Tax Return Made Simple Series – Busting Challenge No.10

The following is a sample extract of an unedited draft chapter of our forthcoming book, Tax Return Made Simple which addresses each of the 12 challenges that stop most business owners from doing their tax return and their accounts.

Challenge 10: Feeling icky or greedy about having lots of money

Solution: Feel ok and deserving about receiving money

It is quite possible that you are not allowing more money into your life for fear of judgement, whether (1) by not earning enough in your business either through your pricing or working more hours in, or (2) not holding on to what you have because you’re spending constantly to keep up with the Jones.

Alternatively, maybe you hang about with people who complain a lot, in victim mode and blame Brexit and everything else for their current situation. That doesn’t mean I’m saying nothing is wrong and what is, is all their fault, but we do have a choice as to how we respond to our environment. Business can fail in recession, but business can flourish too. Just pick up any decent business book to find out how but I’ll save you the bother and the money. It’s all to do with attitude.

Everyone is entitled to their belief system but only at their own expense. However, if someone’s else’s beliefs are holding you back from being organised, making a profit and/ or having a decent savings account, then that’s when you either have a choice to move away from them, or these people are close friends & family, find a way to allow them to believe what they want and for you to do what is right for you and your business.

I discussed in depth a few of the primary reasons that money could be holding you back in my other two books. 12 Steps to Improve Your Cashbook covered a few issues such as thinking differently about sales, expenses, behaviours and mindset. Successful Business Minds then delved deeper into the mindset around money. I encourage you to read them if you haven’t already, however for the purposes of this book I will cover the key takeaways. If you have read both of the books, I encourage you to read on and see if something else comes into your awareness now.

It is recommended this exercise is done often, at least annually but more if you are having money problems. Often we can have several thoughts & feelings about money and it’s likely when you first do, you work with the most pressing issue you had but there might be something more. Even I have uncovered a few more as things have changed in my life.

Money is a very versatile tool

In its simplest form money is a tool made up from paper and metal that is used to exchange our time to buy property, goods and services required to meet our needs, plus the occasional luxury. Nowadays with the reduction of cash and the use of cards (let’s leave out the cryptocurrencies for now), it’s now becoming a series of numbers you see on your bank statement.

How do you really feel about money?

How you feel about money though will originate from something someone told you or something you experienced yourself. Some of the beliefs that are lurking around in your subconscious could be ‘money is the root of all evil’ ‘money doesn’t grow on trees’ and ‘money doesn’t make you happy’ but they all have something in common. They are myths, or perhaps aptly defined, they are innuendos.

In Successful Business Minds, I kicked those beliefs into the long grass so please get yourself a copy of the book if you feel that I am violating your core rules by saying they are innuendos, or at the very least opinions (which by my definition mean beliefs, not fact). I also included an exercise on page 6, which helps the reader assess what they really feel about money which I have included again here (slightly revised). Please take a moment to answer each question honestly.

End of preview.

To read more, sign up to receive the FULL preview HERE. Only available until 25th November! By receiving the full preview of Tax Return Made Simple, all I ask in return is feedback by 30th November, and if you would some free advertising, a book review for insertion in the published professional edition.  Then we hope you tell all your business friends about it.

© Helen Monaghan

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