Ep. 58: Reframe Your Money Mindset to Make More Money in Your Business
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Join Heather for another solo episode of Get the Balance Right, where she explores how to reframe our money mindset. Our money stories are a combination of our unique experiences, which impact all of our financial decisions. By rewriting our money story, we can push through the toxicity that holds us back from being truly successful. In this episode, she discusses how to identify these toxic beliefs, which hijack our money personalities. Through Heather's RAIN Money framework, she teaches us how to reframe our money mindset to manifest abundance. Through this behavioral transformation we will be able to live a more passionate life and catapult our profits. Are you tired of the entrepreneurial hamster wheel? Get ready to move further down the path towards achieving financial freedom.
SHOW NOTES:
FREE Money Mindset Workbook: Download
Episode 39: Sandy Forster - Manifest Millions By Transforming Your Mindset
Sign up for the FREE Workshop: How to Shift Your Mindset to Make More Money in Your Business
When it comes to money, what is your biggest barrier?
For some of you, this barrier may be very apparent. However, for others, these self-sabotaging thoughts and behaviors may run so deep that you have no idea the magnitude of the wall it has created. For most of you, I would imagine that you are a blend of the too. Wherever you’re at, that’s OK, together we’re going to identify and tackle this.
Why is this important? As business owners, we need to take charge of our finances, if we want to be profitable. I know as entrepreneurs we want to help others and we’re passionate about what we do (or at least I hope you are). We have good hearts, we want to build a business based on purpose, but part of that purpose must include being profitable so that we can make a greater impact.
I get it, this money stuff can be confusing, overwhelming, stressful. Perhaps you feel guilt or shame whenever the topic of money is brought up. You’re not alone.
Five Basic Money Mindsets
One – The scarcity mindset
This mindset is driven by the thought there is never enough money. A scarcity mindset focuses on self-doubt, insecurity, and fear. This mindset imposes limitations and holds people back from pushing themselves into unchartered waters. As an entrepreneur, possessing this mindset will hold you back from financial success, due to self-sabotaging thoughts and behavior.
Two - Money is evil
This mindset believes that money is the root to all problems; it is inherently evil. Those with this mindset hold negative thoughts around money such as the fear of being greedy or avoid money due to fear, anxiety or disgust. Those with this mindset may struggle financially and live an uncomfortable life. Obviously, this mindset as an entrepreneur will only lead to failure, as the core goal of having a business is to make a profit.
Three – Not worthy
Those who have this mindset, believe they are not worthy of money and don’t deserve having it. They feel guilty when having money. As a result, they tend to give away more than they can truly afford and overspend to get rid of it. These feeling tend to be deep seeded from childhood or other past experiences. As an entrepreneur, this can be financially detrimental and may cause the business owner to function at a net loss and never pay themselves a living wage.
Four – Money should be spent
This mindset believes money should not be held onto, instead it’s a live for the day mentality. There’s nothing wrong with carpe diem, but this mindset can lead to extravagant shopping, expensive meals, debt, no savings or retirement and if an emergency happens, they have no back-up plan. But they do have a house full of junk, which they’ll need to sell off when they get into the scary situation of being evicted or a foreclosure on their home. As an entrepreneur, they may work their ass off, but they never seem to have anything to show for it.
These four overarching money mindsets, do not function exclusively. In fact, your mindset might be a blend of a few of these, with one dominating more over the other.
Regardless where on the spectrum you are for any of these, all of these mindsets are problematic to your success as an entrepreneur.
So, what mindset do we want?
Number Five – Abundant mindset.
Those who possess this mindset don’t allow money to control them, instead they use money as a tool. They embrace change, they’re generous, they think big and take risks. They believe in collaboration and strive to grow. Those who practice abundance, feel there is enough to go around for everyone. When an entrepreneur possesses an abundant mindset, they in turn, strip money of its power over them. Instead, they are able to open their hearts and minds to bring in more possibilities. They practice gratitude and freely help others.
Sounds groovy, right? So, what’s stopping us all from going full-tilt, abundant? It could be our comfort, habit and false security we have from our money personality. Our money mindset, which is based on past experiences, blends with our own characteristics, creating our money personalities.
My friends, I know you’re awesome. Go out there, believe in yourself, get some help, kick ass and stay positive.
And above all embrace an abundant mindset.
Six Money Personalities
Which are you? Perhaps you’re a blend of a few, but lean more towards one personality over another.
1. Hoarder
2. Spender
3. Status Seeker
4. Avoider
5. Risk Taker
6. Investor
How do we dismantle our overarching money personalities and replace them with something else? We need to reframe our beliefs, attitudes and actions.
We can do this through my RAIN Money Framework.
RAIN Money Framework
RAIN is an acronym.
R stands for Recognizing your money mindset
A is for Accountability Partners
I is for Implementing a plan
And N stands for Never doubt your ability to achieve financial freedom.
First, we need to get in touch and recognize our mindset. This can be done by journaling, self-reflecting, money coaching, masterminds, therapy etc. There are various ways to tap into our conscious and subconscious behaviors. I have a free downloadable workbook that can help you with this, called Shift Your Mindset to Achieve More Financial Abundance in Your Business.
Next if you want to RAIN money, you need someone who will hold you accountable. Find a mindset buddy or a community or a coach. Through my financial coaching whether one-on-one or groups, I help my clients be more accountable. If you’re interested in learning more about how I can help you, please set up a discovery call with me by following the links in the show notes.
The next one is Implementing a plan. This means mapping out your goals and strategically figure out how you will achieve these goals. These goals may include revenue, clients, services, pricing, marketing, savings, retirement, paying off debt, buying a house, or a combination. Implementation of these plans may include budgets, tax planning, purchasing insurance, developing retirement milestones, etc. Creating a solid framework is key to achieving financial liberty and as such, It’s the core part of my coaching programs.
Then N is, Never doubt your ability to achieve financial freedom. Having a limiting mindset will hold us back, so we don’t want to fall victim to this mental prison.
Imagine…
I want you to imagine a world where you never feel stressed out over money, you’re able to live in the moment and to be future focused with pure positivity. What mindset issues are holding you back from maximizing your full potential?
Get in touch with these, write them on a piece of paper and burn them. If you’re in an area with fires, then scratch the last part and crinkle up the paper and stomp on it. This will help you let go of all that negativity. We are now replacing it with a positive mindset. Things are going to be different, because you will
>> Look for opportunities instead of seeing roadblocks
>> Recognize that every financial situation is fixable
>> See the value of asking for help instead of struggling silently
>> Accept that even small steps add up to progress, even if it’s slow
Abundance Mantras
To jump start the reframing process, here are some mantras to put on your wall.
Start each day with these affirmations.
I give myself permission to prosper and grow.
My mind is a powerful magnet for wealth and abundance.
I trust that more money is coming to me.
I have the power to create the success and wealth I desire.
I deserve to be paid for my skills, time, experience and knowledge.
I am creating an abundant future with my thoughts today.
