Why The Right Money Mindset Is Vital To Be A Successful Entrepreneur

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September 2020

Money Mindset is certainly a buzzword of the moment, with lots of people talking about the importance of a positive Money mindset.

But what is Money Mindset? Quite simply it is the inner conversation we have with ourselves, about money and our relationship with money. It is also directly linked to the value we place on ourselves.

Examples of a positive Money Mindset, ‘My fees reflect the results I bring for my client’, ‘I invest my money wisely’, ‘I always have enough money’

Examples of a negative Money Mindset, ‘If I raise my fees, I won’t have any clients’, ‘I never have enough money, ‘ I’ll never make enough money as X’.

Having a positive Money Mindset is not about showing off, bragging, being flash with cash, it is about creating the right intention in your mind, that you can make and attract money. Where belief leads, the mind will follow!

‘We think what we become’, isn’t just a great motivational phrase, but it is fact…we will become what we think we are…therefore to be successful, you have to believe you will be successful.

Essentially, there are two Money Mindsets

  • A Scarcity Mindset – this mindset believes there is never enough. It can take the form of being afraid to spend money, or completely the opposite, spending everything, because when its gone, it is gone. Focusing on this way of thinking, becomes a self-fulfilling prophesy and just breeds scarcity.
  • An Abundance Mindset – this mindset believes there will always be enough money when you need it. It is being grateful for what you already have and for what is coming in the future. This mindset brings comfort and confidence in your financial position as well as the ability to learn more skills around the subject and ultimately have more money long term.

Oprah Winfrey (who was brought up in poverty but become a millionaire at 32) once said ‘Be thankful for what you have; you’ll end up having more. If you concentrate on what you do not have, you will never, ever have enough’.

How to move from a Scarcity to Abundance Mindset.

Simply by being aware of your own limiting beliefs around money, you are putting yourself ahead of the game. By creating a pattern disrupt for those negative beliefs, will making you more consciously aware of when those thoughts pop into your mind and then allow you to replace them with something more positive. For example, rather than saying to yourself ‘I will never have enough money’, replace it instead with ‘ I have a plan to create more income for myself’….this will allow your subconscious to start working on a way to create additional income. A positive thought is like finding the key to another part of your brain, giving your brain permission to start helping you come up with a plan. Negative money beliefs are not just self-limiting, it is like telling your brain, ‘switch off, I don’t need your help’.

Have you ever noticed, when you are trying to solve something, and it can be very simple, such as the name of a song that you heard on the radio, or seeing a familiar face but can’t remember the name….and then later in the day, when you are doing something innocuous, such as boiling the kettle or filling the washing machine….boom, the answer pops into your head ! This is because you gave your brain the permission to work on the answer…. Having a positive money mindset, does the same thing. It gives your brain the chance, to help find the answer.

How to retrain your Brain for Abundance

By taking yourself through a series of exercises, you can radically rewire your thought patterns and help create a tool or tools, that will start to change your way of thinking

  • Firstly, write down what your limiting money beliefs are. What is the money story you keep telling yourself over and over? Write down 10 and add five more…
  • Now create a character for yourself, give he or she a name….Negative Nelly, No Money Mandy, Forever broke Francis….He or she can either be a stick character or an avatar, and alongside him or her, write a list of their characteristics, which are all the things you would like to change about yourself.
  • Next create another character, the new you, and give them a name…Abundance Agatha, More Money Mary, Wealthy Walter. He or she has an abundant mindset and believes money is plentiful, that they deserve all the money they have and will have, they know they are great with money and love to learn about different ways to manage it well. They represent everything you would like to be around money, the best version of you around money.
  • So, when you feel a negative belief popping up in your head, or a situation which currently may be a challenge for you, simply say to yourself ‘Negative Nelly, do one! More Money Mary is THE boss now!

Create affirmations that work for you.

This is not about being all woo woo and taking you to somewhere you may not be comfortable, it is about creating a way of positioning positivity in your mind which can be drawn upon and repeated, time and time again. A bit like trying to create a flat and toned stomach…. you need to do the right exercise and even when you see the results, you need to keep at it…use it or lose it. Exactly the same when creating a positive money mindset, you must keep working on it.

Create affirmations that work for you. One I love, the more money I earn, the more people I can help, the more people I can help, the more money I earn. Here are some others

  • I am worthy of a wealthy life
  • Money comes to me in miraculous ways
  • I am deserving of abundance in my life
  • I am open to receive wealth in many ways
  • Money is attracted to be all of the time
  • I love my positive, happy, abundant life
  • The more I give, the more I receive. The more I receive, the more I give
  • I have all I need and more
  • I am a money magnet
  • I am worthy of making more money
  • Making money comes to be easily
  • My business is growing, expanding and thriving
  • I embrace the money ways money is attracted to me
  • I am grateful for the abundance in my life

Pick two or three that resonate with you, or indeed create your own. But make a commitment to yourself to say them out loud several times a day. Especially first thing in the morning and last thing at night. Another idea is to set a timer on your phone to remind you to say them, save them as screensavers, or use an app such as Evernote, to save them and deliver them to your phone at different points in the day.

The key is to be consistent. And remember, what we think, we become.