Unlocking Financial Confidence: How to Change Your Financial Mindset

Are your business finances keeping you up at night? Our upbringing, cultural messaging, personal and professional relationships all shape our ideas around money—sometimes not in a healthy way. In this episode, we’re going to talk about how to change your financial mindset and develop a positive relationship with money.

Just like people avoid going to the doctor because they know they’re sick, if you’re avoiding looking at your books because you know things aren’t working right, bite the bullet and do it because your business deserves it and you deserve it.

– Pamela Grice, Business Coach

Perhaps you’re operating from a scarcity mindset, believing that you’ll never have enough money. Or maybe you’ve bought into the common belief that money is the root of all evil. In this episode, we’ll talk about how to challenge beliefs about money that are holding your business back and become empowered and confident around finances!

As always, we’d love to hear from you. What is your biggest challenge around money as an entrepreneur? Comment below and let us know!

How to Change Your Financial Mindset and Gain Confidence with Money

What We Talked About

• [00:00] Developing a healthy mindset around finances
• [02:26] How we’re doing: Our self-evaluation of our own beliefs about money
• [06:56] Detaching our self-worth from our financial success
• [09:06] Having gratitude as part of your money mindset
• [10:56] Money is fluid: Evaluating where it’s coming in and going out of your business
• [13:16] Getting a handle on “automatic expenses” like subscriptions
• [16:04] Shifting our mindset around Paypal and other third-party payment systems (hint: it’s not “free money”)
• [18:31] Making wise investments in our business: Sorting needs versus wants
• [22:19] How to break through bookkeeping avoidance
• [25:43] Get your free Mindset Blocks Workbook to help change your financial mindset
• [26:18] Our favorites from the week – what we bought/read/watched this week

Common Mindset Issues Entrepreneurs Have around Money

• “We all grow up with different money mindset issues. Whatever you bring into your adult life, you also bring into your business life … We set up ourselves to have issues with money. So what does a healthy money mindset look like in the first place?” – Pam
• “I also think mindset has something to do with avoiding numbers—not really looking at what’s happening or even understanding at all what’s happening.” – Teri
• “Sometimes it feels really hard and yucky and sometimes it’s like, ‘Okay, I can do this.’ I think seasons of life change this perspective.'” – Teri
• “From somebody who has done a lot of books and leaned into that side, it’s interesting what is displayed and what is behind the scenes don’t always match.” – Teri
• “If you’re making seven figures, what are your expenses? … That comparison trap happens when you start looking at that.”

Reframing Your Financial Mindset to Focus on the Positive

• “Yeah. I’m not where I want to be. This doesn’t look like I want it to be. And I’m better off than I was five years ago so I need to put some gratitude into my money mindset.” – Teri
• “The more you pay attention to looking at even the struggles in a positive light, as a growth experience, as, ‘Well, now I know what doesn’t work,’ the more you are able to flourish, rather than letting that get you down, and focusing on the negative, and that’s always going to drag you to a place where you do operate out of a desperation for money. That is always a bad spot to be in.” – Pam
• “I think women are wired for security, to feel a sense of security. And when your finances are a big question mark, there’s always going to be that sense of insecurity—financial insecurity, food insecurity, all of that stuff. That just leads to anxiety. And that leads to physical issues, that then lead to financial issues, and then the whole thing comes back around.” – Pam
• “I think being really mindful about money, and being really grateful for what you do have, and then being open and operating from a growth mindset, an abundance mindset, and being receptive to all the ways that money comes into your life.” – Pam

Money is Fluid: The Flow of Money In and Out of Your Business

• “You’re making money but you also have to put out money. And then think about where you’re putting out money. Really understand where you’re putting it out.”
• “One of the categories that people get hooked up on is their contractors, if they hire somebody. You have to think about taht as an expense. But you are also making revenue on the other side because you’re working while somebody else is working on your stuff and you’re getting a part of the income coming in.” – Teri
• “When we used to carry dollar bills, did you ever think, ‘Where has this dollar bill gone? How many people has this transaction happened, in and out, and in and out?’ I used to think about that all the time. How many hands have this touched and how many transactions did this go? Even though now we’re in a world of automatic currency, it’s interesting to think about it fluid.” – Teri
• “Yes, we do things with money that really bring us happiness and joy. But I think, when it really comes down to it, a lot of us would say the things in life that really bring joy to our life doesn’t have to do with money.” – Teri

Using Your Numbers as Valuable Information

• “I think it’s important that any time you purchase a subscription, you have a spreadsheet that tells you, ‘This is the subscription. This is when I opted in. This is when it renews. This is how much it’s going to be,’ so that you can keep track of that.” – Pam
• “Sometimes you’ll go through phases of, ‘I’m only going to spend things that I need. The business will crash if I don’t have this.’ When you do that, you recognize how much you’re spending money on things that you just want, that make it convenient.” – Pam
• “If you are constantly working and not taking home profits that impact your life for good or impact your community for good—however you’re going to use those profits—you’re going to start getting resentful of your business for just taking from you all the time. It’s really important to have that buffer—that reward—at the end the quarter or the end of the year.” – Pam
• “It all comes down, again, to knowing your numbers and knowing they’re not you. They’re just numbers. You just have to figure it out.” – Teri

Breaking Through Bookkeeping Avoidance

• “[Bookkeeping is] like anything else in your business. If you keep pushing it back, and back, and back, then you’ve got to get some help doing it because it’s just one of those tasks.” – Teri
• “Just like people avoid going to the doctor because they know they’re sick, if you’re avoiding looking at your books because you know things aren’t working right, bite the bullet and do it because your business deserves it and you deserve it. You don’t want to be working for nothing.” – Pam
• “We don’t believe in hiding and keeping secrets around money because then it creates a whole other money mindset issue of “money bad,” which we don’t want to have that.” – Pam