Facing a financial obstacle? An dose of self-awareness, bravery along with the openness to battle long-held beliefs about cash could possibly be the way ahead.
Financial freedom doesn’t begin when you hit a money milestone. It starts with what’s in your head.
It takes a certain mindset to walk away from a cushy full-time job to start your own business. It takes creative thinking to come up with a non-traditional approach to deal with crushing debt. It takes self-awareness – and a dose of bravery – to move beyond the status quo.
As these four women discovered, changing your mindset about money is one of the most impactful things you can do to grow personally, professionally and financially.
"I flipped my financial burden to an stock. "
More than a decade ago, author and coach Kelly Hayes-Raitt ran for public office… and lost. The campaign left her deeply in debt and struggling to pay her mortgage.
Instead of selling her home, she flipped the financial equation: She upgraded the abode to make it more attractive to renters and cut her own housing costs by hitting the road and developing a house sitting business. "Once I stopped thinking in my house as a massive financial drain and recognized that it was my biggest monetary stock, my whole life changed,” " she says.
Today, Hayes-Raitt is a full-time housesitter (she’s writing a book on the topic), traveling through Europe, Africa and Southeast Asia.Not only is her cost of living significantly less but she’s happier and more hopeful about her future, both in and out of her bank account.
(Got debt? Intexchange can help you deal: Here’s how to strategically manage different types of debt.)
"I stopped letting my financing be mastered by fear. "
For the before all else few years she was in business, Megan Driscoll was ruled by fear. Scarcity, not abundance, had been her norm, which led the founder and CEO of the marketing firm EvolveMKD to constantly worry about her company’s financials.
Angst, however, is not a sustainable long-term business method. And the intense focus on the balance sheet blinded Driscoll to other aspects of growing the business. So Driscoll made the conscious choice to change her focus; to "look in the world through a lens of chance. "
The mind shift freed her to channel her energy towards personally – and financially – fulfilling opportunities. "If you’re really satisfied by your job, the money aspect of things, although always important, becomes of their most important accomplishment and much more of a way to a end," she stocks.
(Here are six things Megan wished other women had told her before she started a business.)
"I really learned to trust in my own professional skills. "
Leaving a job with a steady paycheck (and profits!) to become a full-time freelancer requires faith in your abilities to make ends meet. For freelance consultant and writer Katherine Conaway, taking that scary before all else step into the solo-preneur life was the shock to her system that she needed to move forward.
"I was quite apprehensive about cash and insecure in my worth," she says. But as freelance jobs came in, her confidence gained. The virtuous circle has continued as her work – and her earning power – has grown.
"I live on a fair budget, however the daily stress is gone along with the feeling of my worth is there… It’s about putting in the job and being patient to your payoff, even " she continues.
(Want to take your side hustle or job to the next level? Hear what career coach Ali Brown told us to do on the Intexchange podcast.)
"I really did a 360 in my marketing practices. "
Stephanie Smolder, founder of Tourist Exclusive, swore by the method of hiring cheap talent. Her company was able to hit its financial goals by keeping payroll costs down. But after two years, the approach stopped working.
Smolder had to challenge her old way of thinking and embrace a quality-over-quantity business model. The staffing makeover required downsizing her team and investing in employees she could entrust to support the business. (See five other financial lessons female entrepreneurs learned the hard way.)
"The minute I spent in my very own financial outlook and began to invest in my own and the others is the second my company began to grow ," she says.
Own your money, own your life.