Seven Money Mindsets and Practices that completely changed my Business, Life and Joy
Episode 8 Show Notes
The thing about money is that we all need it and we all want it. But for me and my audience, money isn’t our driving motivator, rather it is a tool that allows us to do good for ourselves and for others. I want to share with you seven money mindsets and practices that will help you to build a foundation for joyful living and a better business. In this episode I talk about:
- ✔️ How becoming debt averse breeds freedom and contentment in your life and business.
- ✔️ The importance of tracking your money at the beginning of the month to create boundaries and freedom at the same time.
- ✔️ How opening up a dialogue about healthy money habits has the potential to affect change in your life and the lives of others.
- ✔️ Keeping your why and vision in mind makes reaching your goal easier.
- ✔️ The significance of making our children part of the conversation in order to break the cycle of unhealthy money habits.
- ✔️ How to have joy through giving.
- ✔️ The importance of keeping your eyes on your own paper and living your best life.
Become Debt Averse
Of every lesson I mention, becoming debt averse is tied to the most freedom in your life. This has been one of the best mindset shifts in my life. The majority of people who continue to do work that doesn’t excite them do so because they need that work to pay off some form of debt. Living a debt free life gives you the ability to make decisions more freely, without fear.
Additionally, when you don’t owe anyone any form of payment the pressure to make money doesn’t drive you as much. Your motivation comes from a different place when you don’t have that pressure. And when you don’t owe anyone anything, you don’t need much and you’ll have much more surplus to save, invest, and spend. Owing no one creates freedom and allows you to enjoy the peace and joy of being in control of your decisions as opposed to your debts being in control of your life. Being free of debt will allow you to create offers in your business based on the needs of others and not your own.
Track Your Money
For the first eight years of our marriage, I tracked our expenses and income using an excel spreadsheet. Over time I began to realize so much of our money was seemingly evaporating without being accounted for. The problem was we weren’t telling ourselves how much money each expense category would get at the beginning of each month. Last year we began using an app called Every Dollar. What I love about this app is that you assign every dollar you make to each expense before the beginning of the month so that every dollar is accounted for. I use both the app and desktop version of Every Dollar, it’s so simple to use.
Talk About Healthy Money Habits
Talking about money is so taboo in our culture. But talking about healthy money habits shouldn’t make us feel awkward. If you have a spouse, I want to encourage you to talk about money together. Why? Because money is tied to just about everything you do. Be aware of your monthly budget and your goals. Share conversations about healthy money habits with your family and your friends. Communicate your wisdom without being condescending and you can be the catalyst for change in someone’s life. Hearing others talk about becoming debt free is what inspired me to begin to think differently about money and finances. When you open up the dialogue, it has the potential to affect the lives of others positively.
Incorporate Your WHY and Your Vision
Much like I teach about the importance of knowing your why in your business (Episode 4), I also want you to know the importance of knowing your why when it comes to your finances. When you’re getting out of debt or you’re saving, you’re doing that to reach an end goal. Keeping your end goal in mind makes taking the steps bearable and much more enjoyable because you see yourself moving toward your destination. The power of seeing your steps move you closer to your goal is so real. I encourage you to think of ways to make your progress visual to see how your work is moving you forward. It prevents you from feeling like you’re so far away from reaching your goal. Keeping your dreams, visions, and goals in mind makes saying no to a lot of things easier.
Involve Your Children
Some people grow up in homes where they are never taught about money, budgeting, hard work, how to balance a checkbook, and so on. I encourage parents to talk to your children about money in a way that’s appropriate for their age. For example, the way we teach Zoe, who is now 4 years old, is that when she gets money, she is to do these three things in this order: give first, save second, and spend last. Your children will learn money habits from you one way or another–by watching you make good choices or poor choices. Involve them and teach them, in an age appropriate manner, how to handle money.
Giving freely and expecting nothing in return is a reward like none other. Giving brings so much joy to the giver because they’re aware of the ripple effect it has on the one they’ve given to. The joy isn’t tied to the amount that you give but to the heart that’s behind it. You can tell a person’s priorities by looking at a person’s bank account. Take a look at the categories where you spend. Where does giving fall in your list of priorities for you? Giving is really one of the easiest ways to create a life of joy.
Keep Your Eyes on Your Own Paper
If you find yourself coveting what someone else has on social media, unfollow immediately. Set boundaries based on what is best for you in your life. Live your best life and not the perception of someone else’s life and you will derive the most benefit. I would rather live my life based on my why as opposed to someone else’s and I encourage you to do the same.
- Become debt averse [00:03:28]Track your money [00:12:25]Talk about healthy money habits [00:16:45]Incorporate your why and vision [00:23:00]
Involve your children [00:27:15]
Keep your eyes on your own paper [00:35:35]
- Listen to this week’s podcast episode and determine which of these ideas shared you can begin to work on/practice this week. I want to hear your insights and your #1 takeaway from today’s episode, let me know by leaving a comment over on Instagram @shuntagrant. Chat soon!
Hi there! I’m Shunta, I work with women who seek success in their businesses, but not at the expense of joy in their lives! I teach them how to build and grow successful businesses that keep customers coming back time and time again. When I’m not helping women run businesses they love, I’m reading a good book, taking a class at the gym or walking the aisles of Target and TJ Maxx with my daughter Zoe. If you believe that both your business and your life can be filled with joy, come hang out with me here on the Business, Life & Joy podcast.
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