WW 193: Money Mindset and How To Incorporate Into Your Money Coaching - Solo Show
Money mindset is an integral part of mastering your finances and gaining financial freedom. As money coaches, we know this to be true, but how do we get our clients to understand it too, and how do we help them work through their negative thoughts and feelings surrounding money? In this episode, I’m diving into 3 ways you can help your clients with their money mindset during your coaching with them. Loving this episode? Take a screenshot and share it on Instagram! Tag me so I can send you some love (@Tess_Wicks)
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Resources FROM THIS EPISODE
Recommended Listen: Episode 137: Welcome to The 12 Days of Money Mindset Series
Recommended Listen: Episode 188: 5 Surprising Ingredients To Be The Best Financial Coach
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A Quick Recap from this episode
What is money mindset?
Last week we talked about why less is more in your coaching business, and when I work with my clients, having them put together their life-changing coaching programs, many of them come to realize that the process to help their clients ends up being quite “easy” or simple.
This activates a common thought gremlin:
How could anyone actually pay for this? It’s so simple, isn’t it? OR
After the client realizes how simple it really is, they are afraid the client will feel like they got ripped off.
First of all, don’t jump to conclusions. ;) AND don’t take your experience and expertise for granted (we often do).
The truth is… the solution to almost EVERY problem is pretty simple...
But, IF your process is so easy and simple, then there is still one BIG reason why your ideal clients aren’t where they want to be when it comes to their money…
Because they haven’t changed their behaviors - they may “KNOW” the process even (many of them don’t because they are inundated with free info and far too many options, so simply investing in working with you, you can offer them one streamlined option to put into place and help them stick to it) okay, but even if they know this process, they don’t implement it because they haven’t changed their behaviors, or they try and can’t stick to it because it requires a behavior change which is really hard to force.
THIS is a result of our money mindset.
Why?
Because our behaviors (whether we DO or DO NOT do something) are impacted by our emotional states (our feelings).
Our feelings/emotional states are impacted by our thoughts.
Our thoughts are about money or certain things in life that impact or are impacted by money can all be boiled down to our money mindset.
Money Mindset is your unique and individual set of core beliefs about money and how money works in your world. (for a deep-dive on this and more money mindset stuff, head back to the 12 days of money mindset series I recorded almost a year ago - it starts at episode 137 and it’s made up of 12 short podcast episodes that takes you through exercises to dive into your own money mindset if you’re interested!)
SOO, now that we understand the importance of money mindset and what it is, and how it basically shows up in every coaching interaction, how do you implement the work into your money coaching:
Before I share a few quick tips to integrate money mindset work into your coaching practice, I have to say… this is an entire genre in and of itself that you could build a coaching practice off of. There is a reason I got certified through a 100 hour mindset certification program.
This is also why one of my 1 year goals is to become a certified trainer in mindset and develop my own mindset certification program, specifically on money mindset for coaches, advisors, and other financial professionals. But, I digress.
Understand that we all grow up with a set of beliefs about money - MOST of us, because of the generational beliefs passed down from times of war and poverty, have a belief that money is not available for US, that we must struggle as our parents or parent's parents did. We are surrounded by cultural rhetoric and verbiage that people with money are bad, they are “filthy rich” or we hear about “dirty money”. This causes us to subconsciously avoid and reject money because if we get it, we will become filthy and dirty, casting us out from the tripe of acceptance.
Help your clients break this hypnotic subconscious state by having them jot down 5 reasons why they should have an abundance of money. What would they be able to do with it? Who would they help? How would their life change?
Money is just an amplifier - it will amplify who you already are.
Because our money mindset is tied to our beliefs, and a belief is a thought we keep on thinking that then gets rooted in our subconscious mind so we no longer have to consciously conjure that thought, a way to help us change and adjust our money mindset is to understand the subconscious mind. One thing to know about your subconscious mind is that it takes everything literally - it cannot decipher between fact or fiction - so you can literally hypnotize yourself into believing anything and to focus on anything. One big problem in the money world is when we have clients that work with us who are completely fixated on their debt. Of course we want to help them get out of debt, but the more we talk about debt, the more debt becomes their world. Even when they say “I want to be debt free” or “I just want to pay off my debt” their subconscious mind is still hearing “debt, debt, debt” and becomes more and more fixated on it - finding more and more reasons to keep that debt.
When you help your client write their goals and maybe even their money affirmations to keep a focus on as they go through your program, when it comes to debt, make sure you help them fixate on what they want.
Instead of “I want to pay off $5,000 of debt” figure out what it’s going to take to tip the scale… and easy way is to look at what they want beyond the debt… maybe it’s $5,000 in savings - so they can focus on “I want to save $10,000” which would mean $5k of it will go to pay off that debt and another $5k will come into a savings account.
Obstacles and Identity: In episode 188, we talked about the 5 surprising ingredients to be the best financial coach. Two of the ingredients were about behavior: First, monitoring behavior, and then calibrating on it. Like I said at the top of this episode, the solution to most people’s financial struggles are usually pretty simple, it’s the DOING that is the hard part. People can plan all day, but when it comes to execution, and then taking the execution into a daily habit, that’s where things get tricky. So… how do we help set our clients up for success, when we know they will need to have to persevere and develop habits that can often be difficult? Obviously, we have to start at the thought level.
When setting goals and coming up with a plan, you should also immediately start to brainstorm all the obstacles that will derail the plan:
Happy hour with pressuring colleagues, emergency expense, bad day and too tired to make dinner so take out!
Next, help them to root in a new identity
I am the type of person who…
Even though my colleagues will pressure me to do an unplanned happy hour, I go and get water with a wedge of lime
Even though I have an unplanned, emergency expense, I take the time to think through all my options first, and if I still have to pay it, I immediately make a plan for how to adjust my budget appropriately.
Even though I had a bad day and feel too tired to make dinner, I make dinner anyway because I know I’ll feel more accomplished at the end of the meal.
Robert Dilts Logical Levels of Change teaches us how important changing at the identity level is. If you can shift your identity, all the other areas of your life will change. If you shift a lower level, like your environment or your capabilities, the likelihood of that change sticking is so much less, but if you decide “I am the person who…” no matter what, then it doesn’t matter where you are or what you can do, you’ll figure it out anyway!
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