I was waiting for my doctor to arrive with my mom when this realization suddenly dawned on me.
This realization makes me a completely different person than my mom, who raised me.
And that realization is the sole reason why I am continually striving for success and financial freedom. In comparison, my mom is still in the exact same position today from 20 years ago.
Money mindset is the beginning of your financially secure future.
Why Money Mindset?
You see, parents talk as if they know everything about money. My mom was giving me a lengthy lecture about how other people are making their own money and how they are super successful now. Then, I asked her, “Why do you care about them? Why are you telling me their stories? What about your story?”
She wasn’t able to answer me right away.
So I shared with her how I intend to keep on making money and grow my money so I can be financially free when I turn 30. I started talking about investments and capital gains. I talked to her about how she could optimize her earnings from her 3 apartment buildings.
I talked about how being a lifelong learner will prepare you for any economic crisis that may arise. I even offered her the book that I was reading, Cash Flow Quadrant.
But she shut me out completely. She said she learned everything there is to learn from her experiences.
And I realized that’s why you are still in the same position you are in now from 10-20 years ago. I love her. But I’m not going to let her mindset about money affect my money mindset and core beliefs.
So yes, people. If you want to start your journey to financial freedom, you need to start with your mind.
So why is your negative money mindset keeping you from being successful?
Think about this…
Are you tired of living paycheck to paycheck? Do you feel like no matter how hard you work, you can never seem to get ahead financially? If so, you’re not alone. Many people struggle with money, and a lot of it has to do with our inner critic.
What is an Inner Critic?
An inner critic is that voice in your head that tells you that you’re not good enough, smart enough, or worthy enough. It’s the voice that tells you that you’ll never be able to achieve your financial goals. And unfortunately, when it comes to money, our inner critic can be incredibly powerful.
Why Your Inner Critic is Keeping You Poor
It tells you that you’re not capable of handling money
Your inner critic may tell you that you’re not smart enough to manage your money, or that you’re not disciplined enough to stick to a budget. This can lead to feelings of inadequacy and a lack of confidence in your abilities to handle money, which can prevent you from taking the necessary steps to improve your financial situation.
It tells you that you don’t deserve to be wealthy
Your inner critic may also tell you that you don’t deserve to be wealthy or that you’re not deserving of financial success. This can lead to feelings of unworthiness, which can prevent you from taking the necessary steps in your personal finance to achieve your financial goals.
It tells you to play small
Your inner critic may also tell you to play small and not take risks. That it is more important to save money than invest. This can prevent you from investing in yourself, your education, or your business and limit your earning potential.
It tells you that you’re not enough
Your inner critic may also tell you that you’re not enough. Your inner critic feeds you with this negative selftalk that nourishes this scarcity mindset. That you’re not hardworking enough, or smart enough, or talented enough. This can lead to feelings of inadequacy, which can prevent you from reaching your financial goals.
It tells you to compare yourself with others
Your inner critic may also tell you to compare yourself with others, and constantly comparing your financial situation to others can lead to feelings of inadequacy and lack of motivation.
Overcoming Your Inner Critic
So, how do you overcome your inner critic and take control of your finances? Here are a few tips:
Recognize when your inner critic is talking
The first step in overcoming your inner critic is to recognize when it’s talking. Pay attention to the thoughts and beliefs that come up when you’re thinking about money. Once you’re aware of your inner critic, you can start to challenge and question its negative thoughts.
Challenge your negative thoughts and money beliefs
Once you’re aware of your inner critic’s negative thoughts, you can start to challenge them. Ask yourself if they’re true, and if not, then why are you believing them? This will help you to see that your inner critic’s thoughts are not based on reality, and that you have the power to change them.
Practicing self-compassion is one of the most powerful ways to overcome your inner critic. When you’re feeling down or discouraged about your finances, remind yourself that you’re not alone, and that everyone struggles with money at some point in their lives.
Be kind and compassionate with yourself. Remember that past financial mistakes do not define your financial future. There’s always an opportunity to change and improve your financial life.
Invest in yourself
Investing in yourself, your education, or your business is a powerful way to overcome your inner critic. When you invest in yourself, you’re telling yourself that you’re worth it, and that you deserve to be successful. Create that abundance mindset and healthy money mindset by starting with yourself. You are more than enough.
Surround yourself with positive influences
Surrounding yourself with positive influences can also help you to overcome your inner critic. Seek out the advice and guidance of people who have overcome their own financial struggles, and surround yourself with people who support and encourage you.
This can help to counteract the negative thoughts and beliefs of your inner critic and give you a renewed sense of hope and stay motivated.
How do you develop a positive money mindset?
Developing a positive money mindset can be a process, but there are a few key steps you can take to start shifting your bad money mindset in a more positive direction:
- Change your language: The words we use to describe money can shape our perceptions of it. Instead of using negative words like “can’t,” “never,” or “impossible,” try to focus on positive, empowering language that reflects your goals and aspirations.
- Reframe your thoughts: Instead of thinking about money as something that’s limited or hard to come by, try to reframe your thoughts to focus on abundance and opportunity. Believe that there is always enough to go around and that you deserve to have the financial security and freedom you desire.
- Challenge limiting beliefs: Many of us have beliefs about money that are limiting, such as “I can never be rich” or “Money is the root of all evil.” Challenge these limiting beliefs by questioning the evidence for them, and look for counter-examples.
- Practice gratitude: Cultivating a sense of gratitude for what you already have can help to shift your focus away from lack and scarcity and towards abundance. Take some time each day to reflect on the things you’re grateful for, and how they relate to money.
- Take action: Positive thinking alone isn’t enough to change your financial situation. You need to take action to manifest your goals. Create a budget, invest in your education, start a business, or look for ways to increase your income.
- Surround yourself with positive influences: Spend time with people who have a positive money mindset, read books, watch videos, and listen to podcasts on the subject. This will help you to think differently about money, and help you to develop a more positive money mindset.
- Keep a positive mindset even when things go wrong: Sometimes things don’t go as planned, so it’s important to keep a positive outlook and look for opportunities to learn and grow from the experience.
By taking these steps, you can start to shift your thinking and develop a more positive money mindset. Keep in mind that this is a process, and it may take time to see real results. But with persistence and commitment, you can change your relationship with money for the better.
Your inner critic can be a powerful force when it comes to your finances, but it doesn’t have to be. By recognizing when it’s talking, challenging its negative thoughts, practicing self-compassion, investing in yourself, and surrounding yourself with positive influences, you can take control of your finances and achieve your financial freedom.
Remember, your inner critic’s thoughts are not based on reality, and you have the power to change them. Don’t let it keep you poor any longer.
If you need help and support to get that money mindset right, join our Master Your Cash Flow Challenge to unleash that successful and financially independent you.