Toxic money is when money is owed to you in some shape or form. In some cases, you feel like you were cheated out of the money, or it is something that you rely on but you have to pay a price for receiving that type of money. So even when you finally get the money it usually feels like there's some kind of a battle around it as well, because it hasn't been received in a good way, or in some cases you don't receive it at all. Toxic money doesn't apply to everyone, however, if you do feel this concept applies to you, pay close attention because it can hold you back in all the other types of relationships with money.
Here are some patterns of toxic money :
Expenses, which is the fifth type of money, is something to be mindful of if you want to have a great relationship with money and a great money mindset.
Generally, there are two broad types of expenses. Necessities, i.e. your bills, housing, utilities, clothes, food, etc. the essentials in life.
The other kind of expenses are considered luxuries; even though they may not include luxury brands. This segment comprises anything beyond necessities. Your mobile phone, designer clothing, holidays, are all good examples since you don’t need these to survive.
On a social level, we can say that what we spend on is a reflection of how we want to fit into society. It becomes a status symbol.
What's interesting about expenses is that they do tend to go up as your income goes up. Have you noticed this for yourself?
For a lot of people, it often means moving into a better house, getting a better car, buying nicer clothes or going on holidays if you didn't do that before.
Do you deliberately set any income goals for yourself? Maybe for the year? Is there a specific amount of money that you're going after whether that's in your career or in your business?
When I talk to people about income goals, usually I find that there are two major types of challenges when it comes to setting effective income goals.
The first one is that some people don't actually set any goals at all. When you don't set a goal, you end up having a default goal which is usually somebody else's goal. A good example of this is corporate jobs. A lot of people say “I just ended up here”, or “I landed in this job”, and often that's why. It's because of the absence of having clear goals, specifically an income goal.
By not setting a clear goal, you are actually imposing a ceiling on your income and earning capability.
Where do you see yourself in 10 years? Do you aspire to be the head of your department? It's not that if you're an accountant you need to...
This article is part of the Money Mindset series where I've been talking about your relationship with money, and in particular around the six types of money.
So far we've covered savings, debt, and today we're going to talk about income.
When it comes to income, I like to dive right in because this one is best tackled on a practical level.
Take a few seconds to think about your income. How much do you earn? When do you get paid? Is it monthly? Or every other week?
We typically refer to income from a job, but it can also be from your business.
What I want you to do is to think about your income, it doesn't have to be exact, just something close. Visualise that number. Picture when that money comes in, when it hits your bank account, try to see that figure.
What I want you to take note of is whether any feelings are coming up around the visualisation of that amount of money.
The reason I'm asking you to do that is when it comes to income, particularly if it is a salary...
We’re continuing with our Types of Money series, and today is all about debt.
Talking about debt is actually one of my favourite topics because I love helping people break free from the crippling feeling of being in debt.
If you do have some debt, touching on this topic might make you feel a little bit uncomfortable. If it does, it just means it's triggering something within you.
Debt can be this deep dark secret you feel you've got to keep from the world. Like a dark cloud that hangs over you all the time and no matter what you do, you are constantly reminded it’s there.
The silver lining here is that if you can clearly identify a problem, name it, and talk about it in a healthy way, then you're really on the right track to being able to solve it.
You might have come across terms like good...
Savings is an important aspect of your relationship with money. You may earn a lot of money, but if you don't have a strong money mindset, you may not actually save any of it. You may spend everything that you earn and potentially even have debt around that, too. For that reason, saving is a good indication of the strength of your relationship with money.
I want you to keep in mind that we all have what's called a mind-body connection around savings. What this means is that you currently have certain beliefs around savings and you also have certain feelings and emotions about savings.
A good way to find out what those feelings and beliefs are is by answering a few quick questions:
One of the questions I get a lot from people as a coach is around whether or not people have a good money mindset. Many people think that if they can resonate with concepts like “abundance” then it means they have a good money mindset. And while abundance is a great thing to focus on, that doesn't necessarily mean that you've got a great mindset around money.
Whenever I'm talking about money, I really like to get into the specifics. When I’m coaching my clients, we don't focus on concepts like abundance. Instead, we get down to the nitty-gritty of it and actually talk about the different types of money.
Today want to give you a quick intro into six types of money that I actually focus on.
Later this week I will go into each of these types of money in more detail.
The first type of money is savings. Can you save money? Have you ever been able to save money? And how do you feel when you think about saving money?
The idea of savings might make you feel...
In my previous article, I explained the importance of celebrating your progress to conquer your inner critic, especially if you feel like nothing you do is good enough or worth celebrating.
If you tend to be critical of yourself, it’s highly likely that you’ll encounter some resistance once you start celebrating small milestones (like… seriously… who would actually do a victory dance???)
Watch the video above to discover how you can dramatically improve your results and feel amazing at the same time by celebrating your progress.
You’ll see how to quickly disarm any resistance or scepticism by using a simple technique to neutralise negative beliefs around deserving to be recognised and celebrated.
The technique I demonstrated in the video is called Tapping and you can use it to develop the habit of celebrating your progress.
All you have to do is watch & follow along as I tap gently on a series of acupressure points with two fingers,...
When you’re working towards a major goal, do you celebrate your progress along the way? Many people think that celebrating your progress is a waste of time because the only thing worth celebrating is reaching the final milestone.
Actually the opposite is true – recognising small wins motivates you to keep going and inspires you to put in your best effort.
If you’ve conditioned yourself to feel unenthusiastic about completing tasks, this could be your inner critic at play. What feels like indifference on the surface can actually be a form of self-sabotage.
Watch the video above to discover how you can get to your end goal more quickly by celebrating your progress.
The idea of celebrating gradual progress is so simple and therefore is often overlooked. To achieve your goals in the most direct way with genuine excitement and enthusiasm, it’s important that you recognise and celebrate smaller milestones as you progress towards a bigger goal.
I used to feel...
Would you like to know one of the best ways to stay on target when you’re chipping away at a long-term goal? Motivating yourself is similar to taking a shower – it doesn’t last so you have to keep doing it every day!
Successful people don’t actually wait to feel motivated or inspired, they take action anyway, and the motivation follows. Accountability works the same way by keeping you on track with the use of mutually agreed deadlines.
When you’re pursuing a side hustle on your own, it can easy to put things off and kick the can down the road. However you’ll be amazed at how far you’ll go (even if it takes the occasional all-nighter) to complete things when you’re accountable to someone else.
Watch the video above to discover how you can use accountability to stay on track with your goals.
To stay on track and motivated, you need to make sure you’ve chosen a meaningful goal(s) by asking yourself:
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