Your Money Mindset Matters

Did you know your mindset about money effects whether or not you are successful at work, in business, throughout life? Well it matters in a big way - let’s talk about how to change it!

Growing up, my family was not always the smartest financially. There were years we spent more than we had - which led to some rough patches. By default, I grew up as an impulsive saver. I never wanted to spend a dime, and if I could save every paycheck forever - you bet I would.

I carried this attitude with me like a tattoo etched into my heart. Into my marriage, into my work as a photographer, and then into my online business. I thought I could skate by with free trials and versions of websites and learning everything on my own or “the hard way” (because who in their right mind would pay for a training course?). I thought this mindset would make me more successful. Less expenses means more profit, correct? Sadly no.

Instead of investing in the right equipment and the right training - I floundered. I didn’t know where to begin or the right steps to take. And in doing so, I wasted a ridiculous amount of time and energy. If I could convert the time I lost into cash - I spent thousands doing all the wrong things. It wasn’t until the 15 Day Business Challenge that I even realized I had an issue. I had lived my entire life as a frugal Fred and in doing so I was putting the value of money over the value of myself.

Before I learned this, I truly thought $10 or $20 was worth more than hours and hours of my time. Which news flash - it isn’t. You can always find a way to make more money, but you can never manufacture more time.

When I realized I had a poor mindset about money, I realized I needed to make a change. That’s when I read Rich Dad Poor Dad by Robert Kiyosaki. In the book, Robert talks about how he grew up with two dads and by default, two mindsets about money. By reading this book, and spending countless hours of introspection and journaling - I slowly started to see changes.

These days I still have a tendency to be Frugal Fred. But instead of acting impulsively, I try to think deeply about the decision I’m about to make. Is spending this money a risk worth taking? Will it better my life, my business, or my family? And will spending the money now lead to a happier, healthier and more successful me in the future?

So How Does This Effect You?

Maybe you relate to being a Frugal Fred. Or a Spending Sally, or you are a No Budget Bob. Whatever cute nickname can apply to you. I want you to sit with that for a second. How do these actions surrounding money make you feel? For me, saving made me feel safe and secure. For you, you may feel free or in control or excited. Take a second to journal those thoughts and feelings.

“If someone were running my retirement investments in the same way I spend money, would I have a good retirement?”

Now when you make a decision related to money, I want you to ask yourself one simple question. “If someone were running my retirement investments in the same way I spend money, would I have a good retirement?” Now you can format this question however matters most to you. So maybe you change out retirement for a bank, a charity, or even your child’s school.

As a Frugal Fred, my answer to the above question was usually no. I did not want to invest money into retirement to have it sit in a savings account. I didn’t want to give money to a charity and have it never be used for good. The same would apply for a No Budget Bob. Would you want all the money at your child’s school invested into books, leaving no room for desks or teachers or electricity? Obviously not!

However you answer this question is usually a good sign of if your money mindset is negatively effecting your life. From there you can read books, journal, go to therapy, whatever it is that will help you transform into the type of person you want to be.

I have absolutely no doubt that your mindset about money matters in a big way! The question is, are you ready to find the success you deserve? Or do you want to hang onto that Frugal Fred for just a little while longer?