How To Handle Feelings Of Scarcity
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Email me at [email protected] with any questions or take aways! For more, head over to: www.franexcell.com/ How To Handle Feelings Of Scarcity I feel like now is a very good time to talk about how to handle feelings of scarcity with all the constant bombardment of talk around the cost of living crisis, rising inflation and recession. Oof it’s a biggie. The trouble is that is what often perpetuates the issues and causes things to get worse in some sort of ironic vicious cycle. I need to caveat this whole episode because I of course can’t talk to every single person's individual situation right now and this episode is NOT about financial advice because I'm not a financial advisor, accountant or in any way qualified to give it. What I am qualified to do is to try and help give a shift in perspective and talk about the best tools at your disposal to help you manage those feelings of scarcity. There are always going to be practical things to take into consideration. However, the mental and psychological aspect of scarcity can often feel even worse than the reality. The reason I want to talk about this today is because I'm seeing people really become unstuck at the seams at the moment and making big rash decisions, largely due to the sheer amount of scaremongering that’s going on in the media. The financial situation in the UK and other parts of the world is a very real concern for a huge amount of people AND it can be made ten times worse when we’re not properly looking at our own individual situations but we’re also comparing ourselves to other people at the same time. The media can’t report YOUR unique situation and I can’t talk to it either so this episode is about trying to get a handle on a few practical mindset exercises that you can do and to give you a potential shift in perspective or alternative viewpoint and get you out of the threat response that could be causing you to fight, flight or freeze right now. When we’re in fight or flight mode our prefrontal cortex literally goes offline. We need our prefrontal cortex as the CEO of our brains for conscious, rational thought, decision making, rational thinking. With that offline we’re stuck in fear mode and autopilot and that’s not helpful and you cannot make good decisions from that place. If you’re running a business, scarcity is never a good place to be. You will not take good actions from that place so it needs to be looked at. So where do we start trying to shift this a little? Firstly, look at your own finances. I always recommend clients have a REAL picture of their finances. Personal and business. I personally do this with multiple tracking spreadsheets for business and personal that are super easy to manage (I’m an enneagram 6, of course I’m prepared for anything ha!) I know exactly what’s coming in and what’s going out. I know exactly how much my business costs per month and what my personal expenses are and know exactly what I NEED to make in the business to live how I want and what to pay myself every month. Just having this information takes away a huge amount of anxiety and gives you a lot of control back. Plus it stops the ‘I MUST have ‘10k months or I’m not good enough and my business isn’t successful’ mindset that’s infiltrated your brain from all the marketing messages out there. That’s my next tip. Think about what messages have infiltrated your brain (and WHY, who does it benefit you having them) vs what’s actually reality. Marketing is rife with ‘not enough’ messaging because that’s what keeps you buying. Remember that. You could easily have a 6 figure business with no money to pay yourself AND you can have a £40k per year business and have loads of personal disposable income. These things can exist at the same time and it’s one of the many reasons why you should never compare your finances to someone else’s because it really means absolutely nothing and you NEVER have the whole picture. You could very easily cancel tonnes of memberships or subscriptions but before you do, really look at them. What makes you feel good? What makes your life easier? What could make a big difference for you if instead of cancelling you actually decided to USE? Think of the bigger picture. As an example, I have a health membership that I barely look at. It would be easy to say that’s a ‘non essential’ but I wholeheartedly don’t agree. I get amazing tips in there (even though I'm barely in it) that I do implement. Having the membership (even though I'm barely there) holds my health in my consciousness day to day and in turn it makes me healthier. I make better choices and health is a huge focus for me at the moment. It’s also a comfort to know there are lots of recipes and recommendations in there if I choose to use them and I know I can go and get a question answered in the group if I choose to. See what I’m saying? There’s always another way to look at something. So now we’re a little clearer on the actual picture in front of us and feeling a little more in control. Let's look at the next step, it’s a controversial one in the online business industry and one I've always gone against the grain with. Get a job! I said what I said! Job is not a dirty word. Jobs are investors into your business. They’re also ways to KEEP going and moving towards your dreams in my opinion. Especially when there’s so much uncertainty. It could be full time, part time, contract, freelance. Lots of potential options.Particularly now so many of them are remote working. It really opens up some new doors. The only people who have told you that having a job is a ‘bad’ thing and means you aren’t successful or your business isn’t successful and you aren’t good enough are the marketers that stand to profit from your fear around that. When I had both my job and my business the enneagram 6 in me was SO happy. While instead of fearing redundancy and job losses I was happy as Larry knowing I had my business income if I lost my job. In my business I was always happy as Larry because I never had to do anything ‘because of the money’. I could be very picky over who I worked with and never made decisions from a place of lack or scarcity. How bloomin glorious. Yes it helped that I enjoyed my job. That was a privilege but I've absolutely done my fair share of shockers for the greater good. I only left my job when it got in the way of some of the big things I really wanted to do in my business because there was a conflict of interest. Otherwise in all honesty I think I'd still have it. I know SO many hugely successful business owners that also have jobs. It’s a total fallacy that having one means you’re not successful. It’s made up. Do what’s right for you. It’s absolutely personal preference. The bottom line is if you’re in scarcity and panicking about paying your bills you will not feel good and you will not make good decisions. Recurring revenue, whether that’s from payment plans or a job it really doesn’t matter. You know your bills are paid and that gives you freedom in itself. On that note, for my glorious listeners who are in jobs and don’t have businesses, why not start a side hustle. For exactly the same reasons! It doesn’t have to be anything fancy, just something you enjoy. Do you love making things? Do you create art? Can you start an Etsy shop? Can you teach music lessons locally? Do you love gardening? Could you be a tutor? Mark exams? Back in the day when I was trying to figure out my life after it imploded I made a pros and cons lists of everything I could or would enjoy doing (very enneagram 6 of me of course!) One of the things I put down on my little map of ‘Fran’s passions and skills’ was finding bargains and selling them on for profit. I ADORE charity shops and car boot sales and I find countless treasures that could be sold on for more. I get a BIG kick out of it. Tonnes of it you can even get for free, particularly on Facebook marketplace and Nextdoor. If you also want a few ideas on upcycling as an option too go check out one of my absolute business besties Abi Hugo over @thewhitethistle because she’s always turning free stuff into GORGEOUS creations that could sell for a fortune. On that note and based on last week's episode, have a big declutter and sell what you’re going to chuck on ebay or facebook marketplace etc. There are lots of other options too now, I think vinted is one i’ve seen but I can’t speak for how good it is. Get on community sharing apps, Nextdoor and Olio are the two biggest I know of. There are also community Facebook groups where people are often doing swaps or giving things away for free. Lastly for today, check your thoughts. I’m always saying we have to ‘deal in truth’ with ourselves. This requires being curious and conscious of our thoughts. Grab your journal! What’s going on for you right now? What are the thoughts around money coming up for you right now? Are they true? Are they based in truth and fact? Are they based in the present? Or are you future tripping and feeling out of control? Remembering that we are not our thoughts and that we are the observer of our thoughts is a life changer. You do not have to believe everything that pops into your head. Find those thoughts, write them down and consciously challenge them. Do the somatic work that is going to soothe your nervous system and bring you back into balance and let your prefrontal cortex come back on line and back into the driver's seat. EFT/tapping, Meditation, breathwork or yoga for example. Prioritise looking after yourself and actively helping your nervous system. Allow yourself to think outside the box and see all the potential possibilities. Like I say, I'm not giving you advice, I'm hopefully simply sparking some potential ideas! (I am not a financial advisor in any way!) This is absolutely not an exhaustive list of ideas either. These are just the ones literally off the top of my head. The bottom line is there are SO many ways to bring in some extra income but if you’re stuck in fight or flight you won’t see them. It’s even more important to shift the thoughts and beliefs around what you’re making doing any of these things ‘mean’ about you as a person! There are often SO many more options in front of us but if you can’t even think straight to look you won’t find them. Be conscious of what you consume media-wise and allow yourself to challenge it. Remember…You have got this. Fx