The Money Mindset Shifts that Changed my Biz and Life 💸
Let’s talk about everyone's favorite and least favorite topic: Money.
Let’s talk about everyone's favorite and least favorite topic: Money.
It’s on the collective mind lately, especially with the economy and the dreaded tax season.
In the past week alone, I’ve spoken with friends who’ve gotten laid off, spent their days day trading, picked up a side job, gotten a promotion, pulled money out of investments, and started a new business.
Money’s a tool that can let you live by your values– but somehow it’s still a taboo topic.
Last week on See Her Outside, I spoke with Lindsay Kocka about building and growing her fly fishing and mindfulness business.
It got me reflecting on my own journey with entrepreneurship. And how self-employment was the single biggest catalyst in my life for reframing how I look at money.
So I thought I’d sum up my money/self-employment mindset shifts with you, in hopes it inspires you to think out of the box during a stressful time.
Money Mindset Shift 1: Taking the “ick” out of money
Growing up, I was such a frugal kid. Money was meant to be saved. Through my 20’s I avoided spending money on things that could make my life easier and found a weird sense of pride for getting by with little.
“The systems are built against me,” I thought. It felt like the government and economy were making it too hard for the average person to feel empowered in their money, so I avoided learning anything about finance.
I also didn’t invest. Even when I had an employer, I didn’t invest into my retirement (oops) since I had no idea how to, and my mindset around money still felt negatively charged.
In late 2020, I started working with a life coach, Melanie McCloskey. In an exercise together, she helped me reframe my money beliefs into more empowering statements.
I’ll awkwardly expose them here in hopes it will help someone in the Substacksphere:
Old Belief: “Money holds me back.” → New Belief: “Money gives me freedom to go after my dreams.”
Old Belief: “I’ll only make more money if I sacrifice something.” → New Belief: “I find money when I look for it and ask for it.”
Old Belief: “Money stuff is boring.” → New Belief: “Thinking about money energizes me and gives me confidence. It can be a fun, strategic game.”
I read those new beliefs nearly every morning for months– and suddenly, I started to believe in them. Money wasn’t evil anymore. It was a tool.
Shortly after reframing these beliefs, I went full-time self-employed.
Money Mindset Shift 2: Using data to determine my goals and needs
If you asked me even 5 years ago, I would’ve said that my financial goal in life was to earn a $70,000 salary. Remember that one oversimplified study that said happiness peaks at $70k/year? I latched onto that number.
Since I’d never earned more than $30k/year, and had a history of cobbling together 3 part-time jobs at once, I truly thought $70k years would be the wealthiest I’d ever be, if it were even possible. But it felt arbitrary– because it was.
One day early in self-employment, I sat down with a notebook and pen and asked, “What do I actually need to survive, and how much would I need to make to truly thrive?”
I spent an afternoon listing out every category I could possibly spend money on: groceries, travel, work equipment, subscriptions, race entry fees, my dog’s BarkBox, everything. Then, I looked at the last six months of my expenses and projected what I actually spent per year in each category.
From there, I created two numbers: my “survive” number (the bare minimum I need to cover expenses and keep my life running as it was) and my “thrive” number (the income I’d need to fully fund the life I wanted).
My thrive number included space for taking time off, traveling more, investing for the first time, potentially having a kid, and even retiring my partner early.
Seeing these numbers in black and white gave me a tangible income goal to work toward– not just a vague “I need to make more money” feeling.
And the wildest part? Once I had a clear number in mind, I started moving toward it much faster than I expected.
Money Mindset Shift 3: Making my own rules in work and life
Since going full-time self-employed at the start of 2022, I’ve realized that I can write my own policies around money, client work, scheduling, relationships… My life is mine to design, and I don’t need to follow conventional rules.
As many freelancers do, I started off client work at an hourly rate (I think $24/hour back then, which was more than I’d made with an employer, but that was pre-tax).
With each new client and new project, I started to notice what irked me around payments and workload, and what felt empowering. Over months and years, I started to create my own policies (which, plot twist, are also called boundaries) at work, like:
Having a monthly minimum investment for client work. A year ago, I wouldn’t start a new project for under $400/month. Now, I usually say $800.
Shifting from hourly pricing to project-based pricing. One I had a feel for how long certain tasks take me, as well as the value I provide, I realized that I was being penalized for being efficient if I charged by the hour.
Saying no to projects that require frequent live meetings or in-person work, since I thrive on time and location freedom.
Where I’m at Now: 2025 Money Shifts
Not to be dramatic, but my brain is wired completely differently around money compared to when I quit my last FT job. And I credit that to entrepreneurship for forcing me to look at numbers on the reg and helping me notice when I feel energized vs. drained around finances.
A few money musings on my mind lately:
Finding a good balance for my “river” vs. “ocean” projects. I think of recurring client work or projects as “rivers,” having a constant flow of work and money. “Ocean” work is a one-off or more sporadic, coming in a big wave. I’m working now to define the % of river vs. ocean income I want in 2025.
Being open to making less money in the next few months to have more time, which also means outsourcing more labor (shout out to Danielle, Alyson, and Jeni for keeping me alive).
Actually charging for those “coffee chats to pick Angie’s brain”. I adore hearing people’s ideas and sharing what I’ve learned and how they can apply it to their business ideas. But… that’s consulting. It’s become clear that it’s valuable for others, but my time is limited, so I gotta charge.
I hired an accountant for the first time in my life for 2024 taxes!!!!! YAY!
Honestly, feeling more empowered around money has had a ripple effect on the rest of my life. I’m feeling more freedom in the way I design my schedule, my client work, my own events and projects, and even my friendships (I just got back from back-to-back bachelorette party weekends out of state and that ain’t cheap).
Whether you’re employed, self-employed, or not employed, I’d love to hear your thoughts. What money mindset shift did you notice over the past couple years? What’s stressing you out right now about finances?