What is your money mindset?
It’s essentially your relationship with money.
Are you a saver or a spender? How do you decide something is worth it or not? It’s the unwritten rules you live by about money.
“I always pay in full.”
“You should always tip 20%”
“$500 is too much for a plane ticket.”
Maybe your super organized about your money. You always pay your bills on time, you rack up points and cash back on your credit card, and never buy things until they go on sale. You think you have a pretty good relationship with money but you’re scared to charge the rates you want for your work. You’ve invested in your education and your business, but for some reason you struggle with speaking to your clients about investing in your services. Why is that?
We have many automatic thoughts about money and value throughout the day. They are the invisible scripts playing in the background that control all the decisions we make about money. Believe it or not, these thoughts can lead you to either repel or block more money from coming into your life. However, when you become aware of these limiting beliefs, you can take back control and start attracting more of the things you want most in your life. More love, more friends, more happiness, more success, and more money.
How does your money mindset form?
We begin to develop our money mindset at a young age. When we’re young, our minds are like sponges picking up everything we hear without filter and storing it in our mind for later use. Think about the things we are told about money growing up:
“Money doesn’t grow on trees!”
“What do you think, I’m made of money!”
“We’re not the Rockefellers!”
“Money is the root of all evil.”
I remember watching my mom spend hours clipping coupons and strategically pairing store and manufacturer coupons together to get the maximum savings. Yes, this was well before the digital age! I learned that saving was good, and that you should always take advantage of coupons and sales.
We learned our beliefs about money from watching our parents and other authority figures. Was money tight growing up or was it never discussed? Were there fights about money? Were you told that all rich people were somehow immoral or bad?
All these conversations and events became ingrained in your subconscious when you were young and affect how you think about money today. Who would want money if these were your beliefs?!?!
What if you grew up with these thoughts about money and now as an adult you realize they are impacting your life in a negative way?
The good news is that the first step to change is awareness. Now that you are aware of the problem you can take steps to address it and start to reprogram your mind.
You have to expand your belief in your capacity to receive.
Scarcity Mindset vs. Abundant Mindset
Before we dive into how to go about transforming your money mindset, let’s talk about the differences between a scarcity mindset and an abundant mindset.
A scarcity mindset is based in lack. They tend to think:
There is a limited amount of money to go around.”
I must do it now or use it all up now because I may not ever get more!”
Either I am successful or the other person is. We can’t both be successful at the same time.”
Some of the characteristics of a scarcity mindset include:
Lots of fear, anxiety, and worry over money
Overly focused on risks.
Talks about other people
Hoards information and data
Afraid of Change
Criticizes and Blames others
An abundance mindset believes the more you give, the more you get. They believe:
You can always have MORE of anything in life at any time – success, wealth, happiness, time, energy, charity, love and fun.”
There’s no such thing as being too old.”
It’s never to late to start anything.
There is more than enough to go around for everyone.”
Some of the characteristics of an abundance mindset include:
Knowing that expressing gratitude for what you have brings more of those things into your life (law of attraction).
Feeling at peace and not worrying about others.
Feeling that you are enough and you can fill your own cup.
Believing you can always make room for feeling even better.
An openness to learning
Talking about ideas
Giving credit to others when it’s due
Celebrating the successes of others
You will only grow to the extent which your mind allows and accepts for you.
According to “The Upper Limit Problem” by Gay Hendricks, an upper limit problem is defined as our own personal glass ceiling – an invisible barrier we place on ourselves that only will allow us to get so far. Many lottery winners end up broke again because they haven’t expanded their mind to accept that they are worthy of the money. They haven’t conditioned themselves to beliebe they can be the type of person who has money and success. Their old money story is still playing in the background and causing them to be unable to hold onto that money.
“Every day I expand my capacity to allow love, wealth, success and happiness into my life and I inspire others to do the same.” Condition yourself to receive all that goodness!
How can you adopt an abundance mindset in your business?
First, there will never be a shortage of people who need to or want to improve their health. New people become adults every day. Your potential customer base is always growing, especially if you work online. You have a global pool of prospective clients and customers.
You may think your competitors have a bigger advantage because they have more followers or they have been online longer but they cannot possibly serve the massive need of the entire market.
There is only one YOU. Even if you feel like the market is saturated, your competitive advantage is that only you can deliver the magic. Only you can deliver the knowledge, experience, empathy, compassion, and support in a way that resonates with your ideal client.
A lot of us are afraid of the no’s. I’ve learned that you can’t take the no’s as a personal rejection. A It’s not always the price that is the problem even if they say it is. It’s that they aren’t ready to commit, they are afraid, they need more time. It’s okay, those who are READY and are committed will seek you out when they know you are the right fit for them. Don’t be afraid to turn away clients who aren’t a right fit for you out of fear either.
If you don’t quite have an abundant mindset, you probably struggle with pricing your programs and services. Regardless of how you set your prices, some people are going to think you charge too much and others will think they are getting a deal. Expensive is relative. You can’t please everyone and that is not your goal. Realize that you can raise your prices as your confidence rises, as you gain experience delivering your program and as you continuously improve your services and get better results for your clients. You are in control of how much you charge and how often you raise your prices. The more you work on your self-worth, the more value you will give to your clients, and the more confidence you’ll have in owning your prices.
Think of money an exchange of energy.
When you charge too little or work for free your clients…
–are not invested in following through
–have no skin in the game
–might not believe they can really do it
–not going to give it their 100% best effort
–have no sense of urgency
–don’t feel pushed outside of their comfort zone, so are still resistant to change
–think you don’t value your work
–perceive low cost to mean low value
Your business is about helping your client solve a problem. If you don’t offer your client a way to work with you then your potential client will continue to suffer from this problem. They want to invest in someone who they believe can take them from where they are to where they want to be. They want a solution they can believe in. Selling is simply serving or helping your client decide to take action and improve the quality of his or her life.
If you want to embrace a more abundant mindset, pay attention to your language. Don’t use “lack” language such as “I’m broke,” “I can’t afford it,” or “I don’t have the money.” Find ways to incorporate believable affirmations to get your mind prepared to expect money. For example, “I am attracting opportunities for making money into my life,” “I am getting used to the idea of being wealthy,” and “My financial situation is improving beyond my dreams.” Another one I like is, “Money is appearing in my life through many channels, and in harmonious ways.”
Another neat strategy to train your brain for abundance is by giving yourself rich experiences. For example, carrying a $100 bill in your wallet, trying on outfits at a really fancy, expensive store (and taking a photo so you can remember the experience) or driving through nice neighborhoods and imaging yourself living there.
Finally, the best way to open yourself up to receive more is by giving more. Volunteer, give a compliment, hold a door open, or do something nice without expectation. All these things help you become more fulfilled and actually attract more of the things you want back to you .
So remember that YOU ARE WORTH IT. You are successful and you will be even more successful the more you work on your abundance mindset. Go get it!