Most of us grew up hearing messages that reinforced the idea that money is scarce and that we should hold onto our money and avoid spending it on anything that’s “too much.” People will drive 30 minutes across town just to save $0.03 on a gallon of gas, as if that’s what makes you a good person. We’ve also heard things like, “It’s stupid to waste money on expensive things.” These are your money stories.

In fact, spending money on certain things isn’t part of most people’s value system. For example, “Why spend money on breakfast?” “Why buy a $450 bottle of wine when you can buy it cheaper at the liquor store?” ($450 used to be Steph’s car payment!)

When you’re in business, these kinds of lack-based and scarcity-based ideas can actually hold you back from growth.

In today’s episode, we discuss:

- Various memories that Steph, BT, and I all have around childhood experiences with money—and how these money stories impacted our sense of value and worth as adults

- How BT’s rich uncle told him to “buy anything you want” at the sporting goods store—BT chose an $80 skateboard that was his mom’s salary for the entire week, and she made him take it back

- How Steph was only allowed to spend money on certain things when she was growing up

- The mindset behind people who think, “it’s stupid to waste money”

- How Steph and BT’s daughter, Emma, purchased a $70 stuffed animal with her own Christmas money at age 7, and how this upset members of the family

- Why your desire for something (e.g., a house) is actually the thing that will pull your business forward

Many business owners are terrified to spend money. They run their business based on survival. They’re worried about, “What if something bad happens? What if the other shoe drops?” Deep down, they have a fear of looking stupid.

The truth is, if you hold on to money, your business dies. If you run your business based on survival, your business dies.

You can change a lack mindset by focusing on what you desire. You get to choose what to believe in. You can choose to operate based on abundance rather than lack.

Links & Resources

The Successful Mind Podcast on YouTube – Episode 556 – Money Stories Matter

Episode 294: There Is Only Abundance

Inside Episode 294: There Is Only Abundance

Episode 025:: Coupons, Bargains & Perpetual Poverty

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