(psst.. more of an audio person? Listen here! ^)
Here’s a topic that just about everyone can relate to: FINANCES. Now more than ever, with a global pandemic continuing to rage, most people face uncertainty in regards to their finances. So what can we do to change that?
First, let’s talk about two money mindsets: the scarcity mindset, and the abundance mindset.
The Scarcity Mindset
Those struggling with a scarcity mindset may feel fears and anxieties of not having enough money, they may be stressed about paying for bills and basic necessities, and may exhibit feelings of guilt when spending money, particularly on themselves for things that aren’t “necessities.” They may live paycheck-to-paycheck, or at the very least, feel like they do. When fear and anxiety over something like money, something that is all around us and crucial for survival gets out of control, it can start having negative impacts on someone’s overall health.
Your Money Story
The first step to overcoming a scarcity mindset is to look at your money story. How has money and thoughts about money shaped you as a person? How does money make you feel? Did you grow up hearing things like, “We can’t afford that,” or “that’s too expensive”? What did your parents and family members say about money around you? What was their attitude toward money? Did you grow up facing a lot of rejection because of your family’s financial situation? The thing is, children are like sponges, and they will pick up what is around them. If your parents spoke negatively about money, chances are, you think that way too.
Write down your money story, why you think this is, and what you can do moving forward to live the life you want.
The Abundance Mindset
To make the shift toward abundance, it’s going to take a little bit of work, and challenge yourself to do that work. Challenge the things you heard growing up. Write them down however you want: whether that’s in a journal, on a piece of paper that you burn, or type it out. As an entrepreneur, remember why you started and the reason why you do what you do. Have gratitude for the things that you already have! Write down 5 things every day that you are grateful for and squash that scarcity vibe.
Believe in yourself and be resourceful. But immediately saying, “I can’t afford it,” you’re shutting down your ability to be resourceful.
Money Management Tools and Hacks:
Money and finances is still a taboo subject, and most people, particularly online entrepreneurs, are uncomfortable talking about it. Don’t be afraid to open up! This is a topic that everyone can chime in on, and the more open and honest we are in talking about these things, the less stigma will be attached to it!
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