Most people aren’t even aware of the limiting beliefs they have around money.
In today’s episode, I share the red flags to look out for and how to re-program those stories.
In this Episode:
01.29: What is a lack mindset?
02.18: Why comparing yourself to others keeps you in a lack-loop
03.34: How obsessing over sales target can come from a lack mentality
06.38: How holding onto money and not investing can hold you back
07.45: Unblocking the story of being overworked and underpaid
09.34: Changing your words or thoughts about scarcity
Most people aren’t even aware of their limiting beliefs that they have around money. In today’s episode, I am going to share with you 5 red flags that you are living in a lack mindset, and I’ll also show you how you can reprogram those stories.
Hello, and welcome to The Clare Wood podcast, where myself and incredible guests share about money mindset, financial successes, and how to manage your money in a fun and practical way to create wealth and abundance in both your business and your life. I’m your host, Clare Wood. I’m a business coach and a money mentor. I strongly believe that money has the power to positively change the world. I can’t wait to help you transform your mindset around money, create a love of numbers and build the business of your dreams so you can live a life of financial freedom, giving and global impact.
Today’s episode of the Clare Wood podcast is brought to you by my free 3 day training, 6 figures, now what? This is 3 hours of a live training with me, teaching you how to break through an income plateau and start to scale. If you would like to find out more about this training, make sure you check it out via the link in the show notes for today’s episode.
What is a lack mindset?
So before I dive into the five red flags that you are living in a lack mindset, first of all, I want to highlight exactly what a lack mindset is. A lack mindset is when you believe there is not enough. And on the flip side, an abundant mindset or an overflowing mindset means that you live in a space where you believe there is plenty. In today’s episode, I’ll be talking about lack and abundance from a money context. But lack or abundance can apply to any area. It could be in relation to your health, your love life, or any other part of your life. But today I’m specifically going to be talking about money.
Why comparing yourself to others keeps you in a lack-loop
So the first sign that you might be living in a lack mindset is that you are comparing yourself to others. Perhaps you see your competitors online and you find yourself feeling a little bit of envy. Why are they doing so well? Look at that big launch that they’ve had. Their Instagram looks amazing. Whatever the judgements or the jealousy that might be coming up for you. Now, of course, this is a very real and human emotion. However, when you are in a space of constant comparison-itis or comparing yourself to others, you are living in a place of lack because you are perceiving that someone else’s success takes away from your capability to achieve success. So if you are finding that you’re comparing yourself to others and looking at their lives, whether it’s online or people that you know. If you aren’t celebrating them, if you are feeling jealousy towards them, it’s quite possible that this is because you are coming from a place of lack.
How obsessing over sales target can come from a lack mentality
Red flag number two that you are in a lack mindset is that you get really hung up on your sales targets. Now you might be thinking, “Hang on Clare. You’re the one who talks all the time about setting goals, setting targets, getting right into your numbers.” And I 100% stand by that. However, quite often I can see people get really, really obsessed with achieving a particular sales result in a particular month. Yes, it’s great to be focused on your goals and be chasing down the targets that you’ve set for yourself. But when you get to a point where you’re obsessing over a result and almost demanding that it comes to you and in a particular timeframe, this can be coming from a lack mentality. When you are living in a space of true abundance, you’re not overly caught up in what happens one particular point in time. And let me expand a little more on this.
You guys will know I’ve shared on this podcast before about a launch of mine that was a dismal failure. I missed my sales target by a lot, and I was in a really bad space about it. I was literally crying. I was in a cycle of self pity and it really wasn’t a helpful place to be. When I launched that course again recently, ironically, I had a pretty similar outcome in terms of the overall sales result. But I perceived the situation completely differently. I was celebrating every single person who came into that program. And I was also excited knowing that I had the opportunity to change the lives of the people that had invested and come in. And another thing that in hindsight I was able to be excited about was that I know that sometimes people that come to my programs and get great results, go on and join my higher ticket programs. So I was able to perceive exactly the same situation in a completely different, positive and abundant way. This is the difference between having a lack mindset and an abundant mindset, is that even though I didn’t get a result in a particular month, in a particular way, I am so confident that I am building my million dollar business, that I don’t stress if it takes me a little bit longer to get there than I had originally hoped. If you are finding that you get really obsessed with one particular sales month results, and you find yourself beating yourself up, that could be a sign that you are living in lack.
How holding onto money and not investing can hold you back
Red flag number three, holding onto money too tightly. Again, this might seem like a bit of a contradiction to the advice that I share all the time about being careful and mindful with your money. And I am not condoning that you need to go and spend every cent you earn. However, quite often I see business owners not investing in their business. And this is coming from a lack mentality. You need to invest in your business for it to grow, right? And if you are hanging onto every cent that you earn or most of the money that you earn, then that comes from a space of lack. It comes from a space of, if I spend this money, there is no more coming. I have to hang onto all of it just in case the business goes under or the client stop showing up. Not investing in your business growth is coming from a real place of lack or fear.
Unblocking the story of being overworked and underpaid
Red flag number four that you are living in a place of lack is that you are feeling overworked and underpaid. When you live in a place of lack, you can over deliver to your clients. Maybe you find that you are constantly working for free or throwing in extras that aren’t at all part of the scope of your service offering, because you really want your customers to like you and you want to make sure that they don’t go anywhere. And of course, delivering excellent customer service is a fantastic thing. However, often I see business owners giving and giving way more than what they are getting paid for because they are terrified of losing clients. And can you see how this is coming from a place of lack? It’s coming from a place of these are not enough customers. I have to hang onto these ones forever even if they have really high expectations and aren’t paying me what I’m worth. The other part of this equation, of course is not charging what you’re worth. Perhaps you think if I put my prices up, my clients will leave me. And if you do put your prices up, your clients might leave you. That’s a very real reality. However, if you are living in a place of abundance, confidence and overflow, you would know that even if those clients do leave, you can and will attract more of your next level aligned clients. So if you are feeling like you are overworked and underpaid, this can be a real sign that you are living in lack.
Changing your words or thoughts about scarcity
And the fifth red flag that you might be living in lack is that you are using words or having thoughts of scarcity. Perhaps you hear some of these words come out of your mouth at times, or maybe you are thinking them. I can’t afford it. That will never happen for me. I don’t want to make more money because I don’t want to be greedy or a bad person. Or perhaps you can find yourself judging other people for the way that they’re spending money. Perhaps you think that’s over the top. That’s wasteful. I would never do that. If you are finding that you are having negative thoughts and you are saying negative things when it comes to money, this could be coming from a place of lack. It’s not to say that having an abundance mindset means you will never have any negative thoughts or have any feelings or fear, but it’s how you spend your perpetual state that is what attracts the results that you are achieving in your life. If you are constantly saying there’s not enough, that will never happen for me, those subconscious beliefs turn into your reality. If you are spending your life in a state of confidence, abundance, and overflow, you are constantly thinking, “My success is inevitable. The results are coming. I can afford whatever I want.” And you have a naturally positive, energetic state. Remember, your words are so powerful. Your thoughts are so powerful. They shape your beliefs, your beliefs shape your actions and your actions shape your outcomes. So if you are using language or having thoughts that are coming from a place of scarcity, then that is what you are starting to create in your life.
If any of these have resonated with you and you are realizing that actually you do have work to do on your money mindset, don’t stress because the cool thing is you can choose to change your beliefs. You can do the mindset work and create a positive and abundant mindset even if you are not there yet. If you would like to do some work on your mindset and you have a successful business, I would love to invite you along for my free training. It’s three hours happening over three days, live training sessions with me.
And the training is called, 6 figures, now what? And it’s about how to break through an income plateau and start to scale your business.
- Day one, we’ll be talking about the six figure plateau and understanding how you got to the six figure mark in your business, why a lot of business owners get stuck around this level and about the time for money trade off.
- Day two, I’ll be focusing in on what got you to here, won’t get you to there. We’ll be understanding what more money could you for your life. We will reprogram some of your limiting beliefs. I’ll be talking about creating a profit led business.
- Day three, we’ll be talking about how to create your unique strategy to scale beyond $10,000 a month. We’ll be talking about growing in a way that feels good for you. And I’ll also be sharing some of my favorite money mindset hacks for big income leaps.
If you like the sound of this training, you can jump in via the link in the show notes for today’s episode. And like I shared, this training is completely free of charge and packed with value. So make sure you sign up if it’s resonating.
To sum up today, the five red flags that you are living in a lack mindset.
- Number one, you find yourself comparing yourself to others.
- Number two, you are really hung up on where you should be and your sales targets.
- Number three, you are holding onto money too tightly and not spending any of them.
- Number four, you are feeling overworked and underpaid.
- Number five, you are using words or having thoughts of scarcity, rather than positive thoughts of overflow and abundance. I hope you enjoyed today’s episode as much as I enjoyed recording it.
If this episode resonated with you, please make sure you share it with your audience on social media and make sure you tag me at @clare_wood_coach so I can thank you for taking the time to do so. Have a magical week. And I look forward to chatting to you again very soon.