Managing your money mindset to thrive in business
Money is, essentially, a medium of exchange, which through experiences and beliefs becomes imbued with a whole range of emotions such as guilt, shame, greed, joy, and pleasure. Whatever we might be feeling or experiencing, can influence the actions we decide to take; whether this is to spend more or less, invest or even to do nothing at all.
That’s why I believe it’s important to develop awareness and mindfulness around our money mindset, so that we can make informed decisions about, for example, what we charge for our services or what we invest in to grow our businesses.
“A lack of money is not the problem: it’s merely a symptom of what’s going on inside of you”. T Harv Eker
Early in my career I attended a Tony Robbin’s weekend seminar on money and wealth, which opened my eyes to the world of financial management, investing and mindset… AND how little I knew and understood!
So I read lots of books on the subject and I hired a Financial Coach who helped me take some practical steps to manage my transition from employee to self-employed.
She also introduced me to other experts and resources, which I still use nearly twenty years later!
Over the years I have made mistakes (spent too much, invested in the wrong things!), but whatever has happened has helped me learn and grow. And over time having good financial practices and working on my money mindset and beliefs, has made it easier to make better and more conscious decisions.
Here are a few things that have helped…
~ Learn as much as you can about financial management, including investing and wealth building. I know for some of us it can feel overwhelming, which is why I hired a financial coach and then a financial advisor, who were supportive and understanding about my lack of knowledge in this area. Unless this is your expertise it’s understandable that we may not have the financial skills or, if you are like me, feel uncomfortable around numbers.
~ Do you have financial goals for your personal and professional life? These can help give you a purpose and direction for earning and spending. I used to spend emotionally, but I now see myself as a conscious consumer, aligned with my values of financial freedom, quality, and sustainability.
Accepting past mistakes (we all make them) and letting these go means we can learn from the past, and then adopt a new story and self-image of financial capability and capacity.
~ Are you worried about money running out or never having enough? A scarcity mindset is understandable because it’s usually based around making decisions which will have an impact on the future. We are worried about ‘How much will this cost?’ ‘Will this work?’ ‘‘There isn’t enough time, money, or resource’, ‘Clients won’t pay me what I’m worth’. It can be challenging when we are surrounded by a lack mentality, whether at home or in the news. But when we change our focus, we start to see more possibilities and opportunities. Can you embrace an abundance mindset instead?
~ Spend time with friends, mentors, coaches, or colleagues who have a positive and encouraging mindset around finances. There are lots of books, information, and resources available, which I recommend to my private clients.
~ One habit I started years ago is to capture what I spend on a spreadsheet, which I review monthly. My monthly money date includes tracking my progress towards my financial goals, adjusting my expenses, and evaluating how I feel about what I spend my money on. For a brief time, I stopped doing this and I noticed how rapidly I lost track of my expenditure and finances!
~ Recognize and appreciate the financial successes you achieve, no matter how small. Instead of blaming and shaming, start appreciating and thanking money for its on-going presence in your life. Gratitude can help shift your mindset toward a more positive view of yourself and your relationship with money.
What is your relationship with money? What beliefs do you hold about your ability to generate revenue?
Managing your money mindset is one of the key topics I cover in my private and personalised coaching programmes.
To find out more contact me HERE for a confidential exploratory call. I would love to support you!
Currently reading …
As soon as I learned to read, I’ve never been without a book by my side! I love fiction, classical literature, and memoirs, which I find are a wonderful escape from the day to day. This month I finished reading My Brilliant Friend by Elena Ferrante. Through the lives of Elena and Lila, Ferrante gives her readers the story of Naples and a country, Italy, undergoing momentous change in the 1950s.
Do you have any book recommendations?
And watching …
Lewis Howes, The School of Greatness, on YouTube. His vast range of interviewees who share inspiring stories, insights and knowledge help me start the day with a positive boost!
