Mindset around most things really does matter. If you believe you’re unlovable, then it’s not surprising you’ll find yourself single. If you believe you are not worth a certain price, then expect to get no more pay than the minimum. If you tell yourself that the economy is rubbish and you’re a failure at business – then hello – you probably are not doing well.
Mindset sets us up in so many ways. It absolutely is telling ourselves what we think and believe. You tell a child they are dumb, they will soon believe that and live that. If, however, you say (stealing the line from the MasterCard ad) “I’m worth it!” it really does make a difference. Yes, it’s setting up our own self-beliefs, but it’s also communicating that message to everyone else around us – prospective new customers, clients, friends, associates, referral partners, staff etc. I know and believe I’m an awesome life and business coach. I say it out loud, write it and truly do believe it. When I speak with clients and potential clients, I share that belief. It’s not a scam or lie, it’s a belief that they take on.
Some Thoughts Around Money Mindset and The Challenges I’ve Helped Clients Successfully Navigate Around
I can’t charge THAT much!
Client charging $49 an hour … then up every time by $5 till she hit a ceiling. Now her fee is closer to $300 an hour and she is worth it. She gets the results that people need and ….
I can’t increase my rates!
Client’s broke, economy, … but you can’t absorb forever. One client had an increase after 6 years (when they first started working with me). Better to increase a little every 6 or 12 months, don’t wait 6 years and have to increase 25%. People will choke on that. When this client had her increase, clients said to her, well about time, was wondering when you’d increase – you weren’t charging enough! The thing is, they didn’t tell her this until she increased; people are happy to take great rates from you.
I’ll get people on board by offering a free service for a while
A quick short freebie is fine, such as a martial arts class, or sample coaching session, but just 1. If you offer 8 weeks or so of free classes, hoping people will see how great you are, then you’re teaching them you’re not worth more than $0.00 … so when you turn around and say “Now it’s $30 a class many will not come on board. Some because you’ve taught them you’re worth only zero and also because you’ve attracted the people who love free and love not paying.
Birds of a feather do flock together
Some people love cheap or free dating sites, but I don’t encourage them. You’re attracting people who love cheap. As a lady, do I want to attract a man who is cheap and won’t even buy me a coffee?
Money is a dirty word
So often (frequently how we were raised) we didn’t talk about money. It was rude to ask what someone earned or how much they paid for their car. As a child, you may have been raised along the lines that the ‘meek inherit the world’ so those who like money will end up in hell with the devil. This negative mindset around money is something that some of us have been raised on.
Scarcity mindset
Older generations lived lives where there wasn’t enough food, let alone any luxuries. They still to this day, despite having enough, think along the lines of always being frugal. There is nothing wrong with being sensible and, of course saving is a good thing to do, but also changing our mindset around scarcity, as then we are often always living in fear of not having enough. You lose a client, or don’t get your usual overtime and suddenly you’re panicking. This is why I do also love saving; it gives us that freedom and peace to know we’ll be ok if it’s a little quiet for a while. You don’t have to revert to baked beans on toast for dinners (unless you love baked beans). 😊
Believing something is beyond your reach
Several years ago, I believed I could never own a BMW … only the rich had one. Thing was, I ended up buying an ex-demo (so technically second-hand BMW) and broke that belief. I didn’t spend huge dollars on it, but I achieved something I had originally thought impossible. Believe in something, investigate, weigh it up and then take the action you need.
The psychological roots of money beliefs
Money beliefs often originate in childhood. Parents might have been frugal with money and adopted the scarcity mentality, or the opposite and lived around abundance in their spending (you can’t take it with you logic) … we are often what we’ve been taught. Our attitude towards money often originates in childhood. There is sometimes the belief that your wealth equals your worth, or the taboo of never talking about money which often bred a degree of financial illiteracy and ignorance.
Breaking free from unhealthy beliefs
Whilst these can be quite ingrained beliefs, they don’t have to be your beliefs forever. You can paint a new picture around money. If you know you don’t understand money well, because it was a taboo subject, then reading about this, doing workshops or seeking education will give you the understanding you need around money.
If you know you’re poor at saving (pun intended), then change that by opening a savings account and just starting with a small amount, automatically transferred every week. It’s a starting point that starts to show you that yes, you can, in fact, save.
If you find yourself overly frugal, then ‘splurge’ on something worthwhile that gives you pleasure. You don’t have to go crazy or blow the budget … but do enjoy what money can give you.
Most importantly, set money goals. Often this is called budgeting, although I know people who just cringe when I say the word ‘budget’, so perhaps call it ‘planning for profit’. Having a plan in place and a strategy and action steps will make it more likely to happen. Remember also, you might have a slip in your plan – that doesn’t mean you quit the plan altogether; just pick up where you’re at and then keep going. Remember, as part of your money goals, that you have a balance between present and future. You want to save for the future, but also don’t forget to live today.
Seeing money as a tool
The healthy view on money is to see it as a tool to achieve your goals. Money puts food on the table, pays our rent or mortgage but it also does so much more. When you have money or savings then it gives you peace of mind. It gives you choices. It gives you opportunities. Someone with money can certainly have a nice holiday, but they also can afford to pay a vet bill if their pet gets hurt. It means they can afford to send children to a good school. It means that if they lost their job and didn’t work for 6 months (and they had savings) they would be ok. Having savings and buffers for things that happen in life truly does give you peace of mind and a knowledge that if something bad happens, you’ll do fine. Saving can be for a purpose (holidays, new kitchen, new car, children’s Uni fees) but it also can mean that you’re saving for stability. If you are a business, I frequently recommend a GST/Tax/Super savings account so that you have no nasty surprises when your BAS is due to be paid. More peace of mind.
Money and mindset around money is integral in almost every aspect of our lives. Whether it’s what you’re paid as an employee, what you charge for your services, or what you spend money on (or don’t) it often does come back to the money mindset that we have. The mindset that you were taught as a child doesn’t have to be the mindset that you live as an adult. You can change (or at least adjust) your mindset to gear towards one which you want and prefer more. If you need assistance with any aspect of mindset, money or finances; just reach out to me and enquire.
