Once you’ve developed confidence in your healthy money mindset, it’s time to start thinking of the future. If you don’t plan for your financial future, you could end up suffering later on in life. For example if you fail to plan for retirement, you may not be able to take care of yourself. This burden could fall on your loved ones causing them financial stress, too. Here’s how to create a beautiful financial future:
Pay off all your debt.
The first thing you want to do when planning for your financial future is to pay off all your debt. Maybe you think that you’re in a good financial place and that your debt doesn’t matter. But what happens if something changes in the next two years? What if you move from your high salary job to work at a startup company that can’t afford your old salary? What happens if you’re seriously injured in a car accident next month?
The truth is that everyone goes through different seasons with their finances. Sometimes, you’ll find yourself in a really great season and sometimes you won’t. That’s why it’s smart to plan ahead for your financial future.
Start your retirement fund.
Ideally, you should start planning for your retirement fund in your early twenties. However, it’s never too late to begin your retirement fund. If you’re not familiar with how retirement funds work, start educating yourself. Look for books on the topic and schedule an appointment with a financial adviser. Even if you can only put back a little bit of money for the time being, start a retirement fund today.
Create an education fund.
Your education fund isn’t about going back to college or getting certificates. It’s about having money to invest in yourself. You can use it to fund personal and professional development projects. For example if you decide that you’d like to run your own business but don’t know where to start, then you could use your education fund to hire a business coach.
You could also use your education fund to buy equipment and courses if you’d like to become a photographer. The point isn’t what you spend the money on. The point is that you’re bettering yourself personally and professionally.
Have a sunny day fund.
Everyone has heard the expression “save for a rainy day”, but you should also save for a sunny day. Sunny days are the ones where you decide to take a road trip in the middle of the week or spend a couple of days at the beach during the off-season. Your sunny day fund can be used for anything you find fun and enjoyable.
Part of having a healthy money mindset is planning for your future. With a plan in place, you can face financial ups and downs with confidence.
Does your financial future look stormy? Learn how to make it sunnier in your free downloadable workbook& journal
What you think and say becomes your truth. This is never more evident than in your relationship to money. If you always say, “I don’t have enough money to better myself.” Then that becomes your truth. You live it out – even if you don’t want to. That’s why it’s so important to surround yourself with positive affirmations of abundance. When you’re focused on these affirmations, you begin to believe them and as a result, you live them out. Here are five affirmations to get you started:
I choose to spend wisely.
When you say this, you’re sending the message to yourself that you’re in control of your money. You’re not blaming anyone else or shirking your financial duties. You’re standing up and claiming responsibility for your finances. You’re also reminding yourself that you can choose how every dollar gets spent.
I have all that I need in this moment.
Many people spend their lives constantly thinking of their next financial need. The problem with this kind of thinking is that it puts you in a scarcity mentality. You can’t enjoy what you have because you’re so focused on tomorrow’s needs. But when you repeat this affirmation, you focus on this moment and trust that at the right time, your needs will be met.
I have abundance and I choose to help others.
One of the quickest ways to improve your awareness of your abundance is to help someone less fortunate. You don’t have to go overseas to do this and you don’t have to spend tens of thousands of dollars.
You can buy extra at the grocery store and gift the abundance to a local food pantry. You could send a gift card to a family in need or sponsor an animal at your local animal shelter. You could also donate to any number of online charities. How you choose to give is up to you but doing this while repeating the affirmation can be a powerful experience.
Money is the tool I use to create a life I love.
Some people have heard the expression that “money is the root of all evil”. As a result, you might feel guilty or unworthy when you have money. But instead of thinking of money as something evil, think of it as a tool. Just like you can use a shovel to dig up tree roots, you can also use it to plant the seed that becomes a tree. When you repeat this affirmation, imagine yourself planting seeds of abundance in the garden of your life.
I’m developing my money smarts.
Part of challenging your money mindset is becoming financially educated. Find financial advisers that you like and trust. Then listen to their radio shows, buy their books, follow their blogs. Make it a point to develop your money smarts, so that you’re always learning how you can better manage your money.
When you regularly repeat these sayings to yourself, you begin to believe them. Once you believe these affirmations, you’ll act on them as if they’re already true and you’ll begin to enjoy a better money mindset.
Positive affirmations can change your money mindset. Discover how when you download the bonus workbook & journal.
You’re ready to make some big financial changes. You’ve dealt with your money mindset and know that it has to change if you want to successfully manage your money. But before you can truly change your money mindset, you have to take a hard look at your actions. You may say that you want to be wealthy but your actions may not be lining up with your words. Here are four habits that might be sabotaging your money mindset.
Spending Everything You Make
Many people make the mistake of spending every dime they earn. As a result, they live paycheck to paycheck and have to worry constantly about money. They juggle bills throughout the month and can never seem to quite catch up.
This type of cycle is understandable during a crisis, like a loved one being diagnosed with a serious illness or an accident that affects your ability to work. But if you’re living paycheck to paycheck, it’s time to put an end to it. The only way to do this is to stop spending everything you make and put away a small amount of money from each paycheck for a rainy day.
Upgrading Your Lifestyle
You earn a raise at work but a month later, you still feel just as broke as before. You wonder what happened. You know you have “extra” money but why doesn’t it feel like you have extra?
Often, the problem is that you upgrade your lifestyle as soon as you earn a bit more. This habit is subtle and might masquerade as going out to eat a few times a week, splurging on new clothes, or buying a new electronic device. There’s nothing wrong with celebrating a raise, but after that fancy dinner, quietly put the rest of the money into your savings account. If you do happen upon a rainy day, you’ll be glad you did this.
Not Planning for Events
It’s easy to fail to plan for major events. Maybe you always put Christmas gifts and birthday parties on your credit card. Then you spend the rest of the year working to pay off your debts. The problem is that once the cards are paid off, it’s Christmas or birthday season again already.
The way to end this cycle is to plan for events like Christmas or birthdays. Scale back on celebrations for a couple of years until you have your finances under control. Instead of buying gifts for every extended family member, organize a ‘secret Santa’ exchange so the costs of gifts are spread out between family members evenly.
No Emergency Fund
If your car breaks down when you’re on the way to work tomorrow, what would you do? Would your first thought be one of panic because you can’t afford repairs? Would you wonder which credit card you’ll have to use?
Unfortunately, this is reality for many people because they don’t have an emergency fund. During a crisis, you shouldn’t have to worry about money. Your emergency fund doesn’t have to be huge. You can build it by making small deposits regularly. Eventually, these deposits will start to add up, so that next time you face a crisis, you can handle it without having to max out your credit cards.
Keep in mind that some of these habits are subtle and easy to miss. But once you recognize them, you need to break them so that you don’t suffer financially.
Your money mindset is holding you back from a better life. Find out how in your free workbook & journal
You’re beginning to suspect that you might have a poor money mindset and you’d like to change that. But first you have to get to the root of your money mindset. Until you understand why you think the way that you do, you can’t change it. Here are four common reasons you might be struggling with a poor money mindset:
Your parents had poor money mindsets.
For better or worse, families impact our relationships with money. If you grew up in a home where money was scarce, your attitude toward money may reflect that. You might constantly worry about money and stress over everyday spending, like buying groceries. You always look for the cheapest option (even if it isn’t the best value) and you focus on how everyone is trying to take money from you (the government, the big corporations, the health care system, etc).
There’s nothing wrong with being frugal and wisely considering your budget. But there is a problem when you adopt a poverty mentality. You can struggle with a poverty mentality even if you’re in a great job and make plenty of money. This is because your attitude toward money is steeped in the belief that there’s only so much to go around. As a result, you hold onto your money tightly.
You’re bitter about your financial hardship.
Sometimes, people experience financial hardship because someone else made poor choices. For example, if your spouse walked out on you and your kids, you may struggle to pay the bills on a single parent income. Maybe a relative stole your college fund or fraudulently used your credit cards.
No matter what your struggle is, you didn’t cause it. It’s understandable to be angry in situations like these. You were wronged and you deserve justice. But if you become bitter over the injustice, it clouds your thinking.
You begin to tell yourself that you’re a financial victim and that things will always be this. But your situation can’t improve until you’re open to improvement. As long as you think of yourself as the victim, you’ll have a hard time developing a healthy money mindset.
Your friends have poor money mindsets.
You and your friends get together and eventually, the topic of money comes up. You and your friends complain about the cost of gas, the mortgage, and groceries. Then the conversation turns to all of the things you can’t do – afford that fancy vacation, send your kids to that private school, buy a big house, etc.
Before you know it, the conversation is over and you’re left feeling horrible. The reason you feel bad is because you spent the past hour focused on everything you don’t have and can’t afford. That’s because a poor money mindset is contagious. The people you surround yourself can help you achieve all of your financial goals or they can hinder you.
You lack self-confidence.
Sometimes, a poor money mindset can be traced back to a lack of self-confidence. Maybe you had a teacher that told you were stupid when you were young. Maybe you don’t understand what certain financial terms mean. Rather than tackling these issues, you try to avoid money altogether, so you worry that you’re spending it wrong. You don’t think you have the intelligence to set up a budget or save for retirement.
If you suspect your lack of self-confidence is affecting your money management, then you need to reach out to someone else. Don’t be afraid to buy a book on budgeting or taking an online course about retirement funds.
It’s time to take control of your money and develop a healthy money mindset. You can start this process by discovering what’s holding you back and actively working to let go of your toxic money beliefs.
Ready to shake your poor money mindset for good? Download your free workbook & journal, filled with tips to change your money mindset!
You have a relationship with money. Everyone does, but not everyone has a healthy relationship with money. Your money relationship is not determined by how many dollars you have in your bank account or what your savings portfolio looks like. Your relationship with money is about how you view money and how you use it to improve your life.
So, how do you know if your money relationship is a good one or a bad one? Here are some signs that your money relationship could use some improvement.
Frequent Feelings of Jealousy and Bitterness
You go to the mall and see another customer buying the beautiful dress you wanted. You feel a pang of disappointment then jealousy. You see your friend taking her kids to Disney World for summer vacation while your family is struggling just to keep food on the table. You feel angry and bitter whenever you think about it.
These feelings are understandable. It’s frustrating to struggle with money when it seems like everyone else has it so good. Acknowledge these feelings when you encounter them but don’t focus on your feelings. Negative feelings hurt you in the long-run and make it harder for you to improve your own money situation because you’re so busy keeping score.
Hoarding What You Do Have
When they hear the word ‘hoarding’, most people think of houses filled to the brim with useless items. But some types of hoarding are less obvious than that. It might be that you’re holding onto a closet full of old clothes because you’re afraid you might need them at some point. It could be that you keep things—even broken things—because you think you’ll find a use for them some day.
This type of hoarding doesn’t interfere with your daily life, but it does affect your relationship with money. You’re subconsciously sending yourself the message that you don’t have enough and you never will. Instead of living in beautiful abundance and trusting that you’ll have enough to meet your needs as they come, you’re closely guarding your things.
Refusing to Invest in Yourself
Often, solopreneurs and small business owners reach a plateau. A plateau is the point where you can go no further in your business or in your life, unless you invest in yourself first. An example of this in your personal life would be losing ninety pounds and having twenty left to lose. You want to lose the final twenty but you’ve plateaued. You’ve reached a point where you can’t go any further on your own.
This type of plateau can occur in your business, too. It might be that you’re a motivational speaker but you’re only getting booked for small events. You want to speak to bigger crowds in larger venues. You could continue to struggle for a few years or you could invest in yourself. Hire a coach to help you grow your speaking business. Book a session with a speaking consultant to ask for advice.
The first step to changing your financial outlook is to acknowledge that you’re not happy where you are. Once you do this, financial doors will begin to open for you and you’ll discover a better relationship with money.
Learn how to stop struggling with money when you download your free Money Mindset workbook & journal
I LOVE my Passion Planner, so I decided to purchase an extra one and give it away to one of my readers.
If you’re not familiar with Passion Planner, well, let me introduce you.
These are planners, yes .. but they go way beyond a basic planner.
Your Passion Planner will include the following:
- Passion RoadMap: Annual exercise that helps you define, and create actions for your goals in 3 months, 1 year, 3 years, and throughout your life.
- Weekly layouts starting on Sunday
- Annual and monthly overview calendars
- Monthly reflection questions to keep you focused on your progress
- 28 additional blank pages
- 28 additional grid pages
This is an undated planner — it comes with 12 monthly views, as well as weekly and daily views. Because it’s undated, you can start and stop your planning whenever you need to.
You can also get very creative with it — get out your highlighters and colored pens, add some washi tape to the pages, etc. Check out the hashtag #passionplanner on Instagram to see what people are doing with their Passion Planners.
Here are some views of the inside of the planner:
- Weekly and daily views so you can see everything at a glance
- Weekly plans from Sunday – Saturday, 6 AM – 11 PM. Each day is broken down into 30 minute sections, with plenty of room to write in your appointments & tasks
- “Good Things That Happened” section so you can always be reminded of the positive stuff going on in your life (acts like a Journal!)
- A motivational quote and challenge to give you some motivation to take a positive action
- Personal AND work to-do lists (which I love). This eliminates the need to have a second planner or to-do list. Everything is all in one.
- “Space of Infinite Possibility” which is awesome. This is blank space, where you can write down notes, draw or doodle, brainstorm, etc.
And.. some more details about the planner:
- Your planner will have a very soft, black faux-leather cover
- The pages are high quality and easy to write on. They are (100 gsm), which is about twice as thick as a normal piece of printer paper.
- This is the “compact” size (A5 size) and measures 5.5”x8.5” ( which is about the size of a sheet of printer paper)
- About 220 pages (110 leaves)
How To Enter
It’s easy to enter the giveaway. Just leave a comment on this post and tell me what you love (or hate) about planning.
Extra Entries — there are two ways to get an extra entry. You can tweet about this giveaway and/or write a blog post about this giveaway. You can do one, or both of these things. Just be sure that the link to this blog post is in your tweet or blog post. And – you have to come back to this post and leave another comment with your Twitter handle or the URL of the blog post you wrote, so I can verify your extra entries.
The winner will be drawn by random at 9pm Eastern on December 28. I’ll email you if you won, and you’ll have 3 days to write me back with your mailing address. If I don’t hear from you, a new winner will be chosen.
This is open to U.S. Residents who are 18 years old and over.
Only one person will win the Passion Planner … But EVERYONE Can Get This Planning Set:
Yep — I’m doing a BONUS Giveaway
These bonus planners are digital — which means you can get them right away, no matter where you live.
You can print them out or just keep them on your computer / tablet / phone
- 3 Week Sample Calendar for marketing in Facebook Groups
- 4 Week Sample Calendar for marketing with LinkedIn
- Monthly Social Media Calendar Template (in Excel)
To Get These Planners, Just Enter Your First Name & Email.
Images of the planner are courtesy of Passion Planner.
Disclosure: This giveaway is not sponsored by Passion Planner. I purchased this planner on my own, and am giving it away.
You should be writing your next Kindle book or editing your sales copy. You should be recording the first few episodes of your podcast or working on your website relaunch. But you’re doing not these tasks.
In fact, you find a million reasons not to do them. You tell yourself you’ll come back to it later. You decide that now’s the perfect time to update all your social media profiles with a fresh avatar. While you’re at it, you pause to clean out your inbox because it’s overflowing with messages.
Next thing you know, the day has ended. As your head hits the pillow, you remember you still haven’t conquered the task that’s nagging at you. You’ll get it tomorrow you tell yourself but the next day, you’re doing the exact same thing.
Avoiding tasks you should do is known as procrastination. Most solopreneurs and small business owners think that procrastination is a bad thing. You might believe that, too. But procrastination is actually a valuable warning signal.
You take your car to a mechanic for evaluation when you see the “check engine” light and you should do the same thing with procrastination. When you first feel it, you need to slow down and evaluate what’s really holding you back.
Procrastination is inner resistance. It’s a sign that your subconscious is speaking and you need to listen. Often, procrastination is telling you one of these things:
You’re ready to change direction.
Maybe you originally started your business so you could teach solopreneurs and online business owners how to DIY their websites. But you’ve come to realize that your true gift is coaching solopreneurs and showing them how to make more money form their business.
Your project or client isn’t a good fit.
Maybe you wanted to work with this client because they’re an industry name. Maybe you took on their project because you needed the cash. Now you find yourself procrastinating and wondering why you can’t “just do it”.
Your work no longer challenges you.
You use to feel energized by your work. It was a challenge and you loved it. But now, that’s changed. You’ve been doing one thing for so long that it no longer excites you and this makes you realize you’re bored with your current projects.
You’re afraid of success or failure.
At the root of procrastination, some solopreneurs and small business owners find they’re afraid of success or failure. That’s because success and failure represent change and change feels scary. You worry that if you succeed, you won’t be able to duplicate your success. You fret that if you fail, you’ll be embarrassed and disappointed.
When you’re tempted to procrastinate on a project, don’t give into the urge and fill the rest of your time with distracting activities. Instead, try to find a quiet place where you can journal or color. Give yourself permission to listen to your subconscious mind as your hand moves across the page. You’ll be surprised at how clearly you can hear your subconscious when you pause to listen.
Liked this post? Learn how to defeat procrastination and get things done when you download your free workbook & journal