Hi, I am Dre and I am your mindset coach and mentor change. Today, we look to answer the question how to build a money mindset of abundance and change your life. The impact your beliefs about money have in your life are no different than the beliefs you have about anything else.
Your beliefs create your actions and your actions create your reality. So , what am I trying to say when I make this statement?
You will find that millionaires and billionaires have different beliefs about money than the poor and middle-class. There are even some studies that are dedicated to the mindset those who are born poor posses. The results show that those who “beat the odds” and change their life have a different mindset than someone who does not believe it is possible.
This can be categorized as a fixed mindset versus a growth mindset, but it is deeper than that. You will find the poor usually have a mindset of scarcity, which makes it difficult for them to spend money on anything other than survival.
The wealthy tend to have a mindset of abundance as it relates to money and they see it as nothing more than a tool to accomplish a task (more to come on this later).
Your big take away from this section is the beliefs you have create the life you have today. Therefore, if you want to change your life, then you need to change your beliefs.
What if I gave you a blank check?
Have you ever considered what would happen if we took all the money in the world and redistributed it equally among the entire population?
Many say that it will end world hunger and create a utopia of happiness. As much as I would love for this to be the case, I am one of those people who believe nothing would change.
In 5 to 10 years, I believe the money will find its way back to the original owners. There are plenty of stories to support this claim.
- Think of the last lottery winner you heard that was broke in a couple years.
- You may have read a story about an athlete who made millions of dollars, but retired broke.
- There are even stories of children inheriting wealth and squandering their opportunity.
Building a money mindset of abundance
The reason giving you all the money in the world will not change your life, is because you do not have the right beliefs yet. There is a transformation that happens when you take yourself from broke to wealthy. You discover how to make money work for you and it is why so many successful business owners end up creating multiple successful operations.
They eliminated multiple limiting and false beliefs along their way to success, and that is why giving you money will not change anything. You have to discover the false beliefs that are holding you back, and then you have to conquer them.
What does money mean to you?
In one word, what does money mean to you? I want you to think about it, but I also want you to be spontaneous.
What is the reason that you believe you need more money?
- Provide for your family?
- Take care of debt?
- Purchase a home?
- Buy a wedding ring?
- Retire early?
The main thing I want you to understand is that you are not interested in amassing wealth for the sake of collecting money. You are not going to fill a vault with a bunch of money and swim in it like Scrooge McDuck.
Money is only valuable because you know you can use it to exchange for something of value later. If you were not confident in this fact, you would no longer be interested in money.
What have you been taught about money?
Your views on money are related to your past experiences with money.
- If you grew up in a poor family that viewed money from a scarcity mindset, then you are likely doing the same.
- Your religious views have portrayed money in a negative light, then you may discover you are sabotaging your efforts.
- If you believe having money means you are selfish or untrustworthy, do not be surprised if your beliefs keep you from changing your financial situation.
Money is a tool, use it
Understanding money is a tool the wealthy are frequently leveraging their assists. They are not collecting money for the sake of collecting it, they are making their money work for them.
When interacting with the poor and middle-class, you will find they often believe the goal is to have some money. As a result, their fear of uncertainty keeps them from participating in any risking behavior.
Instead, they keep their money in their bank account, collecting minimal interest each year.
Why does your one-word about money matter?
It speaks on the emotions you associate with money. Abundance, safety, and freedom are all feelings that speak beyond money. They speak to gaps that you have in your life and money may or may not fill them.
By the end of this article, you are going to know what your philosophy on money, whether it is helping you accomplish your goals ,and how to improve it.
Self Destructive Money Mindsets
- Money comes at the expense of happiness
- If you subconsciously believe money is tied to an unhealthy lifestyle, you are not going to achieve your financial goals.
- Instead you should tell yourself that the choices you make around money makes up a small portion of your overall health. You can be poor with horrible health or wealth with incredible health.
- More money, more problems
- If you believe money is more problems than it is worth, well, do I even need to explain to you the difficulties you will face?
- It would be better to say, I have to understand and educate myself on wealth building so I can properly manage my finances. You are going to have problems whether you are rich or poor. The only difference is the kind of problems.
- Money is the root of all evil
- Money is a tool of leverage. You use it to accomplish your goals. It is your motivation and the manner in which you accumulate your wealth that is evil; does that make you or the money evil? Money is just a reflection of the person who possesses it. A magnifier of sorts. Address your internal motivations and the money will take care of itself.
If you have these beliefs (or similar beliefs) about money, you can already see some of the contradictions. I want more money, but I believe it is going to cost me my happiness, create a lot of problems, or make me an evil person.
Prove your past experiences wrong
As you start to recognize your beliefs about money, you need to determine if they are false. The best way to do this is to find someone proving you wrong.
If you believe raises require a lot of more, for a slight pay increase, find someone that proves your belief wrong.
If you believe the only people who have money were born into it, are sleazy criminals, or selfish, find someone who you respect with money.
I guarantee you can find someone succeeding financially who by all accounts should not be. Let this excite you as your work to build a money mindset of abundance and change your life.
How do you feel about money today?
What you are going to do now is answer the question, “how do I feel about my ability to accomplish these financial goals I set for myself?”
You cannot believe this is going to fail, nor can you believe this going to be painful if you want this to work.
It is okay to believe something is going to take work, because you allow yourself to create a prepare accordingly. This is the definition of a growth mindset. A growth mindset is the belief that you can prepare, learn, and grow to accomplish anything. A fixed mindset is the belief that you are either born with it or you are not.
Your goals to change your financial life are no different. You need to believe you have the ability to build the proper money mindset to accomplish your goals and change your life.
As you know, I am a big fan of simplification. You do not need to reinvent the wheel here. If you can find an example of someone achieving financial success that is in-line with your aspirations, try to mirror their plan.
You do not need to copy it exactly, but it is important that you give yourself room to be true to yourself. I recommend modeling a plan that does not compromise your core values.
How do you feel about your future?
Now that you have tackled your past beliefs and examined your current beliefs, how do you feel about the future?
Even in the worst of times, I have always felt good about the future. However, I know this is not always the case. There are plenty of people who feel great about the present, and less so about the future.
You want to makes sure you are confident in all the work you have put into building the proper money mindset.
Remember, you must have a tinge of optimism if you are going to pull this off. If you do not feel as confident as you would expect, then you likely have another false belief hidden in your past.
To find it, just repeat everything we have done so far. In fact, you can implement these strategies as regularly as you need. You did not build your money mindset overnight, and you are not going to change it overnight.
What is your money mindset philosophy?
I want to end with a few questions I found on Natalie Bacon’s website. She is a financial planner, business owner, and coach. When I came across her bonus questions, I knew I had to share them with you. She credits Brooke Castillio, and I am going to credit Natalie.
Take a moment and write down your answers to each of these questions. They are going to tell you a lot about your views on money.
- How would you spend $1,000,000 if you received it right now?
- Would you tell people? Why or why not?
- What would this money mean to you?
- What would other people make it mean?
If you do not your answer to any of the questions today, you need to find the belief that matches your answer. What must someone belief to have the answer you want and how can you create those beliefs? It is your beliefs that create your action, and your actions that create your reality.
Until next time, continued blessings on your journey to become the champion of your life.
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