What Is Money Mindset? Why It Matters For Your Career
I’m thrilled to see more and more personal finance gurus talking about the importance of money mindset alongside practical advice about earning, saving, and investing. But what is money mindset? Why is it important? And how does your money mindset influence your career decisions?
Beyond the obvious ways your money mindset dictates your earnings trajectory, your money mindset also influences your entire approach to career change—what opportunities you see, what you believe is possible, and how hard you *think* you have to work to get it.
Ready to understand how your money mindset influences your career decisions and hinders your long-term career success? Check out the video.
What Is Money Mindset?
To answer this question, let’s begin by understanding mindset.
Our mindset is how we view the world.
It’s the collective beliefs we hold about what’s “true.”
But really it’s just our perspective.
And it’s why two people looking at the very same bourbon glass can see it as half-full or half-empty. 🥃
So money mindset is the set of beliefs that we hold around money.
Over time, your money beliefs become a filter, or lens, which impacts the options you see and the actions you take (or don’t):
If you’re afraid to negotiate a salary offer because you think they might withdraw it, you’re unlikely to make a huge counter offer.
If you believe, “I always come out ahead when I negotiate,” you’re much more likely to go big—because you’re excited for the upside.
Do you see how your belief about negotiation—and importantly the FEELING that it evokes in you—leads you to take completely different actions?
This is money mindset at work.
So what is money mindset? It’s literally the roadmap for the actions you take around money.
Why Is Money Mindset Important For My Career?
Now that we understand what money mindset is, let’s talk about why it’s important—and how our money mindset impacts more than just money.
As I mentioned, we have a lot of thoughts and feelings around money:
What it means to have a lot of it (or a little)
How hard we’re “supposed” to work to get it
Whether we’re good enough to ask for the amount we want (you can substitute experienced enough, smart enough, qualified enough, etc.)
Do you see how these thoughts might extend to your self-perception, work ethic, and perceived value?
Your money mindset influences whether you choose a steady paycheck doing something that crushes your soul over pursuing what you truly want.
It affects whether you believe that it’s even possible to earn as much or more doing the work that lights you up.
Your money mindset impacts what seems riskier: languishing in a “safe” career that doesn’t fulfill you or betting on yourself to go a different way.
Your money mindset reveals patterns about how you spend your time and energy: does it get spent on everyone but you?
Money Mindset Is About Values and Priorities
And there are nuances.
Two people might both value higher education.
One might prefer to take out loans to earn a degree from an ivy league institution; the debt is worth it for them to get the ivy league name.
The other might prefer a state school that gives them a full ride; their priority is remaining debt free.
There’s no “right” answer. Only the right one for them depending on their lens.
Money mindset impacts your career potential in all sorts of ways beyond how much you earn.
How Do I Cultivate a Healthy Money Mindset?
“Ok, ok, I get it, Caroline. I’m starting to see how my money beliefs are informing my actions. Where do I go from here?”
Begin with awareness.
Ask these questions and notice the thoughts and feelings that come up:
Do you believe career change means a major pay cut?
How possible does it feel to earn the money you want doing something you love?
How hard to you think you’d need to work to achieve your true career goals?
How confident are you in the skills, experiences, and value you bring?
Is money the main thing preventing you from making the career moves you want to make?
Do your answers leave you feeling empowered and confident? Anxious and stuck? Conflicted, resentful, and frustrated?
The first step is to examine the thoughts that are running silently in the background. Recognize they’re impacting the opportunities you see (or don’t).
Then notice where feelings like worry, self-doubt, and fear are driving your thoughts and actions.
Cultivating a healthy money mindset helps you understand how your limiting money beliefs are standing directly in the way of what you want…and how to consciously choose the thoughts that align with your values and goals—monetarily and otherwise.
It’s not about one outcome being better than other, like saving is good and spending is bad.
Two people can save 100k: one who hoards it out of fear that she’ll never have enough, the other who steadily saves because it gives her the freedom to start a business.
Feel the difference?!
Nor is it bad or wrong to prioritize a paycheck and benefits so you can reach an important financial goal.
It’s when a particular career decision feels like it’s your only option and it’s slowly killing you that we need to take a closer look at your money mindset.
It’s about understanding the energy that’s driving your choices, and choosing the thoughts that put YOU back in the driver’s seat.
What is money mindset? It’s everything.
Is money the main thing holding you back?
Get the roadmap to master your money mindset…and get out of your own dang way
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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