Greetings, savvy listeners! In this episode of I Hate Numbers, we're on a mission to empower business owners and creatives. Our goal is crystal clear: fostering financial growth, reducing stress, and realizing your aspirations. Today, we delve into a game-changer—the "Positive Money Mindset."

Understanding Money Mindset

To begin, let's comprehend what a money mindset entails. Money mindset is the silent architect of our financial outlook, a symphony of deep-seated beliefs, attitudes, and perceptions shaped by childhood experiences, family backgrounds, and cultural influences. Consequently, it silently guides our financial decisions.

Positive vs. Negative Money Mindset

Now, let's explore the dichotomy between a positive and negative money mindset. Firstly, a positive money mindset views money as a dynamic tool, propelling us toward our goals. It acts as a catalyst for financial growth, embracing opportunities and profiting without guilt. Conversely, a negative mindset breeds fear and scarcity, imposing self-restrictions and casting doubt on our wealth-generating capabilities.

Cultivating a Positive Money Mindset

Transitioning to cultivating a positive mindset, we must employ key strategies. Notwithstanding childhood experiences, exposure to positive role models, and enhancing financial awareness—all play pivotal roles. Furthermore, embracing the idea that profit isn't a taboo but a necessity for sustainability marks a foundational shift.

Impact on Businesses

Within the realm of business, the impact of this mindset is profound. Our money mindset dictates our businesses' fate. A positive mindset fuels calculated risks, driving innovation and creativity. Meanwhile, a negative mindset begets hesitancy, reluctance, and aversion to risk-taking, stifling growth.

The Power of a Positive Money Mindset

Delving deeper into how a money mindset influences our decisions and risk-taking, we find a formidable force. A positive money mindset sets the stage for success, influencing decision-making and fostering innovation. It's not about recklessness but calculated risks, ultimately reducing stress through sound financial decisions.

Conclusion

As we wrap up, let's reflect on the profound impact of a money mindset. To conclude, folks, the right mindset is a formidable ally in the journey of success. It shapes our decisions, fuels innovation, and attracts collaborators. So, as we sign off, ask yourself: How do you perceive your money mindset? Is it a positive force propelling you forward, or is there room for a transformative shift?

Until next week, stay positive and keep those financial vibes strong!

When we think of achieving success, we tend to think of making sure that we've got things like a good strategic plan, we've got the resources, we've got the skill sets in house or access to, we understand our key markets. While that is very important here. One additional important ingredient to be mindful of is making sure we've got the right mindset. And by mindset here,

the right money mindset because that could be the crucial difference between achieving whatever you've defined your success as and not quite getting there. In this week's I hate numbers podcast I'm going to be looking at what money mindset is, what's the drivers, what are the causes behind a positive money mindset,

why it's so important and looking at some ways that we can improve our own money mindset.

You are listening to the I Hate Numbers Podcast with Mahmood Reza. The I Hate Numbers podcast mission is to help your business survive and thrive by you better understanding and connecting with your numbers. Number love and care is what it's about. Tune in every week. Now, here's your host, Mahmood Reza.

Hi folks, welcome to another weekly podcast on I Hate Numbers. This is the podcast that's got a simple mission is to help business owners, private, not for profit or creatives, make more money, reduce stress and anxiety, have the business that you aspire to. And that's what I want for you. I've done that for thousands of businesses over the years, and I want to do that for you as well.

Let's continue with the podcast. Now, initially let's think to ourselves, what actually is money mindset? Well, money mindset, a banded about phrase, encompasses our own deep seated beliefs, our attitudes, our perceptions about money. That's formed by a combination of what we may have experienced in our early lives as children,

our experiences in our own family, influences of our friends and peers, how money was talked about at home, our own personal background stories, you know, whether money was in abundance or scarce. I for myself, one of nine children come from a large family, money wasn't particularly plentiful and that helped influence and shape my attitudes to money in later life.

Our own personal values, whether money becomes associated with something more negative, quite grubby, quite tacky. A topic that we shouldn't really talk about in our personal lives, let alone our business lives. A positive money mindset involves us seeing money as a tool for achieving what we set out to do.

It's a way to achieve our objectives, to achieve our business and our life goals. We see it as a way to foster financial growth, embrace opportunities as they come. Conversely, a negative money mindset tends to be counts in terms of fear, fear, scarcity. We hold ourselves back. We have restrictions and limiting beliefs.

We don't believe we're capable of generating wealth. And also we don't think it's a thing that we should identify wanting to create wealth itself. What can we do to actually create that positive money mindset? Well, there are several factors that come into play. This is not a formulaic approach But certainly some suggestions are what one can actually consider.

As I said previously, childhood experiences, a family background, our cultural influences, society, how it views money All play a role in shaping our beliefs about money and where money is seen as a scarcity, We may have that inbuilt fear and we hoard rather than spend. We tend not to invest or spend money because we're not quite sure if it's going to be there tomorrow.

Whereas if we take a contrary view, a positive and abundant money mindset, we can cultivate that through exposing ourselves to either positive role models, increasing our awareness and understanding about money and how it works, increasing our financial understanding and awareness, looking about how we create and build wealth, embracing the idea of profit.

Now, profit in itself is not a bad thing. Perhaps how you generate profits, how you generate value in your business. Could be questionable. That's the tactics. But the objective is that all businesses, whether they are not for profits, NGOs, whether they're private concerns, whether they're cooperatives, membership societies need to make a profit to at least sustain themselves and not to deplete their reserves.

What's the impact of money mindset in our own businesses? Well, as business owners, our money mindset can really influence the success and the survivability of our businesses. A positive money mindset is often associated with a willingness to take risk, calculated risks I should point out, involved in growing opportunities, being aware that the world around us is changing.

It's not a static being. And adapting accordingly. A negative money mindset may cause us to limit our risk taking, may cause a situation where we become more cautious, more hesitant, because we're concerned and anxious about losing, about suffering financially, and not making any steps forward. Doing nothing, by the way, folks, is as risky as doing something.

It has been shown that in a business context, a positive money mindset can influence and drive innovation, creativity. We're more likely to look at new opportunities, to explore new ways of working, new ways of doing things. We might be more prepared to try R&D, look at ways to develop ourselves as business owners, as well as the products and services that we deliver.

We might be more receptive to collaborations with other parties. Whereas a scarcity mindset may lead us down the path of reluctance, hesitancy, and reluctance to take any risks whatsoever. A positive money mindset also has other benefits. Our attitude to risk is shaped by our money mindset, and by no means am I suggesting and encouraging people to be reckless.

For me, in life, calculated risks by doing good forecasts, looking beyond a few weeks, but looking to the future, thinking about what we do now, what we invest, taking those calculated risks and quantifying what the impact of those risks will manifest themselves as is a good way to reduce that stress and anxiety

of the unknown. It's about making sound financial decisions, taking calculated risks and being proactive to the challenges that we will encounter. Now in addition, we talked about the idea of innovation, adaptability, looking for opportunities and a positive mindset is going to be more liberating. It doesn't mean that we take every opportunity that comes our way, but we're receptive to exploring, to discussing, doing our due diligence and executing accordingly.

That positive mindset also attracts people that we wish to work with. It has a positive impact in terms of the people that we work with, whether they're employees, whether they're freelancers. In the world of business folks, the right mindset, that battle between your ears, can be a powerful force. A positive money mindset

sets the stage for our success, impacts on our decision making creates that innovation as a personal reference point. I said at the beginning of the podcast, my own personal circumstances coming from a large family. For me, that did not restrict my willingness to take risks, that’d not mean that I would be overcautious.

I save, I spend, I invest. Money is merely a tool for me to help get where I wish to. So folks, what do you think? How do you see your own money mindset? Do you see it as a positive one, a neutral, a negative one? Do you feel that your attitude to money for how you price things, money that you want to invest, does that hold you back?

Are you limiting? Are you undervaluing? How does it affect you in the operation of your business activity until next week folks keep that positivity going. We hope you enjoyed this episode and appreciate you taking the time to listen to the show. We hope you got some value. If you did, then we'd love it if you shared the episode. We look forward to you joining us next week for another I Hate Numbers episode.