website from the show notes. Talk to your CPA talk to a tax accountant to verify and go through that process. It's very straightforward. And with that 2024 relief does feel like it's in full swing already, we've got new laws to abide by, and emotions really are running high. If you're like us, you've seen the posts on Facebook with people posting their year end business recaps with their number of visits, revenue increases all that stuff. You've also seen people posting their gifts from clients or their big wins from this past year. And our one question for you is,
05:21
how did you feel seeing those elated, encouraged, sad, jealous?
Collin Funkhouser 05:29
Jealousy is actually a very powerful emotion, even in business. The comparative game is very real, we tend to look at the success of others, and wish it were our own. We can think wow, look at that amazing tip that person just got which my crummy clients would tip like that. Or even I can't believe that person's business grew by 112%. That's not fair. I worked really hard this year in didn't grow that much. It sounds petty. And it is, but it's a real emotion that we feel in that moment. Something to keep in mind is that you only see the positive things on social media. No one's posting about how they lost clients key, fired a client or actually left a dirty poop bag on the client's kitchen table. A few people are posting about how they sat in the driveway of their client and bawled their eyes out because they just couldn't go on another moment. Because they overbooked themselves, they overcommitted something happened to that day that they just completely feel overwhelmed. The truth is, is that everybody, no matter how successful they may appear on the outside has those moments. And unfortunately, we can get to the point where we see these things happening. We see the positive things, we see the wins, we see the celebrations, we get to the point where we cringe when we see a post or comment about something that somebody else is proud of their win of the day, we see that and we recoil, right? If our first thought is, why couldn't that have been me, we've got to check ourselves and take a serious step back because jealousy is the devour of our joy. Jealousy will turn our outlook on life sour and sad, it will begin to distort our view of reality where we interpret the motivations of others with the most sinister of meaning. This ultimately breaks down trust, it ends relationships, because we don't wish the best for others. We don't expect the best from them. When they interact with us, we question their motivation, and we stop wanting good things for them. So we stop interacting with them. We tend to fixate on other people, we're unable to grow ourselves when we're so focused with jealousy on them. Because jealousy often stems from insecurity and a lack of our own personal self esteem. And because of that, it prevents us from focusing on our own growth, our own development, our own wins, because we're too preoccupied with comparing ourselves to one another. The saying is true. Don't compare your middle to someone else's ending. See, you don't know what it took for them to get there. The sacrifices that took the heartache, the mistakes, the turmoil, you don't know how many mess ups that they had along the way. When we live a life of jealousy, it impacts our decision making it clouds our judgment, as we're no longer unbiased, we could be jealous of an employee who got high praise for a call of a client, or even jealous of a client who got to do something nice over Christmas, we stop treating them, well, we stopped treating them the way we want to be treated. When we are jealous of somebody, we no longer want the best for them. So we start treating them the best way and we don't treat them like everybody else. This all just leads to overall stress and miserable existence, both mentally and physically. It takes a toll on us. It wears on us it eats away at our sleep. It steals away our joy throughout the day. And we stop being present in the moment, because we become so preoccupied with what's going on in somebody else's life that we forget to live our own. And again, this can come in so many different forms, whether it's the social media posts with somebody's recapping the stellar year they have, or maybe it's in a Facebook group, and somebody's talking about how they just completed all of their SOPs, or they just hired the new administrative assistant or they brought on a manager or whatever that is, when somebody spoke posts or talks about a when, what is our reaction to it? And then we have to ask ourselves, why is it why they have a negative reaction to seeing that? Because, again, if they have let's say they posted something about a hiring manager, and that's one thing that's been on our list for years, or maybe it's the one thing that we think is going to help us push our business to the next level. We're insecure that we don't have that and out of that insecurity come There's jealousy against that person. And all of a sudden start wishing and hoping that maybe that doesn't work out for them. It doesn't do what they wanted. What a terrible way to live. And again, it clouds everything about us in our personal life and in our business, and our business suffers because of our preoccupation of somebody else. Now before we continue, I do want to stop and talk to you about our friends at pet sitters associates. As pet care professionals, your clients trust you to care for their furry family members, pet sitters Associates is here to help. for over 20 years, pet sitters Associates has provided 1000s of members with quality pet care insurance. If you work in the pet care industry or want to make your passion for pets into a profession, take your career to the next level with flexible coverage options, client connections and complete freedom in running your own business. Learn why pet sitters Associates is the perfect fit for you and get a free quote today. By visiting pet sit llc.com You can get a discount and who doesn't love those when joining by clicking membership and select petsitter confessional and use the discount code confessional at checkout to get $10 off today, check out the benefits of membership and insurance once again, at pets it llc.com. So jealousy doesn't leave us in a very good position. And it really impacts our life and in our business. So what do we do? How do we move out and away from these feelings and emotions that we have? The first step in REBT is recognizing that we're having them in the moment? Do we recognize that feeling that torque that reaction that we have? If we do you know it's time to do something. And the first thing that we can do is it's a phrase that I've heard before, touch grass, okay, basically what this is, it's get out and interact with the real world. Because remember, Facebook, social media, online websites, whatever, that's not real. We can't have those human to human interactions, we can't see what's going on in the real world when we're so connected online. And in our modern day and age, online tends to be where we spend the majority of our time when we have free time. So stop checking social media, stop reading the websites being going online, reading those blogs, none of that's real, right? Talk to somebody, go sit with your pet, be present in the moment when you're with your clients get reconnected or get connected for the first time with a brand new friend or reconnected with a family member that you haven't in a long while. You know, over the holiday season, our kids did this thing where it was a challenge everyday challenge of kindness. And one of the days it said, Call somebody who you miss, call somebody who you miss. And it's such a simple thing to think of who do I wish I could talk to more? What does that mean for me, touch grass, get out interact in the real world disconnect from the online because we know that that's a major driver in these feelings and negative emotions that we have. The second thing we can do is focus on having a self improvement mindset. Right? Here's what we do, we embrace what we what you can control, we pull back our sphere of influence where we think our sphere of influence is but we recenter that on ourselves. Not saying that we become selfish. But we recognize that my sphere of influence starts and stops with me, not what somebody else is doing across the way. When we do this, when we embrace and what we can control, we actually begin to gain confidence in our abilities, because we're focusing on where we excel. This also encourages gratitude and a positive outlook because we recognize our strengths, we recognize our weaknesses. And when we measure success based on personal growth, and not against somebody else, jealousy naturally diminishes. Because our success is based on who you write us and what we have control over. You'll see that as you work on bettering yourself, you actually often develop greater empathy and appreciate each other's achievements without feeling diminished by them because you recognize hard work, you can go, man, that person put that together, I remember what that was like for me. Way to go. Or man that person's doing so much. I know that I'm working as hard as I can congratulations to them. This appreciation can replace feelings of jealousy with feelings of admiration, and inspiration. And what a world it would be if we were all just a little bit more inspired by somebody who we looked up to. And we recognize that they put in hard work because we ourselves are focused on the hard work that we can do. And part of the self improvement mindset that comes the third thing is setting goals. Because when we're focused on our own stuff, who has time to worry about it people keeping that's not just keeping in our lane, it's not ignoring things, but it's going, I have a list of to do's today, I have big goals for my company, that if I take my eyes off of them, I'm never going to accomplish them. And it focuses on that, again, back on the things that we can't control, focusing on embracing our own abilities in those goals that we have. Because your own goals, your own trajectory, your mission is way more important than whatever somebody else is doing. Now, that's not saying we can't learn from somebody. But when we start placing somebody else's achievements, somebody else's successes, as more important than the work that we have to do today, we've lost the thread, this process of setting goals will keep you focused on you. So you can track and experience your own wins and your own progress, it will keep you in touch with your own business, we can be in the moment, we can actually experience satisfaction from our wins, because we're not thinking about how we compare to somebody else, we can sit in them, we can rejoice in them. Yes, that means that we're going to sit in, and we're gonna be a little bit miserable whenever we go through some tough times. But that's okay, because we're going to learn from those, and we're going to grow from those as well. And when we're focused on that, when we're in the moment, it makes the times that we get to go, you know, touch grasp, be out in the real world, it makes those times way more meaningful and impactful to us. Because we're not being distracted by other things. All of these are part of a whole, if we're to tackle being jealous against somebody, it's about getting disconnected from that, physically removing ourselves from that situation where we do experience jealousy, then we do the work of focusing on ourselves on what we can control about being present in the moment with our tasks. And then the fourth thing that we can do here, it's an actionable practice here, when we're in that moment of reading somebody else's experience, when you read that post about somebody's massive within their business, make a conscious effort to respond to that person with a simple congratulations, with a simple well done, or even you deserve that you'd have worked hard, because we have to fight our initial reaction. If it is to cringe and to circle away and to wish evil upon somebody, we have to take that in, redirect it into something positive, something that we might not really want to do in the moment. But as we do this, as we take those emotions, and we refocus them onto something that's way more positive and encouraging to somebody, as we do that, it becomes a little bit easier. And then the next time a little bit easier, we're reprogramming our brain, we're reprogramming our biases, our cognitive predispositions in the moment, because what do we have control over ourselves, and then we're going to go, and we're going to list five things that we are grateful for today. We're going to congratulate somebody as an outward expression. And then inwardly, we're going to redirect our energy to being grateful for something that we have today. Because we need to be grateful for ourselves. You need to be grateful for yourself and grateful for your business. You do wonderful things, you work really hard. And your business is doing wonderful things. It's paying for your bills, it may be employing other people, it's impacting your community. There's always a silver lining somewhere. And that's not to say we ignore the hard part's not at all. But there's always something that we can be grateful for. And what this does, is it brings back a little bit of joy to our day. Instead of letting jealousy steal it. Outwardly, we pull inward, we reflect inward and we say there's joy to be found here, because there's things to be grateful for. See, we all need a cheerleader. Why not be a cheerleader for someone else today, especially when they need it most. We'd love to know how you are fighting off jealousy and some of the practices that you have in place. When those thoughts creep in when those comparison games start to win over. Let us know you can send that to feedback at petsitter confessional.com, or anywhere on social media. We want to thank pet sitters associates for sponsoring today's episode for our Patreon members for supporting us again check out Pet Sitter confessional.com/support To learn about all of those ways. And we really want to thank you so much for listening. We really appreciate your time and your sharing episodes and your feedback on everything. It means so much. We hope you all have a wonderful rest of your week and we'll be back again soon.
