FINANCIAL MISTAKES YOGA TEACHERS MAKE THAT KEEP US POOR
Money is often described as the root of all evil, but money itself is just a form of currency. As a tool, money can be used to elevate life or to cause harm, depending on the intention of the person spending it. Money is not inherently bad or unspiritual, and as such, wanting more money and going after it, is neither good nor bad.
As yogis, we are taught to be non-attached to transient and material aspects of reality, to shed desire and greed, to transcend above egoic striving for money. I’ve been a regular yoga practitioner since I was in my mid-teens, so for decades I’ve been receiving teachings about releasing material attachments. As a result of that programming (and programming from my family in my early childhood), it took me a very long time to ever-so-slowly awaken to the fact that I was allowed to want and make money.
(A very long time).
Good Money
However, I slowly-but-surely learned that by wanting and having more wealth, I could make the world a better place. I learned that by accepting less than I deserved, I was actually harming my wounded inner child. I learned that having money would not suddenly make me (or you, or any of us) any less generous. In fact, I became friends with wealthy people, and learned that there are many, many affluent people who are kind, spiritual, and absolutely generous. They use their wealth for good, but we don’t hear about people like them as much as the rich-baddies flying to Mars, so it’s easy to think rich people are all bad, or that money makes us selfish, but it’s vitally important to realize that this is not true.
Certainly, some paths of YOGA and BUDDHISM involve being a renunciate, but yogis from the tantric paths have taught that reality is a treasure-trove of abundance and exquisite joy, if we work in alignment with it, including in-alignment with our desires.
When I did finally realize that wanting (and having) more wealth didn’t have to go against my spiritual beliefs and identity, I was free. And the money started coming in. So, yes, we can be spiritual, and hella-rich. Getting over the mistaken notion that money is inherently “not yogic” is a very important first step for yogis who are on the path to wealth, but it’s only the beginning.
Generating Wealth
Generating wealth is an intricate dance that involves creating more income while strategically managing spending.
However, like other entrepreneurs, yoga teachers often find ourselves entangled in a web of mistakes that hinder our journey to financial abundance, even after we’ve allowed ourselves to release the mistaken notion that wanting more money isn’t yogic.
I’ve been giving these mistakes a lot of thought these past few years, as I move into new phases of wealth and success. The lessons, books, and podcasts I’ve been using to educate myself are working, and I want to see that same success for my Certified Ganja Yoga Teacher family (and extended Ganja Yoga community).
From my own transformation with money, here are what I’d say are the main psychological barriers and practical missteps that can significantly impact the wealth-building endeavors of a yoga teacher. Any of them apply to you?
1. Lack Of Financial Intimacy
This one is huge. Not keeping track of when and where your money flows in and out is a major obstacle to wealth creation. You are absolutely capable of developing a habit of regularly examining your financial figures in short, manageable bursts. You are. Start with weekly, 3 times a week or 5 minutes per day, gradually increase the frequency and duration, to cultivate a regular and intimate relationship with your money flow. Financial intimacy will transform your mindset, beliefs, identity, and ultimately, your material reality. After allowing ourselves to want money, financial intimacy is the most important thing we can do to attract and hold our wealth. I can’t state this more strongly. Become aware of your money, honey!
2. Neglecting Your Money Emotions
Finances often evoke, uh, ... strong emotions. Guilt, shame, fear, anxiety, anger, - it’s important that we acknowledge and process these feelings, using techniques like tapping, journal, and positive affirmations. Begin to understand the impulses behind the desire to avoid financial intimacy and buy things we don’t really need, as loving-awareness truly is the first step to slowly transforming these habits and finding alternative ways to address unmet needs. Awareness and allowance of emotions around money will transform your relationship with money.
3. Ignoring Limiting Beliefs
Behind the emotions that we feel around money are our unique historical causes. In addition to healing the common “money isn’t yogic” fallacy, we also need to heal our personal money stories. Spend time delving deeper into your family's money history to uncover limiting beliefs that may be hindering your financial freedom by impacting your own wealth-mindset. Unearth messages you received before age 7 and address any scarcity and disempowerment that’s become embedded in your nervous system. Acknowledge intergenerational money-traumas. Once you know the stories, you can rewire your subconscious mind by tapping while speaking affirming beliefs. As we heal, our worthiness set-point expands and the money begins to flow.
4. Inattentive Language Use
Be mindful of your language and thoughts about money. Replace thoughts and words that describe a lack of unworthiness, being broke, being poor, and other forms of scarcity with positive and true affirmations that resonate with your goals. Say things like, “I’m becoming better and better with managing my money,” and “I’m just as able to make money as everyone else.” Find statements that feel true to you, and repeat them often, especially at the end of yoga, when your subconscious mind is most open to the messages you give it.
5. Lack Of Structure
In addition to the psychological healing we may need to do, generating wealth means we need to understand and employ ways to manage our finances. This involves creating a profit and loss sheet for each project and quarter, staying on top of invoices and transactions, and consistently putting money into savings and investments. Whether using a spreadsheet or a bookkeeper, it will help you to maintain clarity on how your business is doing if you separate personal and business finances.
6. Inconsistent Payment To Yourself
Cultivate the habit of paying yourself consistently, ideally on set dates like the 15th and 30th of each month. Start with a modest amount if necessary, and increase it over time. Allocate the remaining funds to savings, investments, and personal expenses. When we don’t pay ourselves a salary, and just reinvest all our earnings back into our Ganja Yoga business, we subconsciously tell ourselves that we don’t matter. Give yourself a payment (even if it’s tiny), every two weeks. Get into the habit of putting yourself first, and the universe will notice.
7. Overusing And Underpaying The Credit Card
This is important. Avoid excessive credit card use at all costs, and pay your balance regularly to prevent overspending. Slow down and embody each purchase by using cash or debit, fostering a more conscious spending habit. (Cash is the best. People who use cash tend to spend the least money). Tip: Maintain a higher credit score by staying within 20-30% of your credit limit and setting up autopay so you don’t have to remember to pay your bill. Also, regularly check your credit score, so you can celebrate as you see it going up!
8. Lack Of Retirement Investment
Last but not least: Retirement. You’ve heard it before, you’ll hear it again, -- start saving for retirement early and invest in assets that increase in value over time.
$1000 today will not be worth $1000 in 20 years. Start investing.
Consistently contribute to secure a comfortable retirement with even a tiny weekly or monthly contribution, which you can increase as your income goes up. Take advantage of tax-advantaged accounts, or use an app to invest (I use one called Acorns).
Conclusion - Rich Yogis
In conclusion, let’s get wealthy and make the world a better place.
Let’s become rich, not to hoard wealth but to share.
Let’s take care of our inner children, ourselves, our friends and families, our communities, our Earth.
Avoiding these mistakes can pave the way for a more prosperous career as a Ganja Yoga teacher. And I want that for us, because when loving, kind, generous people like us create wealth, we have more power to radically change the world for good.
Money is neutral, it’s what we do with it that matters. Go get money, go do good things. Start now, get organized, be disciplined, and embrace the transformative power of intentional financial habits.
Here’s to wealth and financial freedom for all of us!
