4 Money Mindset Myths and How to Bust Them!
Throughout our lives, women are told many myths and lies about money that unconsciously shape our money mindset and our money identity.
As women business owners, this affects not just our personal lives, but also the success of our companies and the impact we can create.
Thankfully, changing your money mindset is actually possible. Improving your money mindset will lead to more conscious choices that support your financial goals and also can help you become more content in your life and business.
How to change your Money Mindset?
It all starts with identifying common money myths that affect us as women, so that we can then BUST them and begin rebuilding money TRUTHS in their place.
Money Mindset Myth #1: Dealing with money is hard, and as a woman, I’m not good at it.
Women are frequently led to believe that it’s difficult or challenging to manage money. That it’s hard to make money, and if we do have money, it’s hard or confusing to deal with.
We may also have been taught — either directly or indirectly — that we’re not supposed to be good with money and that money is better managed by the men in our lives and businesses.
You probably know this already.. But just for the record I’m here to tell you that these myths that plague our money mindset are DEAD WRONG!
Money doesn’t have to be a challenge...to make or manage. It’s all about how you approach it. It’s also about giving yourself permission to ask questions and be curious about money.
If you begin approaching your money with more curiosity, you will peel back the layers of what you don’t understand and start finding more ease in your relationship with money in your business and in your personal life.
Also, for the record, women may actually be better suited to handle money than men...at least according to Impact Alpha and The Harvard Business Review — which recently examined 163 multinational companies that appointed women to their leadership teams.
The results were astonishingly consistent: Wherever women were deployed at the executive level with the power to lead and decide, companies thrived.
Women are not only good with money. We are exceptional with money and are more likely to create businesses that benefit our communities and have a positive impact!
Money Mindset Myth #2: No one in my field or industry makes a lot of money, so I can’t either.
Most of us have been taught that only certain fields or professions are lucrative and can have high levels of financial success. Women,have traditionally been encouraged to pursue other industries and niches where money is “not the point” or stability and wealth aren’t to be expected.
Again, NONE of this is true!
In almost every field, we can find examples of businesses and people — men AND women — who are profitable and thriving. Your industry doesn’t determine your ability to make money or find the success you crave.
To bust this mindset, use your time and energy to identify successful people in your niche or area of interest who are doing amazing work and making the money they desire and living comfortably.
Sometimes all it takes to shift your money mindset is seeing examples of what you want to achieve to know that the success you crave exists in the world. Then, work on believing you also deserve this same success and are capable of reaching it.
Money Mindset Myth #3: Money will change who I am.
This money mindset myth can be a challenge to unpack because we all have examples of those people we know personally who’ve found financial success and have changed because of it. When they made more money, they suddenly seemed like different people than they were before.
And while this can happen, the truth is: You are the same YOU no matter how much money you have.
Money doesn’t change who you are, but it can serve to amplify certain parts of you — maybe parts you aren’t aware of.
This is why it’s crucial to examine your money mindset and your relationship to money right now, so you can anchor yourself to your core beliefs and values. Unless you consciously cultivate a generous and healthy relationship with money, who you are with money right now will be who you are with money at any level of financial success.
Instead of focusing on the fear that money may change you, find ways to use money as a tool to amplify what you believe in and to create a greater impact in your life, your family, and your community.
Money Mindset Myth #4: Money is taboo and not a topic for polite conversation.
Sometimes one of the scariest things for people is just talking about money. Money can create feelings of anxiety, fear, shame, and avoidance — which is why a lot of us find it is easier to just not talk about it at all!
But given the importance and use of money in our everyday lives, isn’t it something we should be able to talk about more openly?
Many of us were taught to believe — whether right or wrong — that money equates to our personal value. Which can mean that we perceive high earners as better or more important than others.
With this money mindset in place, if we ask someone how much they make, are we literally asking them what their social standing is?
In other words, if I earn more money than you, am I “better” than you?
Of course not.
What if instead of using money as a way to value ourselves and others, we see money for what it really is? A medium of exchange.
Money is one of the MANY forms of currencies we have available that hold value in our lives, but it’s not the only one.
When you shift your money mindset in this way, then you can start to see and appreciate the inner currencies — the value that we all carry within ourselves. A value that can NEVER be measured with money.
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