7 tips for indie hackers to overcome financial worries

Let's talk about something that is incredibly real for entrepreneurs and business owners but doesn't get much attention: the rollercoaster of managing our personal finances in the unpredictable world of entrepreneurship.

I know, just thinking about it can make your heart race a bit faster. One day, you're feeling great, and the next, you're worried about bills and unexpected expenses. And if you support a family, it's even more stressful.

But here's the thing: You're not alone. Many of us face the same financial worries and anxiety. The good news? There are things you can do to help reduce the stress and pressure related to money.

Today, we're sharing practical, applicable tips from industry experts. Check them out and see which ones seem like a good fit for your situation.

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1. Embrace an Abundance Mindset

One powerful tip I practice myself is shifting out of a scarcity mindset and into an abundance mindset. Abundance isn't just about wealth; it's about recognizing and appreciating the richness that already exists in your life and business.

So how do you make the shift? Well, instead of focusing solely on what you lack or the financial challenges you face, start acknowledging and appreciating the resources and opportunities available to you. Here are two practical ways to do just that.

First, begin a daily gratitude practice. Take a few moments each day to reflect on what you're grateful for in your business and personal life. This could include acknowledging the skills and strengths you bring to your work, the supportive network of colleagues and clients you've built, or even the small victories and progress you've made. Nothing is too small to be grateful for!

Second, consider using a symbolic gesture like adding a money tree plant in your workspace. The presence of the money tree can serve as a visual reminder of abundance and prosperity, helping to reinforce the mindset shift towards financial abundance. By training your mind to recognize abundance in both tangible and intangible forms, you'll not only reduce feelings of financial worry and anxiety but will also open yourself up to new possibilities and creative solutions for financial success.

-- Emily Guerra, Productivity Life Coach at The Productivity Flow

2. Calibrate Your Energy

When you worry or feel anxious about money, it negatively impacts your conversations with potential clients. Somehow your concerns leak through, and human nature means that they're interpreted not as worries but as a lack of confidence in the product or service you are offering. This creates a spiral of quiet desperation as you fail to sell to another person.

Setting your energy before the call helps you stay in the moment and focus on the client, and you're more likely to receive a "yes." Three ways to calibrate your energy before the conversation are:

• Read through your testimonials and remind yourself how great you are!
• Make space for a 5-minute meditation to clear your mind.
• Sing along to your favorite track just before the call.

Remember, staying focused on the client rather than on your feelings will help you increase your revenue.

-- Becky Colwell, Sales Specialist with Heart to Heart Sales

3. Recognize That You'll Make Mistakes

As a financial coach, just about everyone I speak with has an expectation of themselves: "I should know what I'm doing with my finances - I'm an adult!" But wait a sec... we get no financial training, most of us rarely talk about money, and for many, it was a loaded topic growing up. So how could we magically know what we're doing with finances just because we're an adult?

I think that expectation is insane once you stop and think about it... but unquestioned, I think that's where the anxiety so many of us experience with our finances comes from. There's no reason that we should know what we're doing with our finances. Hopefully, just recognizing that can inspire a sense of self-acceptance and a greater capacity to face our situation.

-- Adam Koren, Financial Coach

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4. Create a Supportive Community or Network

Creating a supportive community or network can play a crucial role in navigating financial worries. Our nervous system is wired for connection and social engagement to regulate our physiological state.

Entrepreneurs should seek out mentors, peers, or a mindset coach who understands the entrepreneurial journey and can offer guidance, support, and a listening ear.

In many cases, a therapist would be the best support for an anxious entrepreneur so they may address the financial stress by exploring family culture around money/spending, their family's financial history, and any money-related traumas (i.e. perhaps the entrepreneur had a business that failed, etc).

This not only provides practical advice but also reinforces a sense of safety and connection, crucial for mitigating the isolating effects of financial anxiety and healing any trauma that may be contributing to the worries.

-- Becca Reed, LCSW, PMH-C, Trauma Therapist

5. Know Your Numbers

It’s important to know your good, better, and best financial markers. "Good" is the amount you need to earn to be financially OK. You might not be making much profit, but the bills are paid, you are paid, and you don’t need to freak out.

"Better" is the amount you can expect to earn in an average month, where things don’t quite go perfectly, maybe a few clients cancel or a deal falls through, but you’re making good profits.

"Best" is what you can expect to earn if everything goes as planned, all your clients show up, and all your deals go through.

When you know your numbers, you feel more secure in the financial ebbs and flows of entrepreneurial life. You can also use that to guide marketing and growth efforts. If you're only hitting your good numbers for a couple of months, you need to increase your marketing. If you’re consistently at your better number, you can stretch a bit and try new things.

-- Audrey Schoen, LMFT

6. S.T.O.P.

We often feel anxious when we're uncertain about the future. Uncertainty can also lead to catastrophizing (e.g., thinking about the worst possible outcome). When we catastrophize, we can make hasty emotional decisions (e.g., we can pull out of a business deal because we are focused on the negative outcome as opposed to the possibility of success). A good coping skill in this situation would be a technique called STOP (which comes from Dialectical Behavior Therapy).

• S stands for stop or pause, and don’t make any hasty decisions (don’t react emotionally).
• T - take a step back to untangle yourself from an emotional situation. Taking a step back can help reduce an impulsive or emotional response.
• O - observe the situation from an objective perspective. Objectively assess your options by writing them down or talking them over with a colleague or a mentor.
• P - proceed mindfully after you objectively evaluate your options.

Once you take a step back from an anxiety-provoking situation, and review all of the written options, you will have an easier time deciding how you can proceed.

-- Lienna Wilson, PsyD, licensed psychologist

7. Hone In On What You Can and Can't Control

Financial stress is so incredibly common for business owners and entrepreneurs. When we think of anxiety, we know some of the highest stress comes from things we have no control over. Our brains are always trying to plan ahead and know what to expect. This is a safety mechanism we have learned over the thousands of years of human existence to try to ensure survival! Financial stress is no different. One of the most helpful tools for this is to really hone in on what you can and can't control and I like to use the Sphere of Influence tool for this.

I want you to picture a target. On the most inner circle, place the things that are within your control. For example, I can spend X amount of money on marketing, or I can set aside X amount of hours on Monday to dedicate to this task. The next circle of the target, I want you to focus on what you could potentially influence. This would be things like, if I go to this networking event, then maybe I will make an important connection within my industry, etc.

The largest circle on the outside is where you'll place all of the things you have no control over. These will be things like market issues, inflation, how others behave, etc. Once you identify all of the things in your target, you have to let go of the things you have no influence over and really focus and build a plan around the items you can. This will help your brain to compartmentalize your stress and find a path forward out of this anxious cycle.

-- Emma Kimball, owner of Emma Kimball Counseling

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🧠 One-Minute Mental Health Survey

We're conducting a mental health survey of entrepreneurs, business owners, and freelancers to gather information that will help us better serve our audience. Would you please take one minute to complete the anonymous survey? We greatly appreciate your support!

👉 Take the one-minute survey

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