A list of limiting beliefs about money
Transitioning from being an excellent Bookkeeping employee to running your own Bookkeeping business usually shines light on hidden insecurities. Particularly about money. To help you get breakthrough in this area, we have come up with a list of limiting beliefs about money. Then you can implement change in these areas, so you aren't held back anymore. If you don't like the results you are getting, you do need to address things. And fears about money are usually significant inhibitors for many business owners. We've been interacting with Financial Coach Melissa Meagher from Talking Money about this.
So please enjoy our two podcasts and this blog post about these important matters!
Talking Money and Bookkeeping Businesses with Melissa Meagher
Have you ever wondered what your life would look like if you weren’t stressed about money?
As bookkeepers, we are often faced with a common misconception that we have our own business and personal financials in check. Many individuals, both inside and outside of our industry often believe that since bookkeepers are experts in supporting their clients with their accounts; their accounts must be perfect. Sadly, this is often not the case…and that’s okay.
Bookkeepers spend their days supporting their clients. Your top priority is making sure your clients are in a good place to continually grow their businesses. This means that by the end of the day there’s nothing left in your ‘cup’ to focus on your own business. Just like mentors have mentors, bookkeepers need help freeing themselves from financial stress.
After over 20 years within the financial services industry working as a financial planner, stockbroker, and seminar delivery specialist, Melissa saw time and time again the struggle her colleagues would have with managing their financials and money mindset. To educate, and empower others in managing their money she consolidated all of her financial knowledge with her love of working with people to create her own Money Coaching business called Talking Money.
Through Talking Money, Melissa creates a safe place to have a real conversation about money while providing tools, support, and framework to empower others to have clarity, awareness, and efficiency around their money. During their podcast conversation, Angie and Melissa discuss their passion for uncovering how our relationship with money impacts our motivations and behaviours every day.
To begin they discussed:
The Importance of Knowing Your Numbers
As bookkeepers and entrepreneurs, The Savvy Bookkeeper can’t stress how important it is for you to have clarity and awareness of where you and your business stands financially. At any given point you should be able to answer these following questions:
- What do you own?
- What do you owe?
- What are your fixed costs?
- What is your lifestyle spending structure?
Although this can be confronting for many of us, once you have everything organised it can be very empowering and freeing.
Understand what Makes your ‘Money Pot’
Before you can look at your ‘Money Pot’ you have to answer this question first, What does wealth mean to you? Once you have done this you can then look deeper to discover your relationship with money, how it impacts your motivations and behaviours, and what your limiting beliefs around money are.
Whether Your Current Scenario Helps or Hinders You to Manage Your Money as a Bookkeeper, Entrepreneur, and Individual.
Now, this is a big question. Do you know if your current situation helps or hinders the way you manage your money?
By continually reviewing your financial structure you can calmly be in control of your money flow. This will help you gain a clear and healthy relationship with your money while observing and understanding your financial triggers. Through developing this positive relationship, you will then be able to acknowledge you are enough and celebrate your wins; embracing, actively engaging, and making peace with your money story.
Next, the two took the discussion further in discussing how you can transform your relationship with money. A big part of Melissa’s work with Talking Money is clearing her clients’ money blocks and learning to understand how your mindset, beliefs, and attitudes can control your overall relationship with your finances. To help bookkeepers, such as yourself, create a life of financial ease and grace we have broken down our top ways of Transforming Your Money Mindset:
Understand Your Money Story
Let’s face it. Financial stress is never just about money. Money struggles evolve from symptomatic and underlying limiting beliefs around our self-worth and how we value ourselves. As bookkeepers, when trying to manage financial stability three fundamental fears are tied up in our own identity:
- Fear of not being in control of our finances,
- Fear of not being up to date of our finances, and
- Fear of losing face with our peers.
By understanding what your money story is and how it came to be you’re able to better understand what makes up your ‘Money Pot’.
Investigate Your Relationship with Money
The most important aspect of managing your personal and professional finances is what we bookkeepers know best, knowing your numbers. However, getting an accurate understanding of how you look at money and what wealth means to you is equally as important.
As bookkeepers, we are our product. Our industry knowledge is what we are selling. Since your relationship with money can be a symptom of how you value yourself, it’s an important aspect to investigate.
Although it may be uncomfortable at first, it’s important to consider:
- How your parents’ relationship with money has impacted you as an adult,
- How was money spoken about growing up?
- How do you feel when you think about money?
- What is your current relationship with money?
By creating your Money Story and understand how it impacts your relationship with money you are then able to work on this relationship, it’s motivations, and your direct behaviour around it every day.
What is Your Financial Vision and Aspirations?
Understanding your Money Story and how it impacts your relationship with money so important because it shows you how your money mindset could be holding you and your business back. Here are some questions for you to answer:
- Under-pricing your services because you under-value yourself?
- Are you afraid of losing a client if you make any changes to your pricing system?
- Do you work with non-ideal clients because you panic about cash flow?
- Have you ever experience self-sabotage or procrastination within your business when it comes to your bookkeeping business’s growth and financial health?
If you have answered any of these questions YES, then you need to reassess your Money Story, Financial Vision, and Aspirations for yourself and your business. As Melissa says, “Knowing where your money goes gives you freedom and choice of where you want it to go.”
If you’d like to learn more insight into Mastering Your Money Mindset, be sure to tune into The Bookkeepers’ Voice
- Episode 80 How to Manage Money in a Small Business
- Episode 81 How to change your beliefs about money
to hear The Savvy Bookkeepers business development leader, Angie Martin, speak with Melissa about all things Talking Money.
If you’d like help with your goals you can book a free initial consultation with me (Angie), or email us at if you’re interested in a mentoring session to get you on track and focused.
List of limiting beliefs about money
- The Importance of Knowing Your Numbers
- Understand what Makes your ‘Money Pot’
- Whether Your Current Scenario Helps or Hinders You to Manage Your Money as a Bookkeeper, Entrepreneur, and Individual.
- Understand Your Money Story
- Investigate Your Relationship with Money
- What is Your Financial Vision and Aspirations?
That is our list of limiting beliefs about money. Over to you…
Running a business brings a unique set of challenges that go beyond what even expert employees face. Therefore it is very important to remove inhibiting views about money, so you can actually successfully grapple with those unique set of challenges. You don't want to face running a business with one hand tied behind your back! Hopefully this Blog Post and the two Podcasts will shine light on any fears about money that you have. And start you on the road of breaking them off your life!
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