What is a Positive Mindset?... How You Can Start Changing Yours Today?
So, what is a positive money mindset? Do you know your money mindset can
determine whether you have a profitable, sustainable business–or not? It’s true: While
you obviously need to do basic market research, produce stellar work & deliver a high quality customer experience for your business to do well, you also need to work on your
own internal thoughts and beliefs about money.
Let’s back up. If you’ve been in the entrepreneurial world a minute, you’ve probably
heard the term money mindset. But do you know what a money mindset is and how it
affects you and your business–and lifetime earning potential?
If not, no worries. Here, you’ll find a brief overview of what a money mindset is and how
to cultivate a positive one to create a better financial future for you and your business.
OK, what is a Money Mindset? Money mindset–put simply–refers to your beliefs and
attitudes about the "almighty dollar." It's the internal, mental framework that shapes how we think about money, including how we earn it, spend it, and save it. It influences all our financial decisions and behaviors–from how you price your services to how much
you spend on business-related apps each month.
In short, it can directly impact whether you make money in your business…or not.
If you have a healthy money mindset (sometimes called an abundance mindset), you
innately believe that you deserve–and can–earn good money. You're open to new
opportunities and willing to take risks. You understand that making more money
requires hard work and dedication, but you also aren’t afraid to ask to be paid what
you’re worth. You generally view money in a positive or neutral light, and you see it for
what it is: a tool to help you achieve your big dreams and goals. You’re not afraid to
spend where you need to (especially if it will directly or indirectly lead to more money),
but you also know when to snap your wallet shut instead.
On the flip side, if you have a not-so-great money mindset (sometimes called a scarcity
mindset), money is usually a major source of stress, anxiety, or fear. You might struggle
with managing your finances, from sticking to a budget to letting go of those old money
stories that keep you stuck. It also usually means that you struggle to charge prices that
align with the value you provide. Big One for women!
You, think of money as something that’s hard to make and even harder to hang onto
(yikes!) Our money mindset isn’t something we just come up with on our own, though.
We develop our ideas about money early in life, thanks to family, friends, society and
our unique experiences.
The good news? Our money mindset is not fixed. You can change it over time–with
intention, awareness and, of course, action.
So where do you start?
There are many ways to work at changing your money mindset so it’s more positive.
Here are a few options to get started:
1. Cultivate self-awareness about your beliefs, attitudes and self-talk around money.
You can do this several ways, including carrying around a journal and writing down any
money related thoughts for a day.
2. Surround yourself with positive money influences (my favorite). You know how they
say you’re the combination of the five people you spend the most time with? One way to
naturally start believing more positive things about cash is to surround yourself with
people who already have it and tend to it well. This might include befriending other
entrepreneurs or colleagues rocking it in your field (or outside of it), financial advisors or
mentors or even your favorite rich relative.
3. And of course, be smart, learn about finances (not my favorite to do but necessary).
Knowledge and the application of knowledge is power, especially in this case. Learning
more about basic financial principles can also help you see money in a more positive
light. By simply soaking up new knowledge and practicing healthy financial habits (like
budgeting, saving and investing), you can develop newfound confidence in your
financial decisions.
When you do one (or all) of the above, you’ll not only learn loads about yourself, society
and money management–you’ll also be well on your way to cultivating a positive money
mindset, owning your worth and putting any money stress, sweat or struggle in your
rearview mirror!
Interested in learning more about how you do money, check out my Money Quiz
Author: Barbara J. Hulin, Women Own Your Worth Newsletter
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