Personal Development

What You Really Think About Money Management and How to Change It

As I've been getting my new company, PHNX21designs, off the ground, I've been thinking a lot about my thoughts, attitudes, and beliefs (TAB) towards money.

As I've been getting my new company, PHNX21designs, off the ground, I've been thinking a lot about money. How I view money and even more how others view about money. Most of all why certain people or groups handle money they way do.

This line of thinking really kicked into gear when I made the decision to increase my rates. I realized that I was operating without margin and that I would have to churn out a tremendous amount projects to provide for my family - let alone invest back into my business.

But, that increase in rates makes for a an increase in risk to potential client who doesn't already know me, my work, or my obsession with excellence. It's a big jump to go from "nice to meet you" to "I charge $3,000/week".

One of the industries that I most want to help with my business consulting and web design services are churches. As someone called to and passionate about ministry, I love to see churches operate at their full potential and share the gospel effectively.

The problem with getting most churches to take a step forward in reaching people effectively is their reluctance to invest money.

I'm not advocating that churches, or any organization, spend money for the heck of it. However, money spent, or invested, wisely can and should yield a positive return.

Unfortunately, most organizations only look at the expense incurred when money is spent and not the value of what they get in return.

I realized that all the reasons for money being handled and viewed this way had nothing to do with the mechanics of how money is exchanged or even how it looked on a profit and loss statement.

It all comes down to a person's or organization's Thoughts, Attitudes, and Beliefs (TAB) towards money.

Those TABs tend to be deeply ingrained and resistant to change. But, that doesn't mean they can't.

TABs also affect other key areas of life. Such as, food, exercise, leadership, and other relationships.

Here's the takeaway:

  1. More than likely, you will not change someone's TABs towards money or other important issues. However, if you can understand them, then you can communicate about the topic more persuasively.This is not a tip on how to manipulate, but how to build relationships, see the world from another point of view, and even make more sales (everyone is selling something, so you're not exempt if you don't have "sales in your title").
  2. The only person whose Thoughts, Attitudes, and Beliefs that you can change is yours! Dig deep and figure out why you have a particular relationship with money or anything else for that matter.

Last week, I listened to Michael Hyatt's podcast episode about why you should stop feeling guilty about money. It spoke to me, taught me new ways to look at money, and even confirmed some thoughts I had mulled over. I'd highly recommend it.

So, what Thought, Attitude, or Belief will you reevaluate?

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