When you think about money, what are the first thoughts that come to mind?
Have you ever thought to yourself, “Money disappears fast,” “Money is the root of all evil,” or even “Money is not that important”? If those thoughts have ever crossed your mind, you might have limiting beliefs around money. Even some of the less obvious ones 'Money doesn't grow on trees" "In for a penny, in for a pound" or if you've ever heard the word "Dirty Money" or been told to put down that 'dirty coin' as a child. You may just have some beliefs that are holding you back.....
I've long been a believer in manifesting the things you want for your business and life but I've never really stopped to think about how my money mindset comes into all of that. Over the last couple of months I've been consuming lots of information in books, blogs and on podcasts and exploring how limiting beliefs around money could subconsciously be holding me back in my business....... It's been interesting to say the least and so if this is a subject that your interested in ....or perhaps don't know a lot about .....this is the blog for you!
Your money mindset is the beliefs (oftentimes subconscious) you have about money that determine your relationship with it. Your money mindset can be influenced by your family and surroundings growing up, or even more recent daily interactions.
Your relationship with money falls somewhere on the spectrum between scarcity mindset and abundant mindset.
● Scarcity Mindset. If you find yourself feeling stressed about money, believe you’re not good with money, or believe money is for “rich people,” you might have a scarcity mindset. A scarcity mindset causes you to subconsciously believe that money is limited or scarce.
● Abundant Mindset. On the other side of the spectrum, you might have an abundant mindset when it comes to money. If you are generally generous with money and confident that you will always be able to make and receive money, you probably have an abundant money mindset.
With an abundant mindset, you do not fear spending because you know there is enough money, and you feel comfortable money will come in.
Your beliefs about the world shapes your relationship with it. When you realise how much your beliefs around money influence your decisions, you realise that your money mindset can be your most important financial asset and it also only requires you to bet on yourself......which as an entrepreneur and business owner is always your best bet!
If you have a scarcity mindset, you might attribute your own self-worth to net worth. You might feel so anxious about your finances that you avoid looking at your budget, which can result in uncontrolled spending. A scarcity mindset might result in living paycheck-to-paycheck.
But what if you could shift your beliefs, feel in control of your finances, and stop living paycheck-to-paycheck?
These are the things I've been doing recently for my own attitudes and mindset around money. Follow these to start transforming your own money mindset:
1. Look at your existing beliefs. Sometimes our beliefs around money follow us around our entire lives. Starting with this awareness can help you see how different things influence your behaviour with money.
● How do you feel about money right now?
● How was money handled at home growing up?
● What was my parents’ relationship with money?
● What beliefs/opinions do I have about rich people?
2. Reframe any negative beliefs to be more positive/abundant. How can you reform your subconscious beliefs and shift from a scarcity to abundance mindset with money?
● Building wealth is possible.
● I am in control of my financial life.
3. Create financial stability for yourself. If you are overwhelmed with debt or living paycheck-to-paycheck, the most important thing is to create a plan to become financially stable. Have a financial plan so you can meet goals and feel comfortable.
● Look at your current income and spending.
● Decide where you may be able to cut costs and contribute extra to your debt.
● Create a budget! Having a budget can give you freedom too (by improving the way you manage money).
● Cut emotional spending. Make a plan to prevent yourself from spending when you’re stressed or sad.
4. Stay in your lane. Let go of any resentment because others have a lot of money. Focus on your journey rather than everyone else’s. Learn how to find happiness in the present with what you have.
5. Adopt a gratitude mindset. Study after study shows that grateful people are more likely to take care of themselves and make healthier choices.
● Celebrate every time money comes into your life!
● Do a gratitude practice at least once per day.
● Acknowledge the things in your life you have, like a place to live, water, and even the Internet.
Have you had money beliefs that may be holding you back?
Remember that money mindset has nothing to do with the amount of money you earn or have. And money isn’t a bad thing at all.......
You are in control of your financial life and your business, and you deserve wealth and happiness!
Katie - The Wedding Business Hub xx
Ps - We talk about money mindset and your relationship with your pricing over on our Podcast -Episode 6 of Season 3. We also cover all sorts of topics inside the world of business and the wedding industry - We make great car journey company!
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