My entire life is dedicated to discovering the mindset of wealthy people and those who struggle financially.
The most common answer is your money mindset. And the best news is because you change your beliefs, habits, and behaviors, you can change your financial situation.
The beliefs, behaviors, and actions you take determine how your entire life unfolds. Your choices guide you in creating a financially free life you love or a bankrupt life you despise.
You have heard me say that you deserve financial freedom and that I believe anyone can create a life with financial security and peace of mind. That said, you must want it and take the necessary action to make it a reality. Too many people turn on the pause button to their finances and instead hope that one day they will win the lottery so that they can retire comfortably.
If that sounds familiar and you want more control over your financial destiny, you need to change your mindset. And the best news is that you just need to make a few changes.
What is Money Mindset?
It includes your beliefs, attitudes, and feelings about money and every decision you make about your finances and is unique to you, including spending, saving, and investing. A financial mindset can also affect your inner peace, ability to sleep, and even the joy you experience in your life.
People with healthy beliefs and feelings about wealth believe things like:
• They deserve to be wealthy.
• Attracting their desired goal is easy and possible.
• They are enough.
Successful people also understand the importance of stating goals in “I am” or “I active verb,” instead of saying statements such as, “I will (blank),” or “I am going to.” And avoid stating goals using negative words, such as “I don’t overspend,” “I won’t miss my savings target,” or “I say no to purchases I don’t need.” Specific and positive stated goals are the key.
What is a Money, Abundance, or Success Block?
An abundance, success, or money block can be thoughts, visions, mindset, feelings, beliefs, attitudes, etc., that get in the way of achieving your desired goal in life or money.
Some blocks to your abundance are like boulders and are easy to identify and remove. For example, you may have grown up poor. Money was always an issue, and you never knew if you would have food on the table or a place to live. While these beliefs can cause problems, they are easier to identify; and, therefore, easier to remove.
Others are like a nail on the road. While they can be hard to see, they can wreak havoc on your journey to financial freedom. The 7 Principles of Becoming a Millionaire for Life shares an effective strategy to identify these barriers. It is located at the end of Chapter 1 and is titled Releasing Mental Blocks and Core Beliefs. Part of the process includes writing out the question with your dominant hand. For example, “Why am I nervous about becoming a bag lady?” Then with your non-dominant hand, answer it. Continue to write until the answer appears or another question surfaces. For maximum results, follow the entire process, as it will help you discover blocks that you are not consciously aware of, referred to as subconscious money blocks.
What is the Formula for Financial Freedom?
And while mindset is a critical first step to success, the winning formula combines two other elements. Firstly is a person’s foundation or inner game. Secondly is the strategy, also known as the game plan. And finally is the execution element or outer game. The winning formula of the money mindset combines all three elements – not just mindset. While mindset is an essential first step, the results are magical when combined with strategy and execution.
So, while we are diving into beliefs about wealth and abundance in this resource, optimal results come when you combine all three components – inner game, game plan, and outer game. You can learn more about the components here: Financial Freedom Formula.
How Is a Money Mindset Formed?
From a very early age, you begin developing beliefs and behaviors; as a result, identifying and removing barriers may take time. Factors that influence it include parents, partners, teachers, and religion, to name a few. Asking yourself questions can also help.
- Was money always tight growing up?
- Were you taught that people with money are dishonest or it is not spiritual to have money?
- That you can’t be wealthy and spiritual
- Were you told that money doesn’t grow on trees?
The messages, stories, and experiences we have in our life determine how we see the world. As a result, we develop an abundance mindset and a poverty consciousness.
How Abundances Blocks show up:
- Compulsive spending
- Inability to save
- Obsession with saving
- Excessive donations
Other Results of Success Blocks include:
- Fear of running out of money (They can also include the future or other worries that take away from the quality of your life).
- Hoarding money or things
- Lack of inner peace
- Obsessive or frequent thinking or worrying about finances, success, and the future
Releasing Success and Money Blocks
One common trait of people with a healthy money mindset is their ability to release or remove blocks to success and money.
Examples of Common Money Mindset Blocks include:
- I don’t deserve to be rich.
- Rich people are dishonest.
- Money won’t bring me happiness (to which I respond, “Neither does poverty!”). Wealth is a bonus to a well-lived life, not the result of one. Money will not bring us happiness.
- I don’t do money. (In other words, that is why I am broke!)
- Money is evil. In other words, because money is bad, I am broke.
- I am terrible with numbers. Therefore, I ignore my finances.
How to Improve Your Money Mindset
1. Hire a coach, mentor, or even read a book.
While a coach or mentor is ideal, read a book if you can’t afford one. Some of my favorites include:
- The Power of Your Subconscious Mind by Joseph Murphy
- 7 Principles of Becoming a Millionaire for Life by Yours Truly!
- The Richest Man in Babylon by George S. Clason
- Take Your Time by Eknath Easwaran
- The Power of Habit by Charles Duhigg
2. Create affirmations
Declarations should focus on what you want versus what you don’t want. If you have a partner, then state the declaration, “My partner and I” instead of “I.”
- I am enough.
- My partner and I are financially free.
- I deserve wealth. As a result we are meeting our financial goals.
- My partner and I earn (amount) in (year) with ease.
- I invest with ease.
- My partner and I accumulate (amount) with ease.
- I invest (amount) each year with ease. As a result, I am on track to achieve my financial goals!
Remember to state your goals in an “I am” or “I active verb” statement.
3. Visualize your dream life.
As I have shared, for over five years, I visualized my mountain home. Every morning and evening, I would look at my visualization book and imagine what it would feel like to own it and live in it. I imagined a condo with panoramic views overlooking the ocean and mountains for ten years. As a result, I now have a cabin in the mountains and a condo overlooking the beach!
And I wanted to be on the top floor but not up too high that I had to look down at the ocean, a view of city lights and the ocean but not be oceanfront. When my husband and I walked into what is now our condo overlooking the ocean, we knew it was the right choice.
The power of visualizing our future and what we want is one of the most powerful skills you can develop to remove success blocks and attract what you desire.
4. Develop habits that support your dream.
Regardless of the challenges you face or the obstacles that come your way, you can develop habits that will support you in achieving your goal and removing barriers that are getting in the way.
Studies prove it takes between 18 and 254 days to change a habit, on average 66. That is only about two months.
The secret is to get clear on what you want and then consistently execute. Don’t beat yourself up when you get off course; just get up and back on track. Over time, you will develop new beliefs that will impact your behaviors and actions and ultimately improve your results.
In conclusion, simply focusing on what you want can make it a reality.
You Can Change Your Money Mindset
One training that changed the entire trajectory of my business, life, and money and has for millions of others is Earl Nightingale’s, The Strangest Secret. In it, he said, “We become what we think about.” Think about that statement. As a result of simply changing your mindset about money and success, you have the power to change the trajectory of your financial future and life. In addition, you deserve wealth, success, and fulfillment as much as anyone else! In conclusion, simply focusing on what you want can make it a reality.
If you want to learn more about how to improve your money mindset, then access my bestselling book, The 7 Principles of Becoming a Millionaire for Life.
Thank you for accessing this resource. We are excited to be a part of your journey. If you want support in determining your next best step, then take our free assessment: Your Next Best Step Assessment.