There is this running joke I’ve heard women, in particular, use a lot lately. They say, “Why do I repel money?!”
It’s usually meant as a joke, but you know they’re not totally kidding.
Being broke sucks. Living paycheck-to-paycheck is awful. Feeling like you will never get out of debt is the worst.
Here’s the thing: if you treat money like it’s your worst enemy – or a total burden that you just wish you could be done with – you are repelling money. You’re keeping yourself from creatively coming up with new ways for money to come into your business, because you hate it so much.
You’re basically saying, “I hate money. I want to be rid of it.”
Well, wish granted!
You aren’t allowing your mind to conceive of all of the things it could dream up that could grow your company’s bank account and fulfill you emotionally—not to mention, get your business in the black.
Improve your relationship with money
You’re meant to bring something insanely powerful into the world; that’s why you’re an entrepreneur. But you must believe you’re meant for success, so you can actually enter a place of financial stability, and eventually, a place of wealth. Don’t take yourself out of the game by ignoring your bad relationship with money.
Here are four common ways that female entrepreneurs keep themselves poor. Luckily, you can fix them.
1. You believe your ‘money’ history dictates your future.
You didn’t grow up with money, so you believe you will never have money. This is so not true. You have the capacity, curiosity, and creativity to find ways to make the money you really wish to make. It could be from inventing a new product, solving a problem, or starting your own business.
Take Action: Let yourself out of that sad, old money story, because it’s ruining your life. The only way to create a different outcome is to allow yourself to forgive what’s happened in the past. The past does not have to be your future. You are 100% capable of changing your future money story, so do it.
2. You wallow in scarcity and lack.
“I can’t afford it.”
“I’ll never be able to travel, have a family, own a home.”
“I wish I had more money to do what I want to do!”
Does any of this sound familiar? The more you focus on what you don’t have, the less likely it is that you’ll ever have it.
Take Action: Focus on what you do have right now. Express gratitude for what you literally have in your bank account and in your life (because there’s more to life than money). Then create a strategy to have what you really want. Set a goal, corresponding action steps and a deadline. Take massive action to get there. (And don’t quit if it doesn’t work the very first try.)
Or… you can keep focusing on what you lack. Call me in a year and tell me how that’s working out for you.
3. You think money is something you spend, rather than invest.
You want your money to work for you, so you have to think of everything you spend as an investment. Will buying that dress build your business or generate income? Probably not.
Will investing in self-improvement or a mentorship program? Perhaps, if you do the work and commit to changing old habits.
Take Action: When you’re about to invest, think carefully about why you’re about to exchange your money for that item, service or experience. Then ask yourself:
Will it feel like a great investment in 90 days, 6 months, or even a year?
Will it help you build your wealth?
Will it serve a larger purpose?
Will it bring you immense joy and memories that will last forever?
Will you grow as a result?
Invest in things that give you a high return, personally and professionally. Don’t go frivolously looking for cheap thrills and expect to be in a better financial place next year. Believe that you’re worthy of investing in yourself and believe you’ll have a return.
4. You don’t understand how money works.
You don’t know where your money goes, or why you don’t have any. You don’t take stock of your spending habits and look to make more money instead. You look at your bank account, and you pay the minimum payment on your credit card bills.
Simply put, you don’t have a healthy relationship with money.
Take Action: Create a personal budget (and a business budget). Get a detailed snapshot of every single expense you incur each week. Write down every penny that comes into your life, and write down every penny that goes out. I’m talkin old school pen and paper.
It’s liberating to know where you are financially. You’ll quickly know how much you need to make each month to cover your expenses, and you’ll know where your hard earned cash goes.
Yep, it’s scary. It takes a lot of courage to face your financial reality in such detail. But now you can create a financial plan to cut non-essential spending and bring in the income you desire.
For example, if you are a business coach you can create packages and pricing to meet your financial goals. Then, calculate the number of packages you’d need to sell on a monthly basis.
Cultivating a money mindset
You don’t have to repel money. Instead, build your relationship with it.
Investing in myself by joining a group program for entrepreneurial women is the best thing I ever did for my business. Committing to my personal growth, accessing training from a high-level business coach, and finding the support of like-minded entrepreneurs was crucial to my success and confidence.
It’s time for you to change your money story and grow your business! You can change the game. You can see the financial success and independence you want to have in your life. Make the decision that it will happen for you, and work on your money mindset.
This article has been edited and condensed.
Allison Horner, the creator of Adventure Knocks, is a Business Success Coach and Streamlining Strategist for entrepreneurial women who are ready to grow their service-based online businesses without working themselves to death. She lives in Colorado with her husband and her baby boy, and she works with entrepreneurial women all over the globe. Allison believes in helping other women live with more financial freedom, independence, creativity and adventure at every turn! Connect with @adventureknocks on Twitter.