You know those people who just seem to attract money? The ones who are always finding ways to make more, spend wisely, and use their wealth to their advantage? They don't have some superpower, they just have an abundance money mindset!
What Is An Abundant Money Mindset?
An abundance mindset means trusting that money - having it, wanting it, and going after it - is a good thing. On the other hand, a scarcity mindset means fearing that you'll never have enough money, that you can't get money, or that you're destined to be "bad with money" forever.
Some thoughts that characterize a scarcity mindset might be...
"I never have enough money."
"I'm not in control of how much money I have."
"My money leaves as soon as I get it."
"There's a limit to how much money I can make."
Some thoughts that characterize abundance mindset might be...
"I have all the money I need."
"I'm in control of how much money I make."
"I am worthy of the money I have and the money I want."
"I have everything I need to achieve my dreams."
While a scarcity mindset is all about fear, an abundance mindset is all about confidence and trust. Having an abundance mindset doesn't mean you never stress about money, it just means you believe your money troubles won't last forever.
3 Ways to Practice An Abundant Money Mindset
If you want to start cultivating an abundance mindset in your own life, try these strategies!
1. Rewrite your money story.
The way we feel about money as adults is often a reflection of how our parents and grandparents treated money when we were kids. In order to break free of the cycle of scarcity, you have to investigate the origins of your money mindset blocks.
Once you start to understand your "money story," you'll be able to rewrite it! That might look something like this:
"As a kid, all my clothes were hand-me-downs because we couldn't afford new things. As an adult, I used to feel guilty buying anything full-price. Now, I am grateful that my parents did everything they could to get me clothes, and I know I deserve to buy new things when I want or need them."
"As a kid, my parents fought about money all the time. As an adult, I learned to be very private about money and felt guilty buying things for myself. Now, I'm more confident having tough money conversations and don't feel like I need to justify my personal purchases to anyone."
"As a kid, I learned that in order to make more money my parents had to work longer hours, meaning I got to see them less often. As an adult, I equated financial success with having no social life. Now, I know I have the power to build a business that fulfills my career goals and allows me to have a social life."
It's hard digging into your childhood memories, but rewriting your money story is really the key to releasing money anxiety.
2. Practice gratitude for every dollar.
A major part of having an abundance mindset is being grateful for the money you have, not just excited for the money you want to have.
As a small business owner, you should practice gratitude for every client, every payment, and every single dollar. A $100 invoice is just as exciting as a $1000 invoice. Every dollar gets you closer to your goals.
What does this look like?
Celebrating signing a new client, even if they buy your cheapest package.
Appreciating your low-income months as well as your high-income months.
Remembering how amazing it is that you run your own business and make money on your own terms.
These simple moments of gratitude can work wonders for cultivating your abundance mindset. Plus, the more appreciative you have of the money you already have, the more likely you are to attract even more.
3. Spend (and save) with intention.
Being good with your money doesn't mean saving every single penny. In fact, over-saving actually leads to a scarcity mindset. Instead, good money management means spending and saving with intention.
When you want to make a purchase, slow down and figure out why you're making the purchase. Are you spending out of habit? Or because you genuinely need or want what you're buying? The more control you have over your spending (especially emotional spending), the more confident you'll be in your money management.
When you want to save some of your revenue, actually assign that money to a savings goal. Will it live in your emergency fund? The new computer you're saving up for? An eventual subcontractor? Give your money a 'job' instead of just saving out of fear of the future.
Want more clarity and confidence in your business finances?
As a small business owner, overcoming your money mindset blocks is crucial. If you want to understand your business finances better, maximize your income and feel truly confident in your money management skills, check out these free resources!
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