Have you ever thought about your relationship with money? If not, this might be a good opportunity to put on your Sherlock Holmes hat.
If you’re a new entrepreneur looking to create a meaningful business, having a healthy money mindset is essential. And the reason is simple: your relationship with money is linked to:
- Your ability to receive money
- Your ability to share your wealth with others
- Your ability to stay calm and trust that things will work out
Let’s be honest: if we feel money is scarce and difficult to obtain, would we be comfortable to decline a potential client who actually might not be a good fit? Would we be willing to share profits and give back to society?
|“Wealth is largely the result of habit.” — John Jacob Astor|
If we operate from a place of scarcity and fear, it will be much harder to actually enjoy the entrepreneurial journey.
If we want to run our business from a place of love and joy, we have to shift our money mindset towards a positive and grateful attitude first.
What’s Your Money EQ?
Ehmm.. What is a Money EQ? And what is the difference with Money IQ?
Money IQ is the knowledge you’ve acquired when it comes to ‘being smart with money’. This can vary from knowing things about saving, investing, or spending your money. These skills were built up throughout your life.
You either know a lot and are comfortable in that department. Or you feel like you are lacking skills and feel uncomfortable with topics such as investing, spending, and earning.
Money EQ is something entirely different. Money EQ is the feeling, mindset, or story you have when it comes to money.
Investing in your Money EQ is about:
- Creating a healthier relationship with money and wealth
- Feeling at ease when spending and/or receiving money
- Rewiring your brain from a scarcity to an abundant mindset
- Staying away from overspending and impulse buying to compensate for something else
|“Money and success don’t change people; they merely amplify what is already there.” – Will Smith|
A healthy relationship with money will help you to feel happier with money, experience less stress around money, and it will help expand the capacity to receive MORE.
5 Steps to Shift Your Money Mindset
Now we know the importance of growing your money EQ, we want to look at HOW we can actually make this work.
So, let’s get into action. Grab your notebook and spend 5 to 10 minutes taking notes and writing your answers to the following questions:
Step 1: Write out your money story
Your money story is THE gateway of getting the answers that you need in order to heal your money wounds. There are a few areas to look into and a couple of questions you can ask yourself.
For example: how do your parents look at money? Was money readily available when you were a child, or was it something that had to be used scarcely. What are your own experiences with money? Write them down, look at them, see where you can grow and which beliefs you can let go of.
Step 2: Write down your money beliefs
Write down the money beliefs that you have adopted throughout life. By writing them down, you can reflect on them and decide if they still serve you.
Step 3: Write down a list of 5 new beliefs when it comes to money
You’ve probably written down a couple of beliefs around money that you can let go of. Great. These are no longer serving you. BUT, we are not going to focus on these beliefs anymore. The next step is to create new beliefs that can replace the old ones.
Write down 5 new beliefs, make them active, precise, and reachable. Write them out and make it a habit to repeat them at least once a day for a couple of weeks.
Step 4: Keep reminding yourself that money can be a force for good
Good people do good things with money. Remember that if you receive MORE money, you have more opportunities and you will have the ability to create more resources with that money. You will be able to grow in the direction that you can help even more people with.
If this is your new mindset, knowing that you are going to do good things for others and yourself, you will feel that the heavy weight of your money mindset will start to drop. You’re not greedy, you’re using it for growth and helping others to evolve too.
Step 5: Let go of control
I have been wrestling with this one for a bit. Reality check: the more I try to control my future, the grumpier I get and the less I am able to enjoy the bumpy entrepreneurial ride.
The alternative: have faith. Trust that if you provide value and keep showing up, opportunities will come your way.
Change starts with you
If we want to make a difference in the world, we’ll have to change ourselves first.
When you are able to operate from a place of love, trust, and excitement (rather than fear and ego) positive results will come for you and your clients. And you’ll be able to actually enjoy the entrepreneurial journey.
There is nothing more beautiful than being able to give.
As Simon Sinek says:
“When we help ourselves, we find moments of happiness. When we help others, we find lasting fulfillment”.
The next step: turning knowledge into practise.
Practise with the 5-step exercise and slowly create a mindset of abundance. Which in the end will benefit everyone around you.. your friends, family, clients, contractors you hire, charities, you name it.
It might not be easy, but it does pay off.
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