In the journey towards financial success, the power of a growth mindset cannot be overstated. One’s approach to challenges, setbacks, and opportunities plays a pivotal role in determining financial outcomes. However, life is seldom a straight path, and for many, it involves navigating through complex emotional landscapes, such as recovering from loss, trauma, and grief, particularly in the aftermath of emotionally abusive relationships or narcissistic abuse. These situations can significantly impede a person’s ability to build the foundation for financial success.
The Impact of Emotional Abuse on Financial Well-being
Coercive Control: A Lingering Shadow
When individuals leave emotionally abusive relationships or are discarded in narcissistic abusive relationships, the aftermath can be fraught with challenges. Elements of coercive control often persist post-separation, creating barriers to financial independence. Manipulation, gaslighting, and financial exploitation during the relationship can leave lasting scars, making it difficult for survivors to regain confidence and chart a path to financial success. See our article on Financial PTSD
The journey to financial stability is a multifaceted one, and addressing the emotional wounds inflicted during abusive relationships is a crucial step. Overcoming the psychological toll of coercive control is essential for individuals to regain control over their lives and finances.
The Role of Mindset in Financial Success
Understanding the Growth Mindset
At the core of achieving financial success lies the concept of a growth mindset. Coined by psychologist Carol S. Dweck, a growth mindset is the belief that one’s abilities and intelligence can be developed with dedication and hard work. This perspective contrasts with a fixed mindset, which assumes that abilities are innate and unchangeable.
In the context of financial success, a growth mindset empowers individuals to view challenges as opportunities for learning and growth. It fosters resilience, adaptability, and a willingness to embrace change – all essential qualities in the dynamic landscape of personal finance.
Rebuilding Confidence: Three Strategies for Financial Success
1. Cultivating Self-Compassion
Rebuilding confidence after the trauma of an emotionally abusive relationship starts with self-compassion. Many survivors carry self-blame and guilt, often internalizing the negative narratives imposed upon them. Cultivating self-compassion involves acknowledging the pain without judgment and understanding that healing is a gradual process.
Practical steps towards self-compassion include seeking therapy, connecting with support networks, and engaging in activities that promote self-care. As survivors learn to treat themselves with kindness and understanding, the foundation for rebuilding confidence is established.
2. Financial Literacy as Empowerment
Empowerment through financial literacy is a key component of the journey towards financial success. Many survivors of emotional abuse may have been kept in the dark about financial matters during their relationships. Acquiring knowledge about budgeting, investing, and managing credit is empowering and builds the confidence needed to take control of one’s financial destiny.
Various resources, including workshops, online courses, and community programs, offer accessible avenues for developing financial literacy. As individuals become more informed, they gain the tools to make sound financial decisions and plan for a secure future.
3. Setting Realistic Goals and Celebrating Progress
Setting realistic financial goals is fundamental to the path of financial success. In the aftermath of trauma, survivors may feel overwhelmed by the prospect of rebuilding their lives. Breaking down larger financial objectives into manageable, achievable goals creates a roadmap for progress.
Celebrating small victories along the way is equally important. Whether it’s paying off a credit card, establishing an emergency fund, or securing a stable income, recognizing and celebrating achievements reinforces the belief in one’s capabilities. This positive reinforcement fuels the journey towards financial success and reinforces the growth mindset.
Overcoming Challenges: A Personal Journey to Financial Success
Case Studies in Resilience
Real-life stories of individuals who have overcome the challenges of emotional abuse to achieve financial success serve as powerful inspirations. These narratives highlight the resilience, determination, and transformative power of a growth mindset.
Case Study 1: Maria’s Journey to Financial Independence
Maria, a survivor of coercive control, found herself financially entangled with her abuser. Through therapy and financial education, she gradually untangled herself from the web of manipulation. Setting small financial goals, such as creating a budget and establishing credit, allowed Maria to rebuild her financial foundation. Today, she runs a successful small business and serves as a mentor for others on a similar path.
Case Study 2: Alex’s Resilience in the Face of Narcissistic Abuse
Alex endured years of narcissistic abuse that left him emotionally and financially drained. With the support of a therapist and a financial advisor, Alex learned to confront the negative self-beliefs imposed by his abuser. Through strategic financial planning and investment, he not only recovered from financial setbacks but also built a secure future for himself. Alex’s story illustrates the transformative power of embracing a growth mindset.
The Path Forward: Fostering a Financially Empowered Future
The power of a growth mindset in achieving financial success extends beyond individual stories. It lays the groundwork for a societal shift towards greater financial empowerment, particularly for those who have experienced trauma and abuse.
Community Support and Advocacy
Communities, both online and offline, play a crucial role in supporting survivors on their journey to financial success. Peer support, mentorship programs, and advocacy initiatives contribute to creating a culture that values financial independence and resilience.
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Educational Initiatives for Empowerment
Integrating financial education into school curricula and community programs can equip individuals with the knowledge and skills needed for financial success. By demystifying financial concepts and promoting a growth mindset, these initiatives contribute to breaking the cycle of financial dependence and fostering a more financially empowered society.
Conclusion: The Transformative Power of Mindset
The road to financial success is riddled with challenges, and for survivors of emotional abuse, the journey can be particularly arduous. However, the transformative power of a growth mindset offers a beacon of hope. By cultivating self-compassion, embracing financial literacy, and setting realistic goals, individuals can overcome the lingering shadows of coercive control and narcissistic abuse.
As we champion the importance of mindset in achieving financial success, let us also advocate for a society that values resilience, empowerment, and the inherent potential within each individual. Together, we can break the chains of financial dependence and create a future where everyone has the opportunity to thrive.
In today’s fast-paced world of increasing debt, financial freedom often seems like an elusive dream for many. The burden of debt can weigh heavily on individuals and families, hindering their ability to live life to the fullest. However, breaking free from debt is not an impossible feat. With careful planning, discipline, and the right strategies, you can pave the way to financial independence. In this article, we will explore effective approaches to overcome debt, prioritize expenses, and provide a comprehensive guide on the do’s and don’ts of achieving lasting financial freedom.
Understanding the Debt Landscape
Before diving into strategies for overcoming debt, it’s crucial to understand the types of debt and their implications. Not all debt is created equal. There is good debt and bad debt. Mortgage debt, for instance, may be considered a reasonable investment, while high-interest credit card debt can quickly spiral out of control. You also need to identify which are your priority expenses and which are non-priority expenses. Identifying and categorizing your outgoings and debts will help you develop a targeted budget and plans for repayment.
Prioritizing Expenses: A Blueprint for Reducing Debt and Financial Freedom
Create a Budget:
The cornerstone of any successful financial plan is a well-crafted budget. Start by listing all sources of income and categorizing monthly expenses. This includes fixed costs like rent or mortgage payments, utilities, and insurance, as well as variable costs such as groceries, transportation, and entertainment. Knowing where your money is going is the first step toward regaining control over your finances.
Emergency Fund:
Establishing an emergency fund is paramount. Life is unpredictable, and unexpected expenses can derail even the best-laid financial plans. Aim to save at least three to six months’ worth of living expenses in a dedicated emergency fund. This safety net will provide a buffer in times of crisis, preventing the need to accumulate more debt. I know only too well how becoming financially dependent on a spouse or partner can have a devastating impact on your life if that partner dies unexpectedly or decides to leave or even worse traps you in a toxic abusive relationship.
High-Interest Debt First:
When prioritizing debt repayment, focus on high-interest debt first. Credit card balances and payday loans often carry exorbitant interest rates, making them particularly burdensome. Allocating extra funds to pay off these high-interest debts will save you money in the long run and accelerate your journey to financial freedom.
Mortgage and Student Loans:
While high-interest debt should take precedence, it’s essential not to neglect other obligations. Mortgages and student loans typically have lower interest rates, and in some cases, the interest may be tax-deductible. However, consistent, timely payments are crucial to maintaining a good credit score and financial stability.
Negotiate Interest Rates:
Don’t be afraid to negotiate with creditors for lower interest rates. Many credit card companies are willing to work with customers who demonstrate a commitment to repayment. A lower interest rate can significantly reduce the total amount paid over time, accelerating your journey to debt-free living.
Snowball vs. Avalanche Method:
Two popular debt repayment strategies are the snowball and avalanche methods. The snowball method involves paying off the smallest debts first, gaining momentum as you move on to larger balances. The avalanche method targets high-interest debts first, minimizing overall interest payments. Choose the approach that aligns with your financial goals and motivates you to stay on track.
Here is a recent episode from my podcast Mindset Money Success, where I talk about “Overcoming a Scarcity Mindset” to help you think more about your financial goals and what you really want.
Do’s and Don’ts on the Path to Financial Freedom
Do’s:
Educate Yourself:
Knowledge is power. Take the time to educate yourself about personal finance, budgeting, and investment strategies. Understanding the principles of money management will empower you to make informed decisions and build a solid financial foundation.
Live Within Your Means:
Adopt a positive mindset and strive to live within your means while working on your financial goals. Differentiate between wants and needs, and prioritize spending on essentials while cutting back on non-essential expenses. Consistently saving a portion of your income will accelerate your journey to financial freedom.
Invest Wisely:
Once you’ve paid off high-interest debt and established an emergency fund, consider investing for long-term growth. Diversify your investments, taking into account your risk tolerance and financial goals. Consult with a financial advisor to create a personalized investment strategy.
Build Multiple Income Streams:
Relying solely on a single source of income can be precarious. Explore opportunities to build multiple income streams, such as a side hustle or investments. Diversifying your income can provide stability and accelerate your progress towards financial freedom.
Don’ts:
Ignoring Debt:
Ignoring debt will not make it disappear. Face your financial situation head-on, assess the extent of your debt, and develop a realistic plan for repayment. The longer you delay, the more challenging it becomes to break free from the cycle of debt.
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Success With Loraine (Author & Digital Creator)
Impulse Spending:
Impulse spending is a major obstacle on the path to financial freedom. Before making a purchase, especially a significant one, take the time to evaluate whether it aligns with your financial goals. Avoiding impulsive decisions will contribute to long-term financial stability.
Paying Only the Minimum:
Credit card companies often set minimum payment amounts that barely scratch the surface of the principal balance. While it may be tempting to pay only the minimum, doing so prolongs the repayment period and increases the overall interest paid. Strive to pay more than the minimum whenever possible.
Neglecting Savings:
Even as you focus on debt repayment, neglecting savings can be detrimental. A lack of savings can lead to further debt in times of emergency or unexpected expenses. Prioritize both debt repayment and savings to create a balanced financial plan.
Conclusion
Breaking free from debt requires a combination of discipline, strategic planning, and a commitment to long-term financial health. By prioritizing expenses, adopting sound financial practices, and avoiding common pitfalls, you can pave the way to financial freedom. If you have struggled repeatedly with managing money or worrying about your financial situation and lack of money and resources you might find my article on Financial PTSDinteresting.
Remember that the journey may be challenging, but the rewards of a debt-free life—peace of mind, financial security, and the ability to pursue your dreams—are well worth the effort. Start today, take control of your finances, and embark on a path to lasting financial freedom.
In today’s fast-paced and dynamic world, financial stability often demands more than a traditional 9-to-5 job. The concept of creating multiple streams of income has gained traction as individuals seek diverse avenues to secure their financial future. This article explores various strategies to generate income from different sources, including leveraging social media, starting a blog, launching a podcast, writing and self-publishing books, and investing in property.
Introduction:
The Importance of Multiple Streams of Income
With the current uncertain economic landscape, the concept of relying solely on a single source of income is becoming increasingly outdated. Entrepreneurs often emphasize the importance of creating multiple income streams to provide a cushion against economic uncertainties. Relying solely on a single source of income can leave individuals vulnerable to unexpected events, such as job loss, economic downturns, or unforeseen expenses. Having multiple streams of income not only provides financial security but also opens up opportunities for wealth creation and personal fulfilment.
Monetizing Social Media: Turning Likes into Income
In the digital age, social media platforms have become powerful tools for personal branding and income generation. Whether you’re a content creator, influencer, or business owner, leveraging social media can be a lucrative venture.
1. Content Creation and Monetization
Platforms like Instagram, YouTube, TikTok, and Facebook offer opportunities to showcase your skills and expertise. Content creators can monetize their channels through ads, sponsorships, and affiliate marketing. Authenticity and consistency are key to building a loyal following that translates into a sustainable income stream.
2. Online Courses and Consulting
Utilize your expertise to create and sell online courses or offer consulting services. Platforms like Udemy, Teachable, and Skillshare provide avenues to reach a global audience, turning your knowledge into a scalable income source.
Blogging: Transforming Passion into Profit
Blogging remains a timeless method to share knowledge, experiences, and insights with a wide audience. Starting a blog can be a fulfilling journey that not only allows you to express yourself but also opens up opportunities for monetization.
1. Niche Selection and Audience Building
Identify a niche you are passionate about and that has market demand. Building a loyal readership requires consistent, high-quality content that addresses the needs and interests of your target audience.
2. Monetization Strategies
Explore various monetization methods, including:
Ad Revenue: Displaying ads on your blog through platforms like Google AdSense.
Affiliate Marketing: Promoting products or services and earning a commission for every sale made through your affiliate link.
Sponsored Content: Partnering with brands for sponsored posts and reviews.
Digital Products: Creating and selling ebooks, online courses, or exclusive content.
Membership Sites: Here you can create exclusive content for paying members and create a recurring monthly income as you grow.
Podcasting: Turning Your Voice into an Asset
Podcasting has experienced a surge in popularity as an accessible and intimate medium for sharing stories, insights, and expertise. With the right strategy, it can become a valuable income stream.
1. Content Planning and Production
Identify your podcast’s niche and target audience. Consistent and engaging content is crucial for attracting and retaining listeners. Invest in quality equipment and editing to enhance the overall production value.
2. Monetization Options
Monetize your podcast through:
Sponsorships: Partner with companies relevant to your podcast’s theme.
Listener Donations: Platforms like Patreon allow listeners to support your podcast financially.
Merchandise Sales: Create and sell branded merchandise to your audience. You could use print-on-demand services that do all the heavy lifting for you.
Writing and Self-Publishing: Unleashing Your Creative Potential
For those with a passion for storytelling or expertise in a particular field, writing and self-publishing offer a pathway to share your knowledge and creativity with the world while generating income.
1. Identifying Your Niche and Audience
Understanding your target readership is crucial. Whether it’s fiction or non-fiction, catering to a specific audience increases the likelihood of success.
2. Self-Publishing Platforms and Marketing
Platforms like Amazon Kindle Direct Publishing (KDP) IngramSpark and Draft2Digital empower writers to self-publish their works. Effective marketing strategies, including social media promotion, can significantly impact book sales. As well as effect launch strategies.
3. Diversifying Writing Ventures
Consider freelance writing, ghostwriting, or contributing to online platforms to expand your writing portfolio and income potential. There are a number of platforms where you can offer your services like People Per Hour, or Fiverr. For writing articles there are sites like Medium, WordPress and Wix.
“Post Separation Abuse, Betrayal & Abandonment, What Type Of Man?” by Loren Keeling
Investing in Property: Building Wealth through Real Estate
Real estate has long been considered a stable and lucrative investment. While it requires capital and careful planning, investing in property can provide long-term financial security.
1. Research and Strategy
Conduct thorough research on potential real estate markets. Understand the local property trends, economic conditions, and growth prospects. A multi-millionaire property mentor and best-selling author advises you to keep your research local do not try to invest in properties that are miles out of your area, otherwise you will be spending a lot of time travelling back and forth.
2. Financing and Risk Management
Secure financing through mortgages or other funding options. Develop a risk management strategy to mitigate potential challenges, such as market fluctuations and property management issues. There are more options than you think, like purchasing via lease options or rent-to-buy contracts, you really need to investigate all the options and educate yourself, buying books or courses from the people who have done what you want to do.
3. Rental Income and Property Appreciation
Generate income through rental properties and benefit from property appreciation over time. Property investment can offer both short-term cash flow and long-term wealth accumulation. This could be a way to secure your retirement income and or have a lump sum capital on retirement. However, you would need to consider ways of mitigating capital gains and obtain financial advice from the right people.
Conclusion: Crafting Your Financial Tapestry
Creating multiple streams of income is not a one-size-fits-all endeavour. It requires a combination of passion, strategic planning, and adaptability. Whether you’re exploring the realms of social media, blogging, podcasting, writing, or property investment, the key is to diversify your income sources while aligning them with your skills and interests. By weaving together these diverse threads, you can craft a financial tapestry that not only provides stability but also opens doors to financial freedom and self-fulfilment.
If you enjoyed reading this article please consider subscribing to my Youtube ChannelSuccess With Loraine and my Podcast Mindset Money Success. Here you can learn more about how to :
Master Your Mindset, Multiply Your Money, and Maximize Your Success! Your path to prosperity begins here!
Money, in its essence, is a tool that helps us exchange goods and services. However, the way we perceive and interact with money is deeply intertwined with our psychology. Our beliefs, attitudes, and behaviours regarding money are shaped by our past experiences, societal influences, and even our subconscious biases. One of the most common psychological frameworks related to money is the scarcity mindset, which can have a profound impact on our financial well-being. In this article, we will delve into the psychology of money and explore ways to overcome a scarcity mindset.
Understanding the Scarcity Mindset
The scarcity mindset is a psychological condition in which an individual believes that resources, in this case, money, are limited and that they are constantly in short supply. People with a scarcity mindset often exhibit behaviours such as hoarding, frugality to the point of deprivation, and an irrational fear of losing money. This mindset can lead to financial anxiety, poor decision-making, and a self-perpetuating cycle of scarcity.
Key Blocks to Overcoming a Scarcity Mindset
Before we explore ways to change our mindset, it’s important to understand the key blocks that people may experience when trying to overcome a scarcity mindset:
Fear of Loss: People with a scarcity mindset often fear losing what little they have. This fear can make them overly conservative with their investments or reluctant to spend money even when it’s necessary.
Negative Beliefs: Negative beliefs about money can be deeply ingrained, often stemming from childhood experiences or societal conditioning. These beliefs can be difficult to identify and challenge.
Lack of Financial Education: A scarcity mindset can be perpetuated by a lack of financial knowledge. Without understanding how money works, individuals may struggle to manage their finances effectively.
Social Comparisons: Constantly comparing one’s financial situation to others can lead to feelings of inadequacy and scarcity. Social media exacerbates this issue, as people often showcase their successes while hiding their financial struggles.
Cognitive Biases: Cognitive biases, such as confirmation bias (seeking information that confirms pre-existing beliefs) or loss aversion (placing more weight on avoiding losses than gaining equivalent gains), can distort one’s perception of money and can hinder rational decision-making.
Five Ways to Overcome a Scarcity Mindset
Financial Education: To combat a scarcity mindset, it’s essential to invest in financial education. Learning about budgeting, investing, and money management can provide the knowledge and confidence needed to make informed financial decisions.
Shift Your Beliefs: Challenge and reframe negative beliefs about money. Explore the origins of these beliefs and work on replacing them with more positive and empowering thoughts. Books, Personal Development Coaching and Training Courses can be a valuable resource in this process.
Create Abundance Mentality: Instead of focusing on what you lack, try to shift your focus towards gratitude for what you have. Practicing gratitude can help you recognize the abundance in your life, whether it’s financial or non-financial. Try using a five to ten-minute morning gratitude affirmation video for the next 30 days.
Set Realistic Goals: Establish clear financial goals and create a plan to achieve them. This can help you move away from a scarcity mindset by focusing on the path to financial success rather than dwelling on your own fears of lack and poverty.
Seek Help: If your scarcity mindset is deeply ingrained or causing significant challenges, consider Money Mindset Coaching. These 1-2-1 coaching or online programs can provide guidance and support to help you overcome this mindset and develop healthier financial habits. Read about Financial PTSD to see if you might be experiencing this.
Mindset Makeover
Changing your mindset, especially when it comes to money, is not a quick or easy process. It requires self-reflection, patience, and consistent effort. However, the rewards are significant, as a shift from a scarcity mindset to one of abundance can lead to better financial decisions, reduced stress, and an improved quality of life.
Conclusion
In conclusion, understanding the psychology of money and the scarcity mindset is essential for achieving financial well-being. Overcoming a scarcity mindset involves recognizing and addressing the key blocks that hinder a healthy relationship with money. By implementing the five strategies mentioned above, individuals can gradually shift their mindset from scarcity to abundance, leading to improved financial health and peace of mind.
Financial PTSD is related to worries over a lack of money and resources. PTSD is post-traumatic stress disorder, but is it a disorder or is it a natural reaction to a situation that a person experiences?
Financial PTSD
It is quite common and affects between 20-30% of the population. The term Financial PTSD was first introduced by Dr. Galen Buckwalter a research psychologist. When a person experiences overwhelming mental, emotional, and physical stress responses triggered by financial issues. The experience is commonly referred to as flight, fight, or freeze, so how do people overcome these overwhelming deep-seated stress responses?
Let’s first look at common symptoms.
Trauma can manifest with a small t or a large T. Symptoms can include a combination of anxiety, panic attacks, shame, low self-worth, sleep disturbances, isolation, sadness, depression, intrusive thoughts, overwhelm, procrastination, relationship issues, falling into addictions, angry outbursts, thinking in lack and a feeling of impending doom.
Some of the situations that people experience.
Sudden, and/or major losses in financial security due to major life changes including divorce, separation, eviction, leaving an abusive relationship, job loss, and bankruptcy.
Fluctuations within the overall economy, such as inflation, the impact of high-interest rates on costs of mortgages, utility price rises, recessions, Government enforced lockdowns as in 2020 Covid
Ongoing financial instability, current, past or short-term crises.
Poverty occurring between generations.
Social and economic inequalities, gender pay gaps, the difference between male and female earnings, and the female pension gap, where traditionally women do more low-paid and part-time work to fit in with family life.
Insufficient financial education and training, more so among working classes and of course women
Domestic abuse, emotional and psychological abuse, coercive control, and economic and financial abuses that leave women in vulnerable insecure financial positions.
Listen to the podcast episode three D’s in relationship endings Divorce, Death of a partner, Discard. the abrupt termination of the relationship.
FACTS: Out of 195 countries in the world not one has achieved financial gender equality. Only 10% of Fortune 500 CEOs are women.
Women globally earn around 37% less than men in similar roles
(Source: World Economic Forum)
Overcoming Financial PTSD
The main challenges in addressing the situation are, firstly, the need to make some practical changes in the life situation. Secondly, trauma can leave people feeling overwhelmed, hopeless, helpless, and paralyzed, so it is very difficult for a person to know what to do. Their decision-making processes are clouded, PTSD is characterized by being overwhelmed, which makes it hard to think clearly, focus, make a game plan, and follow through.
Healing could lie in therapy and shifting the mindset.
Trauma-informed therapy
Financial education and training
Meeting with a Financial advisor or Debt counsellor
Learning new skills to enhance self-esteem and career prospects
Connecting with a mindset coach/mentor
Talking with trusted friends & family
Taking back control and overcoming the challenges in your life when you have been hit by financial PTSD means taking steps to change yourself and your way of thinking. Looking at the practical options you can implement to start regaining confidence and moving from a poverty mindset of loss and lack to gaining financial independence, security and prosperity.
If you are feeling any of the common symptoms above remember you are not alone. Although talking about money and money issues is considered taboo for many people the way forward is to start seeking help and connect with others who, chances are, have been there, are going through something similar, or may be able to help.
Success Stories
There are numerous stories of successful individuals and entrepreneurs who have experienced all sorts of financial traumas, there are even millionaires who can tell you how before they found financial success they were in debt or had lost everything they owned. Watch this video from a mentor Rob Moore with an interview with Steven Bartlett and how he really made his millions.
Here is a simple equation.
VALUE = MONEY When you can raise your VALUE in the market you can increase your income. You need to get out of survivor mode to financial STABILITY and then work towards financial FREEDOM. Instead of working for money, you need to learn how to do these two things.
Earn money while you sleep.
Make money work for you.
If you would like courses and resources and ways to build confidence, transform, learn more, earn more, do more, and be more, to set yourself up for success then reach out to discover strategies to help yourself.
Loraine Marshall
