What’s your first reaction when you hear “money mindset”?
Does it sound a bit woo-woo to you? A bit “fluffy”? Be honest. It does, right?
Money mindset DOES sound a bit woo-woo. But it’s not.
Your money mindset affects every aspect of your business, and as an entrepreneur, you MUST make this a top priority.
In this article, I want to explain exactly what your money mindset is, where it comes from, why it’s so important, and how to change it. I want to give you the power to change your money mindset so you can start to get different results in your business and your life.
What is “Money Mindset”?
Your money mindset is a collection of your thoughts, habits, values, and beliefs about money.
Money mindset shapes the way money flows in and out of your life. It determines how much you charge for your services, the way you market your business, and the types of clients you attract.
For instance, think about the last time you bought a car. What was most important to you? Getting the newest luxury model? Keeping your payments below $300? A car you can rely on for 200,000 miles?
All of these factors reflect your money mindset. If you bought the latest luxury model your money mindset is one that values the best and you believe in your ability to pay for it. If you bought the car with the lowest payments, you probably value frugality, and may have a shortage consciousness about money.
Where does Money Mindset come from?
Your money mindset started to take shape when you were young. It was formed by the choices your parents made about money, and the conversations you overheard about money and family finances.
I remember hearing my father talk about the “greedy rich” and “lazy bastards.” The greedy rich were the affluent. Those that “never earned an honest living,” and “got all the breaks.” The “lazy bastards” were those that didn’t have enough money because they didn’t work hard enough. If they really wanted to get ahead, they could just “pull themselves up by their own bootstraps.”
Without even realizing, I was internalizing all of this to create my own money mindset. Obviously, I didn’t want to be either one: the greedy rich OR a lazy bastard. So, where did that leave me?
Well, it left me on this crazy roller coaster ride that took me a long time to figure it out and change. Here’s what happened…
First, I would work hard in my business, and start to see some success. The clients and the money would start to roll in.
Uh-oh. This felt a LOT like one of the greedy rich to my subconscious mind. So without even realizing it, I would STOP doing those things that had led to my success. I would cut back on my advertising budget. I would book fewer speaking engagements.
Guess what happened? Yep, the clients and money STOPPED rolling in. My subconscious breathed a sigh of relief, “Whew. We’re out of that greedy rich place and back in safe territory.”
So my business would slow down. A lot. I would have days with no clients. I was no longer greedy rich, but now I was approaching “lazy bastard” territory. Time to get to work.
I ping-ponged back and forth for a few years before I even saw this pattern. Then it took me almost a year to break it. Once I did, I was able to create a more predictable income for myself and more consistent growth for my business.
Whatever your money mindset it, you’ve probably had it for most of your life. If it serves you and your success, honor that and thank your parents. If it doesn’t, it’s time to break those family patterns.
Why is Money Mindset so important for entrepreneurs?
Your money mindset drives the level of success you achieve in your business. Think of it as the invisible thermostat that determines how much money flows into your business and your life. Just as I ping-ponged back and forth between abundance and lack in my business, you’ve got patterns that get in the way of your own success.
Here are a few examples of how your money mindset can get in the way of your success:
- Undercharging for your products or services
- Not spending enough time marketing
- Creating goals and plans, but not taking action on them
- Not following-up with potential clients and missing deadlines
- Spending time on social media instead of doing the things you know really matter
- Not paying yourself a paycheck EVERY SINGLE WEEK
Truth: I’ve done every single thing on that list. If you struggle with money mindset, you probably have too.
Your money mindset determines the actions that you take each and every day. If your money mindset supports success, abundance, and worthiness, you’ll show up each and every day inspired to do those things that bring you success. If your money mindset supports self-doubt, worry, and lack, you’ll show up each day uncertain, and you’ll hold yourself back.
How to shift your Money Mindset
As I said earlier, your money mindset is a collection of your thoughts, habits, values, and beliefs about money. Here’s how you can start to shift it:
- Get clear about your current money mindset. What are the thoughts, habits, values, and beliefs you currently hold about money? The more clarity you get around these things, the easier they are to change.
- Determine the thoughts, habits, values, and beliefs you desire. If you already had your dream life and dream business, what would you know about money?
- Take action to make these new beliefs a reality. What action can you take, right now, today, to start to develop your new money mindset?
- Look for evidence of things changing. Find a nickel in the couch cushion? Evidence of abundance around you. Get a coupon for a free sub? Evidence that things are always working out for you. This will be tough in the beginning, but it will get easier over time.
Want to learn more about YOUR money mindset and how it’s affecting your business? Take my Money Mindset Quiz here: https://quiz.leadquizzes.com/q/0ForaQ