Learn the money mindset blocks that can stall business success – and how you can train yourself to avoid them.
In my work as a business and abundance mentor, I have seen first-hand that a positive relationship with money allows you to make better financial decisions, overcome challenges with ease, and experience greater abundance.
A negative money mindset, on the other hand, can lead to fear, procrastination and financial struggle. To help you identify and overcome a negative money mindset, I have outlined five mental blocks that will stall your business success and stop you from creating wealth.
Negative self-talk
Negative self-talk, particularly around money, is one of the main blockers of entrepreneurial success. Pay attention to how you speak to yourself about money. Are you supportive of your success? Or are you negative and defeatist?
“Using positive language with ourselves is critical.”
Our subconscious mind influences our decisions and the life we create for ourselves; therefore, using positive language with ourselves is critical. For example, change, “I have so many expenses” to, “I have investments that are supported in abundance”. Simply changing your mindset from considering expenses as deficits to thinking of them as investments can have immediate positive impacts. You will be thinking ‘expansive’, instead of ‘expensive’.
Aiming for average
Many people do not raise the bar high enough when they budget for a task or when saving money. This is a mistake. Whatever you plan to do, add an additional five per cent outlay, minimum.
Imagine a gym session where you are sprinting five kilometres. With this mindset, you would add another 250m to your workout to smash your goal. Over time this extra effort will add up, and you will consistently reach above your goals. Financially speaking, you should save an additional five per cent where you can and offer a further five per cent to wow your clients – you will reap the rewards in excess.
Shame around money and wealth creation
Media and society have conditioned us to feel shameful for wanting an abundant life. This limiting belief will sabotage your wealth creation and block you from reaching your potential.
You can overcome any shame by immersing yourself in the money mindset: reading books by entrepreneurs, seeking professional mentorship to address money blocks, consistently writing out your views about wealth creation, and reflecting on your money habits.
Relying on your new business for income
If your new business venture is stalling while you are setting up, you must let yourself earn a side income. If you don’t, customers will sense your desperation and run for the hills. By allowing yourself to earn an income, you will take the pressure off the outcome of your business and you can operate with ease and joy. Take on part-time or casual work if you need to and view it as an investment in your business.
Hoarding of any type
My most successful millionaire clients are firmly against hoarding in their homes and businesses. Hoarding represents a deficiency mindset. It stems from the idea that an item cannot be sourced later and should be kept in case it is useful one day.
I advise my clients to use the following concept when considering an item they have not used or enjoyed for some time, “Will this item serve my grandchildren? If not, then best recycle it or give it to charity.”
Your home and place of business are an extension of your energy. They should be clean, organised and every item should serve a purpose.
This article first appeared in issue 39 of the Inside Small Business quarterly magazine
