94: How To Change Your Money Mindset

You have probably heard before that to have more money and have more money flowing into your life you need to have a positive money mindset, but what does that actually mean?

What does that look like?

How do you do that?

I will answer these questions for you on the show today and teach you a three-step process to change your money mindset.

In this episode you will learn:

  • The three-step process to change your money mindset
  • How to discover your money blocks
  • Why learning how you think about money is essential to making more
  • Some power questions you can ask yourself to increase your money mindset awareness
  • Trouble shooting tips for changing your money mindset

You can listen to the episode above or read the unedited transcript below.


How to Change Your Money Mindset

Meaghan Smith  00:21

Hello, and welcome to the Money Mindful Podcast. I am your host Meaghan Jean Smith. I'm a money mindset and life coach for women, I help you have a better relationship with money and with yourself so you can create the extraordinary life that you want to live on purpose. Okay, super stoked today to be with you. Because I want to take you through a three step process to change your money mindset. Okay. People, people say things like, you know, create a positive mindset to have more money, create more money flowing into your life. But what does that actually mean? Okay, what does that look like? How do you do that? I want to take you through this today, I actually did a mini training on this a couple of weeks back, I did a live, an open coaching call through the Life Coach University, it's a pay it forward platform, where I coach, I'm a regular coach there, I contribute there on and off, like, every one to two months, I usually do something for the Life Coach University. And I love this platform, it's a pay it forward platform where if you attend a call, we just ask that you pay it forward in kindness. And I think that that is such a beautiful way to be exposed to coaching, to get the benefits of coaching for free, alright, to discover that for free. And I love contributing to that site.


Meaghan Smith  02:04

Now, the people who found out about that call, were the people who are on my email list. My email list is where I tell everybody what's happening in my orbit. So if you didn't know about that call, or you want to know about these things in the future that I run and do from time to time, I'd love to encourage you to get on my email list, you can do that by going to moneymindful.com.au  And just subscribe to email. I don't send spammy emails, I send a regular email once a week. And I occasionally send additional emails when I'm doing something like a live event, and I'm letting you know about it. Yeah, that's where you're going to find out about things like free coaching calls that I'm doing. So go ahead and sign up to my email list if you want to hear about those things.


Meaghan Smith  03:09

Alrighty, so I did a mini training at the start of the call. And I want to share that with you today, I'm going to tease it out a little bit in a bit more detail. But I want to try and keep this one short and sweet for you today. So basically, if you are experiencing any results in your life, where you're not creating the money, or the success that you want, that has to do with your money mindset, okay, that is a clear indication that you have some money blocks. Now, money blocks are just basically anything that gets in the way of you achieving what you want. And money blocks can show up in different ways. Like it can be how you think about money, like obviously, you know, if you have negative thoughts about money, that's the money block, but it can be to do with other things like it can be blocks, like you think that you have to work really hard to make more money, right? Or that you don't have enough time to create a business because you're already working a nine to five or that you don't have enough time because you've got kids at home. Right? It's not always directly related to money, but it affects how money and success show up. Right, like you might have thoughts about - there might be some successful people in your life that you don't really like and you have negative thoughts about them. And you don't want to be like them. And so you've associated success with being somebody you don't want to be. Right? All good reasons, like they make sense, why we would block ourselves from more money and success, right?


Meaghan Smith  05:07

So, here's what you do if you want to change your money mindset. The very first step in this process is awareness. Now there are a bajillion million billion ways that you can create more awareness. And when I say awareness, what I mean is that it's uncovering how you think about money, how you feel about money, how you show up around money, and the results that you are getting.


Meaghan Smith  05:47

I'm going to give you a couple of different ways how you can increase your awareness. But I'm sure that there are more ways that I will cover today on the podcast, there's not a right or wrong way. It's just create more awareness around what you're thinking. Because we all have, and you might be familiar with this term, money stories, like we all have stories that we tell ourselves about our life, and about who we think we are about what we think about money. But oftentimes, these stories we created, when we were a kid, right, like, before, we would - just because of things that we saw, or the way that we  grew up or what our parents did, how you came about thinking these thoughts, in my personal opinion is irrelevant, but sometimes it can benefit you to work out ah, where did I develop these thoughts? But I don't think that's actually a factor that is important. Like you can still change your money, thoughts without knowing exactly where they came from. Okay. So for example, you know, one of my clients had a story about how well, my ex husband just used to deal with all the money, like he handled the money. So I never knew about money, like money wasn't something that I handled, I never invested in money. I didn't know anything about investing in money. And so I didn't invest in money. And so she had this whole story about herself that she wasn't the person who handled the money. Right.


Meaghan Smith  07:33

Now, that had just been a story that she told herself so often, that she just bought into that as like, a fact of life. But it's not a fact of life. It's just a story that she has been telling herself. And this is why awareness and developing awareness is so important. Because when you uncover Ah, right, I was just thinking that it was my ex husband, he's the one who dealt with money. And so I just made up this story that I don't know about money. Right? And so because she had this story, like I don't know about money, she never went and learnt about money, or never took any action towards investing, learning about money, organising her money, being somebody who takes care of her money being somebody who manages her money while being somebody who knows her money really well. Right?


Meaghan Smith  08:38

So this is why awareness is so so so, so, so important. And the very first step in changing your money mindset, because you absolutely cannot change something you're unaware of. How can you? That's impossible, you don't even know that it's a problem or something that you're thinking, if you're unaware of it. That's why awareness is so important. So how do you develop awareness? There's lots of different things you can do. One is to ask yourself really good questions. Like why? You know, like, whatever it is in your life, like if you in this example of my client, it's like get curious, well, why don't I know about money? Ah, it's because my ex husband always dealt with the money. I never had a reason or a need to learn about money. Right? Like just get really curious. Right? Because we want to find these unintentional thoughts. These unintentional stories that we've been living through that we've never really examined or had a good look at and decided on purpose that that's how we want to think. We've just like thought that way on default. So it's finding your default stories. It's finding the default thoughts that you have.


Meaghan Smith  10:08

And a couple of different ways that I know that people create more awareness that they use and have been effective is journaling. Right, asking yourself questions and journaling the answers, asking yourself questions and writing down the thoughts that you think. And those questions can be anything to do about money. Like, what did I think about money growing up? What did I see my parents doing with money? How do I feel about people with money? What do I think about rich people? What do I think about poor people? What do I think about me having money? What do I think about myself earning this income? What do I think about myself earning that income? Like just getting really curious.


Meaghan Smith  11:05

Okay, because when we ask ourselves these questions, we discover the answers, we discover what we've been thinking. And so often,  thoughts arise that we realise, Oh, my gosh, I never realised I was thinking that way. Or, when we take the time to discover how we're thinking, we make these discoveries like, oh, no wonder this is what I've been creating. Like a thought that one of my clients uncovered was - I make money by working for other people. Right? Like that was just something that they lived through, like money comes from other people, money comes from working for other people.  Now, if you are somebody who is in business, and you're creating a business, that thinking is not going to serve you. Right?


Meaghan Smith  12:12

Like, when you look at that thought on its own, like money comes from working for other people. It's like, it seems pretty innocent, right? Like, if you're in a salaried job it seems pretty reasonable to think like that. But it's not until we start examining those thoughts where we realise, yeah, but I'm a business person now. So thinking that money comes from someone else, is not really a helpful thought, to making money in my own business. Right, like are you following me here, like, this is why we want to create the awareness around what you're thinking, because these are the discoveries that you can make. Now, once you're aware of what you're thinking, and the stories that you tell yourself, step two, is to really take on board the concept that thoughts are optional. So if you believe that thoughts are optional, and you live by that, then if I take this example that I just gave you, right, like, let's say you discover a thought, like, I make money from working for other people, or money comes from working for other people,  you can decide, oh, that's actually an optional thought. I don't have to continue thinking that thought. I don't have to continue practising that thought. I don't have to keep thinking that thought. I don't have to keep living my life at the effect of that thought. I hope you're following along here.


Meaghan Smith  14:02

Because when we live by the idea, the concept, that thoughts are optional, we get to choose new thoughts. We get to decide on purpose, how we want to think, we get to examine deliberately the thoughts that we have, and decide, do we like those thoughts? Do we get a good result in our life from thinking those thoughts? Now, there's no need to be judgmental here. We don't need to use any of this stuff against ourselves. This example, and I'm just playing with it now, is that maybe at some time, having the thought that I make money from working for other people or money comes from working for other people really served you, right, maybe there was a time in your life where you did work for other people, and that thought really served you. But if the time in your life right now is that you don't work for other people, then that's not a helpful thought for you, right?


Meaghan Smith  16:50

And it's not until we create awareness and examine them and decide for ourselves in the present moment, is this a story that I want to keep telling you this story is optional. I can choose to think another story about myself, I can choose to think that I'm excellent with my money, I'm excellent at learning about, sorry, I'm excellent at managing my money. Or I'm becoming somebody who's really amazing at managing and managing my money and creating more money, right, you get to choose those thoughts on purpose.


Meaghan Smith  17:28

Because you want to have thoughts like I create the money that I make, I am the source of the money that I make, I create value and receive money, right? I create money with my brain, I create money with the offers that I make. Right? They're the kind of thoughts that you want to be thinking, not money comes from working for other people, if you're working for yourself. So this is a beautiful, beautiful, beautiful thing to know that thoughts are optional. Okay, going back to the example of my client, she had always thought I don't have to deal with the money. My husband deals with my money or ex husband deals with the money, right? That thought wasn't a problem in the past. Okay, but it is now. Because she's not getting the result that she wants from not being somebody who manages her money. So knowing that thoughts are optional, and that you can decide that to stop thinking a thought you've always thought or that you can choose new thoughts to think is such a powerful place to be in, right? Because then you get to ask yourself, Well, is it possible that I'm wrong about this thought? Is it possible there's another way to think, right, because we hold so tight to our stories that we tell ourselves about ourselves, because we've played them over in our head over and over and over again, we've played them over so many times, we just believe them to be true.


Meaghan Smith  17:33

And that is the third step in this process, is deciding on purpose. How you want to think intentionally. Alright, so the awareness stage, first step, step one, awareness stage is uncovering all your thoughts. Now, you might uncover that you have some thoughts that are really helpful that you want to keep. And you also will uncover the thoughts that are not so helpful and that aren't serving you and that you want to change, then you get to decide for yourself, like, do I want to keep this thought, right? This is a thought that I like and I want to keep thinking or this is a thought that I don't want to think. And sometimes we are really attached to our thoughts, and it's hard to let them go. And that is why working with a coach is so helpful. Because you can do this work on your own, no question about it, you can create awareness yourself, but sometimes to get to a really deeper level or to get to a place where you want to get faster.


Meaghan Smith  18:39

This is why having a coach is so helpful because a coach can point out the thoughts that you've got that you are unaware of. And even though you're doing this work, it's still they're not revealing themselves to you. It's like you're blind to them because it's like you're wearing a pair of sunglasses. Have you ever done this? My mum is classic. And just in my mum's defence, I've totally done this too, you know, had your glasses on, and you're looking for your glasses, like where are my glasses? On your face. It's the same with thoughts. It's like, you can't see it. Right? It's become so ingrained, like so  comfortable on your face. Like if you imagine the glasses on your face, and you don't even realise they're there. But you're living your life through that filter.


Meaghan Smith  19:31

And so that's why, you know, get a coach, do this work with somebody to help you uncover those thoughts that you're unaware of and then make a plan, decide on purpose. How do you want to think, what are the thoughts that you can think that serve you to create what you want? If you want to earn more money, what are the thoughts that somebody who earns a lot of money thinks? That's how you need to think. Alright, decide on purpose.


Meaghan Smith  20:06

So just in summary, step one, like how to change your money mindset: step one - awareness. You've got to have awareness of how you're thinking, because you're powerless to change what you're unaware of. Step two, know that thoughts are optional. You can change the way you think, you can change the stories that you tell. But first, you got to be aware of them, right? And then step three is decide on purpose. How do you want to think about money?


Meaghan Smith  20:41

Now, just before I let you go, I just want to do a quick troubleshooting for you. Because  this is what so many people do, they decide on purpose, first, how they want to think about money, right, but they don't do step one and two, they skip over step one, and two. So you can decide these new lovely thoughts like, money's easy. Money flows into my life, making money is fun and easy. But if you have a whole heap of thoughts, like you have to work really hard to make money, you can only make money working for other people, I have to increase my hours to make more money, you can't create from that place of money is simple and easy, or I make money easily.


Meaghan Smith  21:40

If you have all these other thoughts sitting underneath that actually, what you really think is making money is hard. And you have to work really hard, you have to work a lot of hours. So that's why the awareness piece comes first, you got to create the awareness. First, you need to uncover what those limiting beliefs are first, alright, and this is where so many people get tripped up is we try to create new thoughts on top of old thoughts. And it's kind of like putting makeup on a pig, right? Like, it doesn't work, you've got to uncover the thoughts that are sitting there first, then know that they are optional. And that you can change those thoughts and then decide on purpose, how you're going to think.


Meaghan Smith  22:30

And that, my friend is how you change your money mindset. If you want more help with this work, if you want to take what you're learning on the podcast to a much deeper level and really apply this in your life, this is what I do, I work one on one with clients, really helping you in a very personalised way to create what you want. And this is exactly the work that I do with my clients uncovering all these limiting beliefs, but then actually setting you up and teaching you the tools that you need to create exactly what you want on purpose, like whether it's an income goal in your business, or a personal goal about your life, but really being that person who is living, unapologetically the life that they want, on purpose, by design, because you've worked through all this stuff that you can actually do that. Alright. It's the most amazing work that you can do for yourself, having these skills to be able to create what you want on purpose. That's what I do with my clients. I would love to be able to help you with that too. The way to work with me is to first jump on a consult call with me. It's a free one hour call, where I go over with you exactly where you are right now, exactly where you want to be. And then we bridge the gap on the call, okay, and work out whether we're a good fit. I would love to help you. Okay, until I see you next time. Have a beautiful week. Bye Bye.

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