What's Your Money Type?

The 4 Money Mindsets That Shape Your Future

Author

Mel Robinson
January 02, 2025

There is a major aspect stopping so many talented people from either making the leap into business ownership or gaining success in their new businesses: their mindset around money.

Your money mindset is the collection of beliefs and attitudes about money that you've developed throughout your life, most of which were deeply rooted in your childhood experiences.

Think of it as your financial operating system - it runs in the background, quietly directing your decisions about earning, spending, saving, and investing.

There are four distinct money mindsets that shape how we interact with money:

Abundance Mindset:

A perspective that sees money as an infinite resource, flowing freely and available to all who create value. This mindset focuses on possibilities rather than limitations.

"There are infinite opportunities for wealth creation"

"Money flows to and through me easily"

"When I help others succeed, we all prosper"

"There's more than enough for everyone"

Growth Mindset:

The belief that financial intelligence and success can be developed through learning, effort, and embracing challenges. This mindset sees setbacks as temporary and educational.

"Financial challenges are opportunities to learn"

"I can develop better money management skills"

"Every investment teaches me something valuable"

"My financial intelligence grows through effort"

Fixed Mindset:

The belief that financial capability is predetermined and unchangeable. This mindset sees money skills as innate rather than learned.

"I'm just not good with money"

"Rich people are born that way"

"My financial situation can't change"

"This is just how it will always be"

Scarcity Mindset:

A perspective that sees money as a limited resource that must be hoarded and protected. This mindset focuses on lack and limitation rather than opportunity.

"There's never enough money"

"If someone wins, someone else must lose"

"I need to protect what little I have"

"Money is hard to come by and easy to lose"

I've experienced these mindsets first-hand, and I had to completely rewire that thinking when I started my first business in 2015.

Back then I was stuck between a fixed and scarcity mindset, literally living paycheck to paycheck.

So, when my potential business partner told me we'd each need to invest $25,000 to start our mortgage business, I nearly fell off my chair. My savings at the time was a big fat zero…

It was a daunting moment, and I nearly didn’t take the opportunity as it felt a lot more comfortable to play it safe, than try and do what I knew I needed to do and ‘find the money’ to invest in this business.

Here's what I later realized: I actually didn't have a money problem.

I had a belief problem….

I was afraid.

  • Afraid the business wouldn't succeed.

  • Afraid I wouldn't get enough clients.

  • Afraid I wouldn't be able to repay the loan.

  • Afraid of proving all the naysayers in my life right.

These fears were symptoms of my fixed and scarcity mindsets…

But then I had a thought that changed everything:  If I had money issues then, how was continuing to do the same thing going to help me change that?

This shift - from seeing money as something to protect to seeing it as something to leverage - was my first step toward building real wealth.

Within 7 years, that initial $25,000 investment helped me:

  • Co-build a 7-figure business

  • Pay off my (very large) student loan debt

  • Build a rental property portfolio

  • Become mortgage-free before 40

 

The way most employees think about money (fixed and scarcity mindset) Vs. how owners think about money (growth and abundance mindset) is completely different…

Here's what I've learned:

  • Employees protect money → Owners leverage money

  • Employees avoid risk → Owners calculate risk

  • Employees save what's left → Owners invest first

  • Employees want guarantees → Owners seek opportunities

  • Employees fear losing money → Owners fear missing chances

But here's the thing - this shift doesn't happen overnight. And that's okay. The growth mindset is all about progress, not perfection….

Your First Step: The Money Mindset Flip ✨

Next time you face a financial decision, instead of automatically defaulting to the scarcity mindset "I can't afford it," try instead to use a growth mindset and ask yourself these three questions:

 

"How could I afford this?"

"What opportunities would this create?"

"What's the cost of NOT taking action?"

 

This simple shift in thinking - from "I can't" to "How can I?" - is often the first step toward thinking like a true owner.

 

💡 Action Item: Take the "How Can I?" Challenge

This week, whenever you catch yourself thinking "I can't afford it" when it comes to investing in your business goals, write down three possible ways you COULD make it happen. Don't filter your ideas - just brainstorm possibilities. You don't have to act on them yet! The goal is to start training your brain to look for opportunities instead of obstacles

Growth starts with acknowledgment! ✅ Take a moment to reflect - which money mindset resonates with you right now? Let me know below! 👇

*This newsletter provides general information and personal insights about for educational purposes only. It is not financial, investment, tax, or legal advice. Always consult qualified professionals before making financial decisions based on your unique situation