One way to mitigate poor financial decisions is to put together a team. There is no one on this earth who can know and do everything themselves. When you stay educated, but also hire a team to help you make good decisions, it makes it easier for you to break through almost any financial mindset blockers with their help.
A good banker can help you with all sorts of information that you may need for your decision-making process. You need a bank that works with the type of business you are in the way you need to do business. Don’t overlook your local banks and bankers. Sometimes local is better and they still have all the technology that online banks have.
Every good business needs an accountant. You may also feel that you need a bookkeeper too although many accountants can set you up with mostly automated accounts which may reduce your need for a bookkeeper but it’s up to you. The more people you have watching the money, the better.
Did you know that most people earn an average of what their five closest friends earn? In fact, most people never earn a single dollar outside of their parent’s class or their friend’s class even if they work hard in school, make good choices, and go to college. That’s kind of depressing but there are reasons this happens. That’s why, if you really want to get over mindset issues that affect your money, you need to make new friends.
Network with Higher Earners
Go to the kind of events that the higher earners go to. Now, remember you don’t want to break the bank and you want to find out ways to do this without putting yourself in debt. But if you budget for networking with higher earners, it will pay off as your income goes up.
Develop Friendships with Higher Earners
As you get to know people in that network, go ahead and make friends. There is nothing wrong with making friends. Don’t be dishonest with them about your position in life but...
Surely your mom or grandmother has told you the secret to life already, right?
You know, “Fake it ‘till you make it?”
You’ve heard that before, right?
Well, while you want to always ensure every decision you make is based on reality, you can at least give this idea some thought each time you have a decision to make.
Ask yourself, “How would someone with a thriving online business do this?” When you get the answer, figure out how you can do it within your means.
If you don’t believe in this idea, think about the fact that scientists have discovered a few “fake it until you make it” ideas and discovered that the idea of pretending you’re already successful at something works.
It doesn’t really matter what type of mistake you make in life – there is always a lesson to learn from the mistake. The trick is understanding that there is a lesson, finding the lesson, learning it, and figuring out what can be done differently in the future.
Realize You Made a Mistake
Before you can fix anything, you must name it and claim it. Accept the mistake, know that you made it, and be open about that and honest about that with yourself and others. Making mistakes doesn’t make you weak. Imagine if Thomas Edison had given up after every single mistake. No, instead, realize you made the mistake. That’s the first step to learning from it.
Identify the Cause of the Mistake
When you examine the mistake, it’s easy to step back and see the overview of it, but the best way to not make the mistake again is to examine the mistake to the point where you know the exact moment in time that your thoughts sent you to the wrong decision. If you can find that...
The truth is, it’s going to be very difficult for you to delve into yourself to figure out what your money blocks are all alone. It’s not that it cannot be done, but sometimes it’s just not easy to see what’s going on with yourself. Sometimes you really do need someone who is trained to help lead the way for you. You can find this person by looking for a business coach.
You can find all sorts of business coaches today. If you believe you have money mindset issues that you want to deal with, the best coach for you is someone who deals with mindset issues, and you may even find someone who deals specifically with money mindset issues. It’s such a huge problem that it’s not surprising if there are people offering solutions for this very real problem.
let’s get to this a little more directly. The examples, while common, may not necessarily relate to your situation but the process of discovering the blocks you have, and mitigating the block, is the same.
Write down a list of past money mistakes that you’ve made that you know for sure were a mistake now because the data is in and shows the mistake clearly. For example, did you fall for a timeshare presentation and now you must pay for the same vacation for the rest of your life and even pass it on to your kids? Did you buy a home because you thought it was a good financial idea or for some other reason? Do you have student loans that you regret?
Write down the story about why you made the choice you made regarding the idea you had that you now call a mistake. Then write down why your ideas at that time were wrong, how you know they were wrong, and how you can in the future ensure that when you make financial choices you really give yourself time to educate yourself and...
If you’ve ever wondered why some people are good at making decisions while others tend to procrastinate, it has to do with the amount of self-awareness the person has. You can come by this self-awareness by finding a life or business coach who deals with mindset issues, or you can join masterminds, challenges, and groups to work through these issues.
But make no mistake, most people have some form of money mindset that is contrary to what is in their best interests. Thankfully it can all be fixed. You can identify the limiting mindset, research the issue, and educate yourself about it so you can learn by data and numbers that your life experience is subjective. Stats can help you overcome that fact.
All of this takes practice and self-awareness to know when the examples you’ve witnessed – while not wrong – may not always be right. But you’ll learn how to trust your instincts because it’s based on your education and study of the situation.
The one fact in life about money that is clear is that while you can succeed at things accidentally, you’re more likely to experience success if you plan for it by setting goals and sticking to your realistic plan of goal achievement.
If you want to be successful financially, you’ll be much more likely to experience success if you create a plan, track the plan, review the plan, adjust as needed, and keep moving forward than if you do nothing and wait for the accident.
Financial Goals Should Be:
One reason most experts know that goal setting requires specifics is that they also know that when you measure things and track things, you can then discover how to move those numbers in the direction you want them to go.
Want to build your list? State it in very specific numbers how big you want to grow it, how fast you want to grow it, and exactly the steps you’ll talk to accomplish it based on your research. Then track it. Analyze what you’ve tracked, adjust, continue, and repeat. As you track the effects of your actions, you can improve and correct.
One thing to start tracking right now is your income and expenses every single day. The great thing about this is that you can track using an old-fashioned spreadsheet, or you can even just use a small notebook that you keep with you. But you can also use fancy software that can make this process super easy if you want. Either way, it’s not going to take too much extra money or time out of your day to do this. But...
One of the first things you should do now that you realize that you may be working with some money mindset issues is to make a list of the money-making activities that you can do each day and set it in your schedule to do them every single day.
What are Money-Making Activities?
When you ask any business owner to do money-making activities first, sometimes they look at you like you have two heads. But the fact is, a money-making activity is simply an action that gives you an opportunity to earn money from it. Therefore, it’s different for each type of business. But, for a generic online business, the following are all money-making activities: