There are quite a lot of success coaches, online (expensive!) workshops and the like which promise to teach you a ‘money mindset’.
I hate buzzwords, and I also hate how mystified ‘the money mindset’ is made out to be. Here’s everything I’ve learned about having a good money mindset on my business travels, summarised.
- You have to believe you can actually make money. That means you need to let go of a couple of ideas, like the idea that self-employed people work harder for less money, or that people who do what they love work harder for less money. It means you have to believe that people of your race or gender can make money. That people who have your disability can make money. That people who have your background can make money.
- You need to rid yourself of ‘poverty mentality’. If your family have wanted for money growing up, you may have
povertymentality. I prefer to call it ‘money scarcity mentality’. To have a good money mindset, you need to understand that there’s PLENTY of money around for you to take. If you do not believe that money is in abundance you’re going to be grabbing onto money where ever you find it, which may not be in the best places (like a client that isn’t right for you). You may also undercharge.
- You need to let go of popular concepts like money is the root of all evil and that poor people are the happiest people around. The truth is that money is highly neutral. It will only exaggerate the behaviour of the person who has it, if they’re a drug addict, they’re going to be an even bigger drug addict with money. If they’re loving and giving, they’ll be able to give more with more money. Money has nothing to do with ethics or happiness, it is simply a fictional point system which is exchanged for real-life value. Money won’t make you happy or good, but it wont make you unhappy and evil either. Being poor isn’t a virtue, just like being rich isn’t. Money is just…. money.
- There’s nothing wrong with: wanting money, talking about money, or making money.
- Understand that if you have a million pounds, and you spend it all, you have 0 pounds. The quickest way to have more money is to stop spending it on shite. If you have a good money mindset, you respect how you had to earn your money and understand what you need to invest to make further money and you spend it or save it accordingly. Maybe other people are spending it in the pub or on handbags, but you put it aside. You don’t think ‘yay I have £1000 to spend!’ when it arrives in your bank account.
- Understand that you don’t NEED money to make money. Not everyone who owns a successful business has a rich Dad. Sure it helps if you start out with money, but there are plenty of people who just piss away the money they have on failed business ventures, drugs and cars. There are also plenty of people who start with nothing. If I lost every penny in my bank account tomorrow and all my assets, I would have more money in a few months. I started my business with less than £100, the rest was skills, relationships and reputation. You need VALUE to make money, not money to make money.
- You don’t need to work yourself into the ground to make money. It’s often said that CEO’s don’t work as hard as people who are digging roads, this may very well be true, but money is not related to how much you work. Again, it’s the value you provide. How many people are willing to do what you do and can do what you do? Not many? That’s a good sign.
This may all sound offensive to you or you may not agree with it at all. But if you’re going to make money in business, you NEED to believe that making money is possible and even probable for you. The mentality isn’t for everyone, and that’s why not everyone is an entrepreneur. I really don’t often talk about things like money mindset, or money at all with my friends because I know that the majority of people will not agree with me.
You don’t need a workshop or expensive success coach to learn a money mindset, it’s really something you can learn by having a think about your own attitudes towards money and work on what you feel like you need to adjust. For reading, I recommend Money by Rob Moore on this topic 🙂