In this engaging conversation, Rob Tanner, Full Focus CFO, shares powerful insights for business leaders grappling with money challenges. He discusses how limiting beliefs about money can lead to financial stagnation. The speakers outline actionable steps to shift your mindset, emphasizing the importance of reshaping personal narratives and using daily affirmations to foster a positive outlook. They dive into key truths about cash management, encouraging leaders to differentiate facts from beliefs for financial success.
Recognizing and challenging limiting money narratives is essential for altering one's financial mindset and future outcomes.
Implementing daily affirmations and positive beliefs about money can transform attitudes and behaviors towards effective financial management.
Deep dives
Understanding Money Mindset
The podcast emphasizes the significance of recognizing the stories individuals tell themselves about money, which often stem from childhood beliefs or experiences. Common narratives include thoughts like 'money is evil' or 'I'm not good with money,' which can limit personal and professional financial decisions. Identifying these stories is crucial as they influence behaviors and can lead to poor financial outcomes. By acknowledging and writing down these beliefs, individuals can begin to separate them from their true financial capabilities.
Interrogating Your Beliefs
Once individuals identify their money narratives, the next step is to interrogate these beliefs and assess their validity against objective facts. This process involves disentangling emotional responses from tangible outcomes, recognizing that negative beliefs are often based on limited experiences rather than a reflection of one's true financial acumen. For instance, one might have experienced a financial setback and generalized that to a belief of incompetence in managing money. Challenging these disempowering stories enables a clearer understanding of one’s financial skills and history, paving the way for progress.
Envisioning New Narratives
Imagining more empowering beliefs about money is essential for transforming one's financial mindset. This involves creating positive affirmations such as 'I am learning to be good with money' or 'I can manage my finances effectively,' which counteract limiting self-perceptions. By visualizing a more empowering narrative, individuals can initiate changes in behavior that align with their new beliefs, ultimately leading to better financial outcomes. This step reinforces that money management is a skill that can be developed through practice and education.
Implementing Affirmations for Change
The final step involves implementing daily affirmations that reinforce the new, empowering money narratives, helping to reshape long-standing beliefs. Information shared in the podcast suggests using tools, such as apps, to record and rehearse these affirmations, creating a consistent reminder of one's financial potential and capabilities. This practice helps create new neural pathways in the brain, promoting a shift from negative to positive associations with money. Regularly affirming these constructive beliefs is vital for fostering a healthier money mindset and achieving financial success.
One of the most common limiting beliefs that business owners have is: "I'm simply not good with money." That's a story that even Michael Hyatt told himself for a long time. Since we've been talking about mindset for the last couple of weeks, we felt it would be nice to focus in on a specific mindset that we can all stand to reinterpret and explore what it means to change your mindset around money.
First, Michael and Megan Hyatt Miller will share three steps to challenging your mindset around money - with a bonus, very actionable, fourth step. Then, to help make these ideas more concrete, Joel Miller speaks with Full Focus CFO Rob Tanner about three money truths that every business leader should know.
To find out more information about Megan and Michael's new book, Mind Your Mindset, go to www.mindyourmindsetbook.com.
The Business Accelerator podcast is a reflection of the values and processes inside the BusinessAccelerator coaching program. If you want a free Business Growth Coaching Call, visit www.businessaccelerator.com/coach.