Money Mindset 101
Hey tribe! Welcome back to another episode of The Jenn Kennedy Show! I'm so excited that you all are checking out my podcast today! I love sharing expert financial advice with you, and today I'm pumped to share some essential tips with you that you're not going to want to miss!
Today, I'm going to talk about a subject that often feels too taboo to discuss: Money. Nobody wants to talk about money, yet money is one of the main sources of stress and anxiety in people's lives. People frequently feel uncomfortable discussing money, but how are you going to improve your financial situation if you never talk about it?
Tribe, you know I love talking about money, and today's show is all about bringing more money into your life! The key to doing that comes down to two words: Money mindset. Money mindset is a very simple term — it means your mindset around money. Everybody's money mindset is different because it's rooted in their past experiences, often going back to their childhood.
When you were a child, you were raised with a particular belief around money. How did you see money when you were a child? Maybe money was a source of stress, and your family had difficulty making ends meet, or perhaps money was abundant, and you never needed to worry about it. Your upbringing around money programmed you with the money mindset that you have today. Sometimes, we need to take a step back and figure out how we can reprogram our mindset around money to bring more abundance into our lives.
The Scarcity Mindset
I grew up with a scarcity mindset. My parents struggled financially, so I was always hustling to make more money. When I was 14, I worked two jobs. I worked as much as possible, and I maintained this mentality through high school and college. I took out student loans in college, so I had to continue working diligently. After college, I started teaching but — as I'm sure you know — teachers do not make a lot of money in this country, so I went back to school and got two post-graduate degrees while working.
Money was an extreme source of stress for me. No matter how hard I worked, the money that came into my life vanished just as fast. I wasn't sure how I was ever going to afford the things that I wanted to do with my life.
My emotions around money controlled my life, but that all changed once I became aware of my money mindset. I realized how damaging my money mindset was, so I shifted my mindset from scarcity to abundance.
No matter what your mindset around money is right now, you can shift your way of thinking and bring more money into your life! By the end of this episode, you're going to have all the tools you need to shift your mindset and change your life!
Overcoming the Scarcity Mindset
It's crucial for you to understand that money, like everything else, is ENERGY. When you're earning and spending money, you're receiving and giving energy. Understanding money as an energetic exchange is essential for understanding the role of mindset.
The key to financial success is raising your energy and shifting to an abundance mindset. The growth of your wealth is dependent on how much you grow. You're not going to be able to grow your wealth if you have a negative mindset towards money. It just doesn’t make sense.
The first thing you can do to shift your mindset is to become aware of your current mindset and where it came from. What are your thoughts about money? Is it a source of fear? Are you afraid of judgment about money, or do you think that wanting more money is evil? Analyze your thoughts and feelings around money.
Next, determine where your thoughts and feelings came from. My fears came from my parents struggling to make ends meet when I was a child. Maybe yours came from living scarcely in college or from being in debt. Now ask yourself, are your beliefs about money true? Is your fear around money appropriate for your current financial situation, or is it only rooted in your past?
After you address the problem, you have to believe that you can shift your way of thinking about money. Recognize that your scarcity mindset is not serving you. It is not calling abundance into your life.
You have subconscious beliefs about money rooted in your past experiences, so you need to overwrite the scarcity mindset rooted in fear. Your subconscious determines your way of thinking, which directly affects your decisions and actions. Your decisions and actions then determine your outcome of money. If you're unhappy with the outcome of money that you have, you need to work backward to change your subconscious way of thinking. The question becomes … How do you do this?
You reprogram your way of thinking by rewriting the story you've been telling yourself. You can tell yourself a new story of abundance through affirmations around money. You need to act like you already have all the money that you're ever going to want. Every morning, tell yourself that you are grateful for the money that you have, and you have enough money for a life of freedom and abundance!
Your brain can't tell the difference between reality and what you say is real, so you can trick your brain into being thankful for the money that you have even if it's not as much as you want to be making. You use affirmations to trick your brain, and this will shift your mindset from scarcity to abundance! Believing that you have an abundance of wealth will then attract more wealth because of the Law of Attraction. Positive thinking will get you more positive results!
Tips and Tricks for Staying in the Abundance Mindset
On top of your essential daily affirmations, there are additional things that you can add to your routine to develop an abundance mindset and attract more wealth!
The first thing you can do is treat money the way you want to be treated. You need to treat your money with respect and be grateful for it no matter how much you make. Be equally grateful whether you just made ten thousand dollars or ten cents. Shift your way of thinking so that you're thankful regardless of the amount of money that you make!
Also, be thankful for what you spend your money on, even if you're spending your money on bills. For example, don't be negative about receiving a pricey cell phone bill or paying for car insurance. Be thankful for the services that your money provides, like having a cell phone and car insurance. Treat your money with respect, and more will come your way!
The next thing you need to do is acknowledge what you have right now. Be grateful for the money that you're already making, and make sure that you're managing the money wisely no matter how much it is. If you can't manage 50 thousand dollars, you're not going to do a good job managing 150 thousand dollars.
Be thankful for what you're already making, but if you need more, get out there and sell your services. Create a side hustle or work harder with what you're currently doing, and be confident in the skills and services that you're selling. If you're not confident in your skills, go develop yourself more! Go take a class in your area of expertise. Your money will only grow as much as you do, so make an effort to develop yourself further.
Once you start making more money, welcome it into your life, and appreciate every cent that you earn.
Another important lesson is to never put a cap on the amount of money that you can make. Tell yourself that you have space for more money in your life. This can be part of your daily affirmations. Tell yourself that you have room in your life for 100 thousand dollars or 200 thousand dollars or whatever you want to make! There doesn’t need to be a cap on abundance!
An essential lesson that you also need to learn is to not take failure personally. It's completely alright if you're having money difficulties right now. Every person that you have ever met is either struggling financially or have struggled at some point in their lives. Everyone struggles at some point, but we're not used to hearing that because people don't like to talk about their financial troubles.
My next tip is mainly geared towards entrepreneurs: Don't charge less than what you're worth. When you undercharge your services to draw in more business, you're sending out a terrible message of scarcity to the universe. Charge what you're worth and not a penny less.
Another essential piece of advice that I have for you has everything to do with what I discussed about affirmations: Change your story. It's so much easier to change your story than to stay where you are currently. Your story is entirely up to you, so why settle for scarcity?
I used to be absolutely terrified of money. I lived in fear that I was never going to get the money that I wanted, but I changed my story through affirmations and gratitude. Every day I tell myself how grateful I am for my money. I'm grateful every time I put more money into my bank account regardless of how much it is. I've changed my story from fear and scarcity to abundance.
My final tip is a lot of fun. I want you to give yourself a millionaire experience every single month. I want you to put aside 20% of all the money that you earn, and at the end of every month, I want you to use that money in a way that makes you feel like a millionaire. It could be a luxurious spa day or a shopping spree. Do whatever a millionaire experience means to you!
Giving yourself the millionaire experience is essential for living with an abundance mindset. When you show the universe that you're okay with spending that amount of money, you're welcoming more money and more millionaire experiences into your life.
What If I'm on a Salary?
I know that some of my advice on today's episode wasn't for everybody. Those of you on a salary might be thinking, "How am I going to make more money? My paycheck isn't flexible." Well, I've got two great pieces of advice for you.
The first thing that I want you to do is walk into your boss's office and tell them that you deserve more money. Tell them that you deserve both a raise and a bonus for all of your hard work. Don’t be afraid to stand up for yourself.
If the first option doesn't work out or you want to make even more money, consider starting a side hustle. Think about what you love to do and turn it into a source of income. Capitalize on your passion and start a business. Maybe you enjoy taking pictures, and you can turn that into a photography business, or maybe you enjoy cooking, and you can turn that into a catering business. You can make a profit from the things that you enjoy!
You can also look into network marketing. This can be very beneficial to you long term because you can start creating passive income once you recruit others! The people that you recruit will make money that then flows upwards to you, so you’re making money even if you’re not physically working for it.
Here’s the bottom line: There are plenty of ways to make extra money on the side in addition to your occupation!
Tribe, changing your mindset from scarcity to abundance will completely change your life! Take the time today to tell yourself affirmations of abundance and be grateful for the money that you have. You will start seeing more and more abundance come into your life!
Have an AMAZING day!