Having a healthy money mindset is the foundation for building a successful business. When you have money mindset blocks it will stop you from taking the actions you need to take to move forward in your business.
You’ll even begin to self-sabotage yourself, leading to;
- Your income suffering
- Your self-esteem and confidence around money & your business decreasing
- Frustration & Burnout
- Resentment of your business
This downward spiral can quickly put an end to your dream business and lifestyle, but stopping self-sabotaging and mindset blocks is easy when you learn to recognize the symptoms.
Most of us aren’t taught how to handle money. We have to figure it out along the way, through trial and error. As well as the money mindset baggage our family gives us. Which is usually not healthy.
So how do you know you’re suffering from money mindset blocks? Well, money mindset blocks usually show up in 5 ways in our lives.
Money Mindset Blocks That Keeps You Stuck
1: Chasing Shiny Objects
Some things are just too hard to resist, I know! There is always something new to try and experience. New tools, training, group coaching programs and even business models can all have a strong pull, and if you aren’t careful, these shiny objects can quickly distract you from your current goals.
If you find yourself suffering from shiny object syndrome frequently, try this two-step plan instead:
- For “too good to refuse” offers, make a plan for achieving a positive ROI before you purchase. If you cannot find a (realistic) way to make the purchase pay for itself, don’t buy it.
- For exciting new business ideas, create a “someday” list. Jot down your idea and a basic outline, then get back to the task at hand. Now that great idea won’t be lost, but it also won’t join the ranks of half-finished business plans that litter the internet.
2: Falling for the Sunk Costs Fallacy
If you’ve ever said to yourself, “I’m not using this subscription, but I can’t give it up! I’m still paying the launch price and now it’s much more expensive!” Then you’ve fallen for the sunk costs fallacy.
This common mistake is famous among economists, and we all fall victim to it from time to time. Simply put, the sunk costs fallacy is what makes us justify investing more money or time in something—even though we’re not seeing results—because we’ve already spent so much. It’s what encourages us to repair the car one more time (after all, you just put new tires on it), eat a meal we don’t enjoy (simply because you’ve paid for it), and yes, continue to pay for tools and resources you’re not using.
Take a few minutes and examine your current business expenses. What are you paying for month after month that you’re not using? Either make a plan to put them to work for you, or cancel them. Stop falling for the sunk costs fallacy.
3: Scared to Invest In You & Your Business
You thought this was all going to be about overspending, didn’t you? Here’s the kicker: 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 being cheap, learn to spend money strategically. Buy what you need, when you need it. Invest in top-quality products and 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.
I know I’ve been there. A great way to overcome this money mindset block I’ve used is to make strategic and incremental investments. So I started by investing in a course that cost $497, I got a great return on investment on that, so invested in the next course that was slightly more.
Every time I invest in a course I make sure I get a return on my Investment and now I have no probably spending more on training as I know how it benefits me and my business.
Did you mean to apply for that high-end coaching program but missed the deadline? Or maybe you were going to send a proposal to a potential new client, but waited too long? Or maybe you simply waited too long to take advantage of a sale price on a hot new app that everyone’s raving about.
These and other missed opportunities can often be blamed on simple procrastination, one of the most destructive habits we suffer from. Procrastination is what keeps us working late at night to make a deadline, costs us money in late fees, and even costs us business.
If you’re prone to procrastination, try these techniques to put an end to it:
- Recognize your fear. What often keeps us stuck is simple fear. We’re afraid that even with that amazing coach we still won’t reach our goals, so we put off applying. We’re afraid we’ll look bad when compared to other proposals, so we just don’t send one. But if you want to be successful in business, you must learn to recognize and face your fears, then do the work anyway.
- Visualize the life and business you desire. Imagine what it will be like to have that amazing business you’ve been dreaming about. Picture your ideal workday, daydream about that fabulous vacation you’ll take, and imagine VIP days with your ideal client.
- Reward yourself. It’s okay to give yourself a little incentive for getting things done. Take yourself out to lunch; buy a new pair of shoes; take an afternoon off. Do what’s most likely to motivate you to power through your fears and take the next step.
5: Failing to Complete Your Projects
Be honest. How many half-written books, partially planned programs, and unfinished products are cluttering up your hard drive right now?
If you’re like a lot of entrepreneurs, the answer is probably several.
You started all of them with great enthusiasm. You planned out the modules or chapters, created the slide decks, and maybe even outlined the sales page. And then…you just stopped working on it.
Maybe you tell yourself that you’re too busy. Maybe you “need to do some more research.” Or maybe you simply lost interest. But the truth is, none of those are the real reason. For a lot of solopreneurs, this self-sabotaging habit is actually a symptom of a lack of confidence, and it’s keeping you from the success you deserve.
Consider this: You can’t know the actual success rate of a program you’ve never finished, and you can’t improve on something you’ve never completed. So rather than filling your hard drive with half-finished projects, power through and start releasing them—even if you believe they’re not perfect, and even if you think they’ll never sell.
The Last Thing You Need to Know about Money Mindset Blocks
Money mindset blocks will stop you from achieving the success you want in your business. The five most common symptoms that show you have blocks when it comes to money mindset are;
- Chasing Shiny Objects
- Falling for the Sunk Costs Fallacy
- Scared to Invest In You & Your Business
- Failing to Complete Your Projects
When you know which ones you suffer from the most you can focus on improving and overcoming that specific block. So which mindset block do you suffer from the most?
Do you want to improve your money mindset and make more money in your business? Then grab the 5 Money Mistakes New & Struggling Entrepreneurs Make and how to Avoid them FREE report today.