Few people are wizards at making money. But it is possible for anybody to get rid of their money blocks.
Family businesses exist to make money. But even with that goal in mind, it doesn’t mean it’s an easy ride to the top. Money blocks are all too real and common in personal and business finance. Learning to overcome them is an essential thing to do early on.
Here are five ways to help you overcome your own fear of money.
1) Acknowledge the Fear
As is the case with any fear, the first step to overcoming fear of money is to recognise it. Do that and it becomes easier to identify what’s actually scary.
Do you fear the thought of losing money? Or do you fear not making enough money? Or perhaps it’s a general understanding of how money flows through your family business? Acknowledging your fear, whatever it may be, helps identify the real underlying issue.
2) Ask for Help
Whether it’s personal or business finances, there’s always someone out there that knows more. People who hit money blocks and develop a fear of money are those that never ask for help. But there’s no shame in asking someone more qualified about what you can do in this regard.
Accountants, financial advisors, successful investors and entrepreneurs are all people that may be able to help. Salespeople and professional marketers can also provide insights into specific money problems.
At Satori Accounting, we take a “join the dots” approach as your business advisors. We are Life-Centred Accountants, so understanding your personal finanical situation and goals is so important. What this means is that we do much more than most accountants.
- We look at your current lifestyle, your personal spending and recommend ways to improve this in the future
- We gather detailed information on your mortage, savings, pension and investments to take a “whole life” view when advising on your family business
- We help predict your future personal financial position and how you can improve your position on retirement
- We link in with other relevant financial advisors to help review your mortgage, your pension and your protection policies
3) Ask for Money
Are you not generating enough revenue? If so, why not consider asking for money? How? Look at your current pricing, your ability to cross-sell and upsell, your sales techniques………
You might want to consider potential partnerships, investments, and joint ventures………….any way to bring more revenue into your family business.
In some cases, overcoming a money block simply requires an influx of capital from outside sources. It may not seem like the most appealing idea, but it is an option.
4) Develop New Money Habits
Sometimes, the best way to overcome a block is to step outside the comfort zone. People run into money blocks because they are fixed in their ways. That’s why making adjustments and developing new money habits can help overcome the fear of money.
It will take work and time. But you already know that one’s mindset can’t be changed in an instant. The idea is to try new things and make progress. After all, small successes add up and can alter the mindset.
5) Taking Action
The fear of money and money blocks don’t always cast a veil on what needs to change. It’s possible to identify solutions and still not overcome fear. Why?
It’s because the fear of failure can also creep in. When that happens, people refuse to take action and make the required positive changes. Tackling the fear head-on is always a good thing. Identify what action you should take and pull the trigger to break through the money block.
Final Thoughts: Learn to Overcome Common Money Myths
There are well-founded money fears in the world. But when it comes to entrepreneurs and business owners, the line between facts and myths involving money is not all that clear sometimes. It’s vital to learn more about the economic environment as those without knowledge of this area can fall prey to money myths. They can end up creating entirely fictional and impossible scenarios for why they have money blocks. That’s also a reason why it’s difficult to see the solution when the issue doesn’t have a strong foundation to stand on.