money

3 Money Mindset Practices Learned From Rich Money Mentors

May 18, 2017

3 Money Mindset Practices Learned From Rich Money Mentors Money Mindset is a topic I am talking a lot about this week, especially as I start to lead my mindset group program.

In the past, I worked with my own money mindset because I was constantly making financial decisions based on fear. I made some pretty bad decisions in the past based on my money mindset, so eventually I recognized that I needed to do some work on it.

Why you need to work on your money mindset

Money mindset can cause you problems in taking your business to the next level, as well as cause problems in your personal life.

Money Mindset in business

In business, this could mean not charging your worth or not charging at all for your time. Also, you may not want to take risks or invest in something that may actually help grow your business. This could mean having fear around hiring a virtual assistant, outsourcing or even hiring a business coach—even if your know you should be doing these things, you won’t because of your money mindset. So, instead of growing you will stay at a certain level of income and never grow—even though you want to.

I overcame this by working on my money mindset by taking a course on it, then hiring a business coach and then starting to outsource some of my business tasks. This was a big mindset shift for me surrounding my business.

Money Mindset in your personal life

In personal life, your relationship with money can demonstrate how you treat yourself. For example, I had the same pair of inexpensive jeans from the time my daughter was born until just a few days ago–my daughter is now 13. That’s 13 years wearing the same pair of inexpensive jeans. I never wanted to spend the money on my own clothes. I would spend it on my kids, but not on myself—even though I could have used a new pair.

So, how can you start to shift your money mindset? A part of shifting my mindset was investing in the knowledge of money mentors such as Denise Suffield-Thomas and Barbara Stanny. Here is what I learned:

Track all incoming money, whatever form it comes in

From Denise Suffield-Thomas I learned to track all my incoming money, whatever form it comes in–every single cent is on a spreadsheet. The philosophy behind this is the sense of abundance you can get by realizing you have more than you think.

Educate yourself about money

Barbara Stanny believes that anyone intimidated by money should start educating himself or herself on it, whether that be by reading the Wall Street Journal or reading an investment book. Learning about money can make you feel more powerful around money.

Look at your money beliefs

Lastly, I believe you need to look at your money beliefs. If you don’t buy something because you believe you cannot afford it – why is that? Think about what prevents you from investing in your business or buying those new pair of jeans even though you could use them.

Look at your money mindset practices and work on what you need to do to take your business (and your personal life) to the next level. For more information on breaking through your money blocking beliefs, let’s set up a free time to chat and see if I can help.

And if you haven’t done so already, make sure to join my private, Core Beliefs for Business, Facebook Group. A group solely focused on mindset for entrepreneurs and business owners.

Do you fight with your honey about money?

February 11, 2016

Have you ever had problems with your significant other surrounding money? My guess is that you have – even I have. It is very common for couples to have disagreements surrounding money. For example, my husband has come to the realization, through trial and error, that I am the best person to do the grocery shopping because I believe in coupons and price matching where as he believes you should just pick up what you need and be done.

On a day-to-day basis we all have ideas on where money should be allocated, spent and saved. What is interesting about money beliefs is that they are, for the most part, inherited from our childhood. For example, my mom believed taking a taxi is a waste of money and therefore, I do too. My husband, whose father was an immigrant, came to Canada and had limited money, so my husband’s money beliefs come from that life experience.

Another area of money contention is around recreational or sporting events. Many men enjoy playing sports, such as hockey and after that they enjoy having drinks with their team mates. Often times I hear the spouse of the person who plays hockey complain that they believe that money should be allocated elsewhere.

Whether we want to admit it or not, sometimes our money beliefs are outdated. Sometimes it is because one or both of your parents were controlling about money i.e., there was tension surrounding a goal one of them set of paying off the mortgage in five years, which meant not spending money elsewhere in life because they had to pay off the mortgage. Money beliefs or money wounds from our childhood can form our reality even though they no longer serve a purpose.

What are your money beliefs? Do you fight with your honey about money? I invite you to work through the money exercise available on my website to see if money is a source of contention in your relationship. The money exercise is designed to help you find out how you can look at your beliefs and merge them to see past any outdated beliefs. Once you have answered the questions, head over to my Facebook page and share your findings about your relationship with money.

Are You Comfortable Spending Money on Yourself?

January 28, 2016

Are You Comfortable Spending Money on Yourself?

A couple of weeks ago I began a discussion on how people struggle with their relationship with money. Until I started to do some work on myself this year, I had an uncomfortable feeling many times when it came to spending money on myself. Whether it was colouring at the hairdressers or money on my hair – I had a sinking feeling that stayed in my mind for many, many years.

The same fell true for clothes. When I was a stay at home mom I could not buy clothes that were not on sale and I had difficulty spending money that I felt I did not earn – I believed that I should be making my own money.

A lot of times our relationship with money comes from our parents. My beliefs around money came from my mother. It is with this in mind that I want you to spend some time looking at where you feel comfortable spending money on yourself and where you feel uncomfortable spending money.

Write down what your beliefs around those thoughts are. Think of whether or not these beliefs are still relevant in 2016?

Answering these questions is the beginning of an awareness of our relationship with money that will hopefully enable us to improve that relationship.

Once you have given this some thought, I invite you to head over to my Facebook page or tweet me, and share what you are comfortable and not comfortable spending money on; and if you haven’t already done so, subscribe to my newsletter to receive my weekly videos directly in your Inbox.

Do you struggle with your relationship with money?

January 13, 2016

My relationship with money wasn’t always the best and because I work with relationships I felt it was time I worked on my relationship with money. People’s relationships with money are complicated and often require a lot of healing in order to move ahead. For me, I struggled with the lack of abundance of money. Now, a year later after digging in and doing some work on myself, I feel that I have made leaps and bounds and want to encourage you to take the first step.

I invite you to also look into your relationship with money. Do you struggle with your relationship with money? Is this a relationship that you would like to change? If so, ask yourself what money means to you? What areas in your relationship with money feel weak? Do you have trouble saving money or spending money?

They key to uncovering your struggles with money is to look for areas in your relationship where you are weak and then also look at areas where you are strong.

Think about this and then buy yourself a journal – it doesn’t have to be a expensive one! I want you to start a money journal. Think about where you are weak and where you are strong with money. Think about your daily interactions with money and write them down in your journal.

In future videos, I am going to be continuing my investigation into my own relationship with money and with that invite you to do the same. Keep track of where your relationship with money is weak and strong in your journal. We will be returning to this journal again. In the meantime, I invite you to subscribe to my newsletter, where you will automatically be sent my videos as well as continue the conversation on Twitter or on my Facebook page.