Money stories that we tell ourselves are usually deeply ingrained. We take them on in childhood from parents or other authority figures. Whenever our parents made statements about money during our younger years, we took those statements to be truths about how the world works. They are ingrained in our subconscious to keep us safe while navigated the world growing up. But these money stories can also hold us back as entrepreneurs and prevent us from achieving the financial success and peace of mind that we desire. Below are 5 of the most common money stories that have a negative impact on your business.
1. There’s never enough – this money story means that you are always in survival mode. Either you are in debt and/or stressing out about where the next dollar is coming from. There’s more month than money. Focusing on the “problem” of not enough or there’s never enough only ensures that you will keep experiencing more of the same.
This was my experience for many years up until about 10 years ago. We had a lot of debt (mostly on credit cards) and it seemed like the more I worried about the more it multiplied. Things began to shift when I recognised what was going on and consciously focused on releasing my emotional reaction to our financial situation.
The impact was amazing! We gradually worked our way out of debt and are debt free today (well almost, today we have just a low balance on each of our credit cards). Our story changed from “There’s never enough” to “There’s always enough”. How liberating is that?
Now how does this relate to your business? If you’re in survival mode you’re not able to tap into your own resourcefulness. And, your obviously unable or unwilling to invest in yourself and your business….in resources that can help you grow personally and your income from your business.
Once I started to work on my money mindset around our debt, money and opportunities started to come in much to my delight and surprise! So, if you’re story is “There’s never enough”, you owe it to yourself to release that shit so that you can experience more peace of mind and serve the market with your gifts and talents. You can’t do that when you’re in survival mode.
2. I can never get ahead – this money story means that you typically have just enough. Usually, it’s just enough for the basics but it doesn’t allow you to enjoy money for vacations, a new sofa or to spoil your kids at Christmas or birthdays.
There is a lot of stress with this money story because, you fear that some big unexpected expense could come along and you won’t have the money for it. God forbid the dishwasher should conk out or the furnace need to be replaced.
When I started working on changing my own money story, I worked a lot on building trust that everything would work out. I worked on adopting the belief that if some unexpected expense came our way, that the money would be there to cover it and it was.
When it comes to being an entrepreneur, if you have a “I can never get ahead” story, you will block money and clients and opportunities from coming to you. Your story will play out in your business. Instead, set a new income goal that allows for you to enjoy your money and work on releasing anything that prevents you from believing it’s possible for you to enjoy a family vacation or that new 55” t.v.
If you don’t work on changing this money story then you’re robbing potential clients of your gifts and talents.
3. Once I spend it, it’s gone – this money story means that you believe in limitation and lack. You hold tight to your money because you fear that an investment won’t work out. So, you resist investing in yourself and your business because all you can see is the expense rather than the ROI.
“Once I spend it, it’s gone” is a money story that negatively impacts your business because you’re thinking is limited by looking at your present circumstances rather than expansive when you have a vision of what you would like to create and how you want your life and business to look.
This story is un-motivating and will not keep you moving forward and growing. The beautiful thing about being an entrepreneur is that you get to choose how much you want to earn so don’t limit yourself by what you see in front of you at the present moment.
You probably did a lot of daydreaming as a kid, I know I sure did. Allow yourself to dream and trust in your ability to bring your vision into reality. Put your focus on your vision. For myself, I worked a lot on releasing the fight or flight response. The stress around money and building up a belief that money flows easily to me. Just like the waves of the ocean go out and come back in again.
4. I get distracted by shiny objects – this money story means that you are jumping from thing to thing to thing often without really going all in on any one thing. You get excited about a new opportunity or a new program and you jump all over it and invest your time and money in it but you never really commit to it and seeing it all the way through to the results you want.
Lack of money isn’t usually a problem for people with this money story but…you’re worn out and stressed because your chasing money all the time. You easily get roped in by the shiny Facebook ads promising 10,000 new subscribers or $100K per months in 90 days. Or, you get all fired up by a new business opportunity and go all in for a few weeks or months but then when you hit a valley in your new business venture and lose momentum, you also lose interest.
Many of us entrepreneurs have “how to” programs on our computers that we’re never fully digested. And, I’m guilty of this. I have most definitely in my entrepreneurial journey jumped from thing to thing to thing, program to program to program. But when I recognised that I was doing this, I made a conscious decision to resist the slick marketing and be true to my values and my mission.
I trust that the resources that I need will come to me at the right time. What a relief it is because, I have more clarity around my goals and my path to reaching them. I no longer feel scattered and unfocused. That’s the benefit of honouring your goals and building up your self confidence.
5. I don’t know where the money goes – this money story describes you if you’re someone who really doesn’t have a handle on how much you earn in your business or spend either on your business or personally. Typically people with this story earn more than enough money to pay their bills and support their lifestyle but their savings account is often dismally low. Although I am not a big advocate for budgeting, I do believe it’s important to track your expenses and your income so that you can be a good steward of your money.
Not having a handle on where your money goes can cause you stress even though you always seem to make enough or more than enough to support yourself. This money story can become a bigger problem when it comes to that time of the year when you have to pay business taxes.
If you don’t know where your money goes and consequently can’t pay your taxes from your business then that’s a problem.
When you treat your money with love and respect, it loves you back and treats you with respect. Further, by having a handle on how much you earn and spend both in your business and outside of it, you can more effectively set bigger goals. You can’t set goals to increase your income if you don’t know where you are right now.
I myself am a bit of a hot mess with money because in the past, it was something I didn’t really want to look at. It was uncomfortable for me. But it got me into trouble because we got into a lot of debt….as in way over our heads in debt but because of my fear, I was afraid to look at it.
When I finally did I nearly fainted when I realised how much our debt had ballooned but it was only when I finally looked at it that we were able to start making some positive changes with our financial situation. Thankfully our financial situation is a much better one today but not without first working through the negative beliefs, emotions and money stories that got us there in the first place.
If any of this resonates with you then let’s have a chat! Reach out to me for a complimentary MONEY BREAKTHROUGH SESSION at this link.
If you want help in releasing these limiting beliefs on an energetic level, download the Top 7 Limiting Beliefs that Sabotage Your Financial Success. This free guide will help you to tap into your natural talent and ability to succeed.
Certified Tapping Into Wealth Coach
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