Have you ever thought to yourself, “I’d love to make an extra ‘X’ thousand dollars this year.”? An extra ten thousand, hundred thousand or million would be nice, right?
But then, you look at your debt. And you feel immediately defeated. You may feel overwhelmed, or even suffocated, like, “I may never be debt free.”
Do you carry debt? How is your perspective on that debt holding you back from making more? Is this what is keeping you from affording the things you really want to have in your life? What is the energy you are creating when you think about the debt you carry?
What if you could shift your mindset around debt so that you attract more abundance in your life? What difference would that make right now? What would change if you had more abundance...now?!
Here is how you can shift your mindset around debt so that you can become prosperous and attract more wealth into your life much faster with greater ease.
What can you do to clear your negative feelings about debt? The first step is to create a new definition of debt in your mind. Creating debt in your life is simply a way to use other people's money to get where you want to go faster, with greater ease. The only reason you may not experience ease with carrying debt is because of the way you view it.
If you have student loan debt, for example, that just means that someone trusted you enough to give you money so you could get what you wanted (your academic degree) much faster with greater ease. Without the student loan, you still could get an academic degree. You would simply have to work, create income and pay for schooling. Without accruing the student loan debt, getting the degree would take much longer.
It’s the same with credit cards or a mortgage—using somebody else's money to get what you want faster. That's it. No judgment, no right or wrong. This is what debt is.
With this new definition, you may not feel comfortable using other people's money.
What if somebody just gave you $20,000? Would you have any hesitation of putting that money to use? Do you believe the abundance of the universe is always at your fingertips? Do you believe we are all connected and all one? If so, using other people's money wouldn't be a big deal to you.
Their money is your money, on the deepest level. Your debt and money itself are just flowing energy. It’s no different than receiving a hug or sharing the love.
The problem with debt isn’t the debt itself - it’s the mental story around the debt. Feelings of embarrassment, fear and even hopelessness arise in the mind around debt. Debt can be very heavy for so many people. I often hear from potential clients, “It's my dirty little secret,” and I tell them, “Debt is everybody's dirty little secret and that is why I do this work - to help you find freedom!”
One way we can lighten up your relationship with debt is by realizing that it is okay to use other people’s money to get what you want faster with greater ease. Stop the judgement around debt. Start to love it. Start to feel huge gratitude for what it has brought you. Don’t judge what it has brought you. Love it all. Shifting your mind to a positive feeling around debt will change how money comes to you overall.
For instance, I borrowed money from my brother to start my business. I am typically a powerful woman, a leader, a go-getter, a caretaker, and an advice-giver in my family. For me to ask my 11 years younger brother—whose diapers I changed for his first few years of life—to help me start my business was a seriously humbling experience!
But I was ready to do anything because I knew I wanted to have a business faster with greater ease. After a couple years, I paid off my debt to him and one of the best parts is that it brought us even closer. It felt good for him to help his sister out, and when I paid the money back, it felt so good for me to have made that commitment and met it! These great experiences of connection and creating more abundance actually came through borrowing money and incurring debt first. Debt can have many positive impacts in your life!
If you have debt, the next thing to do is to gain awareness of your debt by writing all of it down. This helps you get very clear about where you are. Write down your interest rates too.
If you need help, there are plenty of free resources from the government agencies, nonprofit organizations and private businesses that can help you learn about resources to pay off your debt. Come up with a plan so you can pay off your debt under the lowest possible interest rate.
One of the biggest challenges with many people’s relationship with debt is that it is still accruing while they are trying to pay it off. If this is the case for you, ask yourself if you are living within what you can currently afford. If not, how can you either reduce the amount you are spending or increase the amount of money you are creating in your life?
It is also very important to start tracking all your spending, everything that's going in and out. If you're really serious about not having debt again, pay attention to what's going on.
To track your spending, simply keep your receipts and write it all down. Keeping your mind aware of it all with help you start to identify things about your spending never realized. You’ll start to notice little gaps where your money pours out, also known as “leaky buckets.” This is a great place to start if you want to have power over your finances and pay off debt.
One thing to remember is to avoid carrying long-term debt. Carrying debt for years is when debt starts to really feel heavy. When debt is constantly accruing, there's no feeling of getting a benefit for what you are paying.
If you decide to take on debt, try to pay it off as quickly as possible. Look at your return and make it happen.
Before moving forward, it’s important to note gratitude even more here. Notice the people who have financially supported you in the past or are in some way supporting you right now.
Be thankful of the people, places and organizations that have allowed you to use their money to help you get to where you are right now. Even in small ways, there are people that have always been supporting you.
As a business coach, I love to work with women who are focused on service and want to shift their mindset to attract more and make more impact in the world. My clients all have a desire to tap into their abundance consciousness, and increase their wealth by creating, building, and growing a business. Part of doing that is changing their relationship with debt. My mission is to help the world’s helpers make more money so they can help even more with the money they generate!
If you’re ready to get out of your negative mindset around debt and create a business that is sustainable and abundant, let’s connect. Let’s chat and see how we can get rocking this year! www.SpeakwithLila.com