Your LNC money mindset will ultimately determine your income and financial success.
Whether you are a new entrepreneur or have been running your LNC business for a while, understanding the way you view money is essential. You need to take steps to transform your business—and your income.
You may love your business, but if it’s not bringing in the income you optimistically anticipated, you must identify why. Worse, maybe you’re barely getting by and you’re frustrated about how much time it takes and the poor returns it seems to bring.
These are common scenarios among LNCs — those who tend to be caring people who put helping others first. But here’s the thing. There’s absolutely no need for you to deprive yourself while helping others. In fact, that’s counter-productive—and, what’s worse, may make you feel like a fraud.
You feel caught in the proverbial “catch 22”, where the harder you work, the more you spin your financial wheels.
You feel stuck.
Take a look at five simple money mindset steps you can take to get the ball rolling again and break that cycle.
LNC Money Mindset Transformation
Challenge Your Money Belief System
Everyone has a belief system about the basics in life. For example, religion. You can probably put a name to your own personal religious system, even if that name happens to be agnosticism or atheism.
When it comes to religion, most people know what they believe, but the amazing thing about finances is that most people take their money beliefs for granted, and don’t even question them.
When you first planned or set up your LNC business, did you think about your money belief system, and how it was going to reach your financial goals?
Did you make specific financial goals? Do you know how much you have to spend on your business, how much you need to make, and how much you want to make?
If you answered “no”, then it’s time to revisit what you believe about money. If you answered “yes, but I’m frustrated because I’m nowhere near where I thought I would be financially”, that goes for you too.
Let’s take a look at common money beliefs that trip people up every day as well as common money mistakes.
See how well you can actually answer the following questions.
What do you believe about “getting rich”?
What describes your internal “deserve level”?
Which of these statements feels most true for you?
“Money is the root of all evil”
Money is something that other people have
Money isn’t important, Helping others is all I really care about
Money is something I make easily, but I never seem to have enough for my needs!
Money is usually the last thing I think about until I need to pay a bill
Money is a game to me, not a goal
Money is a powerful tool that helps me through life
Money allows me to help people, including myself
Before you plan to earn a dime, sit down and really think about your financial belief system. In addition to answering the previous questions for yourself write down all the common mantras you find yourself using, whenever you think of money. For example, “money is the root of all evil” or “I’m not as good, so I can’t charge as much as other coaches” or “I’m new. I need to give discounts”.
Money Mindset Summary
Money beliefs are buried deep in your subconscious. These are usually so deep, they go back a long way. Perhaps back to your childhood.
Often, these beliefs are not even yours. They’re beliefs you inherit from parents and grandparents.
Your deeply-ingrained beliefs and mantras that we aren’t even aware of but repeat to ourselves over and over. Therefore, these types of money beliefs it’s especially hard to transform.
Pat Iyer is president of The Pat Iyer Group, which develops resources to assist LNCs to obtain more clients, make more money, and achieve their business goals and dreams.
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