It’s no secret that your mindset holds incredible power. It can impact the levels of resilience, strength, and joy you experience. This can even have business impacts too. It can spill over to how you view the pricing of your courses and even how you interact with your students. Likewise, your ideals and beliefs around money will have an impact on the cash flow in your business. Plus it can influence your ability to grow as an entrepreneur. Let’s dive into the most potent money mindset shifts, what you can do to implement them, and ultimately increase your earnings!
6 ways to have a money mindset
Your money mindset is how you interact with money. It covers your attitude, the feelings you experience when dealing with or thinking about money, and your confidence levels. Improving that mindset can help you become a more successful entrepreneur and make smarter decisions. Here’s how to do that.
1. Rewire your limiting money beliefs
Everyone has beliefs about money. It’s an inevitable part of living in any society. We implicitly learn and adopt the commonly held money beliefs, so it’s totally normal if you find yourself in a limited mindset towards money. But some of those money beliefs can hold you back.
One way to help change your mindset is by writing. Write a list of your beliefs around money, and then write down examples of times you’ve seen those beliefs disproven. For example, if you have the belief: “You have to work really hard to earn a lot of money.” You can reframe that idea with examples of how making money can be easy once your online course is set up! Replace that limited belief with a positive reframe, like “making money can be easy” or “money flows to me with ease.” You can use an app like ThinkUp to help train your subconscious around this, which can be especially helpful as you’re falling asleep at night.
2. Strengthen your relationship with money
Just like we all have beliefs around money, we also have different relationships with money. It can be helpful to identify and examine your relationship with money. Then you can work on improving it, which can be incredibly beneficial for increasing cash flow.
If money were a person, consider how you would describe your relationship together. This might look like “money, you always come through at the last minute when I need you” or even “I don’t really pay attention to you, money.”
Write a letter to money and describe how it makes you feel, how much you trust it, what you expect of it, how you’d like your relationship to improve, etc. Although it can feel silly at first, personifying the money and strengthening the relationship can help make a more positive money mindset. This will in turn boost your confidence with money too.
3. Clean out and organize your wallet
Just like organization (or disorganization!) in other parts of your life can impact your mindset the same goes for your money. When the physical aspects and “tools” involved in your money management are in order, you can more easily do the necessary work. This goes for your physical wallet and any online systems or banking you use too. In your physical wallet, keep all your cash facing the same way, clear out old receipts, and set up all your cards in an accessible way. Gather excess change and transfer to a piggy bank or bring it to be cashed in. For your online systems, organize your invoices into folders, balance your checkbook if you use checks, and create a monthly overview for yourself. These are all effective ways of giving respect and attention to your money.
4. Start partaking in Money Magic Mondays
Of course, you can put your own spin on the name or day of the week you do it, but have regular dedicated time to sit down and review your finances. During this time, look over all the cash flow. Get familiar with the money coming in and the money going out of your business. You can track this by hand, or use a budget app like Mint to simplify things.
If you’re feeling overwhelmed, put in extra effort to make this a fun and pleasurable experience. Light a candle, bring a cup of coffee or a glass of wine, and put on some soothing music to relax while you tend to your money. You might also consider putting on a money podcast like the Financial Feminist to empower you when it comes to the logistics of managing your money.
5. Get comfortable with money leaving your account
In most cases, spending money is seen as something that at best is a necessity, and at worst is a frivolous waste. Paying bills can feel like a drag. You may begrudgingly watch your bank account drop after paying a vendor or a monthly subscription. But to change your money mindset, view it as a cycle.
Money flows, which means it comes and it goes. When you can let money go with ease, you’re in a more mentally relaxed place in your relationship with money. Every time you use that credit card or pay cash for something, take a moment to express gratitude. Imagine that money making its way back to you. Using a mantra like “every dollar that I spend comes back to me times ten” can be a quick and intentional way to do this.
6. Keep a list of “money miracles”
Anytime you experience a small money miracle, take not. If you get an unexpected discount, write it down. Maybe the waiter forgot to charge you for that glass of wine at dinner. Or you get $10 in a birthday card from your great Aunt Sue. Whatever it is, write it down. Small instances like those can add up.
The more that you focus on money in a positive way, the more that you’re training your brain to perceive that you are a magnet for money. With a positive money mindset, the money shows up for you in unexpected and terrific ways! The amount doesn’t matter—money is money, and you can respect it. Strengthen your relationship with money, no matter what form or the amount it comes in. The more you do this, the more likely it is to become the norm. What you focus on grows, so tracking these mini-miracles is a useful way to shift your focus to a more positive one.
Your new money mindset
Regardless of where you are with your money mindset, remember that it takes time. You won’t unlearn the limiting perceptions around money overnight. Have patience with yourself. And hold that light of possibility high as you reshape your perceptions and attitude as money becomes irresistibly attracted to you.
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