To find financial success, you need to invest in your support system. January 30, 2020 4 min read Opinions expressed by Entrepreneur contributors are
To find financial success, you need to invest in your support system.
January 30, 2020 4 min read
Opinions expressed by Entrepreneur contributors are their own.
Are you staying true to your New Year’s resolution? Vitagene reported that 14.8% of New Year’s Resolutions are to ‘save money.’ While this a great resolution, there might be a better one: make money and grow your profit margins in new and uncharted ways.
If you’re looking to build on your success, to upgrade your money mindset and go from six to seven figures this year, these resolutions are for you.
1. Invest in a mentor or coach
Many start off the new year with high hopes, then find it hard to remain accountable to their goals once they get back into the swing of a routine. A business coach could be the difference-maker you need.
Many coaches specialize in increasing profit margins or fixing your money mindset. They can take a hard look at your books to determine where things could use some straightening up. A coach could help you focus on scaling your business or teach you personal development tactics needed to bring a boost to your life holistically. If you’ve never worked with a coach before, ask friends and fellow entrepreneurs who they recommend. Remember that coach preferences are quite subjective and it may take some trial and error to find one who “gets you” and really pushes you forward.
2. Analyze your money blockages
There may be some quirky belief systems beneath the surface that are literally repelling the uplevel in money, so it’s important to identify and tackle these issues when changing money goals. For example, perhaps you started to believe that money is evil sometime in your childhood because of something someone close to you believed. That could seriously affect your drive, whether you are conscious of it or not.
Money mindset coach and founder of the Profit Accelerator Allyson Byrd advises in her money manifestation course to look closely at these blockages and don’t shy away from them. Write them down and prove them right or wrong. Re-writing them for yourself, give your mind a new script.
3. Reassess your inner circle
In addition to a coach, it’s important to take stock of who your inner circle is and how they inspire or push you towards your goals. Can you talk about your big financial dreams with them? Or do they simply not get it?
Entrepreneur and mentor Kustas Kirsipuu also believes the inner circle is vital for personal support. “If you don’t have that inner circle of people who you can go to for anything, you also don’t have anyone there to share your successes when you achieve them,” Kirsipuu observed. “Your friends influence your mindset, but they also make everything worthwhile.”
4. Give or donate money
Marie Forleo recommends in her video “Money Mindset Shift” to ‘share the wealth’ whenever you’re feeling like you’re in a scarcity mindset. “It seems a bit counterintuitive, but give some money away,” she says. “You can be an example of someone who’s living in abundance.” Practice generosity in whatever way you can, whether it is treating a friend to coffee “just because” or writing a check to your favorite charity or simply being generous with your time and volunteering.
Formula for success
Over time, working with a coach, examining your inner circle, identifying and removing internal money blockages, and practicing generosity will help you soar to the seven-figure income that you envision for 2020.
This article is from Entrepreneur.com