It’s common knowledge that your mindset and beliefs can either support and serve your objectives or they can hold you back. They can be your biggest asset or your greatest downfall.
When it comes to the topic of finance, your beliefs around money might be the reason you’re struggling through your business growth. Maybe you’re not growing as fast as you’d like or maybe you’re growing rapidly but it feels more painful than it should.
Your money beliefs are your subconscious thoughts on where money comes from, it’s value, your value by association, and your ability to ask for it!
Do you know what your money mindset is? Let’s find out.
What does money mean to you?
When you think about money, what comes up for you?
- Do you recognise positivity or negativity in your thoughts?
- Does it make you stressed and anxious or do you feel empowered and in control?
- Does money bring up famine and feast thinking?
- Were you raised with the belief that money doesn’t grow on trees?
- Were you taught to work hard for every dollar you earn?
- Do you think that in order to have wealth, you have to “screw people over”? (This is such a common one for business owners who hold themselves to high ethical standards.)
- Maybe the chorus of your childhood was set to the tune of money being evil and the root of all suffering.
Whatever your childhood experiences around money were, they had an impact.
I want you to identify what money beliefs you hold, which of your beliefs might be driving your success and if any of your beliefs are holding you back.
It’s important to acknowledge that this isn’t about determining whether money is inherently good or bad. I don’t have the answers to that philosophical question.
What I can tell you is that nothing has a greater effect on business owners than money.
What are your money beliefs?
Money beliefs often have the biggest impact on your mindset around growth; whether you should expand, whether you’ll take calculated risks, or just stupid risks (new shiny toy anyone??), whether you’ll ask for help and advice, or whether you’ll limit your business.
Money beliefs will even affect whether you’re ready to put your hand up for a big deal, or stay small because you don’t believe you’re personally worth charging more.
So what are your money beliefs? To help get you started, take a moment to think about or write the ends to the following sentences. Try not to think about your answers too much — there is no right or wrong.
- 🤔 Money is …
- 🤔 In order to make money you have to …
- 🤔 Wealth is …
- 🤔 My ability to attract money is …
- 🤔 People who have money are …
- 🤔 In order to have money you need to …
What came up for you?
Thinking about money and how it might be affecting you can feel overwhelming and trigger all the fears, doubts and insecurities that we often try to avoid.
If your initial reaction was to shut down, this is a great time to challenge yourself and to sit with your responses. Get uncomfortable and use this as an opportunity to grow.
What I really want you to pinpoint with this exercise is whether your current beliefs are helping you achieve the kind of business and life you want (or not).
Changing your money beliefs
If you’re discovering that your beliefs around money are actually holding you back, not catapulting you forwards, then you need to change your mindset.
My recommendation is to think about a future version of yourself. Imagine this version of you who has completely resolved any resistance to money and wealth.
Take a moment to consider what the qualities of this person would have and how they would be. I want you to ask yourself these questions:
- What does this version of yourself think?
- How does this version of yourself experience association to wealth?
- What are some of the ways that they think about money?
- How do they spend money?
- How do they invest money?
- What are their sales conversations like?
Once you’ve become acquainted with this version of yourself, you can slowly and incrementally begin to change your beliefs. It’s a process, with constantly shifting goalposts, but confronting your beliefs and creating a new perspective is the first step.
Facing your money fears
One of the biggest fears shared among my clients is that in order to become wealthy they think they need to cut corners, start poor practices and lead with ill intent. The outcome of this being that they will become a ‘bad person’ in order to achieve their goals.
Honestly, I’ve held the same fears myself in the beginning of my own career. But if there’s any sage advice I can offer, it’s this quote from Will Smith.
“Money and success don’t change people; they merely amplify what is already there.”
Money is an inanimate object. It has no meaning except for the meaning that people place on it. A $50 note might be a lot, or a little depending on your country, upbringing and current financial means.
Inherently, that note is neither good nor bad – but the meaning we place on it brings it power. Money is simply a piece of paper that we use to transact for goods and services.
Behind the curtain
The biggest money issue you will likely face as a business owner is not valuing yourself properly.
If you don’t value yourself, you won’t sell effectively. If you don’t value yourself, you won’t request payment for the value of what you have provided.
It all comes down to your beliefs around money and what you think money is worth.
I have to admit, I grew up with some mixed money beliefs.
I came from a lower socio-economic demographic, but I also never went without. I’ve always managed to get back on my feet after tough times but even to this day, I feel the eb and flow of money.
However, I’m constantly upgrading this area of my life and mindset – and I invite you to do the same.
If you feel like you need help shifting and reforming your perspective on finance, you can book in for a consultation, where we can discuss your purpose, re-evaluate your worth and work towards your business growth.Tags: Cash Leadership Professional Development