Your Money Mindset – Does It Help or Hinder Your Business?

If you cannot control your emotions, you cannot control your money.” – Warren Buffett

Money impacts all areas of our lives, directly or indirectly. Our mindset, or attitudes, about money affect our relationship with money – which can be complex and emotional. Note how you feel when you pay a bill, go shopping, trade in a car, or encounter someone you perceive to be rich or poor. And our money mindset doesn’t stop at the door when we walk into our businesses. It translates into how we think about our business and how we manage it. It impacts our vision for our business and how – and whether – we go after it.

Your money mindset was likely formed when you were young and, at least in part, learned from your parents. How did your parents handle money? Did you consider yourselves rich or poor? You may have witnessed arguments over money and likely heard whether your parents considered money extremely important or that it wasn’t their top priority. Little, if any, training about money awareness and management may have been offered to members of your parents’ generation – much of what you observed and absorbed may not have been fact based. You may not even be consciously aware of your attitudes about money, much less have examined them.

Common emotions experienced in our relationships with money include fear, shame, anger and guilt. Emotions and perceptions related to money can act as a self-fulfilling prophecy and influence our ability to make and manage money. Some common “inherited” attitudes about money include:

  • Money is the root of all evil.
  • Money is the source of all happiness.
  • I’m not the kind of person who makes a lot of money.
  • Money is scarce — there’s only so much to go around.
  • I don’t have the talent/credentials/qualifications to make a lot of money.
  • Making a lot of money would mean I’m greedy, especially when there are so many people who are poor and struggling.
  • There is never enough!

Looking at money from a financially intelligent perspective, rather than an emotional one, can help change, heal and transform unhealthy attitudes about money. Consider these points and suggestions:

  • Put facts over emotion.
  • Having more money will not magically change our attitude about it.
  • Remember the Law of Attraction.
  • Money enables us to express ourselves more fully.
  • Our own poverty won’t help others who are struggling.
  • Money is a tool to help us do more good in the world.
  • Examine your attitudes – write down your thoughts, fears and limiting beliefs related to money. What is your most limiting paradigm? How can you shift it to a limitless statement?
  • Create a vision for the relationship you want to have with money and the financial results you want in your life – write it down.
  • Articulate a new, present-tense paradigm for your money mindset and relationship – money is… money allows…. Read it or repeat it to yourself when negative emotions and attitudes about money creep in. Leave that ancient baggage behind you.
  • The KEY: Find peace and contentment with or without lots of money.
  • With a clear focus on life, money will stop having power over us.

Deep-seated money issues take time to unravel. Consider choosing one of the suggestions above, writing it down, and referring to it every day as your NEW money mantra. See what effect it has on you and how you approach money issues over time. Positive attitudes about money can spill over into your business and the people you work with, inspiring more positive attitudes and a shift towards abundance. It is only then that you can roll up your sleeves and get to work on implementing the vision for your business.

Remember….

“It’s not that people who make money become successful, but that successful people attract money.” – Stephen Covey

“When I chased after money, I never had enough. When I got my life on purpose and focused on giving of myself … then I was prosperous.” – Wayne Dyer

I’d welcome the opportunity to help you assess how attitudes within your organization may be hindering success or stifling growth, help you shift your paradigm to one of abundance, and put tools, practices and processes in place to maintain a trajectory of prosperity. Contact me to schedule a one-hour, complimentary review of your financial situation or book a time that works for you at www.Calendly.com/Rick-126

Rick Arthur

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Rick Arthur is a CFO whose expertise is built on Financial Intelligence and 35 years in senior financial roles. Coupled with a CEO’s perspective and the experience of building his own $20 million company, he brings a unique depth of insight into business from the top down. Wired to get to know people, Rick works hand-in-hand with business owners of intentional, growth-oriented companies, solidifying relationships as a trusted advisor and confidant to his clients. He leverages his experience to help business owners gain traction and stay laser-focused on the company’s vision, cash flow, and profitability – all while creating big picture solutions for strategic planning, growth and sustainable success.