Vita's Tip in 10: Is Fear Of Money Holding You Back?

Hello, hello, friend, welcome to this week’s episode of Vita’s Tip in 10. I have really been enjoying talking to you guys about money, and I want to continue to lean into this topic even further. So, for today's episode, I want to discuss the fear of money. 

After 20 years of being an entrepreneur and talking to many business owners, I have learned that some people have a fear of talking about money. It is most likely something that was instilled in them by their upbringing. Here in America, children are often brought up with the notion that money is the root of all evil, and talking about money is shameful or embarrassing, and it simply should not be done. 

On the other hand, there are many cultures where talking about money is not only accepted, it is encouraged. As you know, I was born and raised in Ukraine, and we look at money very differently. Talking about money is a subject that is spoken freely with family, friends, and even acquaintances.  

My husband, as another example, works with an offsite team from India, and in that country, speaking about money is also completely accepted and encouraged. In these countries, it's even common for people to share their salaries with each other. As we know, this is very different in America. Which is interesting because, currently, in America, there is a legislative movement to make salaries within a corporation public to everyone, so it will be very interesting to see how that pans out and what the reaction will be among Americans. 

So anyway, back to this fear of talking about money. Remember last week, when I shared the idea that money has energy? The way I tend to look at it is that if you are afraid of talking about money, or whether it was instilled in you to feel shameful about it, it means that we are showing fear towards money.  

And you are fearful of money, then why should money show you anything else but fear too?

How I see it, is that fear of speaking about money is the opposite of the abundance mindset. If you are sending money the message that you are afraid of talking about it, you are showing it that you are not ready for that abundance. And, if you are not prepared for it, why would it appear in higher quantities in your life? Do you see the connection that I made there? 

So, my friend, my tip to you today is if you want money to show up in abundant quantities, it does not mean you are greedy. You do not need to feel ashamed for wanting abundance in your life, especially when you are working so hard for it. You deserve it! You have earned it! Having more money can make a significant impact on yourself, your family, your community, and even the world in general. 

So, if you’re looking to live your life more abundantly, you’re going to have to reexamine your relationship with money. I would invite you to try to switch your mindset; just to see if it works for you. In the beginning, because you are not used to it, thinking this way will be difficult – I know you can do it. With that, I encourage you to, at the simplest level, talk about it with your family, even include your children in the conversation. 

I also want to ask you how knowledgeable you are about the money that you generate. What is your revenue? What money goes to expenses, and what do you get to keep? If someone were to wake you up in the middle of the night and ask you about your finances, would you be able to tell them these basic figures without looking at a report?  

It's incredibly important to know exactly where you are. There are four foundational metrics of financial success that you need to be looking at. And those are revenue year to date, gross margin, expenses, and net income. Understanding those four basics shows that you acknowledge where your money is going and, in turn, you’re showing money respect.   

Then, once you have conquered that foundational level, I invite you to become more comfortable talking about these metrics with others that are not as close as your immediate family. I’m not saying that you need to publish it on your website, or that you need to shout it from the rooftops; we’re starting off slow here. I’m encouraging you to freely talk about your business strategy with your business besties or anyone you consider an avid supporter. 

This episode is the third part of our money conversation. In the first episode, we discussed how easy it is to switch a couple of accounts to receive a higher interest rate. For the second episode, we chatted about the importance of keeping your physical money nicely folded and organized in its designated place, instead of crumbling it in your pocket or finding it at the bottom of your dryer. And here we are at the third episode, which admittedly is more difficult because it has to do with addressing a deeply rooted mindset, where you are uncomfortable talking about money. 

So, go on and try and switch your mindset to one of abundance, which starts with being able to talk about it. See how it works for you! What could possibly go wrong? You certainly will not have less of it by simply talking about it. And maybe, just maybe, you will have more of it.  Maybe this is your first step to show respect and admiration to money, so that eventually, you may celebrate it!  

Therefore, when you are ready for more, it will come to you in abundant qualities. So there's no downside to this mindset, just the upside, even though it may be a bit difficult initially.  I can't wait to hear how it goes for you, my friend.  

So that’s my tip for today, my friend! And if you want to dig deep into your business’ finances; if you’re looking for ways to enhance your productivity and workflows, if you’re looking for ways to start using a digital project management tool, if you are looking for ALL the systems to run your business like a well-oiled machine – you have two ways of working with me personally.    

One is through LuAnn University, my Systems Driven Operations class. And the second is a two-day in-person intensive where I hand over all my systems - and my special money-attracting password - for you to use and put to work immediately in your business. I want you to check out both tools because they are different and equally applicable depending on where you are in your business and how fast you want to achieve your goal.  

And in the meantime, I will be working on my next episode of Vita’s Tip in 10. See you next Thursday!