due_logo
Search
Close this search box.
Blog » Money Tips » Is Your Money Mindset Getting in the Way of Your Success?

Is Your Money Mindset Getting in the Way of Your Success?

Posted on June 10th, 2016

While I have certainly worked my tail off in terms of the seemingly practical aspects of building a business, I’ve also done a lot of work with my own money mindset. The reality is I’ve noticed that when nothing you’re doing is working – especially if you’re doing all the “right” things in business – then it’s more an issue of your mentality than it is about your work ethic. You could be working 12 hours a day and busting your tail, but if your mentality is all wrong you probably still won’t see very much money.

How Your Money Mindset Can Hold You Back

This is certainly something I dealt with in the beginning stages of my business. Around my second year of freelancing full time, I’d reached an income plateau. No matter what I did I could not get past the $2500 a month mark. I believe I spent about a year like this.

I didn’t really know this at the time, but I had some pretty deep issues around the idea of earning money. Although I kept saying I wanted to make more money, my money mentality at the time kept saying that it was impossible.

Once I got clear on the fact that my money mentality was the issue, I set out to work on changing it. Within a few months, I finally broke the income plateau and the money hasn’t stopped rolling in since.

How to Identify Your Money Mentality

Our money mentality is essentially what we believe about money. This includes our earning capacity. For me, I’d always been told that creative people don’t make a lot of money because it’s not practical. Therefore, somewhere in my mind, I believed I would never make the kind of money I wanted because society didn’t value my skillset.

This is just one example of a money mentality. For other people it may look like being afraid to outearn their partner, assuming their gender can’t make more money or simply having a lack of confidence in their ability to earn.

The best way to determine what money mentality you’re carrying is to just get honest with yourself. Do you really believe you can earn more? If not, why?

How to Change a Negative Money Mentality

Changing a negative money mentality is a practice. In my experience, I had to experiment with a lot of different tools and strategies. Simply put, you don’t just wake up one morning and suddenly your money fears are gone. The reality is it takes consistent awareness and constant effort.

Here are just a few of the things I did to change my own negative money mentality:

  • Read books that discuss the idea of money mentality. My favorite is Think and Grow Rich.
  • Meditate. This allows you to keep your emotions in check and trust in something greater than yourself. You can find specific money meditations online.
  • Hang out with people who make more money than you. This was a game changer for me. I started getting more involved in financial blogging communities simply as a way to learn from people who were already where I wanted to be.

Changing your money mentality is very hard work, but it is well worth the effort in the long run. It may seem daunting at first, but no successful business owner I know has gotten away with not addressing their own money mentality issues.

Amanda Abella

Amanda Abella

Amanda Abella is a Millennial Finance Expert that helps people understand their finances and eliminate all bad debt. She wrote a book, Make Money Your Honey. It is a powerful guide on how to have a better relationship with work and money. You can actually start building an extremely profitable business around the things you're passionate about.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.
Categories

Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More