Podcast Summary
Uncovering the Origins of Our Money Mindset: Identify and shift limiting beliefs about money by acknowledging it as a tool for exchange, recognizing its renewability, and embracing abundance instead of scarcity.
Our unconscious relationship with money, often shaped by childhood experiences and societal norms, can limit our earning potential and create unnecessary stress. The speaker, Tara Lowenthal, shares her personal experience of growing up with entrepreneurs but still holding limiting beliefs about money due to her identification with the stable salaries of lawyers and academics. She encourages listeners to identify and shift their money mindset by recognizing the origins of their beliefs and adopting new, more abundant perspectives. The three key shifts she suggests are acknowledging that money is a tool for exchange, recognizing that money is renewable, and embracing abundance rather than scarcity. By consciously challenging our unconscious beliefs and adopting a more positive and abundant mindset towards money, we can unlock greater financial success and reduce stress.
Reframing Mindset towards Money: Changing limiting beliefs about money can lead to identifying new actions and creating more value, resulting in increased revenue.
Our mindset towards money plays a significant role in the growth of our business. The speaker shares her personal experience of how her limiting beliefs about money held her back from scaling her coaching business. She believed that money was a finite resource that had to be maintained, rather than a resource that could be created through producing value. Her coach challenged her to reframe her mindset and think beyond the idea of replacing a fixed amount of money. By doing so, she was able to identify new actions she could take to create more value for her clients and reach more people, leading to a significant increase in revenue. It's essential to recognize that our mindset towards entrepreneurship and business ownership can impact our financial success, and shifting our perspective can open up new opportunities for growth.
Our mindset towards money affects our earnings: Limiting beliefs can cost us financially. Recognize and challenge them to unlock greater earning potential.
Our mindset towards money significantly impacts our financial situation. Many people, especially women, leave potential earnings on the table due to discomfort and fear. For instance, an entrepreneur who avoids introducing herself and her services to new people because of awkwardness or fear of being perceived as pushy, could be missing out on significant income. Let's say this entrepreneur is a physical trainer, and one out of ten people she meets would hire her if she shared her services. If her average client brings her $30,000 over their lifetime, then for every ten people she doesn't approach, she is effectively paying $30,000 to avoid the discomfort of introducing herself. This is just one example of how our mindset can cost us financially. The speaker encourages us to recognize and challenge these limiting beliefs, and to be honest with ourselves about our priorities. By shifting our mindset, we can unlock greater financial potential.
Fear of discomfort holds back earnings potential: Overcoming fear of asking for raises and recognizing value of every financial investment can lead to significant financial growth
People often leave significant amounts of money on the table throughout their careers due to a fear of feeling uncomfortable or anxious during conversations about salary and raises. This fear can cause individuals to forgo asking for what they deserve, potentially costing them hundreds of thousands of dollars over the course of their lives. Another common mistake is failing to recognize that every time we spend money, we are making an investment and will receive some kind of return. The key is to consider the value and worth of that return, whether it be financial or emotional, before making the investment. By acknowledging and addressing these money mindset mistakes, we can work towards maximizing our earning potential and financial growth.
Consider the financial and non-financial benefits of an expense: Evaluate the costs and returns of various expenditures to make informed decisions about where to allocate your money
Every expense involves an investment and a return, whether immediate or long-term. It's essential to consider the financial and non-financial benefits of an expense before making a judgment. For instance, hiring a coach to help you land a better-paying job or a personal trainer to improve your health may seem expensive initially, but the potential long-term financial gains and overall well-being can outweigh the costs. By evaluating the costs and returns of various expenditures, you can make more informed decisions about where to allocate your money.
Understanding Money's Value as an Investment and Exchange: Recognize money as a tool for exchanging value, not an emotion tied to self-worth or gratitude.
Money is not about feeling grateful or deserving, but rather about understanding its value as an investment and exchange of energy and resources. Society's expectations of women to be grateful for what they receive can hinder their ability to earn what they truly deserve. Feeling grateful is not inherently problematic, but using it as an excuse to undercharge or under-advocate for oneself is not empowering. Similarly, believing that one deserves a certain amount of money can lead to feelings of self-worth being tied to external validation, which can be detrimental. Instead, recognizing that money is not an emotion, but a tool for exchanging value, can help individuals navigate their financial situations with confidence and clarity.
Your worth is not determined by your skills' financial value: Don't attach emotional weight to money negotiations, focus on the financial value of your skills instead.
The value of your skills and the amount of money you make are not reflections of your worth as a person. Money is a business transaction, and the financial value of your skills is determined by the market. You don't deserve a certain amount of money, and other people don't owe you money to prove their valuation of you. Negotiating from a place of needing others to agree on your worth creates emotional drama and can prevent you from asking for raises or selling your services. Instead, focus on the financial value of your skills and ask for what you're worth without attaching emotional weight to the outcome. Remember, the emotional drama surrounding money is optional.
Mistakes in Money Mindset: Don't leave money on the table due to discomfort, consider full investment returns, and remember money is math, not emotion.
Money is a mathematical concept, not an emotional one. Three common money mindset mistakes include leaving money on the table due to discomfort, failing to consider the full returns of investments, and attaching personal worth to financial transactions. To overcome these mistakes, ask yourself where you're leaving money on the table, consider the financial and non-financial returns of investments, and remember that money is just math. For help applying these concepts to your own life, check out The Clutch, a feminist coaching community at www.unfuckyourbrain.com/theclutch.
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