Getting out of debt takes more than money
Getting out of debt is more than a money thing. It’s a mindset thing.
One of my clients is a business owner and mom of two girls under 5. When we started coaching, she was in debt both personally and from the business, which was causing her tons of stress and anxiety. Her goal was to create a profitable business so she could scale and spend more time with her girls and husband. But there was one problem.
Her mindset.
Because she was so scared to see the true level of expenses and debt, she wasn’t “looking under the hood” of the business. Month after month, she’d ignore the financial aspect of her CEO role. And month after month, the debt would get more out of control - and she would get more stressed, knowing something wasn’t right.
This situation is common. Financials are scary and intimidating to so many people because most of us never learned how to manage our finances in a way that creates abundance.
You may want to read that again. ☝️
Can you relate? Most schools don’t teach you the best financial freedom strategies or how to create an abundant mindset. So if you never learned, you’re not alone.
When we don’t have the knowledge, skills or confidence to manage our finances, it becomes really easy to ignore it. Put our head in the sand. Pretend it’s not happening.
That’s all driven from a fear and scarcity mindset. Our lovely lizard brains are trying to keep us safe, telling us, “Don’t look at the numbers, it will make you stressed!”
Well, that lizard brain isn’t serving you if it keeps you in fear mode with your finances. Debt won’t magically disappear. (But wouldn’t that be nice …)
Many people wear blindfolds, thinking, “If you don’t look, that debt doesn’t exist.”
You need to get real with yourself. It’s OK if you are stuck. Just acknowledge what’s holding you back from getting in front of your finances.
Below, I’ll share some steps you can take to get crystal clear on what’s holding you back, create a new mindset of abundance, and take control of your finances.
But really quick, I want you to know that my client in debt had a HAPPY ending.
After months of coaching and effort on her part, she's now debt-free, both personally and in her business. This is a massive win!
It wasn't simple financials.
What getting out of debt took from her:
Identifying old stories, fears and self-sabotaging behaviors
Getting crystal clear on her "why" and motivation for creating financial freedom
Making mindset shifts to go from a scarcity to abundance mindset
Using empowering language like: “The world is abundant. Money flows to me easily.”
Stepping into the identity of an entrepreneur and CEO BOSS
Getting under the "hood" of the business and reviewing finances CONSTANTLY
Identifying the resources and support needed to become financially literate and savvy
Keeping her "why" and vision in focus EVERY SINGLE DAY
Getting creative and crafty on service offerings, pricing, marketing and sales
Tracking the milestones and celebrating every single win.
As you can see, I did not list a ton of intricate financial strategies.
My client always had the potential inside her to get out of debt. She didn’t need to start with learning about investing in cryptocurrency or fancy sales strategies. She needed to start with shifting her mindset. (Crypto and sales comes next. ☺️)
And now, she has financial freedom personally and in her business!
She accomplished one of her most important goals in less time than she planned. And she can focus more energy on scaling her business, growing her impact and loving on her family.
What has happened since? She launched a new service, signed on new clients and received affiliate offers from major brands.
“The world is abundant. Money flows to me easily.”
It’s true - if you first embrace that mindset.
The universe won’t send you opportunities or more money if you put up a wall and block all of it.
Break through that block by working on your mindset.
Take these steps:
1) What are your financial beliefs and stories? Do some internal work to identify your current beliefs holding you back. Write those down on paper. Then, put death to those old beliefs. ☠️ Burn the paper or use permanent marker to scratch the hell out of those old beliefs.
Old Financial Belief #1 →
Old Financial Belief #2 →
2) Identify the new financial beliefs you want to embrace that support an abundant mindset. Make these statements very empowering. Post these beliefs somewhere you’ll see them every single day. Read them daily, at least once - preferably 2 or 3 times a day.
New Financial Belief #1 →
New Financial Belief #2 →
3) What are your values, priorities and dreams? You’ll eventually want to connect your financial plan to your values, so you can ensure spending is in line with your dreams and supports your values. What’s important to you? Examples:
Income - passive, active; multiple streams
Lifestyle expenses
Health expenses
Personal growth expenses
Adventure expenses
Emergency fund
Giving / generosity expenses (who/what do you want to support)
Long-term expenses (i.e., boat, freedom, travel, vision for family and impact)
4) Habits: What daily / weekly / monthly / quarterly / annual financial tactics and check-ins do you need to establish with both yourself and your partner, if you have one?
5) Systems & Support: What tools, technology, advisors/experts and accountability do you need to support your financial goals, stay on track with plans, and stay adaptable to changing conditions?
If you take time thinking about these 5 areas, what happens …
Your mindset, life and business will be forever changed.
You’ll feel more confident, in control and free.
Tap into your strength. You have the ability to figure it out. I know it. I believe in you. Start believing in yourself.
Are you struggling with debt? Do you feel the heavy burden of not feeling in control of your financials - either personally or with your business (or both)?
If so, know that you’re not alone. And a better way is possible.
You can start by working on your mindset and creating a road map for abundance.
If you need some guidance on how to get started, book a call with me here. I’m happy to give you another perspective and at least two ideas that will propel your shift forward.
