3 Hidden Money Mindset Beliefs Holding Back Your Career
Feel like a career change means taking a pay cut? Fear that the career you want doesn’t exist? Worry you could end up worse off? Today we’re discussing how your hidden money mindset beliefs hold you back.
You’re not alone. The only people that don’t have hidden money beliefs are the people that do the work to uncover them.
It’s why I’m as much a money mindset coach as I am a career coach.
When I ask people to define career success, most say something like:
Make an impact
Enjoy what I do most days
Have a life outside of work without feeling like my career is stagnating
Money might come up, but it’s usually not at the top of the list.
Until the discussion shifts to making a change. Suddenly the paycheck becomes paramount. Fulfillment, purpose, and life can wait.
It’s a classic case of the golden handcuffs.
So how do we hold onto that definition of success that includes happiness, fulfillment, purpose and money long enough to go after it?
It begins with understanding your hidden money mindset beliefs.
Are Your Hidden Money Mindset Beliefs Holding You Back From a Better Career?
When it comes to making any sort of career change, the fear of making less money comes up…a lot. What gives?
Here are 3 common hidden money mindset beliefs—and how to shift them.
1. Scarcity mindset
This is the giant assumption that a career change will leave you worse off financially.
This is fear disguised as fact, and it keeps you stuck.
Repeat after me: I do not need to take a pay cut. I do not need to start over. I can make money doing work I love.
Everything you’ve done up to this point is transferrable. Yes, everything. You just need to be able to tell the story and connect the dots for people.
Pivoting to a different industry or new subject matter doesn’t negate your ability to lead, build consensus, influence strategy, or drive a project to completion.
There are always things to learn in a new job. Remind yourself about the 80% that you already know.
Done with working for The Man? Great! We are living in an age of side gigs, self-employment, flex work, and startups for every flavor and combination.
These jobs are abundant because you literally get to create them!
And btw, the financial upside is way higher when YOU set your own income.
If you find yourself assuming a change automatically means less money, it’s time to think bigger.
It’s classic either/or thinking. And it’s just not true.
2. Thinking Short-term vs Long-term
Let’s assume that there is a short-term pay cut (which doesn't need to be the case, but I'll play along for now).
It’s easy to get caught up in the short-term disruption of making a change.
I invite you to zoom out and consider the additive impacts of a different career trajectory 1, 2, or 10 years from now—financially and otherwise.
What's the long-term potential for earnings, happiness, fulfillment, growth, and opportunity?
Now ask yourself: What's the cost of inaction?
3. Comparison
This is one of the most destructive hidden money mindset beliefs.
It’s easy to fall into the trap of comparing your money goals, success, and progress to others.
The problem with comparisons is that they don’t help you meet your real-life goals. Because you’re focused on them instead of you.
When I first left corporate, I looked at my friends who were getting promoted, earning multiple six-figure incomes, buying second houses, jetting off to foreign countries to eat at the world’s best restaurants.
OF COURSE I was jealous. OF COURSE I wondered whether I shouldn’t just grind it out for another few years.
But then I looked at how miserable they were. How they worked allll week. How they drank allllll weekend—until they had to check email on Sunday to fend off the dread of Monday. How their relationships suffered. How unhealthy they were physically and mentally.
So many people are literally counting the days to the weekend, months to the next vacation, years (or decades!) to retirement. Chasing “one more” promotion, “one more” bonus cycle. Spending “one more year” doing something other than what they really want to do. Wondering when they’ll finally be happy.
I guess I’m not that strong. I’d rather build a life I enjoy now.
I want that for you, too.
When I was a kid, I played a little game. Whenever I envied other kids’ personalities or clothes or fancy houses or successes, I told myself that to have anything of theirs, I had to accept everything. In order to have their lives, I would have to be them. And that meant having all the stuff I didn’t want.
And I’d remember that I’d rather be me.
So rather than pine for what someone else has, which also comes with a bunch of stuff you DON’T want, remind yourself that you’re uniquely suited to get exactly what you want in a way that works for you, on your timeline, based on what’s important to you.
Define Your Rich Life
Now that we have awareness of 3 common hidden mindset beliefs, let’s talk about defining a truly abundant career.
Ramit Sethi talks about the concept of a Rich Life.
It may start with getting paid with what you’re worth, but for many of us it also includes freedom and flexibility, autonomy and influence, time to spend on pursuits outside of work, making a real impact, freedom from anxiety, confidence and feeling valued, deep and rich relationships—among many other things.
Define your rich life. Put it down on paper!
Money may be a big part of your definition, but is it the only thing?
If not, what else is in there? What does true abundance look like for you?
Whether you’re ready for this definition to be your reality or struggling to believe it’s possible, check out my money mindset course, “Easy Money: Master Your Money Mindset.”
It’s Totally Okay to Value Money and Make a Lot of It
Money can be a great tool to enrich your life. The challenge arises when you let destructive hidden money mindset beliefs blind you to reality and hold you back from the career and life you truly want.
Money is important—up to a point. Money can make life a lot easier, but it doesn’t automatically make you happier or more fulfilled.
And if you’re too exhausted or busy to spend that money, what’s the point of having it?
Uncover Your Hidden Money Mindset Beliefs
The irony is that scarcity, short-term thinking, and comparison won’t just prevent you from getting the career and life you want.
These hidden money mindset beliefs will likely keep you earning less money over the course of your career. Because they keep you playing small.
These beliefs keep you so focused on NOT losing what you have, you don’t see all you have to GAIN. #LossAversion
Leading with assumptions and fear prevents you from making career moves now that set you up for long-term happiness, success, and even financial freedom.
Having a fulfilling and financially-rewarding career is a daily journey that begins with uncovering the limiting money beliefs that are standing in the way of what you want.
If you’re tired of hidden money mindset beliefs getting in the way of your career goals and are ready to take action, email me and tell me what action you’re taking.
Ready to unpack the limiting money beliefs that are holding you back?
Check out the money mindset course that can help you get on the path to a fulfilling career that pays: Easy Money: Master Your Money Mindset
Author Bio:
Before becoming a coach, Caroline worked in management consulting and financial services. She's made it her mission to help people grow, contribute, and get wherever they want to go.
She’s also a tennis fanatic, aspiring Minimalist, FIRE (Financial Independence and Retire Early) enthusiast, and Aloha Spirit seeker 🤙. She loves to share stories from her unconventional life and career focused on freedom, creativity, fun, health, family, and community. If she can do it, you can, too.
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