Your LNC financial successes depends upon your money belief system and mindset. As you begin to take positive steps to change your finances for the better and to look at your current situation more clearly, you’ll achieve small successes. Each success, if you recognize it and celebrate it, can help you gain momentum.
For example, if your goal is to pay off your credit card debt, each payment you make that is more than the minimum required payment, is a success. Take a minute to acknowledge that success. When that card is paid off, take a few minutes to celebrate. Do something nice for yourself to acknowledge your achievement.
LNC Financial Success Begins in Your Mind
What are some thoughts or beliefs that you have about money? For example, did you grow up hearing “The rich get richer and the poor get poorer” or “Money doesn’t grow on trees”? These sayings are limiting. They don’t give you a positive feeling about money but rather make it feel like a scarce commodity.
If you have limiting beliefs about money, think about where they came from and if they’re actually true. Replace your limiting beliefs with empowering and positive statements like, “I am so grateful for all the money I have now” or, “I embrace positive new beliefs about money.”
Spend money wisely
Spending too little is just as bad for business.
When you’re constantly on the lookout for free and low-cost tools or working 16-hour days because you “can’t afford to outsource,” you’re not doing your business any favors. Sure, it looks like you’re bootstrapping and working really hard to make something from nothing, but what you’re really doing is digging yourself a rut it will be nearly impossible to climb out of. Not only that, but you’re reinforcing a scarcity mindset that will continue to plague you for years if you let it.
Rather than pinching pennies, learn to spend money strategically. Buy what you need, when you need it. Invest in top-quality programs rather than settling for the low-ticket, half-baked plans. Just like quality clothes, cars, and furniture, quality services and software last longer and work better. And unlike that car, good quality business tools will pay for themselves.
One step you can take to feel more positive about your financial situation is to feel more gratitude for what you do have. When you focus on what you presently have, you’re less focused on what you don’t have.
For example, if you’re grateful for the car you drive, you’ll be less likely to want a new car. If you’re grateful for the house you live in, you’ll be less likely to want to move into a bigger and better house. When you start feeling stressed about money, focus on gratitude.
Take small, positive actions.
Make Better Financial Choices
You can begin to shift your mindset about money by making positive changes in small ways. For example, start paying for things with cash. Begin saving all of your loose change in a jar. Buy used instead of new when you absolutely must buy something and replace spending habits with good self-care habits.
You’ll begin to shift how you approach your finances and your mindset toward money. As you become more positive, your spending will change and your stress level will lessen.
Create Systems and Processes for More Financial Success
It’s much easier to celebrate your financial successes if you have systems in place. Creating your monthly budget is a system. Setting up automatic bill pay is a system. Creating reminders for yourself and automating your savings are systems as well.
Each system helps position you to anticipate, create, and recognize financial successes. For example, if you get a reminder that you have a bill due, you can look at your budget and your current cash flow. You might be able to pay a little more on that bill than normal and help reduce your debt. That’s a success.
One of the reasons why budgets are difficult to keep is because people are disorganized. Keep your receipts in one location. Try to use cash only or one payment source to keep all the information in the same account.
The more organized you are, the easier it is to stick to your systems and to feel in control over your finances. When you’re in control, you’re less likely to feel overwhelmed and stressed.
Finally, you don’t have to go it alone. If you’re feeling stressed and overwhelmed by your finances, there are resources. Get help building a plan to pay off debt, save more money, and reduce your expenses. Get help setting up a budget and automating your accounts. There are experts who can help you create good financial systems.
Financial stress doesn’t have to be part of your life. There are simple steps you can take to gain control over your life. You can live better on less, create systems that support you, and shift your money mindset.
Pat Iyer is president of The Pat Iyer Group, which develops resources to assist LNCs in obtaining more clients, making more money, and achieving their business goals and dreams.
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