WHAT THE FUNDRAISING
34: Money Stories, Limiting Beliefs, and How we Shift Our Money Mindset with Rhea Wong
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“In my family money was never just about money. It was about survival. It was about stability. – Rhea Wong
Episode #34
Overview
In this episode of What the Fundraising Podcast…
I talk to Rhea Wong, a nonprofit leader with 20 years of experience inside the sector. She currently supports Executive Directors and development staff to build out individual major gift programs and raise money like a pro.
There is a common limiting belief that people get offended when you ask them for money, but we need to learn that fundraising is not about extraction, and these narratives just arent true. If we are transparent and we truly understand the value of our cause and what it can represent to the potential donor’s values and desires, then fundraising starts to feel transformational and supportive. As the power partners mantra always reminds us – great fundraising is not an ask, it’s an offer.
We dismantle some of the most common biases inside the fundraiser’s mindset when it comes to money and the risk of rejection. Rhea has some interesting takeaways to go beyond your pre-established money beliefs and become a successful fundraiser.
“When our standard of expectation is perfection, of course, you’re not going to do it. Of course it’s going to feel anxiety-inducing”. But we’re here to tell you that it’s not about being perfect at all, there are some underlying values and relationship-building skills to focus on, but the rest is about responding to the moment and the alignment with your donor.
Join in and learn how to ask the right questions to nurture the relationships with your potential partners.
Money mindset money mindset money mindset money mindset money mindset money mindset money mindset Money mindset money mindset money mindset money mindset money mindset money mindset money mindset
Join in and learn how to ask the right questions to nurture the relationships with your potential partners.
EPISODE HIGHLIGHTS
- 00:28 - Rhea Wong’s background: The early experiences that shaped her root beliefs around money.
- 6:35 - The risk of rejection: What emotions get triggered when asking for money versus when you’re being asked?
- 09:45 - The courage to claim an edge: How to overcome the fact that not everyone is going to align with what you do.
- 13:46 - Fundraiser’s energy, mindset patterns, and inner barriers: What should new fundraisers be aware of?
- 23:36 - Heroes (not saviors) of our stories: What long-term relationship mindset and donor retention efforts are really all about.
- 32:01 - There is no perfect ask: Discussing the biased narratives that create a competitive landscape in the nonprofit sector and the discomfort that comes from asking for money.
- 38:15 - Transparency is important: The purpose that conversations with founders and board members should seek.
- 40:13 - We never talk about money in a really transparent way. And yet it's the undercard of everything that we do.
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Tips and Tools to Implement Today
- Fundraising is about giving, not about extracting: Good fundraising is about more than just asking for money. We provide an opportunity to make a difference and create a positive impact. If someone is saying that they don't want to donate to your organization, it has nothing to do with you.
- Good marketing attracts. Great marketing propels: As an industry, we need to have the courage to claim an edge and make sure to find the people out there that are willing to join us.
- “Like” energy attracts “like” energy: Energy is often seen as this supernatural concept that is hard to understand, but it’s actually the way in which your thoughts, beliefs, and emotions are being perceived. If you want to attract donors with the right energy, you need to be showing up with that energy too.
- It's much cheaper to keep a donor than it is to get a new one: To retain a donor that has previously believed in your cause and trusted your work, you need to keep in contact in a way that meets the donor where they are at.
- We need to combine the values of community-centric fundraising with practices backed by neuroscience: There is a lot of conflict inside our sector in terms of community-centric vs. donor-centric fundraising. It is critical that we address harmful fundraising practices like the donor savior complex and centering donors in the work of the organization. We need to learn how to take the science of fundraising and align it with community-centric fundraising pillars.
- Be transparent: When we continue to struggle with the fear of rejection or we’re just being transactional, we tend to not be clear about what we are really looking for in a partnership. Transparency will always save you time and energy.
FAVORITE QUOTEs
- “Deep down in my DNA, the psychological connection was that, by asking people to support my organization, I was somehow subconsciously asking them to give up their stability and to experience the shame that I had experienced when I first gave money.” - Rhea Wong
- “If people are offended that you asked a): You probably didn't set it up the right way. Or b): they probably were never going to give to you anyway.” - Rhea Wong
- “If someone is saying that they don't want to donate to you, it's not about you. It's about them.” - Rhea Wong
- “We're living in a time where capital can literally get moved around with the click of a button. So you can't tell me that there's no money out there.” - Rhea Wong
- “Why aren't people responding to us? Because we're not actually asking questions. We need to be in conversation, not in a monolog.” - Rhea Wong
- “When our standard of expectation is perfection, of course, you're not going to do it. Of course, it's going to feel anxiety-inducing.” - Rhea Wong
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I teach nonprofit fundraisers to bring in more gifts from the RIGHT donors… so they can stop hounding people for money. Fundraising doesn’t have to be uncomfortable.
- CEO & Creator of the Power Partners FormulaTM
- Disruptor in the funding sector, changing lives everyday
- Relentlessly committed to the movement of money into the nonprofit sector
- Focused on win-win partnerships that allow fundraisers to be authentic and empowered in their work
- Over 15 years working in nonprofits (managing director and ED of multiple fast-growth organizations)
MALLORY ERICKSON
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NON PROFIT SHOUTOUT
This week’s guest, Rhea Wong @rheawongconsulting, roots for an amazing nonprofit project focused on decoding non-human language 🤯🐾
Get to know the Earth Species Project!
Earth Species Project is an open-source nonprofit based in Berkeley, California, dedicated to decoding animal communication. We believe that an understanding of non-human languages will change human beings’ ecological impact on this planet.
The people behind this project are motivated by the recent monumental milestone in machine learning, especially when it comes to the invention of techniques that can translate languages without dictionaries.
Visit www.earthspecies.org/
episode transcript
