5 Common Money Mindset Blocks For Entrepreneurs (and how to shift them)

Entrepreneurs and small business owners usually come to me for help with QuickBooks, taxes, compliance issues, and money management. They have big goals and dreams for their business finances, and they want to create the best possible results. That’s a good start to a solid financial plan, right?

But there is one thing that many of them haven’t considered, something that is delaying the financial success they’re looking for–and it has nothing to do with strategies or financial literacy.

I’m talking about their Money Mindset, and Money Mindset blocks.

And yes, Money Mindset is something that I talk about a LOT. But there’s a reason for that, and here it is…

If your Money Mindset isn’t in a supportive place, there is no amount of checklists, compliance items, or QuickBooks support that will help you move forward.

When I connect with potential new clients, I LOVE hearing about their goals and dreams. But there is also something else we talk about before working together, and that is capacity. That is, their capacity for expansion, receiving, and where they stand with their Money Mindset.

Because honestly, if your Money Mindset is off, it makes it a lot harder to continuously build a business. Sure, you can create successes, but it oftentimes doesn’t feel like success. The underlying shadow of an unsupportive Money Mindset can keep you stuck in stress and survival mode.

Not only does that get in the way of long-term success, but it’s also pretty exhausting!

This is why I incorporate Money Mindset into all that I teach, as well as when I work with clients. It’s the hidden secret to success that shifts everything. I learned so much from shifting my own Money Mindset, and I’ve also seen miraculous shifts in my clients when they incorporate this work, too.

And, over the years, I’ve noticed several patterns that indicate that Money Mindset shifts are in order. It’s something I call “Stuck Money Flow,” and in shows itself in pretty predictable ways.

It might show up as not making as much money as you’d like to. Or it could also show up as being stuck at a certain income level, not being able to break through to the next one.

These are the results of Stuck Money Flow. But what actions indicate that your Money Mindset is leading you in this direction? Let’s talk about that now…

Here are the top 5 things I see people do (and have done myself!) that indicate a Money Mindset shift is in order…

1-You resent the money that you currently have.

This happened to me a lot when I first started my business. I resented the money I was making, mainly because I didn’t believe I was making enough money! I’ve also had moments where I resented HOW I was getting money. That is, income streams that I didn’t particularly like.

Any time you have a source of income that you resist for some reason, whether they’re earned or unearned, this Money Mindset block might show up.

We’re talking about things like jobs or services you offer that you don’t like, but you keep them anyway. It could be income from a relationship or a situation (for example, if a relative is paying your rent but the relationship is strained). It could also be unearned income like investment income, interest income, state benefits, whatever the case may be–that you’re somehow resenting.

The Money Mindset Shift to make:

Take inventory of all the ways you receive money, and ask yourself how you really feel about each one. Approach this with curiosity rather than judgment. Then, take what you find, and ask yourself how you could heal this space (even if it’s a little bit), and take action accordingly if changes need to be made.

2-Giving away things for free, or LOOKING for freebies.

Here’s the thing with money. Money is an energy exchange, a value exchange. So if you’re an entrepreneur or business owner who offers their services or products for free–or for well under their value–it doesn’t sit well in the energetic space, OR the Money Mindset space. Here’s why…

Too many times, I see people offer their work for free, or at very reduced prices. Now, it’s one thing to do this when you’re new and looking for experience and testimonials. BUT, if you continue to do this, this is where the issues creep in.

This takes the value exchange out of the equation. Eventually you might tend to attract bargain hunters and people looking for freebies, but they’re not interested in VALUE. Here’s why this matters…

Often times people who get things for free don’t value them the same way. It’s like it didn’t take anything out of them to GET it, so they don’t value it nearly as much. (I know I’ve been guilty of this myself!)

The same goes for asking for too many things for free. It tends to disrupt the value exchange in the same way. It’s an expression of a Money Mindset block that can lead to blocked Money Flow.

Now, it’s not necessarily a bad thing in every single case to give or to receive things for free, or for a reduced price. Sometimes there’s a good reason for it (like getting data with beta clients or doing work for testimonials when you’re new).

But what matters when it comes to Money Flow is the energy behind the request. That’s where the Money Mindset shift comes in…

The Money Mindset Shift To Make:

Before you either give away your products and services for free or you ask for a freebie yourself, ask yourself this: what is the energy behind what you’re doing?

Is it desperation, is it entitlement, is it genuine desire…what’s behind it? When you know this and you’re honest about it, you can change the energy of the entire situation.

So in every case, whether you’re considering giving something away or asking for something, put VALUE boundaries around it first. Then take action accordingly.

Now, you might ask this: what about BARTERING? Glad you asked, and here’s my answer…

There is a time and a place for bartering between entrepreneurs. BUT the issue is this: often, one person gets more value than the other. To do the bartering thing the right way, it’s all about creating a value exchange. (This is similar to the “freebie” issue!)

So if you barter, make sure that there IS equal value being exchanged, and that all parties agree that there’s genuine value on both sides.

3- Avoiding looking at your business finances until you HAVE to.

I see this a LOT (and I’ve done it, too). Business owners don’t have a plan when it comes to their money. They only look at it–bank accounts, bookkeeping, credit card balances, taxes–when they absolutely HAVE to. (E.g. when April 15th is right around the corner!)

But here’s the thing with avoidance. It makes a money relationship nearly impossible. That’s because you’re not giving your money the direction it needs. When money doesn’t have a purpose, it simply doesn’t work for you.

The Money Mindset Shift To Make:

Take the steps to stop avoiding. Start simply. Just open up your bank accounts, credit card statements, QuickBooks–any financial information you have. Then just look at it. Take inventory, and notice what’s there. When you stop avoiding is when major positive shifts happen.

4- Not reporting all your income at Tax Time.

Along the lines of not dealing with your money until you have to (like at tax time), not reporting all your income indicates Money Mindset blocks. That’s because there’s an energetic misalignment going on that isn’t necessarily an obvious one.

Now, there are many reasons why people do this. But one of them I’ve seen a lot is that when people avoid reporting all their income because they don’t want a high tax bill, there’s an energetic misalignment. That is, they’re playing “poor” on paper, but playing “rich” IRL.

While I totally get it that people do this, and there IS a lot of conflicting emotions about taxes (I get this too!), to act one way on paper and another in life doesn’t make for positive Money Flow. I’ve seen this happen MANY times, and with the same result.

The Money Mindset Shift To Make:

Instead of avoiding reporting all your income, change how you think about it. Let go of the fear of a high tax bill, and plan for taxes in a way that supports your business. (Starting with my handy Tax Deductions Checklist to make sure you’re getting all the deductions you can is a great way to start!) Align your energy with your actions as much as you can.

This is what I call LEADING your money, and it’s a game changer not only for Money Mindset, but for Money Flow, too.

5- Hanging on to toxic relationships because you “need the money.”

This is a huge Money Mindset block, and it happens ALL the time. You hold on to the client from hell because you need the money, but it’s draining the life out of you. Or you stay in a relationship that isn’t working (like a roommate or with a partner) because you can’t pay your bills on your own.

It might sound logical at first. But it can cost you a lot in the long run.

It can breed the kind of fear, desperation, and resentment can block your Money Flow. And lead to Money Mindset patterns that keep repeating.

I can tell you that I was getting by OK when I was “just” an accountant. But when I began incorporating this idea into my work, connecting with aligned clients and letting the misaligned ones go, my life became a lot more wealthy.

The Money Mindset Shift To Make:

Do an “internal audit” on how money is flowing into your life (similar to Mindset Shift #1). Look at your clients, your personal relationships as they relate to money, etc. Which ones make you feel inspired, open, and connected, and which ones don’t? Then take action accordingly.

This might require a leap of faith. In some situations, it might require help, from friends, family, therapists, etc. (especially if it involves a personal relationship). But take the time, make a plan, and do what you need to to create the most aligned relationships possible around your money. You’ll be glad you did!

So there it is! 5 Money Mindset Blocks, and how to shift out of them to allow the Money Flow to return.

Which one calls out the most to you? Let me know here in the comments…

Until next time…

Love, Light, and MONEY, Honey…

Kaylee

P.S. How do you REALLY relate to money? It’s actually easier to discover than you might think. Take the quiz here and learn your Money Management Personality!

You’ll get invaluable insight into how you really relate to money, so you can both play to your strengths and make the money mindset shifts to help you create the financial life of your dreams.