Nowadays, everyone in the modern entrepreneur community is becoming increasingly interested in the money mindset and wealth consciousness. These ideas started out as believable as snake oil, but they were making the rounds on the Internet and proved to be some of the most essential things an entrepreneur should have in their toolbox.
Right now, everyone is rethinking the importance of mindset in their pursuits.
The fact that money mindset is so widely discussed is a blessing and a curse. For one, everyone is waking up to the reality that, to become rich, one needs to do more than just earn more.
It starts from the mind, which is the root of every success story you’ve heard. On the other hand, since this is so widely discussed, people discuss more than taking action. This leads us to the million-dollar question (literally) – what exactly is money mindset, and how could one adopt it so they can start to make bank with it?
To recap what we’ve learned so far, a money mindset is all about getting rid of all the limiting beliefs that we have toward money.
These negative beliefs hold us back from taking action to get ourselves out of the rut and see the world in an opportunistic way – the belief that we can achieve abundance in our lives and can actually enjoy latte every day without feeling guilty about it.
Now, I’m certain that some people think that this sort of thing is hogwash, especially those who are struggling to make ends meet. It’s easy to see why some people don’t believe in this sort of thing when they struggle to manage and pay the bills. But hear me out.
It may look like that on the surface, but many people have limiting beliefs that they hold onto unconsciously. Even if they know of such a limiting belief, they believe that those beliefs are inherited at birth and cannot be changed.
For instance, suppose that you grow up in a family that always bickers about money.
Growing up, you will develop a subconscious belief that money leads to conflict, resentment, and pain.
Your parents may badmouth people behind their back and call your aunt who makes six-figure income “shallow” or “greedy.” This also instills a belief that money can turn you into a bad, greedy, and selfish person. If that aunt of yours lost all of her fortunes and ended up staying at your place, you will see that money is unreliable.
And really, we have enough troubles to deal with as it is, we certainly don’t want to deal with any of that. The thing is, most of us have very bad relationships with money, and this is exactly why we are stuck in the financial ditch in the first place.
The key then is to see money differently. When you start to nourish your relationship with money, learn to appreciate it instead of hating it, and see it as an unlimited, not a finite resource, your financial situation will also change accordingly.
With all that theory-crafting out of the way, what exactly can you do to start making positive changes in this department?
Here Are Some Tips On Forming the Money Mindset:
Surround yourself with like-minded people
They say that birds of a feather flocks together. In simpler terms, it means that a person is defined by the company they keep. The people that we spend our time with have an influence on how we behave.
If you hang out with negative people, you will start to behave more negatively toward other people.
It makes sense that the first step to developing the money mindset is to surround yourself with those who have those values.
The magic number is 5, meaning that you are the average of the five people you hang out with.
Find those people and spend more time with them. In doing so, you get to learn from others and gradually develop the right money mindset.
If you want to learn more about wealth consciousness, there are plenty of resources out there. I highly recommend you read “You Are a Badass at Making Money” by Jen Sincero and “The Universe Has Your Back” by Gabrielle Bernstein. A quick YouTube search will also provide you with plenty of free content on the topic.
There are podcasts and live streams you can listen to as well. I don’t recommend spending more than an hour on this per day because you won’t learn as effectively if you do any more than that. You can read a book for an hour, listen to a podcast for an hour, etc.
Implementing this in your life should be simple. Take reading, for example. You can incorporate this into both your morning and bedtime routine by reading for 30 minutes in the morning and before bed. Alternatively, you can listen to podcasts on the way to work, when you exercise, cook, do chores, etc.
There is always an opportunity to learn if you put your mind to it.
This may seem like a small and insignificant change, but I guarantee you that this will drastically disrupt your beliefs about money. This is exactly what you want, as this is the first step to making change. In short, learn more about the money mindset by reading, listening, watching, and hanging out with people with the money mindset.
You might already be rolling your eyes when you read this header. I totally understand why you would think that. But the idea here is to influence your view on money. This has to do with the subconscious mind where your beliefs reside. This mind is only influenced through repetition.
For instance, suppose that you do well at school, and you were told that you are a diligent individual. When a few people tell you this, it is easy to brush them off. But when 100 people tell you the same thing, they are most likely correct, not because you are already there.
Most of the time, when a message is repeated often enough, you will start to internalize the message and it becomes a self-fulfilling prophecy.
This is what we want to achieve with a money mindset.
Being with other people and self-education help, but you can further influence your own mindset by having some positive self-talk or affirmations. It is insignificant when you only do it for only a day or a week or even a month. Over a longer period of time, you might start to see that what you tell yourself may start to become a reality.
So, come up with at least three one-liners you can repeat to yourself daily and find ways to remind yourself as often as possible.
If that sounds excessive, then do it the moment you wake up and the moment before you go to bed.
Say it out loud if you can. If not, just repeating the message three times to yourself in your mind is enough. In doing so, you can start to become aligned with your money objectives and take actions to achieve said objectives.
I know it will sound outright silly when you do it at first, but consistency is key, so do not stop until you really believe in the message.
Here’s an example. Let’s say that you grow up believing that rich people are greedy and evil.
This belief has two consequences.
- You become distrustful of those who make 6-digit income or whoever you define as rich.
- You subconsciously keep yourself below that level by staying in a dead-end and low-paying job, therefore sabotaging and denying yourself for the good life.
Having a good affirmation to counter this belief may mean telling yourself that having money and being decent are not mutually exclusive because and that you have the option to give back to the community or the world when you have more money.
If you hold the belief that money is scarce and only a privileged few are entitled to it, then a good affirmation may mean telling yourself that money is actually unlimited. Considering that one could just print money when needed and that you deserve to have as much money as you deserve.
There are online resources for affirmations. For example, Pinterest has countless powerful affirmations you can write down and read to yourself.
Keep in mind that repetition is key to success here. It leads to results, and what you focus on will become a reality.
Ditch the negative language
Let’s face it. We complain all the time, especially over the small things that we take for granted. Elevator taking too long? Complain. Stuck in traffic? Complain. The phone battery died? Complain.
We complain so much that this toxic negativity becomes a means to bond with other people, squash an awkward silence, or just to experience some cheap instant gratification.
If you take a closer look, you will notice that such conversations revolve around four main topics: work, relationship, money, and health.
- Work – you might complain about having a bad boss or not being paid enough.
- Relationships – it could be that your significant other is becoming increasingly annoying over the weeks or that your family could not go on a day without having a shouting competition.
- Money – it could be about debt, bills, or the upcoming Black Market sales.
- Health – one might complain about a gym membership, unhealthy eating habits, lack of exercise, pain in the lower back, etc. The list goes on.
Now, since complaining is a human’s second nature, it might be outright impossible to live a life without complaining. What can you do then? If any of the above is you, then you need to want your dreams more than your drama. You can either have excuses or results.
You cannot have both.
If you choose to let nothing but negative ideas to come out of your mouth, it will foster a sense of self-victimization and self-pity that prevents you from actually taking action and making positive changes in your life.
So if you want to improve your financial situation, start by actively eliminating negative language from your vocabulary.
You might not completely eradicate negativity from your life, but at least you can try to minimize its effect. For instance, if you are about to complain about the price of your sandwich, instead tell yourself that you are happy that you bought the sandwich because it is so good.
If you are about to complain about your boss, tell yourself that you are going to give your boss the benefit of the doubt and believe that he or she was going through a rough time that is preventing him or her from being the leader as they could be; and you are going to treat them in an open, compassionate way.
Just like positive affirmations, using positive language can sound silly at first. But this leads to positive beliefs and may attract more positive things into your life.
Get the right mentors
Finally, take a look at the mentors in your circle. When you have a problem or need some consultation, who do you often turn to? At home, it may be your partner or your parents. At work, it could be some of your co-workers. Sure, there may be a thing or two they can tell you and they may offer great advice, but I think you can do better than this.
From this point forward, seek advice from people who actually achieved what you want to achieve, not from anyone else.
If you’re going through a rough breakup, seek advice from your friend or family members who have been through the same thing. If you are trying to get a raise, ask your co-workers who successfully went into the boss’ office, asked for a raise, and got it.
It all starts with knowing what you want first. You want to be as specific as possible here. When you have that clarity, you can then start asking around. Have some more mentors who can actually offer good advice.
When you think about it, it makes sense. The best people to ask for advice is someone who has attempted something similar because they have experience in the matter.
You can ask your family members about how to get a raise but they won’t be able to tell you much if they haven’t asked for one in the past. They can offer some general advice, but they won’t be as helpful.
In the end, I understand that what you’ve read so far sounds sketchy and you are skeptical in putting everything here into practice. But you won’t really know unless you give it a shot, right? I assure you that your entire success depends on your mindset – how you perceive what is possible. If you develop a powerful money mindset, you will find more than just success.