New Money, New Mindset
In reflecting on the many complexities that 2020 has thrown our way, I want to share five things that helped me change my attitude towards money. Growing up with a single parent, I saw my mom constantly worry about money, and struggle to make ends meet. She would tell me “No hay dinero,” and this motto eventually became part of my beliefs and attitude of scarcity when it came to money. I hope the following serves you as a reminder that it is never too late to shift your mindset. As we enter a new year, my wish is that 2021 will bring you new opportunities to shift your approach towards money, and manifest more of it in your life.
1. Limiting beliefs.
I am a big believer that thoughts create our reality. However, the great majority of our beliefs live in our subconscious mind, and while we are not always aware of them, the good news is that it is never too late to reprogram them. Limiting beliefs are essentially false thoughts that can negatively impact you and hold you back. A limiting belief I carried with me for years was the idea that “Money can’t buy happiness.” But let's be real, in order to do things that make you happy, money will be a major factor in materializing that action. In Jen Sincero’s book “You are a Badass at Making Money”, she suggests questioning your limiting beliefs, rewriting them and then embracing the new perspective. Here’s an example Jen Sincero provides on how to do this:
Limiting belief: Money can’t buy happiness.
Question: What makes me happy?
Answer: (insert whatever makes you happy, or brings you joy).
Question: Does having money help me achieve any of these happy things?
Answer: Yes.
Rewritten thought: Money supports my happiness.
Similarly, Money and Mindset coach Reese Evans recommends reframing our ideas around money whenever we experience thoughts of scarcity, doom, or fear by asking ourselves “is this thought serving me?” If it doesn't, then you can let it go by replacing it with a more positive thought. Another way to challenge limiting beliefs is through affirmations or quotes. I’d like to share two powerful quotes by Money Mindset Strategist, Allyson Bird: “All womxn and femmes of color can and should have the right to be rich” and “You are worthy of money regardless of your race and upbringing.” Make these abundance mindset quotes visible in your day to day routine and embrace them.
2. Get Comfortable Talking About Money.
I used to be so intimidated whenever my annual review would come around because I felt like asking for a raise was impolite (a limiting belief). It wasn’t until I was denied a raise at a job that I started learning about ways to advocate and educate myself about the gender pay gap. According to the Womens Institute for Policy Research, the gender wage gap has only closed by 4 cents in more than a decade. At the current pace, women would not reach pay parity with men until 2059. Things are even worse for womxn of color, and those living intersectional realities such as trans, and immigrant womxn. That knowledge has helped push forward anytime I feel a lingering sense of awkwardness around money. I now encourage those around me to challenge the awkward feelings because we need to recognize that our time, insight, and work are valuable. For instance, let’s say you’re a freelance-creative and you get invited to do a project by a brand but there is no mention of compensation. Money expert Tori Dunlap recommends simply asking a potential client “What’s your budget?” In this way, you clarify what they’re willing to pay you. The most important thing to remember though is that asking to be compensated for our work, time or service is nothing to be ashamed of. In fact, it opens a channel of transparency and gives you the information to decide whether or not you’d like to move forward with a project.
3. Lucky You.
Our jobs and our work are connected to our livelihoods, and it is understandable that whenever we are interviewing for a new position we might get nervous or overwhelmed. I remember being so nervous whenever I would go through rounds of interviews for a new job, with hopes they would ‘like me’. Knowing what I know now, I wish I could tell my younger self: it is not their job to like you, it is yours. Don’t forget that whenever you are in the interview process, you are also “interviewing” the team or company you’d be working with. You have every right to make sure the role, and the salary fit your needs, career goals, and aspirations. As a cultural worker in the museum sphere, a long held perception we’ve been taught is that we should feel lucky to even have a job at a museum. I want to emphasize that the employer you’re meeting with is lucky to meet with you and even more, to have you as part of their team.
4. Embrace Salary Transparency
In a Latinas Without Borders podcast interview Leanne Alfaros, editor of the newsletter “Moneda Moves” suggests how the more we talk about salary with our close network, colleagues, and friends the more we can begin to normalize conversations around money. After all, as Alfaros believes, these kinds of conversations are in everyone’s best interest. Depending on your relationship and dynamic with colleagues, these kinds of conversations might take some time and trust to develop. If you are concerned that you might get in trouble for having these conversations, the National Labor Relations Act legally protects employees (with the exception of government employees, agricultural laborers, independent contractors, and supervisors) from facing retaliation from their employers if you decide to talk about salary. Even though you are protected by law, the taboo is so persistent that secrecy continues to dominate work culture. In my own experience, I’ve used social media to raise awareness on salary transparency and it has opened the door for colleagues of mine to reach out and build trust via DM’s as opposed to an email exchange.
Last year a google spreadsheet began circulating online that anonymously disclosed museum workers salaries across the U.S. The document was put out by the Art and Museum Transparency Group, and was a collective demand for transparency in the art world. Over 3,320 museum workers participated in the spreadsheet, including myself. I’m a strong proponent for salary transparency because I believe that the more we talk about our salaries, the more collective power we harness to diminish the information asymmetry that exists in so many organizations. Salary secrecy also perpetuates the gender wage gap and can deny necessary information to make informed decisions about our careers. One step I decided to take to embrace salary transparency is to reveal my own salary in my social media bio. This step challenged the concept that salary should be kept hidden but I felt my own growth could translate to others in my previous position. Cynthia Medina, Founder & CEO of Wager, offers numerous workshops and webinars like the one co-hosted by theGirlMob and Gyrl Wonder to help you get started on your salary negotiation skills. Don’t forget that embracing transparency is one way to advocate for yourself, and those who will come after you.
