Money Mindset - What Is It?

Your money mindset is your unique set of beliefs and your attitude about money. It drives the decisions you make about earning, saving, spending and handling money. 

Money mindset is informed by your personal money story… everything you've grown up believing to be true about money. The limiting beliefs you've inherited, and the stories you've observed & been told about wealth.

As entrepreneurs, a wonky money mindset will hold you back more than anything else…

It will affect the decisions you make in your business, the risks you’re willing to take, and, most importantly, the way you value yourself and the amount you charge your clients.

The Good News…

However ingrained your beliefs are, it's absolutely possible to reframe and cultivate a healthier money mindset. Replacing a scarcity mindset with an abundant one gives you the perspective and the power to make smarter choices and braver decisions in your business.

So HOW do you reframe your money story?

1. Begin by bringing awareness to the default thoughts that come up for you about money. Whose voice do you hear? What were you told growing up?
2. Start questioning things you might have never questioned before. Is what you believe a 'truth' or an inherited 'opinion'?
3. Replace the limiting beliefs and scarcity stories with positive, abundant versions. (I’ve created a guide for you with lots of examples to follow - grab your free copy HERE.)
4. Practice this reframing of your thoughts over and over. Choose to think differently. You are free of the way you used to think as soon as you choose to be.

Knowing Your Worth

Developing a healthy money mindset, and REALLY knowing your worth will transform:

• the kind of clients you attract & serve
• the services/products you offer
• the amount you charge

Knowing your worth is inextricably linked to your self-belief, and the confidence you have to do things YOUR way. That can mean charging MORE than others in your industry charge when you know you deliver more value. It can also mean giving away scholarships/working for free when you feel drawn to do that.

REALLY knowing your worth is not needing validation or instruction from others on how to charge. It's having the confidence to charge a premium price to reflect premium value.

Attracting High Ticket Clients

Warning… I’m about to state the blindingly obvious: high ticket = more money from fewer clients.

But there are many other reasons I have a high-ticket business model, and why I coach my clients around creating the same.

You can give your higher ticket clients a bespoke, tailored experience that meets their EXACT needs AND because they've made a significant investment, they show up with their 'A game' and DO THE WORK. 

The result - these are the clients who get the transformational results. They’re also the clients who give YOU utterly priceless case studies & testimonials (the most valuable marketing asset you will ever have at your disposal).

In my experience, higher ticket clients are more of a pleasure to work with. They’re actually less demanding, not more because they view working with you as a partnership. They’re willing to place their trust in you and your methods to get the results they want.

Yes But…

Around about now, the ‘Yes But’s usually make an appearance…

“Yes, but MY audience/prospects won’t pay that”

“Yes, but I don’t think I’m experienced enough to charge £XXX+ “

“Yes, but we’re in a pandemic/economic downturn/unstable market, no one is spending

money”

I could go on, but I suspect you get the point!

I want to be REALLY clear here… the client who truly needs the transformation you offer will pay to get the results. If you can deliver those results, you can charge a premium price.

How Your Money Mindset Is Keeping You Playing Small

• YOU still think you’re selling your time

Clients don't pay for your time. They pay for your years of experience, your expertise/skill, everything you've learned, the mistakes you've made that they can now avoid, the translation of something complex into something simpler, A reclamation of their own time.

• YOU believe your offer is too expensive 

You’re projecting your own money mindset onto your prospective clients. If you're nervous about your price point, your clients will feel that. Trust me, it will be obvious. Conversely, when you're clear and confident about your pricing, then they'll pick up on that energy too, and respond accordingly. Be radically comfortable with your price, and deliver the results that justify it.

• YOU are not willing to invest personally

Are you trying to charge at a level you're not willing to invest at yourself? This is a game-changer. When you stop trying to cobble together a 'lite' version of the life and business you really want, everything changes. Start investing at the level you want to sell at.

The Perils of Undercharging

Remember, clients are not motivated to pay for your program, product or service... they are motivated to pay to solve their problem. So, the question to ask yourself isn’t "is my program,

Package or course priced too high?" It's "what is it worth to my client to solve their problem".

By undercharging for your products & services you run the risk of adversely affecting the perception of their VALUE. Clients seeking transformational results may dismiss you, assuming you don't understand the gravity of their problem or the depth of their need.

When clients invest in themselves they show up. They do the work. They get the transformation. You get the testimonial. Clients who are unwilling to invest rarely get the results they want, and THAT can damage your reputation.

The bottom line is If you consistently undercharge for your products & services you are cheating your future clients out of the help they need because your business model will be unsustainable.

Suggested Listening

#080 - How To Find Your Pricing Sweet Spot

#076 - Overwhelmed and Under-Earning? This One's For You

#072 - Robust Money Mindset = Higher Ticket Clients

Next Steps...

Hopefully, this has inspired you to take a good, hard look at your own money mindset.

Remember to download your free guide HERE.   

 If money mindset is something you’re struggling with, then I invite you to apply for a free 60-minute breakthrough session with me:  APPLY HERE.