Today, I’m diving into the importance of money mindset as an entrepreneur and why you need to focus on improving your mindset when it comes to building a thriving business.
In this episode, I go over some of the strategies our past guests have used to overcome their money mindset struggles as business owners and how you can start applying these small steps to your own business.
In this episode, Danielle also discusses:
- Looking at your own money journey and detoxing through journaling 4:27
- The power of positive thinking 6:36
- Negative and positive emotions around money 14:00
- The importance of having a community and tribe 16:39
Connect with Danielle:
Website | https://www.kickstartaccountinginc.net/
Instagram | https://www.instagram.com/kickstartaccounting
Twitter | https://twitter.com/KickstartAcct
Things Mentioned in Today’s Episode:
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Full Episode Transcript:
Welcome to entrepreneur money stories, the podcast for women entrepreneurs who want to dig into their money stories so they can break free from limiting beliefs around money once and for all hosted by Daniel Hayden, owner of kickstart accounting, Inc. This podcast is a series of real conversations about money mindset with valuable and action packed takeaways for the entrepreneur who’s building their abundant empire. Danielle is a reformed corporate CFO who’s on a mission to help rural breaking female entrepreneurs understand their numbers and gain the confidence to create sustainable profits. And now here’s your host, Danielle Hayden.
Hello fellow podcast lovers. Welcome back to another episode of entrepreneur money stories. Today, we’re going to be diving into the money mindset. Now, I know this is a topic that we hear tossed around the internet a lot, I hear money mindset all the time. And when I first started the business, I to be honest with you rolled my eyes, I had no idea what money mindset meant, and why it was so important. As a business owner, as a CEO, I had come from a corporate background as a CFO and I had watched my leaders and investors make very black and white business decisions, there wasn’t a lot of emotion behind these corporate decisions. However, in entrepreneurship, we are building these businesses from the ground up, they become our babies. And we have a lot of money mindset issues or experiences that we’re bringing into owning a business. So we’ve been learning a lot over the last over 50 episodes. First of all, I cannot believe it’s been over 50 episodes. But we’ve learned a lot over the last 50 episodes from all of our guests that have come on to the show and has shared their experiences about their money mindset, and how they’ve overcome some of those strategies. So let’s take this time today to dig into some of the reasons for money mindset, and some strategies that we can walk away and use in order to improve this mindset that we have. And you might ask yourself, why do I need to do this work? Why do I need to understand my money mindset? Why do I need to improve it? Successful business owners are able to deal with their money mindset early in their business, and then do it on a regular basis. This isn’t something you fix one time and you’ve overcome it right, you’re cured. This is something you have to continuously tune into. And as you’re able to tune into it, you’re able to make better business decisions for your business. So you’re not operating just out of your heart and your gut. You’re operating from a place of confidence. And with data to support the decisions that you’re making in your business. I don’t want you to operate like a robot. And we can still have heart and soul and our business. However, we’re gonna give heart and soul some grounding. Alright, so where does the money mindset come from? And why do we have it right? Our culture has many negative beliefs around money, money itself has not created greed, money itself is actually a blank slate. And it’s up to us to determine how money will be used, you know, before money was created, we would negotiate or barter so that rather than having to do something that you couldn’t do that maybe you didn’t have the skill set to do, you could actually trade and partner with somebody else in order to get things done in a more efficient and effective way. So throughout the years in our culture we have created through marketing and movies, through our experiences through childhood, our parents, our neighborhood, our friend’s parents, we have created this narrative of greed or the money is bad in our culture, or that money is something to be aspired to at all costs. And it’s the only way of feeling success and feeling worthwhile. So a great place to start for yourself is to look at your own money, money journey. You’ve heard me interview other guests on the show. And we always start with what is the tone around money when you were growing up? So you can journal this, you can just think about it as we talk about it. I’ve heard through studies that the best way to detox is to journal it out. So create an emotional detox. However, I get really frustrated because my mind is moving a million million miles a minute and my fingers can’t keep up. So a lot of times I will take these prompts and actually think through them rather than actually journaling them out. So there’s no right or wrong style to this. But I want you to start to think about what was the tone around money? What were some of the common terms that you heard your parents talk About was there arguing in the house? Maybe what was the fight about right? Or maybe there were joyous occasions? And how was joy celebrated? Was there any gratitude in your home? How did your family show gratitude? There are so many experiences as I’m saying this, I’m thinking about all the guests that we’ve had, and I don’t want to put anything in your mind. So I’m actually going to leave their story to those episodes, and let this be a blank slate for you to religiously think about what was your tone, your parents’ tone around money. And then you can even think about your neighborhood and your teachers or, or your coaches as you were growing up. So for me, it wasn’t actually my parents who I had a tone around entrepreneurship and money mindset around entrepreneurship. And it wasn’t actually my parents who set that narrative. It was actually my friend’s parents who created that narrative in my mind that you couldn’t be successful as an entrepreneur. So this doesn’t just start and stop with your family, I want you to think about all the different experiences that you had, maybe a teacher, friends or family now that we have emotionally detox that right, we looked backwards, I want you to start to think about how we can now that we have an understanding of what our money mindset is, and where it might have come from, what can we do now to start moving forward to start improving our money mindset so that we can make better business decisions? So the words power of positive thinking, right, we cannot just think our way to success. However, here, this can be very applicable. Right? This is the one place that we can use the power of positive thinking, and using the power of our mind to actually change our story. So if you’re constantly telling yourself things like, I’m not a numbers person, I’ll never be able to make enough money to hire or pay myself, I’ll never understand this very odd accounting language. I’ll never understand what a financial statement is. Or my favorite, I’m not good at saving money. So why bother? Or I’m a spender. I’ve identified with it. And it is what it is, oh, no, we don’t have to identify. We don’t have to have our character be defined by these historical habits that we’ve had, at any time we can interpret things as good or bad. And it’s easy to think of things very negatively or, or bleak, right? It is easier for us as human beings to think about what’s going wrong, right? The negative things, the mean girl inside of us, each and every one of us. And it’s also easy to think of things as forever thinking, right? This puts you and your behavior in a permanent lifetime jail sentence with no escape, right? So if I think I am just a spender, and it is what it is, I’ve now just put myself in a jail cell of spending. And I’m never going to be able to get out of it. And I’m not giving myself the opportunity or permission to ever change. Again, this is really easy for us to fall into this trap. I know. It can be with diet, right? It can be with exercise, I’m not, I’m not an exercise person, I don’t do that. Well, now you’ve just taken away the opportunity to ever get healthy and be a really healthy optimal being. And the same thing here with finances and owning a business. If you’re thinking I’m never going to be a numbers person, why bother? We’ve just put you in a jail cell, that you’re never going to be able to succeed in business because you have to understand your numbers in order to continue to succeed. So how can you start to get out of jail? Right? How can you start to get out of forever thinking, I like to think of this as very small steps and creating winds and momentum. If we can create one when around, maybe you’re a spender, and you can start saving just $10 a week. We’re now creating momentum around that. And momentum breeds more momentum. And these are very small habits, you can tune back into the episode that I did on atomic habits from James clear, but these very small habits are going to start to create momentum, and will start to change the narrative from Forever thinking to opportunity. And by creating these opportunities for your money, you can actually change the energy of your money. So money can bring both positive or negative energy when you spend money. Not all spending is bad or wasteful, right? We don’t have to think of all spending as negative energy but what we can do before we spend money is pause before we make purchases and understand the reason for your purchase. I’m going to keep on moving along our example of being an overspend. are. So money can bring you positive or negative energy. And not all spending is bad or wasteful. So if you’re an over spender rather than shaming every purchase that you make, let’s start to take action around the spending and pause before each purchase and understand the reason for your purchase. Once we’ve paused and we understand the reason for the purchase, we can identify the energy that the purchase will create. So if you’re paying your employees or contractors for the great work that they’re doing, you can get really excited about spending the money, right, you can release positive energy and think, think your higher power, thank you for your spirit, thank the energy forces for giving you the opportunity to have these amazing people in your circle, and to have the opportunity to help have them help you serve your community. And so we’ve just now changed the energy around rather than overpaying for staff or contractors. If you were releasing a positive energy around that, that spending, let’s say you’re overspending on unnecessary purchases within your business, maybe it’s every new operation software under the sun, or conferences that you attend, but not with full hearts, or coaching and courses that you don’t actually complete. Those are examples of spending that can have a negative energy. And that’s where we need to pause and understand why we’re purchasing them. So in the example of courses, maybe we’re continuing to purchase courses because we don’t feel worthy, we don’t feel like we are able to charge the prices that we want to charge because we haven’t accumulated enough knowledge. And we need to go deeper there. Why do we feel that way? And is that a valid concern? Is there a valid training opportunity? Or are we purchasing these courses and purchasing this development in order to fill a void that is never going to actually be filled. So again, this is the action item here is actually self awareness. I have a hard time with that. So for me, I want action tips that I can go and put into practice right here, right now I want to pick up my pen, I want to shoot off an email, I want to take that action step. These are, this is a
a more subtle episode today, where we are going to take this time and energy to become more self aware, so that we can make small changes in our business. Maybe it’s the software example. We see this all the time with our clients. If we are overspending and signing up for every new software, why do we feel like we need to optimize our business? Why do we feel like we need to, to obtain all these different subscriptions in order to be able to run our business? Is it because the business owner next to us is doing it? But is it because somebody else said that they were doing it? Or is it a real true need or want or something that we can actually implement in our business. And we all go through a little bit of this when we’re first starting out. So there’s no shame around this. There’s recognizing understanding, and then making small changes to move forward. Hey, podcast lovers, I hope you’re enjoying another amazing episode of entrepreneur money stories. I had to interrupt to tell you about an exciting new tool we recently launched. If you’ve been wanting to learn how to start managing your business finances, but don’t know where to start, then visit kickstart accounting inc.com/bootcamp. To receive our new five day video bootcamp series, you will receive a video each day that will take you from accounting overwhelm to money powerhouse. So you’re ready go to kickstart accounting
inc.com/bootcamp. All right, that’s an episode. So now that we’ve changed the energy around our spending or, or saving, we can start to understand that energy and use it to to to bring more positive energy and release the shame and release the negative energy around are spending or saving. You know, maybe it’s a shame around, I’m always saving money and I cannot spend in my business. You know, you start with a small investment. And you release that or you spend that money and you release positive energy around it. And you celebrate the purchase. And you get really excited and really changed that that emotion the next time you go into invest in your business, but you don’t remember how good you felt when you were able to make that investment when you were able to invest in your business and continue to grow. Now we’ve changed the energy we’ve changed the story so we can continue to build on that momentum. Alright, now that we’ve changed our energy, we need to create financial goals to help increase our chances of success. Now, usually, I know I’m totally changing this up on you guys. Normally I’m going to talk about budgets and projections and write out all of the income and expenses that we want to see in our book. In this today, I don’t want you to set a budget, I want you to just dream about what success means to you, right? This is just a dream. This is about the energy that you feel, the empowerment that’s created, the confidence that you have. And we can create a number around this. However, it’s not usually as high as we think that we need. But we’re not going to go into all the nitty gritty details today, I just want you to dream big. Let your mind wander and explore what’s successful for you. I love the story of Jim Carrey, right? He famously wrote himself a $10 million check when he was broke and desperate for a job. And he dated the check for three years from that date. And by the time the date had arrived, he had landed his role and Dumb and Dumber, this is an amazing story. And maybe this can resonate with you. So if you like to, if you enjoy doing a vision board, or you’re writing down your financial goal, I actually don’t have anything very official, I have a post it note that I keep on my desk, that is I have one for business and one for personal that are my financial goals. So this doesn’t need to be anything elaborate. So press pause here, or maybe do this after the episode. But I want you to take some time, Dream bag, feel all the emotions that that dreaming creates. And then don’t make any big production out of this. But write down where you want to go. And when creating the goals tells the universe where you want to go, and when you want to get there. And then lastly, it’s so important that we find the right tribe of people. And this can be family members, business mentors, coaches, consultants, that we’re partnered with networking communities that we belong to other entrepreneurship groups that we might belong to. But finding the right tribe of people who are going to help elevate your money mindset, I’ve always hated the saying that you are the sum of the five people you spend the most time with. However, if we are not countering that, maybe you can’t help who your life partner is. And maybe you can’t control your family members. And you actually like spending time with your family. So those five people that are in that closest circle, maybe they’re not who you want to be in the future, right, and maybe they don’t demonstrate the best money mindset today. Maybe they’re not as successful as you want to see yourself. So finding the right tribe of people who are outside of that, that that circle that’s closest to you, that finding the tribe that’s outside of your friends and family are going to help you improve your money mindset. Or they’re going to help improve the quality of your business, the quality of your goals and how you succeed. Alright, so we talked a lot about money mindset, today, a lot of ways to improve our energy and our way of thinking around money. I want to close on one last piece that everything we talked about today. And everything that you do with this information needs to be done without shame. I’m gonna say this, again, we’ve had so many guests on this show, and they’ve all had a money journey. They’ve all had experiences that have contributed to their mindset. And not a single one has been identical to another. Every single one of them has taught me a different experience around money and our money mindset in business. And so there’s no shame, it is just your story. I want you to own your story, and start to change your energy around the story. Start to use this self awareness over the next few weeks and months, noticing the comments that you’re saying to yourself, noticing the Forever thinking, correcting the commentary in your head, correcting the commentary in the circle of people around you, right, imagine how contagious this can be. If the five people who are creating your circle, don’t have a strong money mindset either. As you start to strengthen your money mindset. Imagine the impact that you can create in your circle. You can think of it as a service to them as helping them along your journey with you changing the energy around the money mindset in your circle in your community. I hope you enjoy today’s episode in a very different way than what we normally talk about on the show. I would love to hear what action steps you’re going to be taking or if you had a revelation or an epiphany or maybe it’s just one small change or thought that has come to your mind. I would love for you to email us at support at kickstart accounting inc.com If you have any ideas or guests or anything that you would like for us to cover on this podcast, you can email us again support at Kickstarter account at Counting inc.com We’re here to serve. We’re here to be a resource for you. So let us know who you’d like to hear from, what stories you’d like to hear, and what concepts that you need additional help with. Don’t forget to like and subscribe. Subscribing is how you will never miss another episode. And if you can like and leave us a review that is going to be how the algorithm serves up this content to other entrepreneurs and other people who need to hear this content who need to hear other entrepreneurs stories. I am so grateful for your time. I don’t take that lightly that you have spent this time with me and thank you. So I will see you next week.
Transcribed by https://otter.ai