What Is Your Money Story?
Have you ever heard of a “money story”? A money story is a popular term used to describe an individual's personal beliefs and attitudes toward money, shaped by their unique experiences, upbringing, and cultural background.
We all have a money story, whether we’re business owners or not. However, in the context of entrepreneurship, a money story can significantly impact how you approach your business, make financial decisions, and pursue your goals.
Entrepreneurs' money stories are as individual and unique as they are. Sometimes money stories are pleasant & empowering–other times they’re complicated and fraught with negativity. In general, they often include beliefs about the role of money in your life (like whether money is a feel-good source of security or a stress-inducing headache), whether it’s a neutral/positive tool for unbridled freedom and success or a source of world corruption and/or whether you should hoard it or share it (or just spend it!).
Entrepreneurs' money stories can also influence their financial decision-making processes. If you have a generally negative money story, you might have trouble managing your business finances, feel iffy about investments or undervalue and undercharge for your products & services.
On the other hand, if you have a positive money story, you probably enjoy checking your bank balances and keeping your books up-to-date, feel confident in the decisions you make about when to save and when to splurge and generally feel like you’re making the money you know you deserve (because you wouldn’t accept anything less).
Changing Your Money Story
In this step-by-step guide, I’ll walk you through the process of unearthing & understanding your money story and the role it plays in your entrepreneurial journey, as well as help you ‘rewrite it’ so you can achieve your financial dreams with ease.
Step 1: Identify Your Unique Money Story
The first step to rewriting your money story is to become aware of the story you're currently telling yourself about money. Ask yourself questions like:
- What messages about money did I receive growing up?
- What beliefs do I hold about money and wealth?
- How do I feel about money?
- What patterns or habits do I have around money?
Write down your answers to these questions to help you gain crystal-clear clarity on your current money story.
Alternatively, you can try carrying a notebook (or your smartphone) with you for a full 24 hours and writing down any money-related thoughts that crop up throughout your day.
Step 2: Challenge Your Limiting Beliefs
Next, take a look at the beliefs you hold about money and wealth. Are they empowering or not-so-much? If they don’t fill you with joy & excitement, it’s time to challenge them.
In order to do that, take a look at each individual belief and ask yourself the following questions:
- Is this belief ultimately true?
- Where did this belief come from? (For example, is it from your family? Your life growing up? Your first year in business?)
- What evidence do I have to support this belief?
- What evidence do I have that refutes this belief?
- What would happen if I let go of this belief? Who would I be and what would I do differently if I let this belief go?
By challenging your limiting beliefs like this, you can start to shift your perspective. You’ll be able to ‘see’ whether the belief actually has any merit. And either way, you’ll open yourself up to new ideas and possibilities about who you are and what you’re capable of.
Step 3: Write Your New Beliefs
Now it’s time to literally craft a new money story. Your new money story should align with your values and feel empowering. It should also be positive, realistic and reflect a healthy and abundant relationship with money.
Here are a few questions you can answer to rewrite your money story:
- What is the opposite of this limiting belief? (Go through each limiting belief and write down the opposite.)
- How do I want to feel about earning money?
- How do I want to feel about spending money?
- How do I want to feel about investing money?
- How do I want to interact with money on a day-to-day basis?
You can also write out your new money story with positive affirmations. For example, if one of your old limiting money beliefs is, “I can’t manage my money,” you can transform it into a positive affirmation like, “I am capable of and competent at managing money.”
Step 4: Set Shiny New Financial Goals
Now that you've identified your money story and challenged your limiting beliefs and replaced them with new ones, it's time to write out a few new goals that match your new money story.
What would you like to do with your money short-term? What about long-term? This might include:
- Setting up sales funnels for your evergreen offers so sales flow in while you sleep (Great for a money story like, “Money is always flowing to me”)
- Paying off debt so you stop stressing out over multiple monthly payments (Great for a money story like, “I am debt-free” or “I am financially responsible”)
- Investing in your business by hiring contractors to take on some of the workload (Great for a money story like, “Money comes to me easily” or “I work less and earn more”)
Be sure your goals are specific, measurable, and achievable. Write them down and review them on the regular to stay motivated and on track.
Step 5: Get Support
Finally, don't be afraid to seek out support as you work to rewrite and heal your relationship with money. This might include working with a financial advisor or coach, joining a mastermind or networking group, or seeking out like-minded entrepreneurs who’ve been there and can offer their well-earned support, advice, and encouragement.
Rewriting your money story is an undeniably powerful way to transform your relationship with money and create greater abundance and success in your business. By becoming aware of your current money story, challenging your limiting beliefs, rewriting your story so it’s more positive and taking aligned action, you can start to cultivate an empowering relationship with money that will serve you (and your future clients and customers!) well for years to come.
