I’m going to be blunt. A lot of what I hear about money management is bull sh*t.
I feel like a long long time ago a bunch of dudes got together in a room and said, “Hey, let’s spread some lies about managing money so people feel like they HAVE TO pay us,” and that’s how these lies were born.
Maybe I’m exaggerating- but I’m just SO frustrated with seeing really amazing women feel disempowered about their money! This hits extra close to home because I used to feel that same way and was convinced that I would always be a money loser.
Then I figured something out- most of what I was hearing about money wasn’t true. They were lies and I had the personal power to believe them or not.
So I stopped believing and started coming up with my own rules about money. This shifted my mindset about money from, “I’ll never to get this right,” to “I am the Beyonce of money!”
Here are the 5 biggest lies about managing your biz finances that I stopped believing and you can too:
You’re going to suck at money forever
This was me for a really long time. For 10 years I believed that I was “meant to be poor” because I just couldn’t figure out money. I really thought it was a divine plan that I had no control of.
It wasn’t a divine plan. It was a foolish idea that I had planted in my head in my teens and it took a year of deep emotional work to uproot it.
What I learned was that the more energy I put into learning how to manage my business finances, and implementing what I learned, the easier the money stuff became. Like physical muscles- the more we exercise the money muscle of the brain, the stronger and more flexible it becomes.
You have to be good at math to be good with money
Okay, so maybe this was true during the abacus days, but this is a weird old-skool belief that is right up there with, “Boys are good at math, girls are good at art.”
Math is not required to manage your money well. Yes, money has numbers in it, but very little of money management is actually doing long calculations and formulas. You may need to add, subtract, and multiply some stuff, but If you have a calculator- you can manage your money.Math is not required to manage your money well.Click To Tweet
Instead of being good at math, good money management is all about intentionality and commitment. Having a plan is what creates the intentionality- knowing how your plan aligns with your long-term goals creates the commitment.
You’re going to repeat your money mistakes
Hi there! Me again.
In my early 20’s I made SO MANY mistakes with my money. So naturally, I figured that meant that I would just make those mistakes over and over again until I had my credit card confiscated.
SO. NOT. TRUE.
A mistake is not a habit. It is an action that you learn from and, then, move on from.
Instead of seeing your mistakes as “How you always are,” start seeing your money mistakes as bubbles of information. There’s actually quite a bit of gold in our mistakes. Take the gold and walk away- these money mistakes don’t define you, they teach you.Instead of seeing your mistakes as “How you always are,” start seeing your money mistakes as bubbles of information.Click To Tweet
Only rich people know how to handle money
I grew up with a financially single mother of three. As a kid, even though I knew we were on the poorer end, I always felt like we had a good life. Sure, I couldn’t take piano lessons because they were too expensive, but my mom cooked dinner every night, took us to do fun stuff, and even let me redecorate my room once.
It wasn’t until I got older, and my mom told me how much she made, that I realized how well she managed her money. As an adult I was shocked at how much she did on so little. I picked up this trait.
There were many years that I made $15,000 annually. I remember one year a friend said to me, “You’re so lucky that you make $35,000 a year.” I was baffled. I made like half that and she was thought I made so much more. When I told her how much money I made, it was her turn to be baffled.
“But how do you do all these fun things?”
By making intentional decisions about my money. By saving. And by thinking through my spending.
You don’t have to be rich to have good money management skills and you don’t have to come from wealth to learn them. But, especially when you don’t have a lot of money, you do need to be intentional. Instead of reacting to your money, ponder it. Think about the ripples that each money decision make and what that means for you down the line.You don’t have to be rich to have good money management skills and you don’t have to come from wealth to learn them.Click To Tweet
Only professionals should handle money
I actually AM a money professional and let me tell you this- you don’t need me to manage your money. Okay, well maybe you do need me to show you a thing or two, but once you learn it you can manage your money on your own.
I have taught so many clients how to build healthy financial habits into their business and so often they are amazed when they “get it”. I’m not surprised at all.
Managing money isn’t an innate skill we’re born with. It’s something we learn and if you’ve been able to launch a business then I’m betting you’re a smart cookie. Just like everything else you had to learn to start your business, you can learn to manage your money. And then you can rock it.