The holidays are quickly approaching (as I write this, Thanksgiving is this week!) and with the holidays comes stress - entertaining, parties, shopping, baking, cleaning, and MONEY.
Now, we each have a money mindset; scarcity - where you always focus on never having enough (saving all the time); and abundance - where you think you always have more than you need (spending is something you enjoy).
I believe a healthy money mindset is a mindset in which money is viewed as a tool to experience something and give back to others. Ever hear you have to spend money to make money?
Here are four actionable steps to develop a healthy money mindset, whether your mind has been focused more on scarcity or abundance throughout your life:
1. Become curious.
What limiting beliefs around money might you be carrying around? For example, do you believe savings are strictly for a rainy day? Do you have misconceptions surrounding people who are wealthy or impoverished?
2. Examine each limiting belief separately.
If you grew up believing that you have to "stretch the money to make ends meet,” who taught you that belief? Where does that belief come from? What is it about you that makes you believe that? We all know our parents did whatever they could to provide for us, but sometimes growing up in scarcity or abundance set our minds up for a challenge.
3. Surround yourself with people who embody a healthy money mindset.
If you want to experience a healthy money mindset, you must first get someone to emulate for you what healthy looks like (ever think about the 5 people you hang around the most?). That person’s healthy mindset then offers you a reference point on which you can choose to create a new set of beliefs that works for you.
4. Get help updating your mindset. No one does it alone!
Until I found the courage to examine my money mindset, nothing changed. I kept working harder and harder for the money and, as a result, experienced burnouts. Likewise, if you think you must work hard for the money or society is somehow to blame for your poverty mindset, upgrade your money mindset now.
With that in mind, what are some of the advantages of upgrading your money mindset from poverty to wealth as a business leader? In my experience, it's not uncommon for those who have adjusted their mindsets to experience:
• Healthier relationships with themselves and others.
• Increased self-worth.
• Being a better leader by adding value to their team.
• A deeper sense of fulfillment.
Let's face it: We all go through times of transitions during our professional and personal lives. But I believe the business leaders and entrepreneurs who truly succeed are the ones who choose to adopt a healthy money mindset.