The first thing you need to do in order to tackle any erroneous mindset issues you have is to seek to discover your current money mindset. You can use typical self-discovery methods like journals and tracking, but you can also seek help from a mindset coach.
Start with tracking all your finances – business and personal. You want to know every dime that’s coming in and leaving and why. Using this as the catalyst for your journal will also help you know what types of information you need to study.
To see all your finances at a glance, I recommend signing up for a free account with Personal Capital. You can easily link your cash, investment, credit, loan, mortgage and other accounts which makes it easy to see your net worth, transactions, cash flow, bills and budget all in one place.
Keep a Journal
The best way to identify issues that you may be sitting on is to keep a journal. Anytime anything to do with making choices comes up, write it down. Write down the pros and cons of every single choice for a while so that you can learn to make choices based on facts.
Tell Your Story
Sometimes it can help to sit down and write the story of your financial life. How did you grow up? What happened when you had money drop in your lap? Did you make good choices? How do you feel when you think of winning the lottery? How do you feel when you ask for money. Write the story about each incident starting from childhood.
Educate Yourself about Finance
Most of the lessons you learned over the years were probably not that helpful in terms of personal finance unless you have a degree in personal finance or business finance. But if you don’t, be sure to read books about multiple streams of income, investing, and how to make good money choices.
Give Yourself More Time to Make Decisions
Knowing you have mindset issues is a good thing because when you do know you may have them, you can give yourself more time to make decisions. You can examine each choice to ensure none of your blocks are getting in the way. You want to actively challenge your own assumptions.
Set Goals & Create Plans
If you don’t have goals, specifically SMART goals, it will be hard to create a plan. Therefore, always set goals and use the goals to create the plan of exactly how you’ll achieve the goal. This will force you to use more logic in your choices.
Examine Your Logic
If you are having trouble making a choice about buying a tool, outsourcing, or something you need for your business, you need to find a way to logically examine the information, so you can make good choices.
Get a Coach
You may need a mindset coach to help you dig through your thoughts and your past to get answers. Sometimes it’s easier to find the answers when you have help. If you can’t figure out your mindset on your own, this is a good option.
Your money mindset issues could be as simple as believing money is evil. If you believe that money is evil, you’re going to subconsciously send money away from you. Alternatively, you may discover that you have self-esteem issues because you don’t think you deserve to have any money or success. Examining your why behind your choices is going to do more for you than you may realize right now.
Keep reading >> Is Your Money Mindset Holding You Back from Business Growth?