A few years ago, I was interviewed on the topic, It’s Never Too Late to Become a Midlife Millionaire, by a brilliant interviewer, Lorwai Lan, on her radio show, Your Money and Your Mindset. Just a few weeks ago, she sent me an email saying that our interview had been the #1 downloaded podcast on the CEM network with over 30,000 downloads, so I went back and listened to it. It really was a great interview, and I invite you to listen yourself by clicking here.
One of the things that we talk about in the interview of course is mindset. The idea of mindset is so important, because unless you have a healthy relationship with money, no matter how much you make or have, you will never be able to keep it, grow it or feel secure and joyful about it. This is why 70% of lottery winners squander away their winnings within a few years. We have all heard these stories and think, “I’d never do that!” Oh really?
We also know that when new wealth is created in families, there is a 90% probability that all the wealth will be gone by the third generation. It’s known as “Shirt sleeves to shirt sleeves in three generations”.
So what is your mindset around money? If you received a large sum – millions of dollars, could you hold on to it? You say yes, but how are you treating the money that you have today? Do you respect and appreciate it? To create, grow and keep wealth, you will a healthy relationship with it and an action plan.
How does this idea of “Becoming a Midlife Millionaire” feel too you?
- Does it make you feel uncomfortable or does it feel too unrealistic?
- What would your friends and family think of you if you were really rich?
- Does the word millionaire seem too materialist or masculine?
- What were you told growing up about money; Was it money doesn’t grow on trees or money is the root of all evil?
- Are you triggered negatively by the idea of having a lot of money or those who already have it?
Our relationship with money – how we feel about it AND what we do with it – will have a profound effect on every area of our lives, because until we develop a truly sacred relationship with it and that means both the “Inner Work” and the “Outer Work” of money, we will never be able to ask for what we are worth, keep what we do earn, invest confidently to make it grow, or feel secure and confident about it once we have it.
I’ve worked with hundreds of women who have come to me to get help with their money and we always start with the “Inner Work”. If you are struggling with your relationship with money, thinking it’s too late to become wealthy, waiting for someone else to solve your financial problems, hoping the issues will go away by simply ignoring them, or going deeper and deeper into debt, even being afraid to spend it, or invest it, then it’s time to take action.
So the “Inner Work” is identifying our beliefs and disempowering beliefs around money, and then shifting, healing and releasing those beliefs while creating new empowering beliefs AND actions.
The “Outer Work” is what you are doing with your money. Are you getting paid what you are worth, do you respect it, are you saving and investing for your future?
No matter where you are in your life, there is hope. I can promise you this one thing. There is always hope and there is always a solution. So where do you start?
Step #1: Start with the Inner Work- your beliefs around money. What has been coming up while you were reading this article? I’ve helped hundreds of women heal their relationship with money by helping you identify your money personality which is based on your disempowering belief and your biggest challenge.
There are 5 money personalities:
- Value (I need to prove I am good enough)
- Status (Whatever I achieve is not enough)
- Love (I need to do whatever it takes to get love)
- Security (I never know when what I have may be taken from me)
- Recognition (I need to prove I’m right)
Once you identify your disempowering belief, challenge and personality, then it is time to release, forgive and heal. This process could take years or if done with a professional, it can be instantaneous. It’s truly step number one. This one step will shift everything. I’ve seen it happen with hundreds of women, frequently with immediate almost magical results.
Step #2: Now you can begin the Outer Work – Taking Action. So this is where you begin to look at where you stand and where you want to go. It’s time to be brutally honest, to clean up messes, set goals, and get the help you need. Steps could include:
- Creating a financial plan
- Taking a financial course like our Money Drama Breakthrough home study course and listen to my free teleclass, Clearing Money Clutter: From Chaos to Clarity .
- Going to a financial counselor if you are in debt
- Begin to education yourself – visit our free radio show archives for dozens of interviews with the top financial gurus.
Step #3: Don’t give up. Don’t try to do this part alone. Get support and surround yourself with like minded women who are on the same path. You can do this by joining our free Smart Women Community. There are Facebook Groups, free resources, 100 days of inspiration, weekly inspirational radio shows, and online forums.
I believe in you. I have been there and know how to do this. I have surrounded myself with dozens of supporters and they are all part of this community of smart, successful women who are willing to reach out and help each other. Check out these free resources and let us know how you transform. We want to hear from you!