As ambitious women, we know that money is a powerful tool to help us create the change we wish to see in our own lives and within our community.
However, many of us are still holding onto to limiting (at best), toxic (at worst), beliefs around money that are sabotaging our success. Even as a financial expert, I am always uncovering personal behaviors that are harming my ability to grow and thrive. These beliefs are a result of a money mindset that after years of self-doubt, has been wired for scarcity.
Beliefs Drive Behaviors
Understanding your beliefs and behaviors around money, and then having the courage to shift the ones that aren’t serving you, is the key to unlocking the treasure chest to vitality and radiance. While shifting your money mindset from scarcity to abundance is foundational in your ability to make, and keep, money; it is also a vital building block to becoming your fully actualized self.
From experience, I’ve seen time and time again that my relationship with money is a guiding light to shine on areas of my personal development that need attention. Whether it’s improving my discipline, becoming aware of my sexual needs, learning how to set boundaries, elevating my vision or clearing out toxic relationships, money has shown me where I needed to level up.
Once we as women understand our relationship with money, we will be able to master it. And mastering your money is the next big step in being able to create a world where you, I and everyone is able to shine their brightest light.
How do you master your money?
It starts with understanding your money mindset and letting go of limiting beliefs. Our beliefs drive our behavior, and whatever you believe is reinforced by the results you reap from your behaviors. For example, let’s say you believe that having a good relationship with your family is vital to your overall success and well-being.
Your behaviors will support that belief. They could include doing things such as having a weekly phone call with your family, planning regular vacations, or eating dinner together on a consistent basis.
The same is true with money and your relationship with it. If you truly believe that money is vital to your overall success and well-being, you will be disciplined about maintaining a consistent relationship with it. If you are not consistent or disciplined with your money practices, you will feel stuck in your personal ability to create more of it to do the things you love to do.
5 Simple Exercises to Shift Your Money Mindset
Here are five simple exercises to jumpstart shifting your money mindset from scarcity to abundance.
Write down 3-5 money behaviors that you observed your parents or guardians practicing during your childhood. Did your dad jump from idea to idea as an entrepreneur, burning cash all along the way? Did your mom react by fiercely holding onto money and being hella stingy, even sacrificing buying things for herself? Or perhaps both of your parents showered those they loved with money and openly discussed finances at the table? Or did they avoid talking about it all with you? As you write down these behaviors, try not to label them as good or bad. Simply become aware of the behaviors.
Circle the behaviors you practice as an adult. Without labeling these behaviors as good or bad, create a story around why you believe you still hold on to these behaviors and write it down. If you are an entrepreneur that bounces from idea to idea, is it because you are an artist at heart driven by your passions and feel called to pursue them all? Are you stingy with your money because you believe that money can go as quickly as it comes, and you need to be prepared for a rainy day? Do you avoid looking at your money because it feels overwhelming or leads to arguments?
How is this money story sabotaging your success? This is where you need to be very honest with yourself and play detective. We all have a money story, which either helps us achieve success or sabotages it. Ask yourself how your money story has created a money mindset that is wired for scarcity versus abundance.
Put numbers to it! Money brings clarity because there are concrete numbers involved. Either you have the funds in your bank account or you don’t. Either you reached your sales goal or you didn’t. This next exercise is to help you understand how your beliefs are limiting your success. Write down your current annual salary. If you are an entrepreneur/freelancer with a fluctuating income, ballpark it. Let’s say it is $80,000. Now, what if you earned that same amount of money in one month? What if your income was $80,000 per month? WOW! What comes up for you? Do you think it’s possible? Why or why not? Write down all the reasons why you believe that it is NOT possible, and herein lies your biggest limiting beliefs.
Take action. Like any change you wish to make in your life, shifting your money mindset is best accomplished by taking massive action. While taking action can mean reaching out to a flurry of prospective clients and sharing your service/product with them, I’ve found that the most effective way to take action is to MOVE YOUR BODY. Go take a dance or Buti Yoga class and literally (and figuratively) work out all of the scarcity beliefs that came up for you during this exercise.
Sending you lots of love. I can’t wait to witness the money magic coming to you.
Danetha is the creator of Money & Mimosas, a weekly newsletter read by thousands of ambitious women from New Zealand to San Francisco. Their newsletter, live and digital programs give you the tools you need to be rich, sexy and confident, and live the meaningful life of your dreams.