How is Your Money Mindset?
Mindset, it’s almost a buzzword these days. So many people are talking about it. They’re saying you need to work on it, that working on it will change your life and that it impacts. ALL parts of your life, which is SO true, but today, let’s start at the beginning. Let’s dive into mindset, and how to identify YOUR money mindset, because the first part of putting in the work, is understanding where you stand right now.
Let’s start by defining what money mindset is:
It is an overriding attitude that you have about all things finance in your life.
Usually most of these beliefs are subconscious.
How does your money mindset impact your life?
It impacts the way you approach earning, saving, spending, and sharing in your life.
It has a big impact on your ability to achieve your financial goals.
Your money habits — positive and negative— are rooted in mindset.
Your feelings of safety/security or uncertainty and limitation are impacted by your beliefs about money.
If you are self-employed there is an even bigger impact in all areas of your life and business!
Types of money mindset:
There are two overall money mindsets that are impacting how you think and feel about money in your life.
Scarcity - the belief that there will never be enough.
Abundance - the belief that you will always have enough money to live the life you want.
Now let’s identify your money mindset.
Get a pen and something to write with and ask yourself the following questions. When you are answering, dig deep and really take the time to understand yourself and the answer. Don’t edit your answers, be brutally honest with yourself. This is important because you need to know where you’re starting.
When it comes to giving money, to charities that you love, to service based businesses in the form of tips and buying gifts for others, how generous are you?
When you think about a purchase that is a higher ticket item that you know would bring joy into your life, how do you feel about the cost? Do you quickly go to the thoughts of, I will never be able to afford it? Or do you start thinking about how you can make the purchase and making plans for when you do?
When it comes to your income, are your thoughts that you don’t make enough in your current career? Do you constantly feel like you need to hustle and work more OT to try and get a little bit ahead? Or do you have big plans for growing your income by whatever means is necessary? Do you have big goals and dreams for your income and career?
What are your thoughts around saving money? Do you feel like you will never have enough saved and are you constantly doing everything you can to save more everyday? Or do you have solid savings targets with plans mapped out to get you there?
How do you feel about people that you perceive are ‘rich’? Do you feel like anyone with money is a greedy asshole? Or do you feel like money has nothing to do with how someone is?
Now get a highlighter or a different coloured pen and go through all of your answers and thoughts around your answers and highlight everything that speaks to having an abundance money mindset (hint, all the first answers above are indicative of this). Do you see more highlighted sections or not very many? The less highlighter, the more work you have to do. In the following weeks, we will dive into better understanding your money mindset and how to work on improving it
Congratulations, you’ve taken the first step to changing your life by working on your money mindset. Knowing where you stand is going to shift how you see and respond to different situations. It will open up your eyes to how your subconscious is impacting you. I highly recommend spending a little time each week journaling around your money so you can continue to unlock your subconscious thoughts.
P.S. I believe that mindset work is so important, but I also believe that a huge part of making the shift is diving into your numbers. CLICK HERE to go download my free budget tool so you can start understanding your money!
-Sherry
