How do you look at money?
Do you have shiny object syndrome. Are some things just hard to resist—especially when your friends and colleagues are all jumping on board! New tools, training, group coaching programs or new shoes, designer bags, or the latest fashion can all have a strong pull. If you aren’t careful, these shiny objects can quickly distract you from your current goals.
Maybe it’s the “sunk cost fallacy”. Simply put, the sunk costs fallacy is what makes us justify investing more money or time in something—even though we’re not seeing results—because we’ve already spent so much. It’s what encourages us to repair the car one more time (after all, you just put new tires on it), eat a meal we don’t enjoy (simply because you’ve paid for it), and yes, continue to pay for tools and resources you’re not using.
Are you a penny pincher (or the “afraid to spend money because you’re afraid it won’t come back” syndrome)? When you’re constantly on the lookout for free and low-cost items or working 16-hour days because you “can’t afford to outsource,” you’re not doing yourself any favors. Not only that, but you’re reinforcing a scarcity mindset that will continue to plague you for years if you let it.
Tell yourself that you’re not good with money, and you won’t be. Believe that budgets are horrible chores to be reviled, and you’ll resist creating one. Convince yourself that you can’t earn a 6-figure income, and you won’t. Hesitate to invest in yourself for fear the money won’t come back, and you won’t see your bank about grow.
We aren’t born knowing how to manage money and most of us aren’t taught how to handle it. However, how we watched our parents handle money, talk about money, and live with or without money, has most definitely taught us a few things. As a result we’ve adopted a belief system around money that may causing more harm than good.
Creating a New Mindset
Take stock of your beliefs and behaviors around money and ask yourself, where did they come from. Once you become conscious of these things you can go back and reframe your thinking. This will help you begin to shift your mindset.
First challenge your belief system. Rephrase your the belief, “I’m bad with money” to “I make smart choices to achieve my goals.” Make a note of any other that come up most often for you, and identify their origin if you can, then work on the reframe.
Next, recall and reward those instances where you are good with money. Celebrate those times and use it as evidence every time you catch yourself making negative statements, whether out loud or in your head.
Many of us have some negative issues around money that we rephrase as a positive. We can think we it’s not the most important thing in the world, only greedy and heartless people want it, or there’s a cap on what any decent person should want or have. Don’t be fooled. These are negative mindsets in disguise. If you hold one of these beliefs, again ask the questions why and where they came from. In the end, they’re still limiting you, your earning potential and your quality of life.
Here are a few great resources for building a positive money mindset.
1. Identify What a Limiting Money Mindset Looks Like
Let's Talk About the Limiting Language of Money!
Posted by Carol Parker Walsh Consulting on Thursday, May 31, 2018
2. Four Ways to Shift Your Money Mindset from Scarcity to Abundance
Take stock of where you are and do some work to shift your thinking.
If you’re and entrepreneur and struggle with money it’s probably impacting how you price your products or services. More than likely you’re undervaluing your worth and quite possible don’t even know it.
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