Your money mindset can completely change the results you achieve in your business!
Not sure what money mindset is, or how you can change it to uplevel your results? Well, this episode covers it all!
In this Episode:
01.59: How to know what your money mindset is
03.50: Understanding where your money mindset come from
05.08: Changing your money mindset
07.50: The importance of gratitude in creating money mindset
10.43: Getting your partner onboard
The biggest transformation I have made in my business and my results, has been the shift in my money mindset. Now, if you don’t know what money mindset is and how to change it, well don’t worry, in this episode I’m going to chat all about money mindset and how you can change yours.
You’re listening to the Clare Wood podcast, where we talk all things business, finance, marketing, and mindset for entrepreneurs, sharing practical tips, and actionable advice to help you take your business to the next level. Introducing your host: me! I’m Clare Wood, I’m a numbers geek, a travel lover, and a reality tv addict, and I’m here to empower you to create an extraordinary business and an amazing life, because I believe you don’t have to choose between the two. Now let’s dive right in to today’s episode.
So to start off, we may as well talk about – what is money mindset? Money mindset is how you feel about money, your beliefs around money and what money represents. And therefore, it drives how you make decisions around spending or investing your money. An example might be, you might have a limiting belief around money, like “I will never be a wealthy person”, “I don’t deserve to be wealthy” or perhaps “I don’t want to be wealthy because rich people are greedy and horrible, and I don’t want to be like that.” Whatever your beliefs are, what happens with your beliefs is that they impact on your actions which in turn impacts on your outcomes.
So the first step in changing where you are financially, is changing how you feel about money or changing your money mindset.
How to know what your money mindset is?
So how do I know what my money mindset is? Well, a good starting point is to ask yourself some questions. I’ve put some examples down here today:
What are your first thoughts when you think about money? Is it good? is it bad?
What do you think if people who have lots of money? Are they greedy? Horrible people?
How do you feel talking about money? Does it make you feel embarrassed or icky?
What are your spending habits like? Are you a spender or saver?
What are your financial goals? Are you just aiming to pay off that credit card debt or do you have a goal like you want to make millions?
When you look at someone who has a lot of money, let’s pick an example, like Kylie Jenner, who became the youngest ever billionaire at the age of 21. How does that make you feel? Inspired? Disgusted?
How you answer these questions might give you some insight into what your money mindset is like. Perhaps you operate from a state of feast or famine? For example you might believe that money comes easily, but then it leaves just as easily. Or maybe you have a scarcity mindset and you believe you have to save every cent you earn because you are worried it will be all you’ll ever make. Maybe you are too scared to invest in your growth, because you are worried there will be no more money coming. Perhaps you don’t respect money, so used to having money that you are careless in how you manage it. Whatever your money mindset is, you can definitely change it.
Where does your money mindset come from?
So where does your money mindset come from? It most likely comes from experiences you’ve had throughout your life. So of it from childhood, perhaps you grew up in an affluent household, or like myself you grew up in a house without a lot of money. Perhaps there were messages you were told throughout your childhood, like “there is plenty of money, so enjoy like and live it up now” or maybe you were told “it’s only show offs who buy nice things.” Maybe your money mindset has come from experiences later on in life, maybe your relationships have changed your view on money? Or how your siblings, colleagues or friends have behaved when it comes to managing their money. You might see somethings that people choose to do with their money and think that’s such a waste. Or watch others scrimp and save and you think, gosh they are missing out on so many experiences in life. And you’ve thought, I never want to be like that. Whatever your mindset currently is, you may want to change it. So how do you go about changing your money mindset?
Changing your money mindset
Well the first thing you can do is to open your mind to the possibility and start to believe that it is possible to make lots of money and it’s possible for you. Anyone can become wealthy, if they truly want it and develop patterns and behaviours over time to lead them towards it. The first step, is really making the at decision, that that is what you want to do. Then from there, acknowledging that you deserve success, you deserve to be wealthy and affluent. And if you are listening, you do deserve it! Look inside yourself now and ask, what do you want?
Once you’ve made that decision or commitment to what it is you are chasing, the next step is to be right across your money. Ignorance isn’t bliss, and turning a blind eye to your money issues doesn’t make it go away, in fact it makes it worse. So you need to be right across both your business and personal financials. You need to balance the long term with the short term, and be mindful of your actions. If you don’t respect money when you have small amounts of it, you won’t respect it when you have large amounts of it. In fact, if you listen to my last podcast episode, my guest Bronnie Ware mentioned that even when she came into money from her best selling book, that sold over 1million copies, she came up against challenges when managing her cash follow. This often happens when people move into more money, so you need to respect it, even when you don’t have much of it.
Another component of learning to become a good custodian of money, is learning to invest in yourself and trusting that there will be more to come. If you invest your money wisely, you will get a return. If you want some practical actions to up-levelling your mindset, including exactly what books I’ve read, the podcasts I listen to, and the money mindset courses I invested in, I’ve created a downloadable which you can grab in the show notes which is available at clarewood.com.au/podcast/episode26.
The importance of gratitude in creating money mindset
The nest step when it comes to creating an amazing money mindset is to have gratitude. It really is the cornerstone in having abundance and it’s something I have to work really hard on myself. If you are listening to this, chances are you are probably wealthy beyond many peoples wildest dreams. Take a moment to consider this. Most people on this planet, don’t have access to clean running water, and I bet you flush the toilet and think nothing of it. This is the reason why gratitude is so important, because you are already rich. Abundance is just a state of mind. When I was growing up, money was pretty tight, and when I became a teenager, money started to become a little more comfortable. In fact, my parents did up our bathroom and we had a spa tub and two shower heads in our shower. I remember how proud we all were of that bathroom and at the time we felt so rich. I found out later from my Dad that he earnt $90,000 a year. Now with 5 children, when you think about, it’s not heaps of money yet when I was the age of 25, I was already earning over $100,000 a year, and it was just me to look after, and I still didn’t feel rich. This is the point I’m trying to make. Wealth is purely a state of mind.
If you, like me, are a fan of the show Survivor, you’ll see how excited the contestants get when they have one of the reward challenges, and what they are willing to put themselves through to get a hamburger, after a couple of weeks with going without. When we appreciate what we have, we will always be wealthy because no matter how much money you have, you will never have enough. Trust me on this, I have worked with clients who earn over hundreds of thousands per year, and even over 1 million per year, and it’s pretty damn rare that people say “I’m all good, I don’t want to earn any more money.” It never happens! Because when your income up-levels your expenses up-level. You develop expensive taste and you’ll find you just never have enough. So the key is to appreciate what you have now.
Working on your money mindset, and like making any major change in your life. It’s like going to the gym, you can’t just go once and think yep, I‘ve got it. You constantly have to keep working on it.
Getting your partner onboard
One last thing I want to talk about before I wrap up today is, is to talk about your partner, because if your significant other doesn’t understand money mindset, or isn’t interested in up-leveling in this space, it can be a huge issue. I totally believe you and your partner have to be aligned if you want to create a life filled with abundance. The problem is that you can’t change anyone else, so how do you go about doing this if your partner isn’t onboard? Do the work yourself and share stuff, share your wins, let them listen to podcasts or read books you’re reading. Remember you can only control yourself, you can’t control others. But I do believe it’s imperative that your partner comes on the journey with you, if you do want to achieve a state of abundance.
To wrap up today’s episode, your money mindset is how you feel about money, and how it impacts your decisions and the actions which you make around money. It can come from your childhood, and it can change how you feel and behave around money. If you want to change your mindset, it’s about changing your thinking and then up=levelling how you manage money and having gratitude for what you do have.
If you want to know some practical tools and steps to get there, I have shared the exact strategies I use, including the books I’ve read, the podcasts I’ve listened to and the program I’ve invested in. You can download my strategies in the show notes today, from clarewood.com.au/podcast/episode26.
Your money mindset is completely controllable by you, you are worth all of the abundance you dream of and you are far richer than most people on the planet. So treasure everything you have right now. You are already a wealthy person.
Thanks for joining me, I look forward to catching up with you next week.
Thank you so much for joining me today, if you enjoyed this episode, please make sure you subscribe to receive future episodes, and I’d be so grateful for a review on apple podcast! If you’d like a copy of the show notes or any of the links mentioned today, please jump over to clarewood.com.au/podcast and remember that Clare is spelled CLARE, have a wonderful week and look forward to chatting to you again soon!