Your mindset is what separates you from success, abundance and fulfilment.
Not money. Not fame. Not tools or other people.
Your mindset, and huge part in particular is your Money Mindset!
If you’re like most entrepreneurs I meet (and I used to be one of them), you have a flawed outlook on money. Because as an entrepreneur, you’re good at both making and spending it.
There’s always a new idea, and there’s always more money to make. So there’s no problem if you spend money on ‘things’ and ‘stuff’ and ‘this and that’…
Except, there is. By doing this you base your financial decisions on a poor money mindset:
- Money goes as quick as it comes (leaving you in Feast or Famine mode) …
- It negatively affects how you invest in yourself, your business and your team …
- You never have enough money in the bank, which impacts your growth …
You either treat money as though it has no importance whatsoever, or you base your entire life around needing more. Well, both these outlooks are as bad as the other!
Money is important. You need money if you want to scale from 6 to 7 figures (and beyond).
But money IS NOT everything, and it should never be your end goal (more on that later).
For a long time, I too had a poor money mindset. My outlook on money lead me to nearly $1million in debt. I then built another business that I had to literally blow up (even though it was making $300k per month) because my money mindset lead me to make more poor decisions — and left me miserable.
Today… I see the same fears and issues I used to face when I speak to other entrepreneurs. There are 3 barriers that held me back, and I see them holding these other people back, too.
Maybe they are holding you back… if so, you need to read this!
1: You Believe Money is Dirty
Entrepreneurs resist this. I know I used to. The idea that a business owner thinks money is dirty, is crazy.
But the truth is, this is the truth most of us need to face.
This is one of the biggest barriers between you and a positive money mindset. It’s also not your fault that you feel this way, because most of these beliefs formed when you were a kid
(based on how your parents viewed money…)
We believe money will make us a bad person. We worry it will change us and lead to other people judging us; that other people will think we are better than them.
So you’re torn. As a business owner you want to make money, but deep down you fear having it — so you spend it quicker than you can make it.
This is no way to build a business, and it’s no way to live your life.
Money isn’t dirty, and you have no reason to fear it. Money simply projects who you already are.
- If you’re a good, helpful and impactful person, money will make you better.
- If you’re a selfish, manipulative and bad person… money will make you worse.
So if you’re a good person, you have no reason to fear money or see it as dirty. Money will simply project your best qualities and allows you to live life (and build your business) with true purpose.
2: You Believe Profit is Bad
I see this all the time, and I find it absolutely insane.
Entrepreneurs (maybe you’re one of them) spend money on things they don’t need just so they can avoid paying tax.
You literally impact your profit just so you don’t have to pay tax. I find this crazy.
Paying tax is great. It proves you’re winning. And taxes help the economy thrive, which results in more opportunity and abundance for you (whether you agree with how they spend tax money is another question…)
So instead of thinking profit is bad and that you shouldn’t make too much of it because the government will only take it from you… how about you appreciate the importance of profit.
- Profit gives you leverage (both now and in the future) …
- Profit allows you to adapt to unforeseen situations …
- Profit lets you persist through tough times and scale during good periods …
Without profit, you will always struggle to scale your business — and you will continue to have a poor money mindset that forces you to make terrible, short term decisions.
3: You Treat Your Business Account as Piggy Bank
I used to do this. For far too long, I would treat my business account as my own personal one.
I didn’t give myself a wage.
So if business was bad, I lived life on the poverty line. Whereas if business was good, I spent money like there was no tomorrow.
If you use your business account as your own piggy bank, you will continue to fuel a poor money mindset. You NEED to give yourself a wage. As your business grows, ensure your wage grows (in proportion) with it.
Good or bad, pay yourself like you would any other employee…
If you live life based on the money inside your business account, you will make poor financial decisions (for your business and for yourself).
- You won’t invest in your business wisely because you will worry it will impact your own life …
- As your business grows, you will live a lavish lifestyle where you spend-spend-spend …
- If your business goes through a tough time, you will punish yourself for it …
All this leads to a poor money mindset, and an outlook on money that keeps you stuck in the six-figure hamster wheel.
If you hired a CEO, you would pay them a wage, right?
You wouldn’t let them treat the business like their own casino. Treat yourself in the same light. Pay yourself a wage, and live your life within this means.
If you don’t you DO NOT have a business… you have a hustle.
You will continue to have a terrible outlook on money, either placing too much or too little value on it.
But here’s the thing about money…
We, as a society, are what gives it worth. It’s just paper and numbers. We get to choose how we treat money, and the outlook we have on it. Those with a powerful money mindset appreciate this.
They see money as a means to an end (not the end goal). They look at it as a vessel to achieve their vision and purpose, and leverage it so they can do so faster.
They do not fear money. They don’t see it as dirty or as something to obsess over. It comes and goes, and the value you decide to give it is the value it has on your life and business.
Like I say, I used to have a poor money mindset like this. My outlook held me back, but I learned how to take charge of it by focussing on the 6 key pillars of business success. It’s changed my life, and it may change yours, too.
If you want to see how, you may like to check out this guide >>