How would you like to create peace of mind around your money? As entrepreneurs, we already have one thing in common: a sleepless night over money. It happens to all of us.
Having peace of mind around money is a mindset that compels an entrepreneur to play the long game with their finances. It is possible to take 100% control of your financial destiny. peace of mind around money is freedom from that impulse to seek instant gratification through large purchases that aren’t good investments, while at the same time—not sacrificing quality of life or quality of relationships. A great place to start is by checking out the Financial Strengths Grader, which has been provided as a bonus for watching this full episode. It can provide some solid insight to entrepreneurs by answering questions like:
What is my current money mindset?
What are my greatest financial strengths?
Where can I start to improve my cash flow right now?
Entrepreneurship is not for the faint of heart! We have to be bold. We have to project confidence, and we have to go into our businesses every single day knowing that we’re ultimately going to win. If an entrepreneur is constantly hampered down by stress around how they view money, then their money mindset can create problems that start at the beginning of the day and never seem to end.
“A successful money mindset begins with always placing a higher value on peace of mind over instant gratification.” – Norm Westervelt, CEO, Wealth Factory
What factors negatively impact peace of mind around money?
Debt would be one of the first things that can take away peace of mind around money. But it’s important to understand that not all debt is bad. A mortgage is usually good debt! That is an investment and a necessary safe haven for you and your loved ones. An exotic car, while it might be fun at the moment, is going to depreciate in value and could easily become a source of stress by not giving back as much as it takes in the long run.
Good debt provides peace of mind, bad debt robs us of that peace and our money mindset determines how we differentiate the two. This doesn’t mean a person can’t have their dream car! Anything can be budgeted into your lifestyle with careful money management. A successful money mindset means ALWAYS placing a higher value on peace of mind over instant gratification.
Another leading factor that negatively impacts peace of mind is how we socialize and how we behave in our relationships. It’s a lot less enjoyable to socialize with successful people when we don’t have peace of mind around money. It’s no secret that being stressed about money puts strain on relationships. Having healthy relationships and robust social interactions are vital to human happiness! Not only does having peace of mind around money create more harmony at home, it also attracts top-performing talent to your team and top-quality clients to your company.
In the episode, we can go into more detail on the finer points of what peace of mind around money really means. We will also cover some of the most common adjustments that entrepreneurs can make to their money mindsets to create more cash flow. Please don’t miss out on the episode, and be sure to get access to that link for Wealth Factory’s EXCLUSIVE Financial Strengths Grader. Above all, what is most important for an entrepreneur to remember is that we don’t have to do this alone. There will always be things we know and things we don’t know regardless of how much time and experience we have in our industry. Asking the experts, getting help, and actively seeking out blind spots are hallmarks of some of the most successful entrepreneurs in the world.