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Mastering Money – More Mindset than Math

Posted 6 years ago on · Permalink

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Hadriana Leo, CCS

For the entrepreneur who is working hard to build a thriving business, success ideally means getting to live the life of your dreams, created and realized exactly as you envisioned.  It is difficult, then, to realize that the money you have coming in through the door seems to seep out just as quickly through every window and crevice of expense, experience and un-expected incidentals.

So how do you run a successful business and still realize your personal money-funded dreams and goals? That’s the time to get away from the math and get into the mindset.  The following tips, applied to both your business and personal financial journey, should get you started.

1.    Prioritization Here’s a Question to ask yourself – Are you working to live or living to work?  That endless pursuit for work/life balance is magnified for the entrepreneur because of the inherent catch 22: the entrepreneur that does not work makes no money, hence, no “life”; the one who works hard is so busy, hence, again, no “life”.  When it comes to the money machine, it is very important that you prioritize your money making and money-funded activities.  When we do this we can identify clearly defined money-dependent goals and can better plan our strategy to realize them.

2.    Intention – It is not enough to know what you want to do with your money.  One must take the next step and identify why.  For example, let’s say you want to be able to take a month off each year.  Why?  Is it so you can catch up on your sleep or because you want to be able to plan some life-changing, family adventures each summer?  Same goal but a different reason why, and a resulting difference in the effort and drive put in place to achieve it.  Setting intentions that surround your money-funded goals will allow you to put some real effort into achieving them.

This is also where I have to put in a caveat.  Your intentions must be based in reality.  In this age of virtual reality and edited, scripted and fabricated reality tv, your financial intentions must be based in real-life reality (whoever thought reality would need a qualifier!).

3.    Repetition – not mantras but behaviours.  I am all for meditation and visualization, but your financial mindset will only be realized when your day-to-day actions reinforce your intentions and goals.  That means redoing those things that keep you moving towards realization and limiting those actions that will move you away from achieving the desired end.  Understanding that behaviours take time to be established, they are habits after all, we should equip ourselves with tools that help us to keep focused on our end goal.  Like making the credit card physically more difficult to reach or putting a visual image of your goal in high traffic areas – phone lock-screen, perhaps?  Repetition deepens impression so by all means aim for high behavioural reps.

4.    Quantification – Set yourself short-term, measurable, realistic targets.  The old cliché what gets measured gets done holds true in this instance.  And don’t limit yourself only to counting money.  Sometimes your money funded goals actually help you realize measurable increases in time and opportunity so keep your mind open to those quantifiable gains to be had.

5.    Relaxation – for goodness sake relax!  Managing finances from a 911 or a do-or-die position is a guaranteed recipe for cooking up financial disasters.  Panic is born out of desperation and leads to mistakes, tunnel vision and unnecessary risks.  Make sure that you understand that your current financial position was not realized overnight and as such will not be changed overnight either.  Do the work to create a smart plan in steps 1 – 4 and then relax and enjoy the experience.

6.    Finally, no “-tion” here, Reward Yourself – What’s the point of making this journey through life and entrepreneurship if we don’t get to reward ourselves along the way.  I think mastering money is about having money work for you, to realize dreams, both large and small now and into your well-funded distant future.  It means that, if you want that gadget or accessory you can certainly plan it in.  This is where play money gets put into your financial plan (and I am not talking about Monopoly). Work hard and play hard – you deserve it!

Be prepared to revisit and rework these steps as your business grows and your personal life situation changes.  That flexibility to move with the tides of change will position you to flourish is a variety of circumstances.

So there you are, all set for personal and business success.  Mastering your finances and attaining financially measurable success is an issue of mind over matter, mindset more than math.  So, go on,  get to it…

 

Hadriana Leo is a Women’s Finance Coach and Certified Cash-Flow Specialist at Crescendo Financial.  She helps women quickly eliminate debt and painlessly realize their money-funded dreams.  As a member of the APBOT, Hadriana is offering an exclusive member to member discount so call, text or email to discuss how she can help. 416-856-5931; www.crescendofinancial.com