Money Mindset for Business: What is it? + Journaling Guide | Pacific Rock Accounting

Money Mindset for Business: What is it? + Journaling Guide

by | Jul 8, 2020 | Money Mindset | 0 comments

Money Mindset: It’s a phrase that’s been thrown around for a while now. One of those catch phrases that I believe people use without really digging into the significance of what it means.

Simply put, “money mindset” refers to your relationship with money. It can also be described as the way you think about money.

One of my favourite questions to ask my money coaching clients is “Imagine that money is actually a person. Think about what that relationship is like. How would you describe it?”

Some descriptions I’ve heard over the years are:

• Loving
• Tumultuous
• Dysfunctional
• Safe
• Hot and cold
• Distrustful
• Quiet
• Hateful

Everyone will have their own descriptions because everyone’s relationships with money are different.

So if you’re a business who feels that your relationship with money is safe, you’ll likely be willing to make more of a calculated risk than someone who distrusts certain aspects about money (i.e. there’s never enough, rich people can’t be trusted, money doesn’t like you). Calculated risks include investing in your business and your team, borrowing to grow your business, and implementing new systems, services and programs.

On the other hand, if you say and believe that you hate dealing with money, you’ll likely do things to stop yourself from having to deal with it…and go broke in the process while not taking accountability for your own inaction or harmful decision making.

See how this all works?

And are you thinking, “Okay, so I think I need to dig into this a little further”?

Fabulous! This will be some of the best work you do for yourself and for your business, I promise!

To start, I’ve developed three questions for you to journal on. And by “journal,” I mean do it your own way: Use a pen and paper, talk it out with yourself or someone else, go for a walk and run through your answers – it doesn’t matter HOW! What matters is that you get your brain focused on your money and feeling safe and comfortable exploring it further.

Here are the three questions:

1. Imagine that money is actually a person. Think about what that relationship is like. How would you describe it? (Told you this is my favourite question!)

2. How do you WANT to feel about money?

You can choose one or multiple emotions when you answer this questions.

Something to remember as you delve into this question: Pay attention to your thoughts and if you hear “Oh, that’ll never happen,” acknowledge that voice, then ask it to head over into the corner of your mind for just a few minutes because you want really want to explore this.

3. What beliefs about money are holding you back from feeling this way?

These might be your beliefs you developed on your own, or something that you’ve learned from family and/or friends.

This is deep work, so take your time with it, and approach it with an open mind. YOU get to decide how you answer these questions, and what you’re going to do with this information. YOU get to give yourself a safe space where there’s no judgment. (Imagine NOT judging yourself. Yes, you get to do that!)

I’ve developed a Money Mindset Restart Exercise to help you dig into this a further on your own. The questions are simple, but don’t let that fool you into thinking that this is quick and easy work.

You can download the exercise HERE.

And if you feel like you want to dig into this more deeply with me, reach out to book your first money coaching session HERE.

Merideth Bisiker | Owner, Pacific Rock Accounting