Podcast 36: How to Change Your Money Mindset
Oct 22, 2020
Love it or hate it, money is the basis of our day to day transactions – it is the way the world operates. Once you can pay yourself a proper wage you can be charitable, but you must earn enough to stop the struggle first.
You have a relationship with money, and the same as with any relationship, you have to give it attention and treat it with respect if you want it to flourish.
Consider money as energy – it flows into and through your business providing you with choices.
In order to make more money in your business, you have to get past any mindset blocks that are sabotaging your success.
What are your money stories?
Growing up we all hear stories about money from our family and culture. What ones stand out for you? A few common ones you may recognise include:
- Money doesn’t grow on trees
- Look after the pennies and the pounds will look after themselves
- Women always earn less than men
- Rich people are greedy
- Money is dirty
- I’m terrible with money
- I'm not capable of running a successful business
What stories do you hear from your colleagues?
It’s not just about the money stories you pick up growing up, there are also ones you pick up from your peers. Stories around it not being possible to make a living, or there isn’t enough work for everyone, etc., will keep you stuck in a negative money mindset.
What stories have you adopted in your business that are keeping you stuck?
Beliefs
Our beliefs are simply opinions we have that help us make sense of the world. We create our beliefs based on our experience and store them as our personal facts, but they are really just opinions. A fact is something documented that you can research and validate.
Beliefs are powerful and can affect everything in your life from how successful you are to your health. Consider the power of the placebo – a medicine that has no medicinal value but can create incredible changes to your body based on your belief of what will happen.
The stories you tell yourself about money are an insight into your money beliefs. These stories are just thoughts, but they affect how you feel, and this in turn affects your behaviour towards money and ultimately the actions you take.
4 Steps to change your money beliefs:
Step 1: Being aware of your money beliefs
Think about the beliefs you have around money in your business - how they are affecting your success?
What is the benefit of keeping these beliefs alive? Asking yourself this may come up with some surprising answers. On the surface, you may think there are none but dig a little deeper and you will find a positive intention. Is it keeping you safe and hidden from the world? Does it mean you don’t have to make yourself visible? Does it keep the balance of a relationship the same?
Decide if this belief is useful in building a successful business. If not, move onto step 2.
Step 2: What do you want to believe instead
What beliefs would serve you better and help you to thrive as a practitioner? Write down the new beliefs you want to adopt using positive language.
Spend a little time thinking about how different your business would be with this new belief. How are you working with clients? How do you feel about your business? What are the rewards from having money flowing into your business? How will you be supporting other businesses and causes now you have money?
Step 3: Changing beliefs
Every time you hear the old belief, simply say "stop" or "no" to yourself to interrupt it.
Consciously change the story to the new positive belief.
Surround yourself with evidence to reinforce the new belief. This can be examples from your personal experience, or from others you admire. What you are demonstrating is the potential for change.
A few ideas include:
- Displaying affirmations or positive quotes
- Images that represent the new belief or the outcome of having it
- Photos of times you achieved something that demonstrates the possibility to do it again
- Photos or stories of someone who achieved what you want to
Step 4: Create a plan of action
What do you need to do, to move you towards this new belief? What’s the first step that will help you move towards making this new belief a reality. Commit to taking this step and start moving to your new, successful future.
If you have a preferred way of addressing limiting beliefs, for example, EFT, use that but do the work.
Your beliefs will directly affect your relationship with money. If you start by working on your beliefs first and changing them, it will help you feel better, and create better behaviours and actions. If you just try and change your actions, you’ll end up fighting yourself and making money in your business will continue to be a battle.
If you struggle with your money mindset, book a discovery call and find out how I can help you.
Podcast 36 show notes:
- (02:01) What are your money stories?
- (03:38) What stories do you hear from your colleagues?
- (04:42) Beliefs
- (06:56) 4 Steps to change your money beliefs
- (07:02) Step 1: Being aware of your money beliefs
- (08:07) Step 2: What do you want to believe instead
- (08:58) Step 3: Changing beliefs
- (10:24) Step 4: Create a plan of action
