Mindset reset is the GOAL for this year okay? So every Monday I’m going to blog about money tips that I pick up from books, podcasts, my personal experience, wherever. Disseminating information is key. Each one, teach one. We all glowing and growing!
So I came across this amazing podcast by Ms. Courtney Sanders, Think and Grow Chick. Please be sure to follow her on SoundCloud! (IG: @ThinkNGrowChick) This particular podcast “5 Money Mindset Shifts to Help You Step Up Your Financial Game Up” is filled with gems. Courtney recommends books to read, entrepreneurs to follow and study and of course bomb advice on how to boss up ya finances. Give it a listen.
I’m going to give a short summary of the podcast and how the advice really resonated with me. Her experiences were so relatable, it was like I was listening to bits and pieces of my own life. It gave me hope. It made me realize that I can change, and I’m on the right path to do so. Let’s get to it!
Mindset Shift #1: Understand that you don’t have to honor every wish and want. For me this rule speaks directly to impulse buying. See, impulse buying is so bad for me because I’m an avid online shopper. I get the 50% OFF THE ENTIRE SITE, GET IT NOW type emails, I find myself clicking and then I’m buying. Ridiculous right? It’s not THAT bad, but I do impulse buy and I realize that’s a habit I need to change.
Courtney advises that we should prioritize what we want MOST over what we want in the moment. She gave the idea of creating a Wish List. Instead of just buying the things we want, add them to a wish list first. This will give you the chance to visualize your priorities and place your money in things that will actually benefit you. Money is a tool, a resource.
Mindset Shift #2: Demand and command what you are worth financially. This is for every woman. Not just the career woman seeking salary, but also the business woman selling a product or service. Never sell yourself short and know what you’re worth. This is important because if we sell ourselves short of what we’re worth we’ll be concerned about money. We’ll feel the need to find it, chase it because we aren’t being compensated as we should in the very beginning.
Mindset Shift #3: Saving is good! BUT. Make sure that some of the money saved is being invested. Make your money work FOR you. To go back to money being a resource. It’s important that we use our money as a means to create more money. We need to invest. Whether we invest in ourselves, our businesses, or in stocks and bonds. Courtney quotes a line from the book The Secrets of A Millionaire Mind that left an imprint on my mind. “Poor people see a dollar as a dollar to trade for something they want right now, where rich people see every dollar as a seed that can be planted to earn a 100 more dollars which can then be replanted to earn 100 more.”
I haven’t quite gotten investing down, I’m only saving but I am acquiring knowledge to learn how to make my money flip.
Mindset Shift #4: Recognize and undo the limiting beliefs you have about money. This is an overlapping lesson for me. In the book You Are a BadAss Jen Sincero talks about how our subconscious is the reason behind a lot of our actions, even if we can’t recognize them. This mindset shift speaks to that same message. If we believe that a certain amount of money is too much, or can’t be obtained. We’ll continue to have our actions align with those same beliefs. In order to BE rich, we have to THINK rich. We can’t be governed by fear or greed. It’s time to undo how we think about money.
Mindset Shift #5: Realize that wealth and financial freedom is a behavior more than it is a bank account. THIS! Okay so this part of the podcast I felt was just for me, all the way down to the example Courtney gave! Our habits define our outcomes. The example she gave is how good students aren’t defined only by the good grades they get. They’re good students because they go to class, study regularly, meet with teachers, etc. We have to have the same outlook about our finances. Being rich isn’t just about the amount of money you have, it’s about the habits and behavior that allows us to be rich. “Your bank account will be an outward manifestation of who you are as a person and what your mindset is, so if you want to be a wealthy person it’s important that you focus on developing wealthy behaviors, or financial freedom behaviors”.
Affirmations: I am financially wealthy. I am financially free.
Things to do:
Find out your problem area. How are you spending most of your discretionary income (income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items) Food? Clothes? Shoes?
Make a feasible budget. Your budget has to to do-able, don’t make a budget that cuts so much that you’re unhappy and lacking.
Make a wish list to help prioritize your spending
Understand your feelings ABOUT money. Write down the first words that come to mind when you think about the word money. Think about what your idea of A LOT of money is? Is it obtainable? This will start the process of understanding some of your subconscious thoughts about money and what mindset blocks to change. When I did this one of my first thoughts was “hard to get”. That’s not really a positive outlook and it could be affecting HOW I behave about money.
I hope you enjoyed this blog. Like, comment and share! #MoneyMoves