Psychology of Wealth: How to develop a millionaire money mindset

In this episode, I'm going to go through five different principles of a millionaire money mindset. Each of these principles will give you a deeper understanding of how millionaires think about their life, money and wealth to support them in their financial freedom goals. As I go through each principle, I will also give you reflection exercises so you can start to see if these principles align with your current relationship with money or if they are opportunities for you to enhance or strengthen your relationship with money. 

Key Highlights

[00:00:07] Introduction to today’s topic: How to start thinking like a millionaire. 

[00:00:31] The significance of a positive money relationship

[00:01:21] Challenging societal perceptions and personal fears about wealth

[00:03:19] The significance of financial education, strategic planning, and self-trust in achieving financial goals.

[00:05:36] The importance of managing money responsibly, planning, and actively engaging in one's financial health

[00:08:08] The importance of shifting from conservative saving to proactive, risk-embracing investing for successful wealth building

[00:10:00] The mindset and attitude required for successful wealth growth investing

[00:11:10] Benefits of focusing on value creation toward financial success

Notable Quotes

• Millionaires. want to be wealthy. They have a positive relationship with money. And because of this positive relationship with money, they don't unnecessarily or unconsciously block money into their life because they're scared, ashamed, or resistant to wealth. 
• One of the first things that I had to learn was that morality. Who you are as a person is very different than your finances.
• Your morality and your money are two separate things. They need to be addressed separately and talked about separately. You can choose to be a wonderful, generous, altruistic, aware, self-aware person. And be very wealthy and rich.
• When it comes to wealth building, you have to understand that saving your way to wealth can be a slow path to wealth building to grow your money in a way that doesn't require your time and energy. You have to become comfortable with investing.
• Sometimes, it takes 5, 10, and 15 tries before you start to get that positive return on your investment. But you have to keep going. You have to have the mindset that no matter what, I will figure this out.

Resources

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Email: Info@holistic-money.com

Transcript

0:01

Hello and welcome to the Holistic Money Podcast. I'm your host, certified financial planner and money mindset coach, Whitney Morrison. Over the past seven years, I've taken myself from credit card debt and no savings to a seven figure net worth. I did this without a budget or a restrictive money plan, but instead smart, sustainable wealth building strategies combined with changing my relationship with money. In this podcast, you'll learn the ins and outs of my no budget philosophy, practical wealth building strategies, and key mindset shifts to make it happen. There is no shortage of information out there to tell you what to do with money, but teaching you how to think and feel about money, that's my secret sauce. If you've been waiting for a podcast that gives you actionable strategies to not only build wealth, but also feel really good while you're doing it, then you're in the right place. Let's get started. Hello, my friends. Welcome back to the holistic money podcast. I just got home from a 10 day trip to Leadville, Colorado. My husband. Was running a 100 mile ultra marathon through the mountains in Leadville, which has elevation upwards of 10,000 feet above sea level. So living in Texas, this was quite the change in altitude for us. We had to spend some days. Adjusting. My husband's run was on Saturday. It started at 4:00 AM. And the intention was for him to run. Until the next morning around 10:00 AM until he completed this 100 mile ultra marathon. But this happens to be one of the most intense 100 mile ultra marathons. And my husband has been training for this for over a year. And he unfortunately did not finish the race. He got about 50 miles in. He had a lot of cramping. Dehydration, the race really got him. I've never seen him in this condition when he's been racing before. So it was a lot of emotions for us. We loved being in Colorado. Uh, Craig supremely disappointed for spending so much time and energy preparing for the run and not finishing it, but this is part of the path to excellence. This was my husband's first 100 mile ultra marathon. He learned so many lessons from this race, specifically mindset lessons. And as I'm transitioning into what I'm going to be talking about on the podcast today. There's just so much overlap between his race. And the mindset hurdles that he experienced that really got him off track believing he couldn't finish the race when he could have finished the race. We talked about this extensively after his run, some of the ways that his mind got into a really dark place and started looking much further ahead into the race versus focusing on what was right in front of him. And getting him to that next aid station. And we just really dissected his mindset of this race more than anything. And today's episode. We're going to be talking about money mindset. I really believe your money mindset, the way you think about wealth. And money is the biggest contributing factor to your financial freedom to your financial success and to feeling just generally empowered in the world with money. So what I decided to do is I recorded a presentation called millionaire money mindset. And it has five principles that I teach on how millionaires think about money. And I'm giving you exclusive behind the scenes access to this presentation. Traditionally, people have to pay for this to get access. But I'm giving it to you for free, just because there are so many important mindset lessons that you will learn in this episode. I hope you enjoy. And if any of, you know, my husband, Craig, follow him on Instagram, whatever, send him some love. He learned so many important lessons and we can't wait to go back to Leadville, Colorado. So he can crush this 100 mile ultra marathon. In the years to come. All right y'all enjoy

whitney-uh9g3ujlb__raw-synced-video-cfr_whitney_2023-jul-21-0552pm_whitney_morrison's : 4:05

Hello. Welcome to millionaire money mindset. In this presentation, I'm going to be talking with you about how to start thinking like a millionaire. For those of you that may have not done money mindset work before, you may find this presentation a little bit triggering. And if that's the case, that's. Perfect. Because what we're doing in this presentation is looking for the ways that you may be limiting yourself or playing small with money so that you can step into your full financial potential. So without further ado, let's dive in. Before we get started, I'm just going to introduce myself to you. My name is Whitney Morrison. Like I said, said, I am a certified financial planner, which essentially means that I've taken a lot of tests on money. I'm considered an expert in financial planning. I am also a certified life coach certified through the life coach school, and I have over 12 years of experience working in the financial services. industry. Seven years ago, I had a very different relationship with money than I have today. My net worth was negative 40, 000. I had credit card debt. I had student loan debt. And over the past seven years, I've really taken myself from being a financial advisor, helping other people with their money. When in the background, my own money was a mess. And that really helped inform the business that I have today, because what I found was even though I knew a lot about money, even seven years ago, I had been doing this work as a financial planner for at least five years, even though I knew a lot about money, I had to work on my relationship with money, my mindset with money, and what I often found was financial planning and money work tended to focus on only one thing, approach one dimension of money, which was the numbers, the planning. But I believe that we have got to take money and financial planning much deeper. We need to dive in and start to understand our relationship with money, which is what we're going to focus on today. Now, let's dive in. I want to quickly give you an overview of what are money beliefs. Money beliefs are simply thoughts that you think about money over and over again. They are the glasses through which you see the world. They're a key component to determine how much money you will earn and how much money you will keep. a powerful money mindset, you're going to constantly be at battle with your biggest money enemy, which is yourself. And y'all, I believe this wholeheartedly that the biggest blocker to your financial potential is your own thoughts and your own mind and your own relationship to wealth and money. So your money beliefs actually come from your familial and your societal programming. So you learned a lot about money in your early years from your parents, from culture, from religion, from the media, and all of your unique experiences with money have come to shape the way that you think and feel about money today. Now, no matter. What your current belief system system is about money. There's nothing wrong with it Some of you on this call may have very different thoughts and experiences about money than other people on the call But what I want to make sure you all understand is there may not be anything right about your money beliefs either so make sure as you're starting to listen to this presentation you may find your ways of thinking about money and And if that's the case, I want you to be open and available to start to consider new ways to think about money because there is no right and wrong here when it comes to belief work and it comes to money belief work. What we're looking for is looking at the. Ways that you can begin to think about money and think about wealth in a way that serves you and the person you want to be in this world. That's what we want to start to consider and ask ourselves when we're doing this money belief work. So let's go ahead and start by examining your money mindset. Specifically, I want you to fill in this sentence. Millionaires are blank. Millionaires are smart, savvy, greedy, opportunistic, lucky. What is it that you believe about millionaires? Whenever we start to look for your money mindset, what I want to understand is your current thoughts about money. So as we start to explore your beliefs about becoming a millionaire or millionaires in general, I'm curious what it is that you're thinking about. these people and what it is that you're thinking about yourself and the possibility that you will become a millionaire someday if you're not already. Now, I want you to think about the reason or reasons that you may not become a millionaire. Do you think it's because you didn't grow up in a wealthy family because you're not? Privilege because you are not smart enough or you're not creative enough or you don't work hard enough I want you to think about the reasons why you may not become a millionaire And the reason why I want you to take some time and write this list down is because it helps us start to understand Your limiting money beliefs your limiting money beliefs are the beliefs about yourself or your money that limit you from achieving your full financial potential. One of the main reasons why I like to take time to really identify your limiting money beliefs is because we don't want to hide or be ashamed of or not look at these limiting money beliefs at every single wealth level. Whether you're at 20, 000, 50, 000, a hundred, a million, you have limiting money beliefs. We all do. We want to make sure that we're aware of the blockers that are standing in the way. So they stop running the show and they stop creating our results with money because The way that we are currently thinking about the possibility of becoming a millionaire or millionaires in general, create the way that we feel about money and wealth and getting rich. And it creates the way that we show up and eventually the results that we get. So let's go ahead. And start to decode the millionaire money mindset. I'm going to go through five different principles and ways of thinking that millionaires have. And I want you, as we go through these, I'm going to give you reflection exercises so you can start to see if these are some of the principles and ways that you're thinking. Or if these are opportunities for you to enhance or strengthen your relationship with money. So first and foremost, millionaires. Want to be Wealthy. They have a positive relationship with money. And because of this positive relationship with money, they don't unnecessarily or unconsciously block money into their life because they're scared, they're ashamed, or they're a resistant to wealth. I'll never forget. This is one of the. biggest mindset shifts that I made on my journey to transforming my relationship with money. I was walking around my neighborhood on a hot afternoon in Austin, Texas, and I was listening to a podcast on money mindset. And the woman that was talking explicitly asked, how would you feel if you were to tell your friends and family that you want to be rich? And I remember walking around my neighborhood, cringing at the idea of telling people that, yes, I wanted to be wealthy, that yes, I wanted to be rich. And that that was something that I was willing to work towards and put effort into in my life because I was so worried what people may think about me. I was worried that people were going to think that I was a greedy, bad person that didn't have morals or great values. So I really had to unpack. All of that thinking about what it means to be wealthy and what it means to have money in order for me to confidently claim that, yes, I want to be rich. One of the first things that I had to learn was that morality. Who you are as a person is very different than your finances. And what I mean by that is you will find that there are very wealthy people in the world who are terrible people. You will also find that there are very poor people in the world that are terrible people, objectively speaking, the way that they show up to the world. You'll also find that there are wealthy people that are amazing people. that contribute to making our world a better place. And you will also find that there are poor people who are amazing people that contribute to making the world a better place. All of that to say your morality and your money are two separate things. They need to be addressed separately and talked about separately. You can choose to be a wonderful, generous, altruistic, aware, self aware person. And be very wealthy and rich and you really have to amend any stories that you have that suggest the opposite, that suggests that you're going to compromise who you are because of money. If you decide that, yes, I want to be rich. I want you to reflect right now. Do you want to be rich? Why or why not? And are you afraid what other people will think about you if you are unabashedly in a positive, healthy relationship with money? And you talk about money in a way that shows that you love money and you care about money and you're willing to work hard for money. And do you feel like being rich is immoral or somehow inconsiderate? If so, these are some things that you want to start to work through in your relationship with money. So you can really clean up the way that you think and feel about money. Number two is that millionaires trust themselves as powerful stewards of money. They know what they want to do with their money and why, and they have a plan and are financially educated and strategic. I want you to ask yourself, are you aware of what you really want to create with your money. And do you have a path and a plan to get there? One of the main things that you have to do is you have to start to trust yourself as a steward of money, that you are a wonderful channel for money to flow through because you trust and believe What you plan to do with the money and how it's gonna affect yourself, your family, and the world. And once you can get really clear and intentional on that, and you have great thoughts about that, and you have great intentions with money, you will start to open up your channels to receive. Because you start to think to yourself, who better than money to flow through than me? Because I love the way I use money. I love the way I care for myself and my family and my community with money. So why not have more money flow through me? And this is where you really have to be clear on the values that are driving your financial decisions. Have you really done that work to understand what are your top values and how do you want them to drive your financial decisions with money? And do you trust yourself with money and do you have a plan for your financial future? Do you believe that when money comes to you, you know exactly what you want to do with it and why. Principle number three. They spend 20 to 30 hours a month thinking about, caring for, and planning their money. This is not just a number that I pulled out of the sky. This is an actual statistic that I found online that millionaires spend 20 to 30 hours. Everyone else spends two to three hours thinking about and caring for their money. Now, one thing I want to ask you. If you were to enter into a romantic relationship with a partner, for example, and you were just to spend two to three hours per month thinking about them, planning with them and making sure that they're cared for, what kind of romantic relationship would you have with your partner? Probably not a great one. But if you were to spend 20 to 30 hours a month, actually spending time on building your relationship with your partner, making sure that they're taken care of, that you're taken care of, then you're going to have a much more rich and fulfilled relationship with your partner. I want you to think about your money the same way. Some of you may be saying, Oh my gosh, 20 to 30 hours. That's a lot of time to be thinking about money. But the reason why is because you haven't fully connected your life with your money. It's like your life exists over here and your money exists over here. And you haven't really understood that those two things come together and they actually help you create the financial freedom in the life that you want for yourself. Every life decision that you make. Just about has some financial implication. And when you can start to really play on the same team with your money and bring your money into how you want to live your life, what you want to do with money, what your purpose is on this planet, you will start to have so much more time to spend with your money and how you want to use it and the things that are actually most important. How many hours per week do you spend intentionally planning your money? Are you consistent with your money management practices? Do you set financial goals for yourself? Or do you just ignore your finances, make decisions about your life over here and your money over here and you don't really bring them together to create a synergy between your life and your values and your money? Principle number four is that they seize opportunities and they take calculated risk with money. They really understand the relationship between risk and reward. They spend time actually researching investments and they make sure that they understand the risks that they're taking on and they trust themselves and their ability to actually create a return. So when it comes to wealth building, you have to understand that saving your way to wealth can be a slow path to wealth building in order to actually grow your money in a way that doesn't require your time and your energy. You have to become comfortable with investing and in order to become comfortable with investing, you have to be comfortable with taking risk. and in order to be comfortable with taking risk, you have to be willing to lose money. And for those of us that have a really tight grip around our money, and we're very afraid, and we're living a perception that money is scarce and that there's not a lot of money and it's very hard to come by, you may find that taking financial risk with your money. feels very, very threatening because in the event that you lose it, you may never get it back. But that is one of the mindset shifts that you have to start to make when you get into wanting to actually grow your wealth without using all of your direct time. And you have to understand this relationship between risk and reward. You have to understand how to take calculated risks by really understanding, okay, what is the risk of this investment in front of me? And do I believe in myself and my capabilities and my potential to actually create a positive return? There is never, ever going to be a guarantee. with your return. So I want you to reflect right now. And I want you to ask yourself, are you willing to lose money in order to make money? And what are your thoughts about investing and taking financial risk? And do you have an everything is figureoutable attitude? Or do you give up at the first sign of difficulty? Because this is very important as it comes to strategically growing your wealth and investing. Is knowing that sometimes it takes. Five, 10, 15 tries before you start to get that positive return on your investment. But you have to keep going. You have to have the mindset of no matter what I'm going to figure this out. And that also it is okay to lose money because I know there's always more. I know how to make more and I know there is an infinite amount of money available to me and all I have to do is go get it in the event that I lose it. That gives you a lot more permission and freedom to take risk with your money versus believing that it all, if it all goes away, I'll never get it back and I don't know how to make money and I don't know how to get money into my world and I'm afraid. Two very different ways to think about money. The last principle. that millionaires have about money is that they understand that money is simply a reflection of value. So they understand that in order to create more money, they don't focus on trading their time for money. They focus on creating more value and they focus on how can they give more than they are receiving. In order to make more money. So I want you to think about yourself either in your business, or I want you to think about yourself in your job, and I want you to really think about how you go about trying to get more money. Do you focus on creating more value? Do you focus on providing more solutions and problem solving and making the lives easier of people around you? Or do you focus on the fact that you should be making more money because you've been at your job for 13 years and you have this semester experience because those are two very different ways to think about how you are going to make more money is important that you understand in order to make more money. It is directly tied to the amount of value that you create and you need to make sure that you are honoring and recognizing your value because that is what's required to make a lot of money is for you to really see the value that you offer and powerfully communicate that to other people. So I want a quick reflection. Do you associate more money with more time? Or more value and do you focus on how you can create more value in your work as the means to make more money and do you spend concentrated time seeing your value practice in it and believing in it because that is what is required to move into that millionaire mindset. All right y'all, that is all that I have for you today. I want to tell you a little bit more about. holistic money and how you can work with me. I take a three pronged approach to financial freedom and wealth building, focusing on the three areas of growing your money, which are focusing on your inner wealth, which is your relationship with money, your outer wealth, which is your systems with money and your higher wealth, which is really that investing and growing your money If you are ready to make big money moves, there are two different ways that you can work with me. You can work with me through one on one financial planning and coaching, which is a three month personalized experience where we will go through the complete holistic money. Curriculum, or I have a program, a group program. It is a three month money course with weekly coaching calls. And I also go through the holistic money curriculum. You can find me on Instagram at holistic. money. com. You can find me on my website, which is www. holistic money. com, or you can listen to my podcast. I have a lot of amazing episodes on money. You can find me on Apple, Spotify. Or YouTube.

24:41

If you liked this episode and thought it was useful, please share it with a friend. I know someone else out there could benefit from changing their money mindset. You can also leave me a review. Look, not only do I love reading these reviews, But it also helps my podcasts get more visibility, which is a really exciting thing for a small business owner. All right. Y'all have a great week and I hope to see you in the next episode.

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