Identify Your Zone of Genius
Change Your Denial Mindset
If you have had a toddler in your house, then you know the game of “if I close my eyes then I disappear.” This is called Object Permanence in the world of Developmental Psychology; the kids don’t understand that the world around them still exists even if they can’t see it. Now think about your own financial feelings about your company. If you don’t print out reports or look at your financial statements, does that mean you’re making a profit or that a loss doesn’t exist? Or does that mean you’re in denial and clueless about the true state of affairs? Be honest.
Denial won’t get you to that 6-figure milestone; denial will make your business stagnant and possibly repel clients away because of your fear or lack of confidence. In this planner, we’ll take steps to make friends with your money and to learn to love all the opportunities that your business can afford once you get real with how much you want to make.
There’s no time like the present to tackle this denial problem so face your money fears head-on and take a look at your business bank statement, right now. Now recite some positive affirmations about your business and how you feel about running it. Meditate on the reasons why you started your business in the first place. Think about the lifestyle you want to lead with your family. Journal about your fears and possible steps for overcoming those money fears.
While we may not love numbers, budgets give you the power to do great things in your business – and in life.
Not just pay-the-bills comfortable, but really, intimately comfortable. Many people have deeply held negative emotions surrounding money, and if you’re going to make budgeting fun, you have to get past those limiting beliefs.
Limiting beliefs – such as you don’t have enough experience to run a 6-figure business – drain on your psyche and affect nearly every aspect of your life. Have you heard the quote attributed to Henry Ford, “If you think you can or think you can’t, you’re right”?
Well, it’s true.
If you think you can make 6-figures, then you’ll have an easier time moving forward and taking action to reach that goal. If you think negatively about that goal and believe you don’t have what it takes, your motivation will wane and you’ll talk yourself out of doing tasks that could lead you to that big milestone.
Your Past Does Not represent your Future
Go back into your memory bank and think about your monetary situation growing up. Did your parents talk about money? Were they always penny-pinching because funds were tight? Did they rack up piles of credit card debt living above their means? No matter what your personal situation, it laid the foundation for how you think about money today.
As with any problem in life, you alone have the power to change the outcome. If you suffer from limiting money beliefs (and here’s a newsflash – just about everybody does!), YOU can change your mindset but that requires taking action. Beliefs are neither right nor wrong; they are simply beliefs that have become ingrained in our minds and at any point in time you can make the effort to change those beliefs. However, it’s not enough to just say, “I want to change.” You need to actively seek out ways to change your attitude about money.
How to Change Your Limiting Beliefs
The simplest way to change these limiting beliefs is to turn these beliefs into positive truths. For instance, if you think earning money is evil because there’s so much poverty in the world today, take that negative thought and tell yourself that you can do more for others when you’re rich than when you’re broke. Instead of picturing yourself as a greedy stiff raking in piles of money, think of all those things that money could do to help others. In many cases of limiting beliefs, people think of earning money as the end result when it’s really a means to do more in life. The end result is the good you can do in the world with that money.
Here are some other common limiting money beliefs and how you can change them:
“It takes a lot of money to start a business,” becomes “Starting a business gives me the freedom to earn unlimited amounts of money.”
“I have to work hard for money,” becomes “I do what I love, I help others, and I am rewarded with a big profit.”
“I can’t control how much money I make,” becomes “I am in full control of my life and I take consistent actions to make it exactly as I wish.”
“Money can’t buy me happiness,” becomes “Money allows me to improve the quality of life for my family.”
You get the idea. Take that negative talk and turn it into positive talk to combat your fear. Some people believe in the power of journaling these negative beliefs so you’re releasing the belief from your head onto the paper, making room for more positivity in your brain. Of course, balance that negative journaling with the positive, new belief, especially if you have many blocks you’re trying to dissolve at once. If you need a reminder of your new, positive thoughts, make a copy of your journal page and post it in your office or anywhere in your home where it will inspire and remind you that you CAN reach your goals.
Denise Duffield-Thomas is a master at breaking through negative money blocks and offers a free workshop on the subject. She says that breaking these money blocks is a daily activity instead of a one-time thing and even mega-successful business owners stumble into fear-based blocks as they reach new levels of success. So you’re definitely NOT alone in this arena. The key is how you handle those negative mind blocks; that will make the difference between your success and failure.
What Happens When You Change Your Mindset?
When you take the fear of money out of the equation you will feel more in control of your business. You may see new opportunities pop up – such as doing a project with a Joint Venture partner – that you might have missed in the past or thought you weren’t qualified for. Your self-esteem and mood will improve which often leads to an increase in motivation so you’ll work more productively. For example, if you want to create a signature product, you’ll feel confident with your ideas and the content will flow very naturally and quickly. All good things come from breaking through those negative money blocks.
In short, breaking through those limiting money beliefs allows you to take ACTION to create the life of your dreams. If you’re sitting watching life pass you by, don’t settle. When you realize that your life is a scene from the movie, “Groundhog Day” where the same thing happens every single day, delve into your negative money blocks and get ready for a positive shift that will bring about great changes. But you have to WANT it and take that action first.
- 1 - Introduction
- 2 - Identify Your Zone of Genius
- 3 - Exercise: Describe your dream lifestyle
- 4 - Track ALL the Things
- 5 - Exercise: Note all Expenses
- 6 - Keep a Money Journal
- 7 - Exercise: Track Your Assets
- 8 - Get Real About Your Income
- 9 - Exercise: Calculate Your Rate
- 10 - Create a Decision Making System
- 11 - Excercise: Needs vs Wants
- 12 - Plan Your Long Term Goals
- 13 - Excercise: Define Long-Term Goals
- 14 - Create Your Budget
- 15 - Exercise: Create your budget