AN007: The One Thing My Accountant Told Me That Completely Transformed My Financial Future
Are you wearing a pair of mental green handcuffs?
Even though it’s been decades, I can still recall the wave of embarrassment as I sat down for my very first meeting with a professional accountant. It was a big moment for me as a new business owner: He would reveal to me what I owed in taxes.
My fledgling consulting practice had barely broken into six figures in revenue, and after expenses there was meager profit. As I stared at the figure for taxes due on his meticulous sheet — hardly more than couch change, as I look back on it — my face got red and I mumbled something about it being pretty pathetic. I was ashamed at such a relatively tiny amount of money.
An Encouraging Prediction
I’ll never forget his response. “Terri, this is your first year. Someday you’ll owe more in taxes than you’ve made in revenue this year.”
“Really?” I asked.
“Yes, you will,” he smiled.
My first accountant gave me valuable financial guidance, it’s true. His lesson on reframing my existing situation in a positive light, however, was priceless. He showed me not to focus on how little I had, but on how bright my future would be. He taught me the power of mindset — and changed my financial future.
Flip the Perspective
Mindset is a habitual mental attitude that predetermines a person’s responses to (and predictions of) situations. It’s built — and reinforced — by daily experiences and in our silent dialog with ourselves. Since research tells us that we make up to 35,000 decisions every day, that’s a lot of internal chatter. And the mental frameworks about money we create from that chatter powerfully shape our lives.
While advice from others about financial matters can influence us, it’s our internal messages that impact us more. The good news? It’s up to us to choose the mindset, and it’s a decision that can be made at any time, in a moment. For example, what’s one financial matter you’re struggling with right now? (You likely could easily list more than one thing. But for now, pick only one.)
With that one struggle in mind, flip the perspective and consider how it might also benefit you in the future. How might it make you stronger? What new things are you learning about yourself? Ask yourself: When I get through this now, how will I be more resilient in the future? Shift your mindset.
As Jack Canfield observes, “Successful people maintain a positive focus, no matter what is going on around them.” They focus on past successes rather than past failures, he adds, and their next action steps rather than other life distractions.
Don’t be distracted by shame, guilt, or other negative ideas about your money past. Reframe, and break free of those mental green handcuffs so you can create the future you desire.
So remember:
While my accountant’s financial advice was valuable, his lesson on the power of mindset was priceless
Our internal mental chatter about money powerfully shapes our lives
It only takes a moment to flip our perspective and choose a new mindset that empowers us for the future
My question: What new mindset will you adopt this week?