#StressManagement #SelfCare #SelfNurturing #Wellness #FinancialWellness #MultipleStreamsOfIncome #MindsetShifts
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"There is a skill that lies in you. You just haven't hit the unlock code yet. But once you do, the income will follow." |
What comes to mind for you when I mention the words "financial wellness"? Do fantasies about escaping the 9 to 5 grind come to mind? Is it going to the grocery store, and being able to pick food items based on what you want and need nutritionally, rather than what your food budget says you can afford? Is it doing those little extras for you kids like going out to eat more or enrolling them in more extracurricular activities such as dance, cheer, music or art lessons? Does it mean for you more opportunities to travel places that are more than a 200-mile radius from your home? Does it mean knowing you are going to retire well off and won't have to work deep into your golden years? What does financial wellness mean for you?
EnvisionCo Blog first introduced the topic of financial wellness in March 2022 in the article, "Dimensions of Wellness: Financial Wellness." Within this article, we considered how our money beliefs (the internal thoughts and beliefs we hold about money) have more bearing on our financial status than anything else. You want to improve your financial status, you have to change your mindset. This year, our theme has been New Year, New Wallet, which has encouraged an alternative way to view finances within the scope of mental wellness. Master your mind, master your thoughts, and believe it or not, master your finances. I'll try not to hold you too long today. So keeping on brand with that theme in mind, here are 4 mindset shifts to help you unlock more income and increase your financial wellness.
Mindset Shift # 1- Stop Looking for the Windfall
I remember when I shared with my accountability buddy that we were going to save $15,000 over the next 4 years. Their response...incredulity. In case you can't tell from my articles, I have to explain my brain is wired a little differently. Heck, I do not look at a savings goal of saving $10,000 in a year as impossible. I instead see it in increments. That's how I do my money. Let me give you an example. Go back through your banking or credit card statements and I am confident that you will find $10,000 that you have spent on non-essentials over the past year. Let's say you get a Starbucks coffee on the way in to work in the morning, maybe a bagel or croissant, and then go out and grab a quick lunch. Then on the way home, maybe a quick guilty pleasure snack. How much money do you think that costs? Now say you did this every day, five days per week. Then say on the weekend, you grab a few quick meals because you just really don't feel like cooking. Add that total up.
Spending Per Day | Spending Per Week | Spending Per Month | Spending Per Year |
$27.69 | $193.80 | $833.33 | $10,000 |
Don't worry, this isn't a get onto you about your spending. This is to show just how quickly those little amounts sneak up on you.
"See a penny pick it up, all day long you'll have good luck!" A motto I have lived by. I do not care where I am or who is watching. If I see a quarter, a dime, a nick, a penny, I am going to pick it up. I know that pennies make dollars and dollars makes sense. And when I find that penny, I am going to show just as much gratitude for it as if it were $100. Why? I am a big picture kind of gal. So, when you scroll through my various articles on earning a few extra pennies here and there, in the grand scheme of things it seems like it isn't worth it. Stop looking for the windfall. Those little amounts can really add up into serious cash cushions for you. You have to be willing to shift that mindset to see it more clearly though.
Mindset Shift # 2- You View Your Wages as a Safety Net
How many times have you been browsing LinkedIn or Indeed and saw the key words, "we offer competitive salaries" in lieu of them just telling you the exact amount they pay? Frustrating isn't it? Now listen, the wild thing here is there is some truth to their statement. Companies truly don't want to underpay you (because then they'd never stay staffed). But companies also don't want to overpay you either. I have done the unemployed thing. It is a suck-mac-suck-fest! There is nothing like that guaranteed paycheck whether you are getting it monthly, semi-monthly, biweekly, or weekly. Then of course the health insurance and paid vacation are the cherries on top of the deal. It gives us a false sense of safety and security. On the other hand, starting a small business with no guarantee of a steady paycheck, well that sounds risky! Too risky! The mistake here is that we assume that the wages we earn at our jobs are the true safety net. They are not. At any moment that the company decides they'll eliminate your position, you are up shits creek without a paddle. Your wages are not your safety net. The side hustle, the side business, the passive income you earn are. And as we have previously shown, it doesn't take a windfall. Those small amounts add up. Instead of SPENDING $27.69 per day, let's say you had a product or service in which you earned that amount instead?
Earnings Per Day | Earnings Per Week | Earnings Per Month | Earnings Per Year |
$27.69 | $193.80 | $833.33 | $10.000 |
Same table. Same numbers. And yet different results. All with a shift of the mindset. There is a skill that lies in you. You just haven't hit the unlock code yet. But once you do, the income will follow.
Mindset Shift # 3- The Limit Does Not Exist
Now do not take that previous section and read that as a recommendation to quit your job. Nope. Did not say that at all. What I am saying is that the job is not a safety net. It is more of a glass ceiling. Generally speaking, the company isn't going to maliciously underpay you while recruiting you; however, they aren't in any hurry to overpay you neither during recruiting nor during your tenure there when they come to realize what a brilliant rock star you actually are. With your job, there are limits; they pay you just barely enough for you not to quit. But I think you know that. That is why so many of us somehow end up browsing through Indeed, LinkedIn, and other job boards from time to time to see how other companies are compensating in comparison to ours. But with a side hustle or side business (whatever you want to call it) there is no limit if you take the bet on yourself. And if you have an in-demand job skill or can solve a problem for people, with a little hustle, you might be surprised just how much you can make.
Earnings Per Day | Earnings Per Week | Earnings Per Month | Earnings Per Year |
$27.69 x 3 (products or services) | $575.33 | $2,478.67 | $30,000 |
Of course, I know that these are rough estimates (we have an odd number of days in a year, followed by an even number of weeks in a year, followed by an odd number of days in a week) so that math isn't exact. However, it isn't that far off the mark either. The actual point is, when you make the mindset shift to bet on you and create value to and for others, glass ceilings shatter.
Mindset Shift # 4- Get More Baskets
This was covered lasts article, "Here is an Ally When You Need It: A Savings Play for Your Wallet," but it bears repeating. Running a side hustle gives you the opportunity to make your own choices and do things your way. However, side hustles often start out requiring our time. I am a counselor and coach that focuses on mental wellness through stress management and self-care. I'd never tell anyone to spend all of their time working with no time for leisurely, fun pursuits. There is a time to hustle and there is a time to have systems that hustle for you. Put your money places where it can grow for you. A consumer mindset focuses on spending and consuming, often leading to living paycheck to paycheck. On the other hand, an investor mindset is about making money work for you. This involves prioritizing investments in assets that generate income, whether through stocks, real estate, or crypto. It’s about understanding the power of compound growth and the importance of delayed gratification. Allocate a portion of your income to investments each month. Start with what you can afford, even if it's small. That is the mindset shift, even if it is small be consistent and think long term. The goal is to not put all your eggs in one basket. Don't over rely on any one income source. Diversify, diversify, diversify!
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Making more money isn’t just about working harder—it’s about working smarter by changing the way you think. Money is a tool that can help you reach your goals, improve your life, and make a difference in the world. Sometimes, the secret to financial success isn’t out there somewhere; it’s in how we think. In this article, we’ve talked about four mindset shifts that can really boost your earning potential. It might take some time and effort to adopt these new ways of thinking, but if you’re intentional about it, you can unlock your full potential and hit those financial goals. Remember, the journey to more income starts in your mind. Shift your mindset, and watch how it changes your financial future. In closing, please remember that wherever you are on this wellness journey, do not worry about getting it perfect; just get it going. Until next time. Happy reading!
"It’s not about having one big source of income; it’s about having multiple streams that work together." ~Grant Cardone
Here at EnvisionCo Blog, we try to keep ads to a minimum making our blog entirely reader-supported. We may feature links on this site for additional informational purposes. From time to time, we may feature other links which are affiliate links (and these will be clearly marked). When you click through an affiliate link on our site and sign up for a service or finalize a purchase, we may earn affiliate commissions. This is of course at no additional cost to you. However, if you like what you see and would like to make a donation to help us keep ads to a minimum, we would greatly appreciate it! Nothing fancy. We accept the price of a cup coffee with as much gratitude as we would the price of a tank of gas!
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