We hear a lot about money mindset in the coaching industry and for very good reason. Everyone has a money story, and it can lead to your earliest childhood memories. If you are not aware of that money story, it can subconsciously form all your money decisions.
What is a money mindset?
Your money mindset is the unique beliefs and attitudes you develop about money. You can develop your money mindset from early childhood, or any life event can shape the money mindset that you are carrying today.
Money mindset can be negative or positive.
A positive money mindset is knowing that if you have a plan for your money and you take care of your money, that your money will take care of you. You have no emotion attached to money as you recognize it for what it is; a tool that helps you buy the things that you want and need. You understand that in order to buy the things that you want and need, you need to earn that money.
Negative money mindsets are destructive, as they would be telling you a negative money story that you may be living out. This is where you may believe that money is a stressor, or that you will never make enough money to be happy. You believe that you will always have financial drama like being in debt and never have enough money.
You may have had parents who always fought about money and there never being enough, you may have grown up in a house where there was never enough money, and you may have been told that you will never be good with money.
These negative thoughts are what are holding you back from a life of financial abundance. But the good news is that when you work through these issues, you will move to a life of financial abundance. It is within your power.
Why is money mindset important?
Money mindset shapes our monetary decisions either positively or negatively. Having a positive money mindset means that you have a healthy relationship with money and see money as a tool rather than attach emotions to it.
However, if you have a negative money mindset it could ruin you financially.
Having a positive money mindset is important for everyone, but especially vital for business owners. When you are a business owner and you have a money mindset issue, it adds to the layer of complexity of being a business owner.
Everything that you do in business affects the money flow in your business, from bringing in sales to managing the money in your business to the debt levels in your business. As a business owner, you need to be aware of how money mindset issues can creep in.
I have been a CPA for over 20 years and if you would have told me when I was starting my business that I would have a money mindset issue holding me back, I never would have believed you. Imagine my surprise when I realized I did. And that money mindset issue was preventing me from selling, which is an essential part of doing business.
Given my life as a social worker, then as a back-office worker, I never actually had any experience with sales. When it came time to selling and having to take money for my services, I actually felt really awkward and bad about it. But that’s part of business and I wasn’t starting a charity. So, I had to work through my money mindset issue and shift my thought process.
It was tricky but completely doable.
The important part about money mindset is being self-aware and knowing when you need to further examine something within. Introspection is a valuable skill that will alert you when things are in need of alignment.
Abundance vs scarcity
The two main types of money mindset are abundance and scarcity.
An abundance mindset is when you believe that there is enough in the world for everyone. There are enough jobs, there is enough money, there is plenty of opportunity for everyone, that’s how an abundant mind thinks. People with abundance mindsets rarely feel threatened as they believe there is enough for everyone if they are brave enough to pursue it.
A scarcity mindset is when people see life as a finite pie, so that if one person takes a big piece, that leaves less for everyone else. Unfortunately, many people have been conditioned to have a scarcity mindset, feeling like there will never be enough for them. To a certain degree, we have been taught this mindset.
In life we are taught that promotions and raises are scarce, we only have a certain amount of money to spend, our options are limited and so on, we start to see the world as a place of scarce resources.
A scarcity mentality is what keeps many people from achieving their goals.
Money mindset coach
If you feel that you have deep-rooted money mindset issues and want to work through them, you should consider working with a money mindset coach. But be careful when choosing a coach, as not all money mindset coaches are created equally.
Personally, I believe that a large part of overcoming your money mindset issues is mostly in part to taking action on learning how to manage your finances well.
If you want to learn how to create a personal financial plan register for the Personal Finance Money Method Course to learn how to create your personal financial plan.
Money mindset quotes
Using money mindset quotes is a fantastic way to keep you motivated and a smart way to maintain a positive money mindset.
Money mindset quotes can be left as reminders to show you that you are in control of how you think. When you have favourite money mindset quotes you can leave messages for yourself to remind you of how you want to think and feel.
Leave money mindset quotes on your bathroom mirror to remind yourself in the morning when you are getting ready for the day how you want to think and be impacted positively. You will also be reminded of that quote when you are winding down for the day and getting ready for bed.
You can find a list of money mindset quotes here.
What comes after money mindset?
I’m so glad you asked that question. When you are caring for your personal finances, you need to create a personal finance plan that will give direction for your money. Conquering your money mindset is an amazing accomplishment, but if you don’t know how to manage your money then you will fall into problems again.
Sign up for my Personal Finance Money Method Course to learn how to create a personal financial plan. When you have a plan for your money then you can build your wealth.
There’s a secret that I want to share with you – it’s not how much money you make that makes you wealthy, it’s all in HOW you manage that money. Register for the Personal Finance Money Method Course to learn how to manage your money.
