Shifting Your Money Mindset for Business Success [Badass Is The New Black S6E34]

Money mindset is something we all face, whether we realize it or not. It is the deeply ingrained beliefs and attitudes we hold about money. For many entrepreneurs, this mindset can be the very thing holding them back from achieving their full potential in business. Whether you're just starting out or you've been running your business for a while, understanding and improving your money mindset can unlock new levels of success. 

Recently, I was at an event discussing how many entrepreneurs are hesitant to invest in themselves or their businesses. A woman across the table suggested I teach on this topic for my audience. My first reaction? Resistance. I’m not a money mindset coach nor an expert in the topic. But she helped me see that, maybe my everyday experience with money makes me the perfect person to open up this conversation.

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Facing My Own Money Mindset

Initially, the thought of talking about money scared me. Finding an expert would’ve been the easy route, but I knew this conversation was one I needed to have. So, here I am, ready to share my journey and offer you some clarity about your money mindset and how it’s impacting your business.

I’m Krissy Chin, and today I want to dive into the money stories we’ve all been told and how they shape our actions today. Whether you’re a wellness coach, an entrepreneur, or someone looking to invest in yourself and your future, this episode is for you.

What is Money Mindset?

Your money mindset is essentially the lens through which you view your finances. It shapes your attitudes about earning, saving, spending, and investing. If you believe that money is scarce or that wealth is unattainable, that belief will impact the decisions you make. Conversely, if you believe there’s abundance and opportunity, you're more likely to take calculated risks and seek out growth in your business.

For many business owners, especially women, past experiences, societal norms, and even childhood beliefs can cloud how we see money. These mindsets often go unnoticed but manifest in your daily decisions – whether it’s pricing your products or services, making investments in your business, or even how confidently you talk about money.

The Story We Tell Ourselves About Money

It’s an interesting time to talk about money. We’re in an economic cycle where costs are rising, and many entrepreneurs are seeing a dip in income. Maybe you’ve caught yourself believing that people are holding onto their money because it’s an election year. I did too, until a friend challenged that belief. She told me, “I’m still investing in myself and my business. The election has no bearing on that.” It was a lightbulb moment for me—just because I believed a narrative didn’t mean it was true.

We all have money stories, shaped by our upbringing and experiences. Maybe you grew up in a household where money was tight, and now you subconsciously believe money is scarce. Or perhaps you were raised with a mindset that money is the root of all evil, making you resist the idea of earning more. The first step to shifting your money story is recognizing it.

Why Shifting Your Money Mindset is Critical for Business Success

Let’s get real: a poor money mindset can directly block the growth of your business. Here’s how:

• Pricing Problems: If you undervalue yourself or your services, it may stem from a fear of asking for money. You might believe that people won’t pay what you want, or that you’re charging "too much." This can lead to overworking and undercharging – a recipe for burnout.
• Hesitant Investments: Ever hesitated to invest in that online course, business coach, or new tool because you’re afraid you won’t get a return on your investment? That hesitation may be linked to a scarcity mindset – the fear that there isn't "enough" money to go around, or that investing is risky.
• Financial Avoidance: Avoiding looking at your accounts, feeling anxious about paying bills, or ignoring tax season altogether is a sign that something in your mindset is off. A strong money mindset means you’re confident and in control of your financial health, not fearful or avoidant.

When you shift these beliefs, you create room for growth, abundance, and empowerment in your business.

How to Shift Your Money Mindset

Shifting your mindset doesn’t happen overnight, but with awareness and consistent effort, you can start making changes. Here are some practical tips to help you shift your thinking around money:

1. Identify Limiting Beliefs

The first step in changing your money mindset is recognizing where your negative beliefs come from. Take time to reflect on statements you may have heard growing up, such as “money doesn’t grow on trees” or “rich people are greedy.” These beliefs can influence how you act in your business today. Once you’ve identified them, ask yourself if these beliefs serve your goals. If they don’t, it’s time to challenge and replace them.

2. Reframe Your Thoughts

When you catch yourself thinking something limiting, like “I can’t afford that,” reframe it into an empowering statement. For example, say, “How can I make that investment work for me?” or “I’m choosing to spend wisely.” This shift encourages proactive thinking and helps you see opportunities instead of limitations.

3. Surround Yourself with Positive Influences

The people you surround yourself with can influence your money mindset in subtle ways. Make sure you’re in circles where financial success is celebrated, not criticized. Join groups, mastermind programs, or even follow thought leaders who promote an abundant money mindset.

4. Create New Habits Around Money

Building new habits can shift how you feel about money. For example, instead of avoiding your finances, set a weekly "money date" where you review your earnings, spending, and savings. The more familiar and comfortable you get with managing your money, the more empowered you’ll feel.

5. Celebrate Financial Wins

It’s easy to focus on the negative when it comes to money, but shifting your mindset means celebrating every win, no matter how small. Hit a revenue goal? Made your first sale? Celebrate it! Recognizing progress creates a positive feedback loop, building confidence and further reinforcing your new, abundant mindset.

The Ripple Effect of a Positive Money Mindset

Changing your money mindset doesn’t just impact your bank account – it ripples through your entire business. When you have a healthier relationship with money, you can:

• Make better decisions. You'll evaluate opportunities with confidence, knowing that risks can lead to rewards and that you are capable of financial success.
• Charge what you want. With a strong mindset, you’ll feel confident raising your rates and valuing your time and expertise.
• Invest in yourself. You’ll see investing in your business – whether that’s a new software tool, hiring a team, or signing up for that game-changing course – as a way to grow, not as a financial burden.
• Feel empowered. Financial freedom and success are no longer distant dreams but achievable realities that you can take steps towards every day.

The Energetic Flow of Money

Money is energy. It’s an exchange. In the past, we traded goods—leather for beans or cloth for grain. Today, we use money as that exchange. But here’s the key: holding onto your money out of fear blocks the energetic flow. To receive more, you have to be willing to let it flow. This doesn’t mean spending recklessly but investing wisely in things that will bring value to your business and life.

What Are People Really Spending Money On in 2024?

The idea that no one is spending money right now is false. People are spending, but they’re prioritizing experiences, personal growth, and things that make them feel good. Whether it’s investing in a course, attending a Taylor Swift concert, or going on vacation, the money is flowing—just maybe not in your direction. So, how can you shift that? How can you be the desirable option to help someone feel happier and healthier?

Think about what would make you happier, healthier, or more successful. What does success mean to you? Is it hitting six figures? Helping a hundred clients? Being more present with your family? Whatever your definition is, investing in yourself and your business will help you get there.

What should you invest in for your business in 2025?

As we close out 2024, I challenge you to reflect on your business goals for 2025. Based on your goals, what investments will help you get there? This allows you to stay hyper focused and not waste money but invest wisely.

If you feel embarrassed to share your website, then it’s time to hire help to make it better or create one for you!

If you want to launch a podcast next year then investing in someone to help you get started or maintaining the podcast would help you achieve the goal. 

If you want to collaborate with 25 other entrepreneurs, investing in a community that is centered around collaboration would be a great investment. 

If you want to get in the media invest in having someone teach you how to pitch yourself or pitch for you.

Whether it’s time, money, or energy, what you put in is what you’ll get out. Your business—and your success—are worth it.

Ready to Level Up in 2025?

If 2025 is the year you’re ready to work smarter, invest in your business, and show up and present yourself as the professional you are, I’ve got something exciting for you. We’re hosting a live masterclass, The Science Behind Creating a Professional Website That Actually Gets People to Take Action and Buy. This is for business owners ready to build or upgrade their website so they finally feel legit! No more embarrassment when someone asks for your website. You will be proud to shout it from the rooftops! 

Sign up for one of our three live sessions. You can find all the details HERE. 

So, what’s your goal for 2025? DM me on Instagram @thekrissychin_ or @kandc.creative, and let’s talk about how you’re investing in yourself to make it happen.

Final Thoughts

Shifting your money mindset is a crucial part of growing your business. By confronting limiting beliefs, reframing your thoughts, and building positive financial habits, you can move from a scarcity mindset to one of abundance. Remember, your mindset impacts every financial decision you make, so it’s worth investing the time and effort to ensure it's working in your favor.

Embrace the shift, and watch your business transform.

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