If you’re a woman in business, there’s a good chance you’re making the same mistake as a lot of fempreneurs when it comes to your money mindset. In fact, this mistake is so common among women business owners that it’s almost become the norm.
The mistake I’m referring to is having a scarcity mindset when it comes to money.
A scarcity mindset is when you believe there’s not enough money to go around, so you have to hoard what you have and be stingy with it. This kind of thinking leads to all sorts of problems, like being afraid to invest in your
But just because everyone’s doing it doesn’t make it right. So, what is this all-too-common mistake?
Keep reading to find out.
The mistake I’m referring to is underestimating yourself and your abilities. Women in business tend to downplay their successes and accomplishments, which can lead to them undercharging for their products and services. They also tend to be more risk-averse than men, always wanting a WIN WIN for everyone involved, while this is a great thing it can sometimes hold them back from making investments that could really pay off down the road. And last but not least, women often let imposter syndrome affect their confidence around pricing and promoting their products and services.
All of these factors can come into play when it comes to your money mindset. If you’re constantly telling yourself that you’re not good enough or that you don’t deserve to be paid what you’re worth, then it’s no wonder you’re not making as much money as you could be. The same goes for being too risk-averse or letting your emotions or others judgments guide your financial decisions.
If you want to change your money mindset, it’s important to first become aware of the negative thoughts and beliefs you have about money. Once you’re aware of them, you can start working on changing them.
Here are a few tips to get you started:
1. Be mindful of your money history, what’s your earliest memory of money ? has money been something fun an expansive in your life, or did it always bring up feelings of anxiety and fear?
2. Pay attention to the thoughts you have about money. When you catch yourself thinking something negative, stop and question it. For example, if you tell yourself you’re not good with money, ask yourself why that is. Is it because you grew up being told that? Or is it because you’ve made a few bad financial decisions in the past. Reframe this to a new believe of “I am learning about money and makeing better decisions every day”
3. Be honest with yourself about your relationship with money. If you find that you’re constantly stressed out about money, or if you’re always spending more than you have, it’s time to take a step back and reassess things from a place of curious compassion.
4. Make a plan. This is probably the most important tip of all. If you don’t have a plan for your money, it will very quickly slip through your fingers. Make a budget that’s aligned with you and your personal values and priorities and stick to it. Set up savings goals and work towards them. Automate your finances as much as possible so that you’re not tempted to spend unnecessarily.
Money management is not always easy, but it is possible. By following these tips, you can start to get a handle on your finances and take control of your money from a place of abundance, overflow, and empowerment.
If you want to change your money mindset for the better, start by changing the way you think about yourself and your business. Start seeing yourself as a worthy investment and start taking risks that could pay off big time in the future.
And finally, start making decisions based on inspired action instead of reactive emotion. It might not be easy at first, but I promise it will be worth it in the long run!
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