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.