There are business owners, and there are money makers. At first glance one might consider them the same thing. But if they were, startups wouldn’t have a failure rate of almost 50% within their first 5 years. It’s entirely possible to own your own business, even one that looks successful by all metrics (or at least the ones you’re watching), and still have a less than healthy relationship with money. A money-making mindset doesn’t just apply to your business, either. It applies to all aspects of your personal and professional life. Here we’ll look at how to adopt a money-making mindset and address some of the barriers that can get in our way.
Read on and you’ll realize that what’s keeping you from prosperity and success in all facets of your life might just be you…
Ridding yourself of the fear of money
I know what you’re thinking. “I’m not afraid of money. I love money”. And we all think we do, yet like any bad relationship we can feel like we love money yet still have a toxic relationship with it. We fear what will happen if money doesn’t come into our business. We fear the mounting debts in our personal lives. Even when we do have an abundance of money, we fear that we’re not being responsible enough with it.
Fear of money can lead us to be needlessly skittish about making changes that could drive efficiency in business. It can lead us to bury our heads in the sand when it comes to our personal debts, causing a fortune to be wasted on interest. We can only be successful with money if we’re proactive with it. Which brings us to…
Find ways to make money in your downtime
Find ways to make money on your coffee or lunch break or even on the train and you’ll begin to adopt more of a money-making mindset. There are so many ways in which you can do this, and mobile apps are the key. The right apps can unlock the mysteries of CFD trading, allow you to make money doing the stuff you do in your free time anyway like shopping or browsing online. How much you make is almost irrelevant. What matters the most is that you’ll develop a positive and proactive attitude to making money in and out of your business.
Identifying the triggers that lead to bad decision making
As rational and logical as we try to be, we can be almost childishly irrational when it comes to money. This is because a lot of our attitudes towards money are formed in childhood. If we see our parents being impulsive or overly timid around money we can carry these attitudes into adulthood with us. It’s simply a case of identifying the triggers that lead us to irrational financial decisions.
Shake the scarcity mentality
Finally, many entrepreneurs can adopt a scarcity mentality, especially when their income is uneven and business is in a state of flux. Still, a scarcity mentality can lead to under investment which can hobble your business’ growth. Remember that while it’s commendable to be shrewd, it takes money to make money.