5 Traps To Avoid When Changing Your Money Mindset

Image by Katt Yukawa

 

The way we think about money has a powerful effect on our financial situation, so if you have tried, unsuccessfully, to change your money mindset, you could be falling into one of these common traps.

Like any habit, developing a positive money mindset takes time and persistence. You will slip up along the way, it’s natural. However, if you find yourself slipping up frequently, it’s important to look at the mistakes you could be making.

Here, you’ll discover some of the most common traps you could be falling into that are compromising your money mindset.

 

Playing it safe

When you’re worried about money, it’s easy to play it safe. What if you invest in something and it doesn’t pay off? For example, you want to grow your business, but you’re worried putting more money into it will be a waste in case it goes wrong.

Playing it safe may allow you to hold onto the money you have. However, it’s not going to...

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What's Mindset Got To Do With Money?

Whenever I start working with business owners I ask ‘how much money do you want to make?’ and inevitably the reply is not a dollar amount.

I hear replies like - I just want enough to pay the bills, I want to offer really good services to people – the money is not important or my favorite – I’ll let the accountant take care of that.

The other set of responses I hear are a bunch of excuses as to why making more must be a lot more work or why they can't make more because they're "just getting started" or I hear a long, detailed story explaining what they're planning to do etc. etc.

It is only after a lot of encouragement that the business owners actually state a figure.

Why do we do this? Why is it so hard to put a monetary goal into your business? I think for many people we have been brainwashed into the idea that it’s not ‘nice’ to talk about money. Or that making lots of money is somehow not spiritual or just plain bad!

These are...

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