Desk top flatlay with coffee

Making More Money Won't Help: Why Financial Mindset Matters More Than Income

July 05, 20232 min read

Financial coach ready to help entrepreneurs rule their money mindset

It's a common belief that making more money will solve all of our financial problems. We think that if we just had a higher income, we could pay off debt, save for retirement, and live the life we've always wanted. But the truth is, making more money won't necessarily help if we don't have the right financial mindset.

Here are a few reasons why financial mindset matters more than income:

Money mindset flatlay on desk

1. Mindset affects how we use our money. If we have a scarcity mindset, we may be more likely to spend money impulsively or hoard it out of fear. If we have an abundance mindset, we may be more likely to invest in ourselves and our future. Our mindset affects how we use our money, regardless of how much we make.

2. Mindset affects our financial habits. Our mindset also affects our financial habits and behaviors. If we have a mindset of instant gratification, we may be more likely to spend money on things we don't need. If we have a mindset of delayed gratification, we may be more likely to save and invest for the long-term.

3. Mindset affects our financial goals. Finally, our mindset affects our financial goals. If we have a mindset of scarcity, we may be focused on paying off debt and avoiding financial hardship. If we have a mindset of abundance, we may be focused on building wealth and creating financial freedom.

So how do we shift our financial mindset? Here are a few tips:

Gratitude journaling

1. Practice gratitude. Gratitude is a powerful tool for shifting our mindset from scarcity to abundance. Take time each day to reflect on the things you're grateful for, whether it's a roof over your head, a job that pays the bills, or a supportive network of friends and family.

2. Focus on your values. When we focus on our values, we're more likely to make financial decisions that align with our goals and priorities. Take some time to identify your values around money, whether it's security, freedom, or generosity.

3. Create a financial plan. Having a financial plan can help you stay focused on your goals and make informed decisions about your money. Work with a financial planner or coach to create a plan that aligns with your values and helps you achieve your goals.


Remember, making more money won't necessarily solve all of your financial problems. It's important to focus on your financial mindset and habits, regardless.

Blog sign off with Mandy's information

Financial mindsetIncome vs. mindsetMaking more moneyFinancial problemsScarcity mindsetAbundance mindsetFinancial habitsInstant gratificationDelayed gratificationFinancial goalsShifting mindsetGratitude and financeValues-based financeCreating a financial planAchieving financial goals
Well hello there.

I see I have piqued your interest enough to make you say who the heck is that Mandy lady…I have been an entrepreneur for just about as long as I have been an adult.

I spent much of my time working in the accounting and tax industry and gained a wealth of knowledge and skills that have helped me truly manage the financial aspects of business and life. I get entrepreneur finance because I am an entrepreneur. I understand that a bad month in business usually means a bad month in personal finance also.

Our income fluctuates, it is never guaranteed, and we hustle every damn day to earn our money. Which makes any sort of financial goal a little more difficult. I have been an entrepreneur with a wildly successful business but I was broke.

I have been an entrepreneur who didn’t know how I was going to feed my kids at the end of the day, standing in line at the grocery store, praying the electric bill hadn’t cleared yet so I could buy groceries… because feeding my kids was more important than having lights on at night.

I am an entrepreneur who knows the importance of budgeting and planning and saving and doing it all in a way that doesn’t make me want to run and hide or make me feel like I CAN’T do the things I want to. I geek out with spreadsheets and finance and numbers and money.

I love sharing my geekiness in a way that allows you to ‘get it’ and how it will work for you. It isn’t one size fits all when you are an entrepreneur, so helping you find the way that works for you is my goal. So now that you know more about me, reach out and say hi!

Mandy McGowan

Well hello there. I see I have piqued your interest enough to make you say who the heck is that Mandy lady…I have been an entrepreneur for just about as long as I have been an adult. I spent much of my time working in the accounting and tax industry and gained a wealth of knowledge and skills that have helped me truly manage the financial aspects of business and life. I get entrepreneur finance because I am an entrepreneur. I understand that a bad month in business usually means a bad month in personal finance also. Our income fluctuates, it is never guaranteed, and we hustle every damn day to earn our money. Which makes any sort of financial goal a little more difficult. I have been an entrepreneur with a wildly successful business but I was broke. I have been an entrepreneur who didn’t know how I was going to feed my kids at the end of the day, standing in line at the grocery store, praying the electric bill hadn’t cleared yet so I could buy groceries… because feeding my kids was more important than having lights on at night. I am an entrepreneur who knows the importance of budgeting and planning and saving and doing it all in a way that doesn’t make me want to run and hide or make me feel like I CAN’T do the things I want to. I geek out with spreadsheets and finance and numbers and money. I love sharing my geekiness in a way that allows you to ‘get it’ and how it will work for you. It isn’t one size fits all when you are an entrepreneur, so helping you find the way that works for you is my goal. So now that you know more about me, reach out and say hi!

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