The Money Mindset Shifts That Changed My Life
I grew up in the Midwest as the daughter of immigrants. We didn’t grow up with a lot of money, but we grew up with a lot of love and a lot of determination to succeed. Like many immigrant children, I learned that money was not to be wasted. Every dollar mattered.
Seeing how hard my parents work to provide a good life for us, I learned the value of hard work. I believed that in order to make more money, I had to work harder and spend more time.
So when I started my first startup, I bought into the ‘hustle harder, work harder, succeed at all costs’ mentality that the Silicon Valley startup world was all about. I had a vision for creating gender equity in the venture capital world and I sacrificed all my time and energy for this dream.
I was successful—SheWorx, my first company, grew into a community of over 20,000 female entrepreneurs in seven cities. We helped women raise over $30 million in funding. At the end, the company was acquired and I had my first startup exit at the age of 30.
On paper, I was doing great, but I had sacrificed my time, my health, and my sanity. I started thinking, “There has to be a better way…”
And then it dawned on me, Instead of chasing investors, I should just become one. And with that new money mindset, I did exactly that. I’m a former US National Champion gymnast, a serial entrepreneur, and now, an angel investor. People were skeptical. 94% of venture capital investors are men. Even fewer are minority women. But there’s nothing more satisfying than being underestimated, and then proving people wrong.
I’m done working for money. Now I make my money work for me.
The Road to Becoming an Angel Investor
It took me 30 years to realize how much my time is worth. It was then that I asked myself for the first time:
“How do I maximize the amount of money I can make in the long term, while minimizing the amount of precious time that I have to put in?”
That’s when the light bulb went off and I realized that the best way of making money is not by being an entrepreneur, but by becoming an investor.
As an investor, you get all the benefits of being part of the ride without having to put in the hard work of actually building the car.
I’ve always believed investing in startups is where the greatest opportunity is, but what most people don’t know is that angel investing is no longer only reserved for the super-wealthy.
To get where I am today, I had to overcome some common limiting beliefs about money and investing.
The Money Mindset Shifts That Changed My Life
I realized some important lessons along the way that completely shifted my money mindset and I know that a lot of people still believe some common myths about money, so I want to share the powerful truths that I learned.
Myth #1: Most people believe that all money is created equal, and more money equals more success.
The truth is all money is not created equal. There’s money that works for you, and there’s money that works against you. The money that you have in your savings account is just sitting there, doing nothing for you. We all have this illusion of safety, but if you’re not investing money, you’re losing money. This is a fundamental truth that no one ever teaches you.
Myth #2: Most people think that more money is the end goal.
It’s not. More time is the end goal. More freedom is the end goal. Most people are a slave to money, to their salaries, and never get off the hamster wheel. If you’re working for money, but not making your money work for you, it’s time to re-evaluate your priorities and build the foundational knowledge to start investing.
Myth #3: Most people believe that in order to make more money, they have to work harder and spend more time.
It’s not about working harder. It’s about investing smarter. The question you need to ask yourself is “How do I make more, while doing less?” Your time is the most precious resource you have. You can always make more money, but no one can give you back your time. Financial freedom is about working less and earning more.
When you realize these fundamental truths, that’s when investing becomes a priority. Getting started can be overwhelming, because there’s so much information online about what you should do, what you shouldn’t do. There is conflicting advice, loud opinions, and the overall atmosphere of FOMO.
So where do you start?
Tune into The Confident Investor podcast each week, to learn *how to invest, without the BS* regardless of your age, income, or experience.
This guest post was authored by Lisa Carmen Wang
Lisa is an Olympic-Level USA National Champion & Hall of Fame Gymnast turned Serial Entrepreneur, Angel Investor, & Keynote Speaker.
Lisa is the Host of The Confident Investor Podcast to help people learn to invest, without the BS, regardless of age, income, or experience. Her mission is to empower people to take control of their financial futures by sharing insights from the world’s most successful investors.
She is a Partner at The Venture Collective, Advisor to Republic Crowdfunding, PepsiCo’s Woman Made Initiative, and Business Coach to high-growth startup executives. Lisa was Founder & former CEO of SheWorx (Acquired), a platform of 20K+ female entrepreneurs. She is the host of the Enoughness Podcast and spoken on 100+ stages.