Welcome to part two of our series on mastering financials as a businesswoman in the construction industry. In part 1 of our series, we explored the practicalities of financial mastery for women entrepreneurs in the construction industry, focusing on essential skills such as budgeting, record-keeping, financial planning, avoiding debt traps, empowering through financial literacy, strategizing tax planning, and building and protecting credit. As crucial as these logistical aspects are, achieving true financial success also demands a deep dive into the psychological relationship women have with money and wealth—especially in industries traditionally dominated by men, like construction.
Here we will focus on a crucial yet often overlooked aspect: the mindset of money. I truly believe that your mindset is everything and without the right mindset around money and wealth you will fight every step of the way and likely not get to the level of your true potential. Transforming your financial outlook can make profound changes in how you manage and grow your construction business and your wealth.
The Psychological Barriers to Financial Success
For many women, internalized beliefs about money can form significant barriers to success. Common issues include feelings of unworthiness, guilt, or greed associated with the desire for more wealth. This traditional mindset stems from deep-rooted societal norms and gender roles that suggest women should not aspire to wealth or that seeking financial success is somehow selfish or inappropriate and often suggest women should prioritize the needs of others above their own, including in financial matters. Such beliefs can lead to self-sabotage, where despite having the skills to manage finances effectively, women may unconsciously push away opportunities for growth or feel uncomfortable with the wealth they accumulate.
Such beliefs can make women hesitant to express their desires for financial success or to pursue opportunities for wealth, fearing they might be perceived as selfish or overly ambitious. This internal conflict not only stifles personal and professional growth but also perpetuates the cycle of financial dependency and limits the empowerment that comes with financial independence. Breaking free from this mindset is essential for women to embrace their right to financial prosperity and to redefine their relationship with money in a way that aligns with their aspirations and values.
Shifting Perspectives on Wealth
The journey to financial empowerment begins with redefining your relationship with money. Many women carry inherited beliefs about wealth that hinder their financial progress. It's essential to confront and dispel myths that associate financial success with negative traits or guilt. Embrace the belief that desiring wealth is not only acceptable but necessary for creating opportunities—for yourself and others.
Transforming Your Money Mindset
Embracing Worthiness and Abundance
The first step in transforming your relationship with money is to recognize and challenge these limiting beliefs. Understand that desiring financial success and stability is not only about personal gain, it’s also about the ability to create positive impacts in your community and industry. Embracing a mindset of worthiness and abundance allows you to see that your financial success contributes to setting a precedent for other women in construction and beyond.
Overcoming Guilt and Greed
It's important to reframe the idea that wanting more is greedy or that accumulating wealth is inherently selfish. Instead, consider the perspective that financial abundance enables generosity. When you are financially secure, you can support others—be it through creating jobs, mentoring aspiring entrepreneurs, or contributing to causes you care about. Wealth, in this sense, becomes a tool for empowerment and giving back, not a symbol of greed.
The Selfishness of Being Broke
An intriguing concept to explore is the idea that being broke can actually be more selfish than being rich. When struggling financially, your focus narrows to survival, limiting your ability to help others or contribute to broader societal goals. You are always thinking about yourself and your own needs. Achieving financial freedom, on the other hand, expands your capacity to focus on more than just personal needs. It opens up opportunities to support others, whether that means providing for your family, investing in your community, or donating to charities. In this light, pursuing financial success is an act of generosity, even duty, not selfishness.
Strategies for Building a Positive Money Mindset
Overcoming Money Mindset Barriers
Identify and address personal barriers to financial success. Whether it's fear of taking risks or feeling unworthy of success, confronting these obstacles is crucial. Professional coaching or counseling can offer strategies to break through psychological barriers, fostering a healthier relationship with money.
Educate Yourself
Commit to lifelong learning in financial literacy. Understanding the nuances of financial management, investment strategies, and market trends equips you with the knowledge to make savvy business decisions and build confidence. Leverage resources like online courses, workshops, and books tailored to the construction industry.
A book I recommend for improving your money mindset, especially for entrepreneurs and those in industries traditionally dominated by men (although not specifically construction), is "You Are a Badass at Making Money: Master the Mindset of Wealth" by Jen Sincero. This book stands out because it’s relatable and its conversational approach makes complex concepts accessible and engaging. Sincero combines personal anecdotes with actionable advice, encouraging you to examine and overcome your subconscious beliefs and attitudes about money that may be holding you back from achieving financial success.
Sincero emphasizes the importance of developing a positive relationship with money, asserting that a healthy financial life is within reach for anyone willing to put in the work and shift their mindset. "You Are a Badass at Making Money" is not just about making more money; it's about changing how you view wealth and your ability to earn it. It's an excellent read if you are looking to transform your financial life.
Set Intentions
Align your financial goals with your values and the impact you want to create in the world. This alignment helps to mitigate feelings of guilt or greed by framing wealth in the context of purpose and contribution.
Practice Gratitude
Regularly acknowledge what you have achieved and the opportunities that financial success has afforded you. Gratitude shifts the focus from what you lack to what you can give.
Visualization and Goal Setting
Visualizing your financial goals can be a powerful motivator especially when practiced in conjunction with gratitude. Set specific, measurable, achievable, relevant, time-bound goals that excite you and are a little bit risky (SMARTER) goals for your business finances. Regularly revisiting these goals helps maintain focus and aligns your daily actions with your long-term vision.
Seek Support
Surround yourself with mentors and peers who share a healthy relationship with money. Engage with a community of like-minded women entrepreneurs in construction. Networking provides not only emotional support but also practical advice and collaboration opportunities. Sharing experiences and strategies can inspire and empower you to tackle financial challenges more effectively. Their perspectives can offer valuable insights and help challenge your limiting beliefs.
Celebrate Success
Recognize and celebrate your financial milestones, no matter how small. This practice reinforces positive behaviors and motivates you to pursue bigger goals. Celebrations can also inspire your peers, contributing to a culture of success and empowerment within the construction community. Celebrating success reinforces the positive aspects of wealth accumulation and helps dismantle any remaining beliefs that financial success is something to be ashamed of.
Conclusion
Mastering the mindset of money is about breaking free from limiting beliefs, embracing empowerment, and paving the way for a legacy of success and leadership in the construction industry. Take this knowledge and newfound perspective to heart, and let it guide you in building a prosperous and sustainable business in construction. Your financial success story is not just about the numbers; it's about reshaping the landscape for women in construction, inspiring a new generation to achieve greatness with confidence and clarity.
Mastering the money mindset is as critical as mastering the logistical aspects of financial management for women entrepreneurs in the construction industry. By confronting and transforming limiting beliefs about money, you can unlock your full potential, not just for personal gain, also for the betterment of your communities and the industry at large. Remember, your success serves as a beacon of possibility for future generations of women in construction and beyond. Embrace your journey to financial empowerment with confidence and a positive mindset, knowing that your growth contributes to a larger movement towards equality and abundance for all.
As you continue to navigate your financial journey, remember that resources like Thrive HQ and experts like Coralee Beatty are available to support your path to financial mastery and empowerment.
