Did you know that 80% of your results in life are caused by your mindset? It’s true. Only 20% of your results are due to your skillset. Think about it. How much time have you devoted over your lifetime to honing your skillset? Considering it only accounts for 20% of your results, what does that tell you?
As a high-achieving professional with decades of accomplishments under your belt, you’ve worked hard to develop skills that contributed to your success. You’ve climbed the corporate ladder, led teams, and significantly impacted your field. But now, you might be trying to decide if it’s time to change direction, and self-doubt, confusion, and uncertainty set in. At this pivotal moment, one thing remains clear: your mindset is your most powerful tool.
Your Itty Bitty Committee Calls The Shots…
According to Dr. Fred Luskin, director of the Stanford Forgiveness Project, people have over 60,000 thoughts per day. Many are random, repetitive and negative. “Monkey chatter” clutters our thinking, impacting our beliefs and behavior. The “itty bitty committee” that lives in our subconscious can frame our perspective and influence decisions that affect our life.
Change Your Mind To Change Your Results
Let’s take this idea for a spin. Pick one area of your life that you’d like to improve. It could be your finances, relationship, career, lifestyle, etc. When you think about that area of your life, what comes up for you?
Your Money Mindset
Since Wealth Coaching is my area of expertise, I’ll use this area to highlight how your money mindset can influence your results. I will share a general concept, as well as specifics of how your money mindset influences big decisions, like retirement.
Money Mindset Basics
What happens when you think about money? Does the thought cause anxiety? Do you catch yourself thinking “I live paycheck to paycheck”, or “I can’t afford to retire”? Those are examples of a negative money mindset. If you look at your financial situation, does it align with a negative money mindset?
How To Improve
If your results and mindset match, and you want different results, change your mindset! Here’s a 2 step hack I share with clients to help them get better results. For example, if a client tells me they can’t save money because they live paycheck to paycheck, I recommend when they catch themselves either thinking or saying “I live paycheck to paycheck”, change the thought to “I make more than enough money”.
The second step is an activity to prove their new thought is the truth. Start saving money! Put the amount you want to save on auto-pilot by scheduling an automatic transfer from your checking to a savings account. Even if it’s a small amount, the act of saving money proves you earn more than you spend, therefore proving your new mindset is correct.
Your Retirement Money Mindset
Now, retirement is a little trickier. Why? Because there’s a lot of emotion tied into your retirement decision. It’s not just about how much money you’ve saved. If it was, deciding when to retire would be a breeze. Google “how much do I need to retire” and you’ll see all sorts of recommendations for the size of your nest egg.
However, the truthful answer is, it depends. This is why your retirement mindset can be a moving target. For instance, if you spent the last 20 plus years climbing the success ladder, you might wonder if your ladder is leaning on the right wall. As you stand at a crossroads, you find you’re experiencing burnout, overwhelm, and a lack of enthusiasm. Thoughts of retirement are ever-present. But is that the best direction to take?
The End of Earned Income
Before you decide to end the earning phase of your career, it’s important to know if you’ll have enough money to live your lifestyle. Here’s 3 things you’ll need to know:
- Know your lifetime income benefits (Social Security and/or Pension)
- Understand how much you’ve saved, and how your savings is taxed
- Know how you want to spend your leisure time, and estimate what that will cost
This is your opportunity to compare your money mindset with reality. If you tend to think you never have enough money, how will you feel when you no longer have a paycheck? It’s possible your thoughts around money are unfounded. Get a professional opinion so you can either put your fears to rest or buckle down and start saving. Fear of the unknown is usually worse than reality.
Your Mental Pro-Con List
The decision to retire completely, pivot to self-employment, or launch the passion project you’ve been dreaming about hangs over your head like a storm cloud. A decision this big will transform your life, and your healthy mindset needs go beyond the money. Here is an overview of different mindset types that may affect the quality of your life’s next chapter.
Your Growth Mindset
Aside from the financial questions, how you’ll spend your time is the next hurdle to face. What does life look like on the other side of the retirement fence? Will I have a life of drudgery and boredom, or fulfillment and purpose?
Your growth mindset, a concept popularized by psychologist Carol Dweck, is the belief that abilities and intelligence can be developed throughout your lifetime.
Your Growth Mindset Matters
Embracing a growth mindset allows you to see challenges as opportunities for growth rather than threats. It shifts your focus from what you no longer have to do (go to work) to what you get to do. This perspective is crucial as you contemplate your next steps, whether it’s retiring completely or starting a new venture. A growth mindset will empower you to take risks, learn from failures, and continuously grow and evolve.
How To Improve Your Growth Mindset
Start by reframing negative thoughts. When faced with a setback, ask yourself, “What can I learn from this?” and “How can I improve?” Celebrate your efforts and progress, not just the outcomes. This shift in thinking will open new possibilities and pathways for your future.
Your Abundance Mindset
An abundance mindset is the belief that there are enough resources and opportunities for everyone. This contrasts with a scarcity mindset, which operates from a place of fear and limitation.
Is The Glass Half Full?
An abundance mindset helps you see possibilities rather than constraints. It encourages collaboration over competition and generosity over hoarding. If you decide to launch a new venture or passion project, this mindset will enable you to identify and seize opportunities that align with your values and goals. It will also foster a sense of gratitude and enthusiasm, enriching your retirement years beyond the money.
Build Your Abundance Muscles
Forming habits to develop an abundance mindset is like building a muscle. Practice an attitude of gratitude daily. Take time each day to reflect on and write down things you are grateful for. What you focus on grows. Surround yourself with positive influences and engage in activities that expand your abundance perspective.
Your Social Mindset
Surrounding yourself with supportive and inspiring people is essential for maintaining a fulfilling life. This network can include mentors, peers, friends, and family who uplift and encourage you.
A supportive network provides emotional support, practical advice, and valuable connections. It helps you stay motivated and resilient, especially during challenging times. Engaging with like-minded individuals who share your aspirations and values can also spark new ideas and opportunities.
Build Your Social Network
Actively seek out and nurture relationships with people who inspire and support you. Join groups and associations, attend networking and social events, or find online communities that align with your interests. Ask for help or advice when needed and be willing to offer your support in return. Building a strong, supportive network is a reciprocal process that enriches everyone involved.
Be The Leader Of Your Life
As you stand at the crossroads of your next chapter, your mindset will be the key to unlocking your potential and navigating the journey ahead. Having a healthy attitude towards money, embracing a growth mindset, adopting an abundance mindset, and fostering a supportive network will empower you to create “true wealth”, what money can’t buy. It’s a life filled with purpose, passion, and unlimited possibilities. The next chapter is yours to write. Be the leader of your life. You deserve a career and life that lights you up.
This is a contributed blog post by Therese Nicklas. For more than two decades, Therese has empowered high-achieving women with strategies to create a career and life they love. By combining Success and Money Coaching, she helps women visualize the life they want so clearly that they’re inspired to take action. With a trusted guide by their side, they confidently navigate complex decisions. As a result, women design a fulfilling life of joy, purpose, and balance, making their next chapter an exciting adventure.
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