Money Mindset Hacks: Give Your Money a Place to Go
I see a lot of people who say that they want more money or that they want to hit $5k ... $10k months and that is a natural desire to have, especially as your company grows or if you are looking to leave your day job or if you want to start a second career on the side to that. These are all very common reasons people enter the freelancing world.
Be specific about your intentions
But if you don't give your money a place to go, a specific intention, it’s really hard to stay focused on that goal because what happens is you have this general idea that you want more money, but you are not breaking it down to action steps that align with your goal and help you to get there.
Essentially, there are two components to making things happen with money. A big part is the right mindset and the other is taking aligned action that's going to get you there.
Money loves a place to go. Money loves a specific purpose and that purpose needs to be crystal clear because that not only gives a direction for new money to flow into your life, but it helps keep you on track and helps hold you accountable as you work towards it.
Here's an exact example of when I have used this specific tool -- and I thought of this today because I am about to do it again for a very particular purpose -- I had a client that I worked with for a year who consistently didn't pay their invoices on time. It was a $3000 a month contract and it was the biggest retainer contract that I had at the time. So I put up with it for a while but finally said, "This is it, I am done. Pay your last invoice and then we are done. I want to move on," and all that. All of a sudden, I lost $3000 in revenue, which was scary.
At this point, I needed to find another client to replace this income and close the income gap- and I had two weeks. I had the time in my schedule to do this because the time I used to spend on this clients' projects, I could now use to replace them. So I made it into a game. In the back of my mind, I knew that I wanted $3000 a month of freelance writing or client work.
I ended up exceeding my goal; landing two retainers valued at $3200 a month. So I more than replaced what I was looking for, and that was with minimal disruption because I did it so quickly and I had a very specific intention of why I was doing that. I had a very specific number goal in mind. In addition to the clear goal, I had this road map for the money to follow; I wanted $3000 because that would go into my overall business expenses and revenue, and that's part of what I need to make every month to meet all of my goals. I also took the aligned steps needed- I was bidding on Upwork, I was submitting proposals, I was following up with old clients who I hadn’t talked to in a while. I was thinking of ways to expand my marketing efforts and because I took action that was specifically aligned with replacing the $3000 a month client, I nailed it.
Last night, my husband and I were talking about our next vacation and where we want to go. We have a good idea of where we want to go, and I said to him, "What do you think this is going to cost?" and he threw out a number, and I said "Okay so, what would my contribution towards this vacation be?" Again, he gave me a number and so, it’s time for me to go out again and it’s a fun way to help direct where my money is going to go.
It also helps to keep you really accountable because say, you want to create $5000 in your business.
Well, first you need to have the mindset that you can do that, that you deserve that, that there are clients out there willing to pay you to get to the point - and there are, they definitely do exist, and they are out there.
Then, the second part of that is - are you taking the action needed to get you to $5000, whether that's retainers or a one-time cash infusion of $5000.
You need a 'why' for Your money
You need a why for that money because it can be so easy for us to slack off or come up with a million reasons why it can't happen.
I see freelancers all the time saying, people won’t pay my rates... there aren’t enough clients out there. I am bidding on Upwork, it’s a race to the bottom. There are no high-quality projects and on and on and on. We can all do this. We can all come up with excuses why things won’t work right now or why you can’t have that amount of money, but it’s a self-fulfilling prophecy.
If you say you can't find or deserve that $5000, you are not going to do the work that's required to get there. If you are not sending out high quality pitches, if you are not marketing every single day, it’s really easy to blame that on all the other stuff, but it really comes down to you, your mindset and your willingness to put in the elbow grease that's required to land those kinds of clients.
Whatever your motivation is, Write it down
So give some direction for your money to go, and it doesn’t have to be a very specific one-off thing, but I would write it down. I would actually write down that you are hoping to generate two $1000 retainers so that you can put your kids in daycare or send them to that private school or go on an amazing vacation or pay down debt; whatever your personal motivation and why is; write that down and look at it every single day and then ask yourself, have I done the mindset work and have I aligned my actions get me to that why?
There is nothing like this type of motivation to re-center you and help hold you accountable when you have slacked off or made excuses. It doesn’t matter what your excuse is. My favorite one that I like to resort to is "I am too busy. I have too many things going on". But at the end of the day, that's still an excuse because if you are going to make a commitment to doing something big, manifesting money and new clients; you have to be prepared to do the work both in your mindset and in your action to get there.
I really encourage you to use this tool to figure out a way to set a direction for your money to go. Give it a purpose and articulate it. Say it out loud, write it down, reflect on it every day and then hold yourself accountable - are you doing the aligned action that's going to get you there? And although this works very well with money, the thought processes don't have to be limited to money related goals.