Change Your Money Mindset & Create a Practical Plan for Your Bright Financial Future
Today, we’re talking about money. An important – and weirdly taboo – kind of topic.
We all want it – we need it to do pretty much anything these days – and yet, we don’t talk about it.
And then we wonder why money can feel so illusive.
That’s why we’ve brought industry-leading financial advisor, Hilary Henderschott to Mind Love. This week, she’s sharing her incredible insights about money and mindset.
Even though we think about money as a concrete thing, it’s really just an idea. And since money is an idea – of course our relationship to it starts with how and what we think about it. The relationship we have with money can have a major impact on whether or not we have any.
This week, you’ll find out…
- The surprising power of language to make you rich
- Why you need a wealth plan, and seven steps to creating one
Let’s dive right in…
The Surprising Power of Language to Make You Rich
The Surprising Power of Language to Make You Rich
Neuroscientists have discovered that our experience of life is a function of language – simply the stories we say to ourselves and to other people.
When it comes to money – that is more true than ever.
You see, money doesn’t have any nature in reality. Money simply a conversation – a concept. Over time, we develop what Hilary Henderschott calls a “Money Operating System” – a personal narrative that dictates the way we relate to money.
Some of the Money Operating Systems that You Might Be Familiar With Are…
“There’s never enough money”
“There’s always enough money”
“If I’m good the universe will provide”
“Money is the root of all evil”
“Money is a tool”
“Money makes me powerful”
These money operating systems are deeply ingrained. And yet, it’s important to remember that they’re really just mysticisms we make up about ourselves.
We tend to behave in ways that prove our personal money operating systems right. We make up a network of strongly held beliefs that align with that money operating system.
So, for instance, when someone who believes “there’s never enough money” comes into money in order to manifest “there’s never enough money” they have to spend all of that money and then some.
That’s how that person would continue to perpetuate that belief.
To acquire and manage wealth – we need to get to the bottom of our personal money operating systems – to unravel the myths, and rewrite our stories into a healthy and sustainable relationship with our finances.
Why You Need a Wealth Plan - and 7 Steps to Creating One
(Pssst… the first step is something you can do in the next two minutes!)
The first step to being rich is to decide. Wealth is a choice you make, and that’s something you can do right now. Yes, while you’re reading this!
Mindsets turn into language. You speak your wealth into existence. If your money life isn’t where you want it to be – look at your language.
You need to know your destination and how you’re going to get there; to make a short term and a long-term plan for your wealth.
Ask for a discount. Ask for a business partner. Ask your husband or wife to have financial conversations with you. Ask for a raise. Find ways that you can ask your wealth into existence.
Then of course, you have to earn it. Work hard and dedicate yourself to a process of earning that makes you most fulfilled.
Find low-cost, evidence-based ways to get consistent returns on your savings in an investment account.
Once you’ve got your money – hold onto it. Get insurance. Get an umbrella policy. Keep your money. Save it for yourself and your family.
Looking for Financial Guidance for Entrepreneurs?
When you’re working for yourself, your income isn’t necessarily stable. And yet, there are ways to create a reliable structure for yourself – so you can be safe, even when your income fluctuates.
Get Support & Funding
Whether it’s investors or another method, fund your business with the jet fuel you need to become airborne. Make sure you have a plan for that first two years of entrepreneurship.
Create Consistent Personal Income
Keep your balance in your business account high enough so that your can consistently afford your CEO and owner compensation every two weeks.
Manage Your Mindset
Make your mindset a priority and engage in active self care. Part of maintaining a healthful mindset is creating consistency and reliability in your payments.
How About Combining Finances in a Relationship?
Marriage is a business partnership. If you’re married (especially in a community property state) you are in a business partnership with your spouse. That’s why it’s so important to take active steps towards a healthy relationship to each other, and to your money.
Get on the Same Page
Just like the seven steps to wealth, you need to get on the same page. How important is paying for college to kids? Do you want to retire? It’s time to unravel your money mindset – together.
Create a Plan
Take the time to work it out and then you can create a plan together.
Maintain a Little Independence
Couples need to have little accounts that they can spend from as individuals. There should be things you can buy that your partner doesn’t have to think about.
Take a Long View
Hire a financial advisor or take steps to understand the direction you’re headed financially. Ask yourselves, what’s your trajectory, and are you on track to achieve your goals?
Took a cash flow management course, or get a guide who can help you to make the most of your financial life.
Take the Steps Today...
Jim Rohn says, “I have found in my experience that income does not far exceed personal development. Now, sometimes income takes a lucky jump, but sure enough, unless you grow out where it is, it will usually come back where you are – life has strange ways.”
By examining your mindset, changing your money operating system, and taking practical steps towards developing your wealth – you can meet the financial goals you always dreamed of.