How money beliefs may sabotage your social impact career (and how to fix it)
Money only comes to those who work hard.
There won't be enough money.
If I have money, others will have less.
I uncovered these money beliefs during my transition from full time employment to running my own business.
My parents were farmers. They were hard-working and always focused on the farm. I lacked nothing when I was little. Still, the lack of money was the unspoken energy around our dinner table. Unconsciously, I was always taught to save money and not spend it. It didn't need much saying that my parents worked very hard to make ends meet for the farm and the two small children they had.
Why do our money scripts matter for finding social impact work that we find fulfilling?
We can do well in life even with unhelpful money scripts.
I didn't pay attention to my money scripts or think anything wrong when worrying about my bank account balance.
Until I hit the wall when I moved to Myanmar for my partner.
I earned a good salary before the move, but here I was, financially dependent on someone else until I found my work again. And, oh boy, did this cause havoc. I wasn't used to not earning my income.
I started questioning my worth.
The money scripts were loud and harsh. My money scripts were causing me colossal anxiety. That, in turn, drove me to look for jobs, although I didn't want to "just" find another job. I believed I needed to find a full-time job and earn an income. I even interviewed for jobs I didn’t like.
It took a lot of deep introspection not to take these jobs but to take the time (while not earning any income) to figure out what I wanted to do.
And no, it wasn’t like flipping the switch one day. It was like a daily battle for a few weeks: Me against my money scripts.
This was the catalyst for rewiring my attitude and relationship with money and being able to pursue a different type of career.
We all have money scripts. Yours might be different from mine.
Your money scripts might not interfere massively with your day-to-day life. They tend to remain unconscious until …
We lose our jobs unexpectedly.
We decide to go freelance and give up the monthly paycheck.
We take up a mortgage to buy a house for our family.
We want to make a career change, but feel we can't because of financial concerns.
The four core money beliefs that might sabotage what you want out of your social impact career.
There are not many studies on the psychology of money, but I found in one article that decodes four money scripts.
(NB: Like other assessment theories, humans are complex and don't fall into one "box". These four categories are rarely the 100% truth, and so will be your assessment result. However, they can provide a framework for reflecting on our attitude toward money and why we hold certain subconscious beliefs.)
If you want to become more conscious of how money runs your life, I invite you to spend 30 minutes exploring the four types of money scripts. This reflection can help you discover money mindset that may not serve you well financially and/or emotionally.
Here they are:
Money avoidance
Believing money is wrong or you don't deserve money. Individuals with this belief tend to avoid thinking about money (e.g. not dealing with bills or their financial situation).
Money worship
The belief that money is associated with freedom, happiness. The more money you have, the better your life will always be. Individuals with this belief might have workaholic tendencies and/or might like to spend to gain more “stuff”.
Money status
The belief that financial status determines one's status in society. Individuals with this belief might be competitive, resulting in overspending to appear "better off" than others.
Money vigilance
The belief that money should be saved, not spent. Individuals with this money script often experience excessive wariness or anxiety about their financial future, and might not spend money easily.
If this is difficult based on the above, you can do the free self-assessment on page 10 of the article “How clients’ money scripts predict their financial behaviours”.
How can you develop a good money mindset?
A balanced money mindset involves a healthy relationship with money. Individuals with a balanced relationship with money see it as a tool for achieving their goals and priorities. Money doesn't define their self-worth or controls their lives. They understand the importance of both saving and spending wisely.
And what this involves depends on your type.
Here is a start.
Money avoidance
Start looking at your financial situation. Make it a more active part of your life. Focus on the positive aspects of money, e.g., by reading more about people who do good with money.
Money worship
Make your money work positively by donating to a charitable cause you believe in. Rethink your focus on accumulating more money and instead focus on the happiness you gain in experiences, hobbies, or satisfying personal relationships.
Money status
Rewrite the script that led you to associate wealth with status. Consider where that association comes from and replace it with a more helpful script.
Money vigilance
Set a "fun money" budget and spend some money on something ridiculous. Yep! This is a challenging assignment for the money vigilant.
If you realise that your money scripts are holding you back from taking that next career step, I invite you to contact me. In coaching, I support my clients in building their capacity and skills to bring about a change they've often thought very long and hard about. That involves rewiring many unhelpful scripts, including those around money.
Book a 45 min discovery call to discuss how coaching can support you. We’ll discuss your biggest challenge, what overcoming this might look like and if my coaching is a good fit - no strings attached.
