The Fierce Business Babe Podcast Ep 295: How to Upgrade Your Money Mindset

Today, I am diving into money mindset. I share what a money mindset is, how my money mindset has affected my business, and what you can do to change your own money mindset. We also touch on my old money stories and how I was able to reframe my money mindset.

HOW TO UPGRADE YOUR MONEY MINDSET

BY: MELISSA LIN

Welcome back to another episode of The Fierce Business Babe Podcast! Today's episode is all about how to upgrade your money mindset. Mindset is so key in entrepreneurship. There are so many days when you're going to feel up, so many days when you're going to feel down. I actually had a post about this few weeks ago. It was about some of the ups and downs that I see sometimes on a weekly basis or a monthly basis. I used to see it daily. I used to feel these things daily. Of course, as I’ve grown and as my business has expanded the challenges have definitely shifted.

The challenges you see at the very beginning of your business are very different than the six-figure challenges and multiple six-figure and seven-figure challenges. New challenges always arise. There's always going to be different ups and downs, that’s why I love sharing those things with you here on the podcast. Today it’s all about money mindset. If you are lacking in money mindset at all, I've been there. I totally get it. Money used to scare the living daylight out of me. I was terrified to spend money. I didn’t like to ask people for money. It was so 180 from where I am now with my money mindset. I do want to just share with you even if you’re just getting started on your money mindset, it's definitely something to start working on now. You can have a completely different outlook on things even a week from now or a day from now if you just start to really think about some of the stories you’re telling yourself and some of the reframes and shifts that you can make. We’re going to get into all of that today. Specifically we’re going to get into some of my old money stories, which maybe you can relate to, some of the shifts that I made with my money mindset, how to make shifts with your money mindset starting today, and so much more. You know I've got all the tips and tricks for you, so we're going to get into some really good stuff today.

MY OLD MONEY MINDSET

Let’s dive into my old money stories. I am going to get such a giggle out of this because I had some pretty big money stories back in the day, especially when I first got started as an entrepreneur. I started to shift into the entrepreneur space and the online space in 2014. Back then I was 24 starting my business and up until then I had 24 years of money stories that were taught to me. There were beliefs that I had about money for 24 years, so they definitely weren't going to change and shift overnight. However, once I started that process of reframing things and looking at things from a different perspective and seeing things differently, I was able to start to shift so many other stories as well. Again, money mindset is such a big one, especially in business. You're selling a product or an offer. You're selling the service in exchange for money, so money mindset is definitely something important to look at.

I was raised to believe so many things about money, and maybe you can relate to some of these. I want to share these because you may believe some of these now. I want to help you navigate some of your money stories and also share how my money stories have shifted and really reframed since the ones I’m about to share with you. I’m half Chinese, so I spent a lot of time with Asian side of my family and there are a lot of money stories over on that side. I love my mom and my dad so much, however, some of their stories definitely spilled over to me. I was taught that rich people don't care about other people. I was taught that it takes a lot of hard work and a lot of time to make any kind of real money and that there's only one way to make money. I was taught that you've got to go to college and get this fancy career and go up the ladder at the company. I was taught to save every penny you can and not to overspend on things, to get the cheapest version you can, walk an extra ten blocks, walk an extra 20 blocks, take the bus, take the subway, even if it's going to take you two hours longer to get to your destination. Another big thing I was taught was that it was really rude and disrespectful to talk about money with other people, especially how much money you made, what they cost, how much your valuables are, and things like that. Those are just some of the many money stories that I had growing up. It’s what my parents knew, it's what they were taught, so of course it's what they taught me.

Something that I saw a lot of family members do, that’s who I spent most of my time with growing up, so of course I did this for some time as well until I started to reframe my money mindset and my money stories. I can remember as a kid, even as a teenager, my parents parking 20-30 blocks away from a concert or an event to save $5 or $10 on parking. I remember my parents driving an extra 10 miles out of the way to save $0.03 per gallon on gas, which doesn't make sense at all if I think about it now, but that’s what they believed. Of course that’s what I started to do as I started to venture out on my own, go to college, that sort of thing. Then once I started to look into my mindset and work on my own money mindset that started to shift and change. So much effort was put into trying to find the cheapest way out and I knew that I wanted to spend my time finding ways to do bigger things and not worry about the $0.03 I could save per gallon.

THE LACK MONEY MINDSET

A lot of times greed comes from the same lack mindset as poverty and staying broke because you feel it’s gross to be rich or that you don't deserve money. It's all rooted in lack. If you are coming from that place of lack, that's also what you're going to attract. Even as you’re getting a business started, you're still in that fear and that lack mindset. You're going to attract what you put out, so you're going to attract that into your businesses as well. You may currently believe what you desire doesn't exist and I want to change that right now for you because it does. You can have anything you desire in this life and so much more. A lack money mindset believes that there is not enough to go around, that you're not worth enough to flourish, and that the money you spend will not make its way back to you. I promise you that that could not be further away from where you want to be as an entrepreneur. It definitely takes time, so start working on this now. I'm going to give you some tools today to start to shift. However, if we're in that mindset of, “oh, there's not enough to go around,” putting this into a business perspective, if you are worried about collaborating in the online space or doing a live with somebody else that's in a very similar niche as you because you're worried that they are going to take your clients or that someone in your audience is going to go and work with that person instead, that's coming from a lack mindset. You don't feel that there's enough to go around, a lack of abundance.

I deeply believe there's so much abundance everywhere around you and that there are more than enough clients for you, for me, for everybody out there. There are eight billion people in this world. So many are your ideal clients. There’s more than enough to go around. You are so worthy to flourish and get what you want and so much more. Your money will make its way back to you. One of my mantras is, “ the more money I spend, the more money I make.” It’s what I deeply believe as I continue to invest in myself and invest in my team and invest into new software and different things like that. More money comes back to me and to my business. I'm able to serve more people and do bigger things.

SHIFTING MY MONEY MINDSET

I want to come and share it with you one of the first things that really started to shift my money mindset outside of a few money mindset books. This was just knowing deeply that I wanted to help others. I always wanted to be able to donate to charities and do bigger things. I knew that I wanted to be able to do this, but I could not give what I didn't have. I knew that the more money I had, the more money I could give, the bigger difference I could make. I knew I wanted to create more money and it would really take more than what my engineering job was going to be giving me. That was one of the lightbulb moments for me when I started to shift my mindset around all of that, even entrepreneurship and staying in my nine-to-five. I knew that I wanted to do more and wanted to go bigger and play bigger and do bigger things. I wanted to create a bigger impact.

So, I wanted to share all of those stories with you because maybe you relate to them. Maybe you're feeling some of those now, but none of them served me one bit. As I started my own business I immediately saw shifts once I decided to make some shifts. You need to decide that you want to change and then actually start taking action on it. I would say that investing in myself was probably the biggest shift. As I continued to work on my money mindset through my investments and also through some of my favorite money mindset books, more shifts were definitely made, so that's what I want to get into next; some of the shifts that I actually made with my money mindset.

Over the years, I have created many money mantras to help me shift my money mindset. One of my current favorites, it’s been my current favorite for a few years now, is, “I love money because I love myself.” The way that I started to make this shift was I first needed to determine the story that I was telling myself about money and then really ask myself, is this true? Is this a fact? Is this proven? Then, of course, create a new story that actually served me and then start to go and find evidence around me that supports the new story. There's always evidence around you that supports the story that is going to serve you. Another thing I like to have my clients do when they're working through money mindset is making a list of all of the reasons why you deserve money. There are so many reasons why you deserve money. I also like to have them make a list of all the amazing things or amazing experiences or the amazing good that money can provide. There are so many amazing things that can come from money, that money provides.

HOW YOU CAN SHIFT YOUR MONEY MINDSET

Let's start to get into how you can make some shifts with your money mindset to upgrade that money mindset starting today. Let’s start to rewrite your money stories that you have. Let's say, for example, that you believe that money can't buy happiness. Maybe that's something you don't believe, but whatever your current money story is, your current money belief, I want you to write it down. If you are fearful about talking about money; if you think it's rude to talk about money; if you don't feel like you're allowed to spend any money on yourself; if you don't feel like you're allowed to splurge once in a while; if you believe all rich people are rude. Whatever that story is, I want you to write that out or write it into your phone, notepad, whatever you've got in front of you, and ask yourself, what actually is serving me in that?

For example, if I'm going to write that money can't buy happiness, I’m going to ask myself, what actually makes me happy? If I think about that, the things that make me, Melissa Lin, happy are spending time with my family, seeing friends, going and traveling abroad or even here in the states, spending my weekends hiking, sailing, drinking Prosecco and wine, preferably white wine. If you have ever had a meal with me you know I'm not really a red wine drinker. Something with red wine and my tummy doesn’t mix well, but I love Prosecco, l love white wine. Other things that make me happy are my business, Pearl, spending my entire day with Pearl. I know this is probably silly to some, but I love the fact that I can work from home and spend my day with my cat. I love that I can pick up and go and work at a coffee shop for half the day if I choose to. I love that I can go to a 7 a.m. kickboxing class in the city with some friends before my work day starts any day of the week. I love self care, it makes me happy. Exercise makes me happy. Giving back, volunteering, those make me happy. If you ask yourself, does making money help you achieve any of those things and the answer is yes, then you’ve rewritten a belief. If money helps you achieve any of these things, you've rewritten the belief. Money supports your happiness. Instead of, “money can’t buy happiness,” it actually supports your happiness by taking a deeper look into some of those things. So I've gone from “money can't buy happiness,'' to really determining what makes me happy, to then rewriting that belief into “money supports my happiness.”

I want you to do the same thing with your current money story that you have and start to dig into how you can reframe it. Create evidence around it. I have so much evidence now that money supports my happiness. Money makes it easier for me to go and travel. Money makes it easier for me to go and see my family. My mom, for example, is down in Portland, Oregon and so I'm actually going to go see her very soon. It takes money to fill my car up with gas or to get a train ticket. I'm most likely going to take the train down because I just love taking the train whenever I can. I'll probably pop on the train and make my way down there. Same with seeing friends. I have friends out of state, I have friends internationally, so money really supports my happiness. I found so many pieces of evidence in that. Find evidence that supports the story that actually serves you and is going to really move you forward with that money mindset and everything else so that we can start to upgrade your money mindset starting today.

I've given you some shifts. I've given you a few journal prompts. I've given you a few of my old, current, and new favorite mantras, and also this exercise for you to start to rewrite some of those money stories that you currently have. So enjoy, let’s get to work, let’s start working on that money mindset and move the needle for a little bit more today. Today we have touched on some of my old money stories, the shifts that I made with my money mindset, how to make shifts with your money mindset starting today, and so much more. We're already getting excited for next week's episode, I know I always am. We will see you next week in another brand new episode of The Fierce Business Babe Podcast bright and early on Monday morning.

Topics we cover include:

Types of money mindset
Limiting beliefs
Investing in yourself

And so much more!

Times to check out:

(8:08) My old money stories

(13:05) You attract the mindset you put out

(16:45) Investing in self

(18:00) Creating a story that serves you

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