Your money mindset
Your money mindset is a a tool to build a strong, healthy and profitable company.
As entrepreneurs, we often forget to consider that every decision we make along our business journey has a business and personal financial impact. These decisions are guided by how we perceive and define our relationship with money, along with our personal beliefs and behaviours. Without being comfortable talking about money and the financials of your business, how can you operate and run your business confidently and successfully?
So, let’s talk about developing a healthy, money mindset.
But first, let’s define what that is.
Taunya Woods Richardson refers to a money mindset as our subconscious programming that informs 95% of the decisions that we make— and with 95% of our decision making on “autopilot,” we must evaluate how our financial decisions are consequently impacted. Our subconscious decision-making chooses to rely on what we are most familiar and comfortable with, and this starts to be formed in our developmental years.
During early development, we are faced with new situations that we observe and begin to rationalize; based on how we perceive such events from our childhood, our subconscious becomes programmed to react accordingly to these situations proactively, and the way most familiar.
We encourage you to consider and reflect on your experiences growing up, and try to recognize the source of where your behaviours and attitudes surrounding money were shaped…
Which parent made the money in the household?
Was money abundant or scarce?
Did you feel equal to, or less than your peers growing up?
Was money a huge stressor in your family or childhood?
Were you conditioned as a child to not talk about money?
All of these circumstances have influenced the way our subconscious has been programmed to understand and perceive money; it consequently shapes the way we perceive personal and financial security and even how we personally, and financially value ourselves. If you have negative experiences and perceptions surrounding money, your money mindset may be inhibiting you from building a strong, healthy, and profitable business. Furthermore, a destructive and distrusting relationship with money will leave you feeling fearful, insecure, guilty, and even shamed to discuss the financials of your business.
So how do we change this framework and adopt a healthy, money mindset?
This all comes down to building a new relationship with money. Once you identify and understand the emotional connection with your past money experiences, you can then critically assess your current financial behaviours and attitudes. Money should be a source of empowerment as a women entrepreneur, and if you rewire your brain to positively interpret your finances, you will find newfound confidence in your financial decision-making.
A healthy, money mindset is the key to success—equipping you with the tools to think critically and effectively in business.
Take the time to assess your current financial situation including debt load, business salary, spending and earnings, and consider everything as a reflection of your subconscious decision making. Ask yourself, are you critically thinking from a financial perspective? Or are you listening to your subconscious and following what seems most familiar to you?
To adopt a healthy, money mindset, it all starts with awareness and understanding of your relationship with money in your formative years. Your subconscious mindset is choosing to feel financial fear, choosing to feel burdened, overwhelmed, and indebted; that’s what your subconscious is familiar with—and you must detach yourself from these attitudes and self-destructive behaviours to foster a healthy, money mindset.
You want your money mindset to serve you, not inhibit you.
The Finance Cafe would love to send a huge thank you to Taunya Woods Richardson for sharing her incredible insights in this week’s podcast on how to navigate the financials of your business and how to rediscover a healthy, money mindset. Take Taunya’s quick, 5-minute Money Type Quiz to understand more about how your perceptions of money impact your success and growth as an entrepreneur.
Also, for more information on how our relationships with money are formed, check out our podcast to hear Taunya Woods Richardson discuss the 4 financial pillars that inform how much money you need to be earning, and how to uncover how much money you need to be generating for your business from a revenue perspective.
Money has an emotional and heavy weight to it, and a lot of people view money as a reflection of their value and worth; this only further perpetuates the money taboo for women as women often feel afraid to speak out about their financial concerns. Once we become more transparent and open to exploring new conversations surrounding women, money, and entrepreneurship, we can foster a community of women confident and capable of succeeding in business.
Here at the Finance Cafe, we want you to get to a place where you feel empowered by numbers and the stories they create for your business, and we hope to inspire women entrepreneurs to use their money mindset as a tool to find success and confidence in their financial journeys. Join us here weekly to learn more about unlocking your full potential as an entrepreneur and finding the confidence to uncover the financial story of your business, one number at a time.
Shannon Pestun & Shauna Frederick
The Finance Cafe