Ready to Finally Master MONEY Mindset & Make Radical Changes in Your Business?
Are you ready to finally master your MONEY mindset, make radical changes and control your business? Get ready to find the money mindset culprit and discover your vehicle to change.
You’ll learn how to improve or change your money mindset, why it’s essential to building a business and brand, and tips to help you achieve business success.
Connect with Sophia on Instagram @ascentwithsophia
Full transcription available at the bottom of this blog post
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Full Transcription:
Are you ready to finally master your money mindset, make radical changes and control your business. You’re in for a treat today, my guest, Sophia Sunwoo struggled with money mindset for years, but she discovered the culprit and found her vehicle to change. Sophia is now helping women led startups, get their companies off the ground through her coaching and programs. Trust me for a gal who was a Forbes, 30 under 30 honoree, and has been recognized in Elle magazine. Listen in for her tips and advice. Welcome to the show, Sophia.
Thanks so much for having me, Alison.
Absolutely. Now, before we dive into how we master money mindset, please tell us a bit about you and your business. Yeah, definitely. So, uh, my business is essential strategy. I created the business after being an entrepreneur for basically 12 years. You know, I got to this point where for my first two businesses building those businesses were really hard. You know, I had to shift through a lot of bad information, um, trying to find information that was focused on helping a small business owner, turn their ideas into money. That was actually a lot harder than I thought it would be. So I really wanted to start a business specific this, a female entrepreneurs, because I think that female entrepreneurs have a lot more challenges because with male entrepreneurs, they kind of have this boys club when in the startup world and with female entrepreneurs, I do feel like we don’t have as many resources. So I started a set strategy to basically help female entrepreneurs turn their ideas into money-making ventures, to finally turn that side hustle into a real living, breathing business, where they can support themselves and also just live a life that feels true to them and that they’re doing work that they love. So, yeah, that’s what, uh, that was kind of the inspiration behind the business and the business itself. I work with women specifically through a curated programs that I create and coaching, um, to get them from a to B whatever that goal may be.
That’s really cool. And I love that you’re supporting female entrepreneurs because I do feel in
The beginning when any female or a mompreneur wants to take that idea out of their head and turn it into a side gig or a business and make some money. There is sometimes either a lack of resources or almost like an overload, and they don’t know where to go. So I love that you provide that. And I also think it’s safe to say many of us here over and over change your money mindset to see growth in profits, Sophia, what exactly is money mindset? Yeah. So money mindset to me is basically a philosophy or an attitude or some kind of outlook you have when it comes to money. And a lot of the times for the majority of the us, this philosophy is kind of chosen for us when we’re young by our parents and whatever stories they had with money. So we kind of inherited these money mindsets, um, principles.
And, you know, if you grew up with a mindset that wasn’t very conducive to where you are at now, a lot of the times as adults and as entrepreneurs, especially you kind of have to revisit your money mindset and that redefine correct. Um, whatever that mindset is, so that it’s a lot more conducive and helpful for you while you’re on your journey. Cause it could definitely kind of shoot you in the foot if your mindset is kind of in the wrong place and your goals are in the complete opposite direction. So how do we improve or change our money mindset? Yeah. So it’s not easy. It takes a lot of radical honesty. I think, you know, for me, for example, I grew up core. So getting to a place where I was having a lot of hard conversations with myself to understand, Oh, why do I think that having credit cards is that?
And like, where did that story come from? And a lot of that story came from my parents. So really being honest with myself and getting to the bottom of what is at the root of my fears and weird beliefs I have about money or those fears like rooting them up and like figuring out how do I remove them or course correct them moving forward. So it’s a lot of internal questions with your relationship with money digging into the past with money. And yeah. Can you give us an example? Cause we might have a lot of listeners who are like, well, I don’t even know what questions to ask myself about money or they might think that they have no issues with money, but really I think we all have issues with money. We’re just not allowing that space or that mindset to start asking those questions.
So can you give us like maybe two to three questions to start with? Yeah, that’s great. So I think, uh, one question is, so the questions kind of come from when you being curious about certain actions you take. So for example, if you find yourself constantly trying to put your products or services on sale, like you can ask yourself the question, like why do I feel the need to constantly put what I’m selling on sale and give it a huge discount? So that’s like one really common one. Another common one is if someone let’s say you’re like a graphic designer and someone is trying to negotiate you down on price, you can ask yourself, why does this make me feel really uncomfortable? And why am I uncomfortable with negotiation and people questioning my prides? Like, that’s another common question. So yeah, I think like the questions you did come from just being really curious during those times where you just feel really uncomfortable or you find yourself kind of selling down your worth, why is mastering money mindset essential to building a business and brand?
Yeah. So I think it’s so essential. Otherwise your decision making compass is going to be all over the place. So kind of taking the examples. I just mentioned if for example, you are the type of person where your money mindset is not, not in a positive place and you’re constantly putting things on discounts. You eventually, through that constant fluctuation, that concept decision making, coming from a unstable money mindset, you become a discount brand and you make these decisions that kind of solidify you as a brand that is constantly giving discount, cost and sales. So you kind of prime your customers to wait for when your stuff goes on sale. So that’s one way that can really ruin your business. Um, another way is, um, the difference between scarcity and abundance mindset. Like if you are a business owner where you adopt a really strong scarcity mindset where the biggest manifestation of this is, for example, if you have a business where every single month, you’re just working really hard to bring in income for that month and just like satiate your month of July numbers.
Then as soon as, you know, August 1st comes around, you start that cycle all over again. And that kind of cycling comes from a place of believing that you can’t make enough money to cover you, you know, three months in advance that your lifestyle as a business owner has to be month to month. So, um, that’s an example and someone who adopts an abundance mindset and has a really strong stable, uh, money mindset gets to a place where they’ve actually set up their operations so that they’re less stressed out their businesses running smoothly. And they’re able to kind of bring in income payments in advance. So like that’s another way where your money mindsets are in a good place. You can really run yourself ragged and hustle all the time because you’ve just gotten yourself into this terrible, like operational cycle of, um, I’m just thinking about the next 30 days and that’s it.
So let’s jump in then to some tips, cause I know our listeners are probably going, okay. I might be at that mindset right now about just hustling for the month. Do you have any mindset tips to help us achieve success? Yeah, so I think like this first step is always to, uh, get really curious about what your vehicle is going to be to correct your mindset. You know, for some people, reading books is all they need to do for others seem to get a coach. Um, some people seek spiritual teachers, some people go to therapy. Like I think everyone has a really strong vehicle that they need to discover. Maybe it’s a mix of those things and kind of use those vehicles to really help you get to the bottom of these culprits that are really contributing negatively to your money mindset. And then once you, um, have discovered those culprits, then you can really take yourself on the journey of reading and things like that.
So yeah, I think those are my biggest tips and what has been helpful for me and for my clients. When we talk about this stuff, how has your mindset on money helped you build your business and brand? Yeah, definitely. So for me, uh, my money mindset, uh, was something I spent a couple of years doing. I think that I like my money mindset wounds were pretty deep. I think that it probably took me like four years of just like constantly opening and opening and asking myself these hard questions with like by going to events and working with coaches. And honestly like it’s completely transformed my ability to kind of step into my power and just really build a business that feels like I have full control of, I think in the beginning of building a business, the dynamic kind of switches where in the beginning you feel like your business controls you rather than the other way around.
So like by working on my money mindset, I was really able to kind of turn the tables and be in a place where like, no, like I’m the conductor here. I can completely orchestrate the direction of this business, how much money I bring in and things like that. So it’s been completely transformational for me. And it’s also just given me the freedom to just, I can leave work by two o’clock and do whatever else I want to do after work and not feel like I’m chained to my desk. So I think the freedom aspect too has just been completely transformational for me. Let me ask you a question that just popped into my head. Do you feel social media can also play a culprit into money mindset when a lot of entrepreneurs are consuming other successful entrepreneurs content and seeing how successful they are. Most of the time we have this concept that they were like overnight, we’re not seeing the message background.
Do you feel that social media can sometimes play almost like a good and a bad role when it comes to money mindset? Oh, a hundred percent. That’s why I really think that you have to be aware of how an environment like that affects you. And like for me, I don’t follow any other coaches or startup entrepreneurs for that specific reason. I’m just like, what’s the point? It’s it like creates a conversation and dialogue like chatter in my head that I don’t need. And if I’m really committed to fostering a healthy money mindset that I am going to unfollow all those people and just like remove them from my life. So, absolutely. So I think like the solution, there’s a, you just have to be really honest about how committed are you here to fostering and getting to a good place with money mindset. And that’s some really great advice because I recently did that probably maybe six months ago, I found myself constantly consuming certain the content of certain accounts.
And I realized that I was constantly comparing my perceived success to their success. And I think as entrepreneurs, we, along with money mindset, we also needed to find our own success. Like my success is going to be different from someone else’s so much of it. And we compare and I did the same thing you did. I had to unfollow so many accounts. Not that their content was bad, it was just, I was consuming it in a wrong way. So thank you for saying that because I think we love social media, but we also have to be very careful with it at the same time. Yeah. A hundred percent. Yeah. And there’s like always a point where you follow those competitors. Cause you kind of want to study them and just see what everyone else is doing. But that studying period, like you can finish that up in a month and just be like, okay, like my studying research period is done.
Now I can unfollow. Absolutely. I totally agree with you. So what is the best piece of advice you can share with the listeners who are just stuck? Yeah. I think that the times when you’re stuck is when you are not able to see the culprit and when you’re not able to see the culprit, you don’t see the solution. So my best advice is kind of to follow what I was saying before about like get radically honest, like eat that humble pie and really discover what are the hard questions and answers that are coming out from those hard questions as to you are stuck and what the culprit is, and then find your vehicles, find the people or books or events that can help you and just kind of rehabilitation course, correct. From there. Like one thing to remember is that this isn’t an overnight journey.
This is something that’s going to took me years. You know, some people, it only take months, but this is something that you have to commit to. Uh, and once you kind of get over that initial hump, it’s still like a continuous thing you have to work on every day to kind of just keep things balanced. So yeah, just kind of respect how difficult the journey is and be patient with yourself. And thank you for saying that it’s a journey because I think a lot of people go into money mindset and they think they’re just going to fix it. And it’s a one time fix, but we have to realize that as you grow as an individual and as you grow as a business, you’re evolving. So your money mindset also new needs to evolve over time. Would you agree Sophia? Oh yeah. A hundred percent.
I love that. Yeah. I think, and you know, when you get more successful, you do get to a place where you’re like, Oh wait, I can do better. Let’s keep going. So there’s that too, for sure. I love that. So Sophia, this was an awesome, awesome conversation today about money mindset. I’m glad we asked those hard questions or helping our listeners kind of dig deep and ask themselves those hard questions. So I would love for my listeners to connect with you on social media. So where can they find you? Yeah. So, uh, my Instagram is ascent with Sophia. I’m pretty active there. So yeah, you can find all of my stuff there. And I do a lot of mini classes where I talk about more like this stuff. So feel free to check out. They’re awesome. And I will make sure that your information and all your contact information is in the show notes. So thanks for being on the show today. Yeah. Thanks so much, Allison. I appreciate it.
