{"id":2197,"date":"2022-06-21T15:41:00","date_gmt":"2022-06-21T05:41:00","guid":{"rendered":"https:\/\/www.wellbeing.com.au\/curious\/?p=2197"},"modified":"2022-06-21T15:41:00","modified_gmt":"2022-06-21T05:41:00","slug":"overhauling-your-money-mindset","status":"publish","type":"post","link":"https:\/\/www.wellbeing.com.au\/curious\/overhauling-your-money-mindset","title":{"rendered":"Overhauling your money mindset"},"content":{"rendered":"

Have you ever heard the phrase \u201cmoney is the root of all evil\u201d or the more commonly cited \u201cmoney doesn\u2019t grow on trees\u201d? Do you often bemoan how expensive things are? Or gaze in confused awe (and sometimes jealousy) at millennial self-made millionaires on the gram? That, my friend, is what a modern-day money guru might call a \u201cmoney mindset block\u201d.<\/span><\/p>\n

If you haven\u2019t heard of the term \u201cmoney mindset\u201d, you might consider figuring out what your particular brand of money neuroses is and how to reformulate it if it\u2019s not serving you. \u201cMoney mindset\u201d emerged in the early 20th century. Heralded as the father of money mindset, Napoleon Hill wrote his first book, <\/span>Think and Grow Rich,<\/span><\/i> on the concept in 1937, although there are lesser-known authors who published similar teachings towards the end of the 1800s.<\/span><\/p>\n

Mastering your money mindset is about re-writing your \u201cmoney story\u201d \u2014 how you relate to money \u2014 in order to create more richness in your life. As a money and energetics coach, I have been working with clients for years to help them create more wealth by overcoming money mindset blocks and limiting beliefs. Of course, money mindset goes beyond acknowledging your feelings about wealth acquisition or buying into manifestation<\/a> hacks, but if you want to make more money, a good place to start is within your own mind.<\/span><\/p>\n

Overhauling your money mindset is different for everyone and the journey itself is as unique as we are. This is because our capacity for receiving money is directly linked to our lived human experiences. Your money mindset, and therefore your financial status, is linked to who you are, or, more specifically, who you believe you are. Your self-identity is the driving force behind the beliefs you choose to buy into, the decisions you make and the outcomes you create as a result.\u00a0<\/span><\/p>\n

If you find that money is hard to come by and your life is limited because of your financial situation, the theory behind money mindset dictates that, at least in part, this is your own doing. Your reality has been dictated by the actions you\u2019ve taken as a result of decisions you\u2019ve made, all of which have been fuelled by your belief of who you are, and how the world works as an extension of who you are within it. Yikes! Now before you hurl the pages of this magazine across the room, stick with me.\u00a0<\/span><\/p>\n

Personal responsibility is your first money mindset tool to un-doing your existing reality and recreating a new one that works for you financially. Taking personal responsibility for the situations you find yourself in is a super power that can change your whole life, not just your financial life. Blame and shame are emotions that trap us in un-serving realities. When we blame an ex-husband, an old boss, our parents or the government for our financial problems, we\u2019re giving our power away and we become powerless to do anything about changing that reality. We become trapped in the mindset that we are the victim, and as a victim we can\u2019t control how we think and feel about life, money or anything else for that matter. We are at the mercy of other people’s beliefs, decisions and actions, instead of taking command of our own beliefs, decisions and actions.<\/span><\/p>\n

When we shame ourselves for not getting that promotion, or for pumping money into a business venture that failed, or for not being more sensible with savings and credit cards when we were younger, we give our power away to stories in our mind that do nothing to change our financial reality. And here\u2019s the thing about the things you tell yourself in your head \u2014 they\u2019re just stories. Stories that don\u2019t serve you and keep you trapped on the hamster wheel of financial \u201cstuckness\u201d.<\/span>\u00a0<\/span><\/p>\n

Personal responsibility is having the courage to say: this is my reality and I alone have the responsibility to change it, to evolve my money mindset into one capable of creating financial freedom. Personal responsibility is also the permission you give yourself to wipe the slate clean and start a brand-new relationship with money. It\u2019s also worth recognising at this point that everything you do believe about money has predominantly been projected onto you by others \u2014 likely by your parents initially, then peers and media. No-one is to blame here; narratives are unconsciously passed down from parent to child, so while personal responsibility is powerful, it\u2019s not a weapon with which to beat yourself.<\/span><\/p>\n

In order to establish a new financial reality, you must first understand your beliefs around money and identify those that are limiting you. A couple of key questions will help you demystify your relationship with money:<\/span><\/p>\n

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Q1:<\/b> Think about the most money you\u2019ve ever made in a year. Does this give you a feeling of shame? Perhaps defensiveness or awkward self-admittance? Perhaps you felt pride, but still tinged with a feeling of it not being enough?<\/span><\/p>\n

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Q2:<\/b> Do you believe it\u2019s possible for you to make and receive more money in your current job \/ business \/ financial set-up? If you answered no or had a conditional response, such as \u201cyes but only if\u2026\u201d, then we can assume your beliefs around money are limited and, unsurprisingly, your finances are challenged as a result.<\/span><\/p>\n

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There\u2019s a saying in the coaching world that how you do money is how you do everything, because it\u2019s understood that money is one of the most emotional and stressful aspects of life. Who you are when you\u2019re handling money stress is a huge indicator of your belief systems.<\/span><\/p>\n

Are you the type of person who shoves bills and statements in a drawer in an effort to avoid handling your finances? Do you fall into an anxiety trap when money seems tight? Do you gamble, buy scratch cards and play the lottery because you believe the only way to receive more money is to win it by fluke? Perhaps you\u2019re the type of person who has already recognised that your money mindset needs work in order to step into the financial reality you desire, and so you\u2019re nodding along to this, recognising how far you\u2019ve already come.\u00a0<\/span><\/p>\n

Even if you\u2019re not hungry for extreme wealth, wanting more money, even just a little bit more, is a state most people find themselves in. Just a little bit more would make life more comfortable and less stressful right? But herein lies another money mindset problem. While we live in a state of \u201cnot having enough money\u201d, our mind is focused on \u201cnot having enough money\u201d. Our external world is often a reflection of our internal world. So as long as you focus on the absence of money and continue with thoughts of scarcity, you will operate from a scarcity perspective.<\/span><\/p>\n

Spending and saving from a scarcity mentality can look like many different things, including:<\/span><\/p>\n