How to Develop a Healthy Money Mindset

As a business owner, whether you are a Sidepreneur or a full-term entrepreneur, the way you “feel” about money can affect your business efforts. For instance, if you are overly conscious or risk-adverse about spending money, it may hinder your ability to invest in your business. It is essential to assess and reassess your thoughts toward money because any negative things may become a future stumbling block. Conversely, if you have more positive thoughts about money, you may find a difference in how you manage it, which can make a pronounced increase in your bank account.

In order to address your thoughts towards your money and ultimately change your mindset, consider these following steps…

Assessment

  • Assess and reassess any limiting beliefs regarding money. Rather you have a lot of money, just enough or barely making it…everyone has strong opinions about money. You may not even be aware of your opinions regarding money, yet those ideas definitely exist. Usually, individuals never take the time to think about those opinions. Well, here is your opportunity to being the process of thinking about all of your beliefs that you have regarding money by writing. Begin the process by writing down those beliefs on a piece of paper in complete sentence form.

 

If you are stumped as to where to begin, consider these questions… Do you believe that you must work hard to be rich? Does having money equate to status symbols, such as, brand name clothes, luxury vehicles, etc.? What is your main goal for accumulating money? Do you like to spend or save money? As you answer the aforementioned question, consider your thoughts and then write your answers down in complete sentence form. If you have any other beliefs about money that were not addressed in the provided questions, go ahead and included those in your written answers.

 

  • Next, think about all of the things that you have ever heard people say about money over your lifetime. For example, when I was growing up I would hear things like “money doesn’t grow on trees”, or at times the often-misquoted biblical verse “money is the root of all evil”. These beliefs have affected how I have felt about money at various times in my life. Consider the things that you have heard about money, and write them down. Don’t deliberate on them, just write them down.

 

  • Once you have listed both the things that you believe about money as well as the various phrases or opinions that you have heard about money, it is now time to start analyzing those beliefs. Look at one sentence at a time. Do you really believe what you have written in that sentence in regards to money? If so, why do you believe? If not, what do you disagree with? What experiences in your life support or disprove the belief that was described in the sentence?

 

  • Try not to get overwhelmed with this project. This is a task that will definitely take some time. In fact, it may take you several days to work through your entire list of beliefs. That is okay. It should take a while, but by the time you finish your list of beliefs, you will have come to the point of understanding how you really feel about money as well as rid yourself of beliefs that you no longer claim as your own. You will probably come to the realization that many of the things that you have believed about money are not actually true.

 

Affirmations

The root word of “affirmation is the word affirm which means to not only encourage but to do so as a statement of fact. Affirmations are positive statements that one recites to themselves to encourage themselves. The great thing about affirmations is that they can help you to eliminate negative thoughts that plague you and often cause you to second guess many of your decisions. While it can be quite difficult to totally eradicate negative beliefs from your mind because they have been ingrained into your mind over a lifetime, the repetitious use of affirmations can help to remove residual negative thoughts by replacing them with positive thoughts. For instance, if the thought comes to you that “I’m never going to succeed”, replace those thoughts with something positive like, “Everything I do returns profits to me”. Repeat the positive affirmation to yourself several times each day until one day you will realize that you no longer ascribe to that negative belief. Your assignment is to go through your list of negative beliefs and write a positive affirmation underneath it. Each time that negative belief enters to mind, eradicate it by reciting the opposing affirmation. Remember this eradication of negative beliefs will take time, but by consciously purging your thoughts of negative believe you are setting yourself on a path of a money mindset transformation.

Good Habits

In order to create positive change in your life as it relates to money, you must practice your affirmations and embrace your new beliefs. All of these adjustments may not bring about major life changes. Many of the changes will be small, but it is those small changes that can often make a big difference in your life. For instance, if you are attempting to change your belief that money is meant to be spent and not save, once you begin to practice your new belief that “saving is a wise practice” by setting aside $25 each paycheck in a savings account, you may find that one’s small savings can cause a large harvest over the course of time.

It is important to remember that money is a part of life, especially if you decide to become a business owner. It is integral that you consider how you think about money because how you think about it can ultimately affect your bottom line. So, complete the suggested assignments by taking the time to look at your beliefs, explore your thoughts and begin to embrace new habits that will hopefully produce a fatter bank account for you to enjoy!