Cash is king in a startup – this is something that all entrepreneurs know very well. With how much of a business truly revolves around pricing and making a profit, there’s something that’s worth discussing: money mindset. According to Smart Money Mamas, money mindset is defined as “your unique and individual set of core beliefs about money and how money works in the world.” They went on to say that “Your money mindset shapes what you believe you can and cannot do with money, how much money you believe you’re allowed, entitled, and able to earn, how much you can and should spend, the way you utilize debt, how much money you give away, and your ability to invest with confidence and success.”
In other words, money mindset is central to how you handle money in your business and your life. And we could all use an upgrade after hearing sayings our whole lives like, “Money doesn’t grow on trees.” The payoff for bolstering one’s money mindsets is massive. In fact, Ramsey Solutions “conducted a study of over 10,000 millionaires, and 97 percent of the millionaires believed that they could become millionaires.” Do you believe that you can become a millionaire? Even if your goal has nothing to do with generating seven figures, consider these tips to reframe your money mindset so you can feel more financially secure and unlock more abundance in your business and beyond.
1. Reframe “Spending” As “Investing”
Those with a lacking money mindset become concerned when it’s time to spend – payroll is due, the contractor sent in the invoice, or it’s time to place that massive order through the manufacturer. Bri Seeley, a business and entrepreneur coach, shared in a video that one of her money mindset tips is to think of spending money as investing money. This fear around ‘spending’ is rooted in a lack mentality, which says: “I am losing this and will not get it back.” But is that really true? Or, is it more like the adage, “you have to spend money to make money”?
“Investing is, ‘I’m putting my money here knowing that it is going to return a yield of more money to me,’” explains Seeley. Think through all the ways you spend in your business, and how each of these ways that money goes out pays off for the business at large. This mindset is also a good hack for identifying investments that don’t prove a real ROI – so you can clean those up!
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2. Reframe “Making Money” As “Solving A Problem”
Sometimes, entrepreneurs can get wrapped up in what it means to ‘make money,’ which can sprout limited beliefs around feelings of worthiness. Sebastian Beja is the founder of Elevate, which, as he describes it, “helps people heal their wounds with money, identify limiting beliefs that run their relationship with money and helps them understand how their childhood, family, social and cultural context has shaped their perception with money which directly impacts how much you earn, keep and invest.”
One of the most powerful reframes that Elevate teaches is “to focus less on the money and more on helping more people better.” In other words, rather than stressing over how to price each program and how you’re going to generate a profit, shift your focus on how to generate a solution that will best help others. This will naturally lend itself to helping you make money!
3. Reframe “Making Money Takes A Lot Of Work” To “Making Money Is Easy”
This reframe is a tricky one – because we’ve been taught to believe that it takes hard, grueling work to make a significant income. Otherwise, it seems like a “get rich quick” scam. In a blog post, Jessica Dimas wrote about this perception that “You can see how that would make anyone feel that making money only comes with hard work (that you probably won’t enjoy) and if you’re making it too easily, something’s wrong with that.”
But think again. “If you take a look around the entrepreneurial world, you will find lots of people not working hard, making passive income, and making money doing things they really enjoy,” Dimas commented. “These kinds of people were not even on my radar 4 years ago, but now they’re all I see.” Think through different entrepreneurs who are letting the profit roll in while they’re laying on a beach somewhere. The more you can recognize how this can exist in an honest way in the world, the more you’ll expand your capacity to bring it into your own life.
Working on your money mindset requires uprooting your previous beliefs and assigning new ones. With these three reframes, you’ll attract money more easily into your life, and see a great ballooning effect in your business’ finances. You deserve it, and it should be easy!