Whether you’re saving for a deposit, starting your own business, or simply want to get a better handle on your finances, there might be a major roadblock that you’re not even aware of: the way you think about money.
This could be a result of your upbringing, early conditioning or maybe just a financial setback that has left you with some negative attitudes to money. Analysing your mindset around money and making the necessary changes for success, is a fundamental part of all my courses.
So as the new year kicks off, I’d like to revisit some of the mental roadblocks that might be stopping you from becoming the successful, satisfied property guru that you deserve to be. While it’s virtually impossible right now to ignore all the media doom and gloom about the property market, it’s more important than ever to remember the words of possibly one of the world’s most successful investors, Warren Buffett: “Be fearful when others are greedy and greedy when others are fearful.” In other words, fear in the market presents rich pickings for the brave.
Read my earlier blog here about how the property cycle works and why now is actually a great time to buy in many areas deemed risky.
But let’s get back to all-important mindset…
are you your own worst enemy?
Ask yourself this: Are you frugal with your money or confident to spend where you need to make money?
By not allowing yourself to spend money, you subconsciously send a message to your brain that you need to restrict yourself. This leads to a scarcity mindset around money which typically results in you never attracting the very thing you want to make – more money!
exAMPLES OF SELF-LIMITING BELIEFS THAT PREVENT YOU FROM MAKING MORE MONEY
- You don’t want to – you’re perfectly happy with your state of finances.
- You don’t think it’s possible given your life’s situation.
- You blame your parents for not teaching you better about wealth.
- You believe riches are bestowed upon a lucky few.
- You have none of these self-limiting beliefs, you just have no idea how to make more money, yet you won’t seek expert advice.
Sometimes these ingrained attitudes date back to childhood. Many of us grow up surrounded by people with poor money mindset mentalities. I’d be the first to put my hand up and say I had no positive role models around money. I had to completely reinvent my attitude to money in order to set myself up for success.
You need to be fearless enough to take chances, to risk failure, banish self-doubt and to handle success. This can catapult you into a different place financially.
5 positive things you can do to break free of self-limiting beliefs
- Think happy thoughts. If you realised how powerful your thoughts are, you’d never think a negative thought again.
- Change your inner dialogue, one word at a time, one sentence at a time, one story at a time. Without positive affirmations and thoughts, it’s super easy to slip back to your critical inner voice and self doubt. Really, it’s giving your negative ego a right-royal kick in the backside!
- Watch your language around money. The words you use are imperative. One of the biggest shifts you can make is to stop making negative statements about money – to yourself, your partner, family, friends and so on. For example, instead of saying, “I can’t afford it”, what about, “How can I afford it?” (opens you up to possibilities) or “I’m choosing not to buy that right now” (empowering!).
- Track your spending. This is absolutely fundamental to building wealth – and will be good training for any renovation! Know what you can afford, then be super conscious with all of your day to day purchase decisions. Keep a record, then set a budget for yourself each week, and you’ll quickly see where the holes are. Be conscious of where your money comes from and perhaps where you might be able to tap more revenue streams.
- Take control. You have a choice. You can elect to do nothing or change your future. You don’t have to let others dictate how you lead your life, because you have the power to make that change. The massive turning point for me was self-education: reading copious books, property magazines, doing courses… it turned everything I’d previously thought on its head. When you consciously implement change each day, you will get control.
I came from nothing, and now feel privileged to say, through hard work and self-belief, I’m comfortably well off and happy as. But it was only when I changed my poverty mindset around money that I started to see all the boundless opportunities out there – and found the confidence to go out and pursue my dreams.
Want to learn more? Register for a FREE 2.5 Hour Property Masterclass near you or check out more tips and tricks on how I completed the two most key rooms in any property: