In my time in the online business space, I’ve come across a lot of teachings around money mindset. Many of them are extremely helpful, but just as many viewpoints create more toxicity and frustrating obstacles for individuals simply looking to improve their relationship with money. This post presents a different approach to money mindset.

The Frustration

I’m not writing this with the intent of passing judgment or dismissing alternate perspectives.

But I’ve seen money mindset taught by well-meaning teachers and blindly accepted by people looking for solutions. I’ve seen these money mindsets become toxic. I’ve seen them become a hindrance to your financial journey.

I’m here to make my argument so that you can make the right decision for yourself. But the conversation is open - feel free to share your thoughts in the comments below.

Problem #1: Dismissing Reality

A common teaching is that you can easily attract wealth. I’m certainly not going to say that there’s anything wrong with aspiring to be wealthy or believing that it’s possible for you.

The problem is that many well-intentioned money mindset teachers become too dismissive of the reality of finance. And that reality is: Sometimes, your circumstances are outside of your control.

The mindset that wealth is only easy and can be achieved simply by working harder for it or aligning your passions with it comes from a place of privilege.

(And I’ll be the first person to admit that I, too, have fallen victim to neglecting this perspective.)

Here’s the reality. Some people have an easier time getting wealthy…

• …if they start from an economically advantaged position.

• …if they don’t have to face barriers related to their race, religion, gender, disability, appearance, etc.

• …if they already have good health, physical and emotional security, a support network, etc.

To sit from a seat of already-attained wealth and tell someone with disadvantaged circumstances that making money should be easy creates a toxic expectation. It places too much pressure to succeed on the shoulders of someone who already has other obstacles to overcome.

Problem #2: Connecting Worth With Money

This leads me to my next point. This harmful dismissal of others’ realities can create a toxic view of the relationship between self-worth and money.

Because your wealth is not ONLY influenced by the things within your control, it should not be a source of your self-worth! A human being's worth has nothing to do with money.

There is a popular money mindset coach out there who once wrote about how your income level is a reflection of how much you love yourself. Please don’t buy into this lie.

Your wealth is not a measure of your worth, your success, or how much you believe in yourself.

If your sense of self-worth, happiness, contentment, security, or whatever is entirely dependent on your finances, you're going to have a very hard time coping with life's changes and curveballs.

Problem #3: Unsustainable Growth Mentality

Many money mindset teachings can become dangerously growth-obsessed in the name of “abundance.” Again, there’s nothing wrong with learning to believe that you CAN do something and that there’s room for you among the success stories. (Spoiler alert: There is.)

However, in the online business space, especially…

• “Wealth mindset” quickly becomes “millionaire mindset”

• “Solopreneur” quickly becomes “scale your team”

• “Grow a profitable business” quickly becomes “build a 7-figure empire”

Again, there’s nothing wrong with these ambitious dreams! But they DO become a problem if they’re not your dreams.

Growth isn’t always good. Bigger isn’t always better. Growth can create bigger problems for you if you’re not approaching it intentionally and with a clear vision (which you can’t do if it’s not your dream).

Problem #4: Self-Centered Finance

Something I talk about extensively in my discussion of “Charge What You’re Worth” culture is an others-focused mindset around money.

As business owners, we have a responsibility to our markets. As human beings, we have a responsibility to each other. We should not have a close-fisted mentality that “my money is my money” without ever considering the impact we can have on those around us (positive or negative).

A major area we see this as play is in the world of “high-ticket pricing”. There’s nothing wrong with charging high-ticket prices for high-value offers.

But I think this quote describes the issue best:

"Somewhere along the way in pricing culture, we’ve glommed onto the idea that being in our very presence is worth thousands because… we say it is."

- Hillary Weis (Medium Article)

And another great quote to sum up this thought:

“Just because people will pay doesn’t mean they should have to. Owning a business isn’t about making the most amount of money in the least amount of time.”

- Jess Manuszak (Medium Article)

A New Approach to Money Mindset

So how SHOULD we think about money? While we’d need a lot more time to explore the full breadth of this topic, here are three points I’d like you to walk away with for now:

Takeaway #1: Money Is Neutral

Money is not the enemy, nor is it something to cling too tightly to. It isn’t trying to sabotage you. It isn’t something to fall in love with or base your self-worth on.

Money is simply a tool. It is a neutral resource. You can choose how it’s used and how much power it has over you.

Takeaway #2: Focus on What You Can Control

There are outside factors that impact your finances that you won’t always have control over. It’s okay to let it go and instead focus on what you can control.

Your power lies in being intentional with money and in living your life and running your business in alignment with your values.

Takeaway #3: Wealth Is Not about Money + Stuff

Wealth and success are not about having a certain amount of money or being able to buy more stuff. Instead, I’d argue that wealth is about:

• Sufficiency: Having enough to feel secure, independent, and fulfilled

• Stewardship: Managing what you do have well so as not to be wasteful, disrespectful, or ungrateful

• Service: Remembering that your life (and thus your finances) has an impact on others, and you get to decide whether it’s positive or negative
  
  

So, What Are Your Next Steps?

If you’re realizing now that you’ve fallen victim to some of these harmful ways of thinking about money, I’d like to encourage you to do the following:

1. Spend a moment reflecting on what you learned, and consider sharing your thoughts with me in the comments below.

2. Seek new, positive influences that will help you adopt a healthier money mindset. Consider joining communities like The Financial Legacy Lounge where you can cultivate this mentality!

3. Stay watchful. Never be afraid to question what you’re being told and why. Protect your mindset and your values diligently!

Are you ready to take your financial journey to the next level? Then you may be ready to check out the More With Money Academy!

This ever-growing collection of online courses and trainings are specially designed to support entrepreneurs like you on your path to financial wellness. The Academy contains carefully designed courses that are easy to understand and implement so that you can be empowered with the practical concepts, streamlined systems, and powerful mindset to transform your business and personal finances.

Click here to explore what the More With Money Academy has to offer!

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I'd love to continue the conversation in the comments! Feel free to share your thoughts.

Until next time!