If you’ve been following the podcast for a while now or if you follow me over on Instagram, you will know that I am one of the biggest believers in money mindset. Honestly, this is something that I teach in every single one of my programs, all the way from my membership to my group mastermind. And even to my private one-on-one coaching clients. In my opinion, it’s something that can’t be ignored. But if you’ve never heard of money mindset, and, like me a couple of years ago, you have no clue what it means to “work on your money mindset”, you’ll want to tune in for this episode.
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YOUR NUMBER ONE JOB IS TO MAKE MONEY
Let me explain. When you’re a business owner, as we know, your number one job is to make money. Yes, I know, I know. You’re probably saying, “Oh, no, it’s not. I’ve got other things to do.”
That’s true. Yes, you need to build your audience. You need to build trust with people. Yes, you need to get clients, put out content, and grow your visibility, blah, blah, blah.
But at the core of everything in your business, you need to make money.
And by the way, if you think that making money in business shouldn’t be a priority, you might want to go check out Episode Number 20 on the podcast. In that episode, I talk all about having your finances in order and having your money sorted. This includes your beliefs around money, which is one of the key elements to finally going full-time in business. Like all the clients that I’ve helped to go full-time in business, it’s the people that have their finances in order that make it to full-time business.
As business owners, we have to make money to keep our businesses going. And of course, when you go full-time in business and you don’t have a day job, the money that you make from your business is not only going to help you to run your business, it’s going to help you run your life. You won’t have a day job to rely on. So, money is an important part of business.
BUT WE CAN BECOME REALLY STUCK IN OUR MONEY MINDSET
Here’s the thing, and this is the pickle that we all get in, so many of us want money on the outside.
How many times have you said, “I want to make more money, I want to have 5k months, I want to be a six-figure entrepreneur, I want to have money,” but deep down inside of ourselves, we think that having money, we’ll lose that money.
We see what people will say if they think we have money or know that we have money. We feel what people say when we talk about how much money we have. And when our beliefs are conflicting and contradictory to each other, that does sabotage our success in business. We can become really stuck, right? That’s when people end up going back to day jobs and never going full-time, which is why we work on our money mindset.
So, on the outside, you’re like, “Yeah, I want money. I want to make more. But deep down inside of you, you’re like, holy shit, money! So scary. I don’t want to lose it, but I want to have it. And I don’t want people to think that I’m a bitch,” right?
We’re going to get into that. But the same principle applies to all areas of your business and life. When your beliefs are conflicting, when you think one thing but you do another, or when you do one thing, but believe another; it’s conflicting, it’s contradictory.
WHAT HAPPENS WHEN WE DON’T GET THE RESULTS WE WANT?
So, I want you to think about this. What normally happens when we as humans don’t get the results that we want? Let’s say that we women don’t get the results that we want. What’s the first thing we do?
- We change our actions.
- We try a new strategy.
- We read a new book.
- We join a new cause.
- We buy a new thing.
- We slap on another bandaid, right?
That’s what changing actions does. And whilst we don’t get the results that we want, the natural thing we do is to change our actions. And that may give us some short-term success, and short-term gratification. But, guess what, in the long run, those actions then become stagnant or the actions stop working and the results slip.
Then what happens? You change your actions again. It’s the same shit over, and over, and over, and over. You don’t get the results so you change your actions, but then those actions don’t work. So, you change. Then that changes your results, but if you don’t get the results you want, you change your actions again. And on and on. Right?
What Do We Really Need to Do to Change Our Results?
But what really needs to happen is that you need to change the results and to change them for good. Not just for tomorrow, not just for next week. But to really change them for good. And to do this, you have to go deeper than just your actions and to actually look at the beliefs, and the feelings, and the thoughts, and the emotions that are going on deep down inside of you.
So, get excited because I’m teaching you something that not a lot of people know.
How many times have you seen someone win the lottery? They win $5 million, or $100 million dollars, and then they lose that money as quickly as they got it.
How many times have you seen someone inherit massive amounts of money? Maybe they had a family member pass away or something awful happened and then they came into huge amounts of money. Then they lost that money as quickly as they got it.
On the other hand, how many times have you seen self-made millionaires and billionaires lose all of their money? They lost all their money but then they gained it all back as quickly as they lost it.
I’ll tell you why. Because the people who are coming to money fast and haven’t worked on their beliefs around money, they aren’t changing their results long term. So, when money actually comes into their hands, all of these limiting beliefs around money play over, and over, and over in their head.
Maybe not even at a conscious level where they know that I’m having this thought and that maybe it’s unconscious, right? Like a video playing in the back of your mind that’s unconscious and then boom, there goes the money, right? So, the opposite is true for those self-made millionaires and billionaires because they’ve worked on their money mindset.
They do have great beliefs about money and the impact it can make in the world. They do have great beliefs on what money can do, etc, etc.
These millionaires, when they lose that money they gain it back as quickly as they lost it. It’s actually pretty mind-blowing stuff when you think about it. I know it’s pretty crazy. And if you’ve never heard of it before, I’m sure your mind is absolutely going a million miles an hour. I know mine was when I first started thinking about this stuff.
So, let me break it down for you because I want to make this as simple as I possibly can for you to understand.
HOW WE GET OUR LIMITING BELIEFS AROUND MONEY
So, how does it all start? How do we get our limiting beliefs around money? How do we get rid of them? What do we do?
So, to make it as simple as possible, the majority of the beliefs that you currently have inside you right now are unconscious beliefs. These beliefs are just going on in the back of your mind. You don’t really think about them throughout your day when you’re making your coffee and living your daily life. You’re not actually consciously walking around saying, “I hate money or money’s evil, blah, blah, blah,” right? It’s unconscious. It’s in the back of your mind. Those beliefs, the majority of them, actually came from when you were between the ages of 0 and 7.
When We Form the Majority of Our Beliefs
Studies have shown that the majority of the beliefs in our minds come from when we were the ages of 0-7. Why the ages of 0-7 and not 10 or not 5-12? Well, during this stage, our brains are like sponges. Literally, like little sponges soaking up every single, tiny, teeny bit of information around us. And it’s forming a “blueprint” for our life.
We take in what our parents, our siblings, our friends, the media (TV, news, articles, radios programs, etc.), everything that they’re saying and that they’re doing. And our brain during those ages, when it’s a sponge, tries to find out what we should be doing in life. What we should be saying and what we should be believing. Our experiences form our blueprint for life, right?
Meanwhile, we go about our life until we realize that this is happening. And we’re like, “Yeah, I’m in control.”
But what you don’t realize is that the majority of your beliefs and the majority of your personality traits have come about from when you were young, or by something that has impacted those beliefs.
It depends what you’ve been told, but some of the common things that we’re told are:
- That rich people are greedy,
- That money is the root of all evil,
- That millionaires and billionaires are all a bunch of assholes,
- And one that I was always told was that money doesn’t grow on trees.
- That we should want to work our asses off for money,
- And that wanting money is frowned upon.
It’s so contradictory that it doesn’t make sense. So, this information that we’ve taken in from others is forming your blueprint, right? It’s actually conditioning us or programming us for what we then believe to be true about money.
Essentially, we just take on the beliefs of other people, right?
And before we know it, we’re just a walking, talking reflection of our parents, our friends, the media, of TV shows, and movies. We spit out the same things that they have or we do the same things that they do because that’s how we’re formed.
And I just wanted to mention that this isn’t to say that our parents, our friends, or anyone else for that matter has done anything wrong or that they’re to blame. This is just the way that humans develop.
We always have developed this way, and we always will.
IT’S HOW THE HUMAN BRAIN WORKS
And, of course, I’m not a brain scientist (there’s probably a name for that). But I’m not a brain scientist, and I can’t give you the full studies on it. So, go Google it, but this is how our brains work. I’m not telling you this so that you can go and blame everyone else for sabotaging your lack of income in business. That would just be silly.
But I am telling you this because it’s important for you to understand where your beliefs about money actually came from.
So, then you can then take the next step once you know what those beliefs are. You can release those thoughts and get rid of them for good. Because, like we said, changing your actions only does so much. You need to change your beliefs.
So, now that we understand where your limiting beliefs around money come from, let’s talk a little bit more about how these beliefs can actually harm your business. Because trust me, they can and they will, if they haven’t already.
THE BELIEFS THAT CAN HARM YOUR BUSINESS
They may have already harmed your business. You may not have known it until this very moment. So, let me give you another example, let’s say that you have a really deep desire or a big dream to go full-time in business. And let’s say that you want to have $5,000 months, right? You will have those months but, right now, you believe that you have to work your ass off to make money. And you also believe that you should always save your money for a rainy day.
Whether that’s something that your parents taught you or something that you saw them do, those beliefs are there. Maybe your grandma always stored money in little jars around the house and said, “That’s for a rainy day. Don’t touch it yet.” She was deprived of other things, and now you carry that belief with you. What do you think’s going to happen here when you try to build your business?
I’ll tell you. You’re likely to end up self-sabotaging or end up burning out (which is the worst of them all), because you’re going to take the long road to full-time entrepreneurship. You will do this because you believe that it takes hard work. And you’ll probably make everything super complicated.
No one will resonate with your message because you’ll overcomplicate it. I’ve got a whole podcast episode on that, but you’ll make it so hard for yourself because you have this deep-rooted belief that making money is really hard. You believe that you have to work your ass off, right?
And maybe you’ll never even go full-time. You’ll be so busy just trying to manage your day job.
Maybe you have kids or a partner that you feel makes it hard to go full-time. Or maybe it’s a really big social life. That you love catching up with friends but that you never seem to find the time to go full time because, well, it’s so much work.
Something that I always used to hear from clients back in the day was there just “weren’t enough hours in the day.” But when I got to the root of why they believed that it was because they thought “I’ve got to work my ass off to make money.” There are not enough hours for me to work my ass off. Right?
Work smarter, not harder.
But what about the other side of this? What about the other part where you believe that money should be saved for a rainy day? Question for you, is that going to stop you from investing in coaches, or mentors, or programs from people that have done what you want to do and who know the exact steps that you need to take to get you to those $5k months? Those people who know what it takes to go full-time in entrepreneurship? Is that going to stop you from going full time quicker?
Because you’ll feel like you need to have loads of money saved before you quit. Because you believe, “I need to save my money for a rainy day.” So, any money that you do make from your business you’ll say, “Oh, I can’t take that as income. That’s money for savings. I need to have $10,000 in the bank before I can go full-time.”
Guess what? Yes, the answer is yes. It will stop you from investing in coaches, programs, and mentors. Therefore it’s going to stop you from going full-time quicker and it’s going to stop you from getting the success that you so badly crave. Another really great example that I give my clients is to imagine that right now you will think, “I want to make so much money from passive income. I’ve heard people talk about it and sounds amazing. I can make money whilst I sleep. I can make money whilst I’m on a beach sipping margaritas and just chillin out,” right? Or when I think about it, it’s “I can’t wait to make money sitting on my bed with my leggings and my puppies by my side.”
But but but but…
You want to make passive income but you have a deep-rooted belief that you have to work hard to make money or that money doesn’t grow on trees. How many of us have heard that? Imagine if you want to become a millionaire, but you have a deep-rooted belief that millionaires are a bunch of assholes.
Can you see how these beliefs that are going on in the back of your mind? Or maybe they’re in the front of your mind? I’m not sure. But typically, they’re in the back of your mind. Can you see how these beliefs are actually stopping you from having the success that you want? It’s insane. It’s mind-blowing to realize you have these thoughts.
I remember when I first realized how much I needed to work on my money mindset. I thought, “Holy shit! Whoa, this is why I can’t grow my income any further than I have.”
I hit those income plateaus because I was like, “What the hell? Why can’t I make more money? I’m doing all these things. I’m showing up even more. I’m emailing twice a week. I’m writing blog posts,” blah, blah, blah.
But I needed to work on my money mindset. So, when I had this sense of “Holy shit, this is why!” I had this feeling of “Oh, my God, this is it. Now I know.” And that’s the most important thing.
This is what I wanted this podcast to do.
This understanding or feeling is what I wanted you to have from this podcast. To have that breakthrough of “There’s actually another reason why I’m not making the money I want to make,” or “There’s a reason why I can’t keep the money that I’m making,” or “There’s a reason why I can’t attract clients who actually want to pay me.”
There are so many different ways that money mindset or limiting beliefs can actually affect your business. I would be here for six hundred hours trying to list them all. There are honestly so many limiting beliefs. And it’s actually funny because talking about “This is why I can’t grow my income anymore,” and even just thinking to myself, “Oh my god, this is why I never made passive income. I had stuff in my shop. I had it all there, but I usually got the exact same response from my clients.”
One of my favorite things happens when I have a client who’s never heard of money mindset before and then they work with me one-on-one and I teach them about it. Then we work through their beliefs.
And then I come back to me like the month later and they say, “Holy shit! My income has doubled,” or “Holy shit. I just got three people who reached out to me to work with them. I’ve never met them before. It’s so cool!”
And the payoff is massive.
So, I hope that this has given you a better understanding of what money mindset actually is and how it can affect your business. And not just your business but your life.
So, from your monthly income, to how many clients you’ve booked, to the sales you make, your money mindset will impact these things. As I said, I’d be here six hundred hours if I gave you all the different ways. So, specifically, for you side hustlers listening, working on your money mindset will 1,010% help you go full-time in business sooner.
It’s not one of those things where it’s like “airy-fairy” working on your money mindset. That’s what I thought when I first started. But it’s having that deep understanding now of “Holy crap, this is it.” That is what will change your life. That’s what will help get you to full-time sooner.
And remember, if you haven’t already started working on your money mindset yet, that’s totally okay. But what I want to say to you is, now is your time to change that. Not later. Not when you’re full time in business. You need to start working on your money mindset now. If you’re wondering what to do, if you’re looking for a mentor to help you, I’m totally going to do a shameless plug here.
Check out my one-on-one package or my mastermind. I adore all the women who have worked with me over the years. They’ve had some amazing results from our time together. And I don’t say that to brag, but I’ve had clients get some seriously insane results using the exact methods that I teach.
And they’re still getting huge results, month after month. We’ve worked through those limiting beliefs and I always get DMs from clients on Instagram about their results. They say things like, “Oh my god, I just had a client payment come in.” Or they say “I just doubled my income again! How did this happen?” Or “I just had a $5k launch,” etc.
And it just excites me. That’s why I wanted to open up this conversation with you. Because when you start working on your money mindset, when you start getting rid of those shitty limiting beliefs that are not serving you, that’s when your business can just absolutely skyrocket.
So I have a favor to ask you. It’s not going to take you long.
If you love this episode on money mindset and you want to know more about it, or you want to know how to start working through your limiting beliefs, or anything more to do with money mindset, make sure that you send me a DM on Instagram @elleymae. Get out your phone right now, jump over to Instagram, follow me, and then send me a DM and let me know that you loved this episode. And let me know whatever else you want to share or understand about money mindset.
So, I love you. I hope that you loved this episode. Like I said, Send me a DM and go out there and work on your money mindset.
Have any questions after listening, head over to Instagram, and ask away!
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