What does money mindset mean?
When it comes to money, you may not even realize you have a mindset around it. You may ask yourself, what is a money mindset and why is it so important? It is your personal attitude and beliefs about money. Ultimately, it is how you feel about finances. It is important because it affects how you make decisions around money. Your mindset shapes the way you make, spend, save or approach it with dread.
Imagine taking your very much awaited week vacation at the beach. When you get there you never worry if there is going to be enough ocean, beach and sand to go around. You just relax and have a fun week. I bet you also don’t worry about having too much fun. When it comes to money, it seems like there is constant worry surrounding it. Having a negative money mindset will hold you back from making good business decisions so it is very important to make a change.
Different Money Mindsets
There are many types of mindsets that can hold you back. Scarcity, YOLO, and lack of confidence are three more common mindsets.
If you have a Scarcity mindset, you have a hard time spending money because you are always worried about running out. You probably feel buyers remorse after making purchases. This can be bad and hold you back from investing in yourself and your business. You may not hire that much needed employee and end up turning down your dream client because you don’t have the capacity to take them on.
If you have the YOLO mindset, you have the tendency to spend WAY too much. You live above your means and have little in savings. This mindset will get you in trouble quickly. You may not have money to pay your taxes when they are due or have maxed out credit cards. When it does come time to have to invest in a big purchase, you may not have the money left to do so.
The Lack of Confidence mindset is also a big one. If you lack confidence in yourself or your services, you will have a hard time charging what you are worth. If you are undercharging for your services, you will find yourself over worked, stressed and underpaid. Your feelings of self worth will continue to plummet. Believe me, I know this feeling from experience. The only way to get over this one is to change it yourself. Your time is precious. You are the expert in what you do and people are coming to YOU for your services. CHARGE what you are WORTH!!
Easy ways to change your mindset?
Now you are asking yourself, how in the heck can I overcome this? Here are three easy steps to make that happen. Start small.
Step 1 – Recognize it. Notice what thoughts come to your mind when you think about money. Start small and write it down on a piece of paper.
Step 2 – Question it. Is it really true you can’t manage money? Why do I think I am not good enough to charge that when my competitors are?
Step 3 – Write down a new narrative for yourself. Instead of telling yourself, “I can’t hire help because I can’t afford it”, tell yourself, “I can hire a part-time VA to help take some of this off my shoulders.
Money doesn’t have to cause anxiety and stress. All it takes is a little change in how you look at it and it can change everything. If you are going to make a bigger profit or reach your goals – you have to believe you can!! That starts today.