The ADHD Entrepreneur: Money Mindset Shifts

When it comes to managing money, especially as an entrepreneur with ADHD, our mindset plays a massive role in our finances—personally and in our businesses. Is a scarcity money mindset impacting the bottom line of your business? Do you know how a scarcity money mindset can hurt your business and personal finances? Do you believe there’s never enough money, and you have to hold onto every dollar tightly, or else you'll lose it? This thinking isn’t just stressful—it has a broad impact, so today I am going to share tips on how to spot a scarcity money mindset and, more importantly, how to take small steps to flip it to an abundance money mindset!

The Impact of a Scarcity Mindset on Your Business

A scarcity mindset around money can be like a leaky bucket for your business. When you constantly worry that there’s not enough to go around, you might underprice your services, hesitate to invest in tools or resources that could help you grow, or avoid taking calculated risks that could pay off in the long run. It will also impact sales conversations with potential clients and customers because when you feel scarcity, it brings a different vibe to those conversations and people feel that! And all of this impacts your bottom line.

Think about it: if you’re always worried about money, you’re less likely to hire the help you need, invest in marketing, or even take a day off to recharge. Over time, this can lead to burnout, missed opportunities, and a stagnant business. On the flip side, a healthy money mindset—one based on abundance and trust in your abilities—can lead to more strategic decision-making, a willingness to invest in your business, and, ultimately, more money in your bank account!

There’s research to back this up. A National Bureau of Economic Research study found that entrepreneurs who perceive their financial situation as insecure are less likely to reinvest profits into their businesses. This scarcity mindset leads to slower growth and lower overall profitability. Another study by Dr. Brad Klontz, a financial psychologist, found that individuals with a scarcity mindset are more likely to experience financial stress and less likely to engage in positive financial behaviours like saving or investing.

So, how do you shift your money mindset from one of scarcity to one of abundance? Here are some simple, easy tips to help you start transforming how you think about money and, by extension, transform your business.

1. Start with Awareness

The first step in changing your money mindset is awareness. Pay attention to your thoughts and feelings about money. Do you often feel anxious or worried when thinking about your finances? Do you catch yourself saying things like, “I can’t afford that,” or “There’s never enough money?” These are signs of a scarcity mindset.

Try keeping a money journal for a week or two. Write down the thoughts you have about money and the things you say about money, no matter how small or seemingly insignificant. It’s also a good idea to make a note of what was happening or what you were doing when you had money thoughts or conversations. At the end of each week, review your notes. Look for patterns or recurring themes. This exercise can help you become more aware of your money mindset and how it might be holding you back.

2. Reframe Negative Thoughts

Once you know your negative thoughts about money, it’s time to start reframing them. This means turning those negative thoughts into positive or neutral ones. For example, instead of thinking, “I’ll never have enough money,” try thinking, “I’m learning to manage my money better every day.” Or instead of, “I can’t afford that,” try, “How can I make that a financial priority?”

Reframing your thoughts takes practice, but it’s a powerful way to shift your mindset from scarcity to abundance. Remember, your thoughts and words create your reality, so the more you focus on positive, empowering thoughts about money, the more you’ll see positive changes in your finances.

3. Set Clear Financial Goals

A lack of clear financial goals can keep you in a scarcity mindset. When you’re unsure where you’re headed, it’s easy to feel like you’re never progressing. Setting clear, specific financial goals can give you a sense of direction and purpose.

Start by setting both short-term and long-term financial goals for your business. For example, a short-term goal might be to save $500 for a new marketing campaign, while a long-term goal might be to build a six-month emergency fund for your business. Make sure your goals are specific, measurable, achievable, relevant, and time-bound (SMART), and have a system in place to help you remember to track them regularly.

Having clear goals can help you stay focused and motivated, and it can also help you make more strategic decisions about where to invest your time and money.

4. Practice Gratitude

Practicing gratitude is a simple but powerful way to shift your mindset from scarcity to abundance. When you focus on what you have rather than what you lack, you see opportunities and possibilities rather than limitations.

Try starting a daily gratitude practice. Write down three things you’re grateful for each morning in your business and personal life. This could be anything from a new client to a supportive friend to a sunny day. By focusing on what you’re grateful for, you’ll start to cultivate a mindset of abundance, which can help you make more confident, empowered financial decisions.

5. Surround Yourself with Positive Influences

Your environment has a significant impact on your mindset. If you’re constantly surrounded by people who have a scarcity mindset or who complain about money, it’s easy to adopt those same beliefs.

Instead, try to surround yourself with positive influences—people who have a healthy relationship with money and can encourage and support you in your financial journey. This might mean joining a mastermind group of like-minded entrepreneurs, working a financial coach (hey 👋), or following inspirational people on social media.

6. Know your numbers

Knowledge is power, especially when it comes to managing your finances. The more you understand about your numbers and money in general—how to budget, save, invest, and grow your wealth—the more confident you’ll feel in your ability to manage it.

There are plenty of resources out there to help you improve your financial literacy. Consider taking a course on personal finance, reading books on money management, or even just following financial blogs (like this one) or podcasts (like the Mind + Money Podcast). The more you learn, the more empowered you’ll feel to take control of your finances and make decisions that support your financial goals.

7. Create a Money Ritual

Creating a money ritual can help you develop a more positive relationship with money. This could be something as simple as setting aside time each week to review your finances, pay your bills, and check in on your financial goals. It could also be something more personal, like lighting a candle and meditating on your financial intentions.

The key is to make it a regular practice that feels meaningful and empowering. By taking time to connect with your money regularly, you’ll start to develop a more positive, proactive relationship with it.

8. Celebrate Your Wins

When you’re focused on a scarcity mindset, it’s easy to overlook your wins—big or small. But celebrating your financial successes, no matter how minor they might seem, can help reinforce a mindset of abundance.

Make it a point to celebrate your financial wins regularly. Did you land a new client? Pay off a debt? Reach a savings goal? Take time to acknowledge and celebrate these successes. This could be as simple as treating yourself to a nice dinner or taking a day off to relax and recharge. By celebrating your wins, you’ll see yourself as a financially successful person, which can help shift your mindset from scarcity to abundance.

9. Challenge Limiting Beliefs

We all have limiting beliefs about money—those deeply ingrained beliefs that hold us back from achieving our financial goals. These might be things like, “I’m not good with money,” or “Money is the root of all evil.” These beliefs often come from our childhoods and what we saw and heard about money growing up.

Take some time to identify your own limiting beliefs about money. Once you’ve identified them, challenge them. Ask yourself, “Is this belief true?” “Where did this belief come from?” and “How is this belief holding me back?”

By challenging your limiting beliefs, you can break free from them and develop a more positive, empowering relationship with money.

10. Focus on Value, Not Just Money

One of the most powerful ways to shift your money mindset is to focus on the value you provide rather than just the money you make. When you focus on delivering value to your clients or customers, the money will naturally follow. I know it may sound a little cheesy, but it’s true: When you see your value and focus on really showing up for your clients, it really shifts things!

Think about the impact you’re making in your business and the lives you’re changing. When you focus on the positive difference you’re making, it’s easier to adopt a mindset of abundance and feel confident in your ability to grow your business and achieve your financial goals.

Parting Thoughts 😊

Shifting your money mindset from scarcity to abundance doesn’t happen overnight. It takes time, practice, and a willingness to challenge your beliefs and behaviours. But the good news is, you can start to transform the way you think about money and, in turn, transform your business and your life. A healthy money mindset isn’t just about making more money—it’s about feeling empowered, confident, and in control of your financial future. So, take it one step at a time, be kind to yourself in the process, and know that you have the power to create the financial reality you desire.