The Foundation of Your Future Is Your Money Mindset!Sep 30, 2021
The secret of being a successful entrepreneur is creating a healthy relationship with money. Your money mindset is the foundation of your future.
There are two categories of money mindset. You either have a scarcity mindset or an abundance mindset. This spectrum of mindset was introduced by Stephen Covey in his international bestseller, “The Seven Habits of Highly Effective People.” A scarcity mindset is indicated if you have thoughts like: “money is hard” or “I don't have enough money” It shows up in your life if you live paycheck to paycheck, if you don't have savings, and if you feel guilty when you spend your money. On the other hand, if you have an abundant mindset or a healthy relationship with money then the type of beliefs you would have would be: “it is easy to save money”, “I have enough money”, and “it's easy to make money”. You would feel happy saving and spending your money and be satisfied with your financial position but have a growth focus.
You may be wondering, how do you transform your money mindset from a scarcity mindset into an abundance mindset? Here are the seven steps to transforming your money mindset:
- Identify what your subconscious beliefs around money are, what your negative beliefs are, and what are limiting conditioning you need to release. First of all, ask yourself what's your current situation with money, and be really honest. List your beliefs, feelings and current negative or troubling behaviours around money. Write down how much money is in your bank account and how you think/feel about it, how much savings do you have and how you think/feel about it, how much debt do you have and how you think/feel about it. Write down anything that concerns you about your current situation, how you feel today about money and your current financial situation.
- Explore your history with money: list any negative key financial decisions and financial experiences. Writing down what happened, how you felt about it, what you if there were any beliefs formed around that milestone. It could be from buying your first car or house. It could be your first job, and getting paid and how you felt/thought about each milestone.
- Examine what you've been taught about money from others that is negative or troublesome. This could be what your parents taught you, cousins, grandparents, and uncles, friends, bosses, partners, husbands or wives. It could be that your parents really struggled with money and you saw that. It could be that you had a bankrupt mother or father or family member. You could have had someone who had a gambling addiction. Again, create a list and write down anything negative and how you felt/thought about it.
- Next is cognitive processing. Go over the three lists and rate how much you still attached to this memory, belief or behaviour. Rate from zero to 100% how much you still believe it or feel it.
- Now interrogate these memories that you have identified as 60% or more that you still negatively feel or believe. By interrogating, we mean look for reasons why these beliefs are not true. Is there any missing information? Would everyone in the world agree with it? Is it a universal truth? Are you exaggerating or minimizing?
- Now, for each negative memory, belief or feeling - ask is there any other way that you could see it? This is the most important part where you reframe your past to release it and replace it with powerful new beliefs. How can you positively start to see? How can you reframe, and transform those beliefs and feelings? Replace the old belief with a new belief. Rate how much you believe the new belief - keep interrogating and reframing until its 80% or more a positive, true new belief/feeling.
- Lastly, go back through every thought/emotion that was over 60% and re-rate it. See if this cognitive processing has helped diminish the old feelings and experiences.
This is the inner work needed to transform your money mindset from a scarcity mindset into an abundance mindset. Keep using this formula to interrogate the negative beliefs and feelings about money as they arise and replace them with positive new beliefs and feelings.
If you are having trouble with your money mindset, then join our five-week Money Mindset Reset Program that includes some amazing wealth activation to radically change how you feel about money and how you think about money!
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