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Could Your Mindset Be What’s Blocking You From Financial Independence?

Written by Morgana Lakatos-Hayward, Special Guest Writer and Executive Contributor


We know the financial world through traditional money accumulating methods such as saving, budgeting and investing which can propel you towards financial independence, but what if there’s another side to the equation that we’re missing? Before we get started, I am not a financial advisor. However, I am trained in the financial world and well-versed in my own experiences. From scraping the barrel and making under $25,000 per year whilst paying rent, having an expensive dance career that cost me over $60,000 per year and the basic costs that come with life, I have come far in just two years to now own my own thriving business, multiple investment and saving accounts, creating six different income streams and not only giving myself financial independence, but also a higher quality of life. And let me tell you, it started with a simple mindset shift.

Small business, woman and coffee shop front door with pride for startup, cafe or restaurant.

Make sure you are already doing the right things

It’s inappropriate for me to discuss money mindset if you are spending your pay cheque as soon as you receive it, buying things that don’t serve your happiness or well-being, furiously storing your money away for a rainy-day, or simply not making enough. So, let’s get clear on a few things first.

Construct a spend, save and invest split

One of the first things you should look at in your finances is what split of your income will be dedicated towards spending, saving and investing. I traditionally recommend a 40% income split towards spending, and a 30/30 split of saving and investing.

Reduce your expenses

This is where you need to get really clear on what you need and want. Whatever is not bringing you joy needs to go ASAP! Your needs can be things like rent, groceries, and utilities, whereas your wants can be an entertainment budget, going for a blow-out, or home improvement. Here are some quick tips on how to cut unnecessary expenses:

  • Cook at home. There is a saying that goes, “Buy once and cook twice,” and trust me, it works. (I used to grocery shop once every 2 weeks when I was not making enough money and too stubborn to ask for help. I made use of frozen vegetables and fruits that I could turn into stir fry’s and smoothies. While I don’t recommend this way of living, it did help me save a bit more of my income than I would have grocery shopping 2-3 times per week like I do now).

  • Cut out expenses that are not serving your health. If you are a smoker, heavy drinker or compulsive junk food eater, you need to get really clear on your life and what body and financial goals you aspire to achieve. If your daily habits aren’t serving those goals, they need to go.

  • Switch your social plans. Rather than going out for an expensive dinner or drinks, try these options: Invite your friends over for a game night, make a group cooking night at home, or have a potluck dinner where everyone brings a dish they made (and most of the time you get to keep the leftovers. Bonus!).

  • Assess whether you need a car or can utilize public transportation. Gas, tickets, and repairs can add up. You could sell your car and invest that money, or simply put it in the garage for a couple of months and hop on the metro instead.


If budgeting is not your best friend now, it will be. I recommend getting a budget binder where you can divide your income into different sections based on different needs/wants. It is highly important that you also create an emergency budget to tap into in times of need.

Creating savings and investment accounts attached to different goals

Be sure to attach goals to the different savings and investment accounts you are opening. For example, one savings account could be what you use to save for future vacations and an investment mutual fund could be used to work towards your first home.

Make more money

Duh. Who doesn’t want to do that? But having multiple income streams is a must in today’s economical climate. I suggest you try to monetize a hobby or passion of yours. Do you have a knack for painting? Could you try to sell some of them on the side? If you love to cook, could you potentially cook meals for busy families out there who would love to have home-cooked meals but don’t have the time for it?

Another way to bring in another income stream is if you have an extra room in your apartment that you could rent out. Owning a car could also help you start a side hustle like Uber.

Selling things you don’t need is another method to get quick cash. Clear out whatever you don’t need, want or use and advertise a garage sale in your local neighbourhood. You could make a couple extra hundred bucks in a couple of hours.

If you’ve always wanted to become an entrepreneur, start laying the groundwork and building your business while you are still working your regular job. Again, these are all ideas. But they could drastically speed up your route to financial independence.

What is an abundance mindset?

Now that we’ve covered our bases, we can get to the good stuff. An abundance mindset is where you are constantly open to new opportunities and live in a state of gratitude. Where you would normally see a closed door, you instead see a way to open the door and unlock the goodies inside. It sounds very easy, but there are some patterns and chains that might need to be broken to truly unlock this potential within you.

Looking at your financial chain

Let’s take a step into your childhood. Do you remember overhearing any conversations your parents had about money? Or do you remember any quick remarks they made in certain situations? For example, perhaps you asked your mom for a doll while shopping, and she instantly said, “No, we can’t afford it. You are expensive enough”. Small comments like this over many years can drastically shape a person’s mindset and spending habits. After a comment like this, someone might grow up to neglect self-care and spending money on themselves. 

Let’s get deep into your roots. Were your parent's spenders? Were they savers? Were they drastic hoarders of money, afraid to spend a dime? Or were they always in debt and stressed out on the topic of money? Once you’ve reflected on this, take a look into your own habits. Explore your relationship with money and whether you have taken on some of your parent’s attitudes, or rebelled against your parent’s patterns and did a complete 180. 

How can I achieve an abundance mindset?

Although switching your mindset won’t be an instantaneous thing, it will be incredibly rewarding, and I guarantee you will see your financial situation improve. Listed below are 6 things you can do to begin to switch your mindset to channel abundance:

1. Reframe your beliefs

Once you are aware of your spending and saving patterns, it is time to reframe them. Even just noticing how your upbringing has shaped how you have used your money can be incredibly healing. To take it a step further, get out of your comfort zone. If you are an out-of-control spender, the odds are you don’t know how to live with money in your account (as funny as this sounds), most likely because your parents or ancestors never did. Set aside money every month for savings and investments, and when you feel the urge to spend, ask yourself three things: Will this bring me lasting joy or a moment of happiness? Does this support the life I’m trying to create? Could I use this money in a more productive way towards my future? 

If you are a hoarder of money (as I was at one period of my life), see tip 3 below.

2. Count all of your income

Many people are earning more money than they think, but they don’t track all of their income. Money made from your job/s, investment returns, given as gifts, or found on the street should be recorded daily. I make it a habit at the end of everyday to sit down and write out how much money I made that day. Before, I used to live in the dancer mindset that you can only accept things that come with hard work. So, I would never record the money I was making that I got from gifts (and I was so broke I would usually ask only for money on my birthday and Christmas). Once I started to document this, my income nearly doubled, my stress eased, and I freed my mind to open up to possibilities and abundance.

Furthermore, if you currently have funds sitting in Paypal, Venmo, Zelle, Stan Store, or anywhere where it is not being deposited and counted, please do it now. The universe is giving you money and the lack of action with it is like saying you don’t want it in your life. 

3. Practice receiving

This will be a hard one for my savers out there, as it was for me. I am a firm believer in that you need to show up in the life you want to be living, before you receive it. Receiving allows you to treat yourself with money, it builds a solid relationship with it, and it is important for creating financial independence. This tip alone has brought way more money into my life, so use it wisely. 

Set aside a monthly budget for what you will treat yourself with and what your financially independent self would love to do or have. 

4. Become aware of all opportunities

Some opportunities might look a little bland if they are unpaid or do not generate enough exposure, however, you have to begin to live by the motto of “you never know”. Opportunities are gifts from the universe to direct you on your path. Perhaps this lesser opportunity will generate a higher paid one, or land you a brand deal you never thought possible.

5. Practice gratitude

Living in a state of gratitude will completely change your life, not just your finances. This mindset will bring more of what you are grateful for into your life. Set a daily gratitude practice whether it be journaling or taking a few moments to repeat to yourself 3 things you are grateful for.

6. Set income affirmations

Affirmations raise your vibrational frequency and set an intention of what you are working towards and asking the universe for. I kid you not, the affirmations I set and repeat to myself daily always work out. If you are still not a believer, take this example and try it for yourself in an area of your life.

My upcoming book “Read This When You’re Done Dieting” was rejected by 4 publishers at the start of this year. Every rejection hurt more than the last. I began to write an affirmation that I still use to this day, and within one week my book was accepted by two different publishers. 

When writing your income affirmations, it is important to state them as “I am” or “I have” so you are affirming that it has happened. As well, if you are using figures in your affirmations add a plus to the end of it because who knows if the universe wants to give you even more money. And lastly, set a date as to when you want to receive it. As an example, my income goal last year, which I have now achieved, was: “I am earning a six-figure plus income by December 31, 2023.

You have the means inside of you

Oftentimes on the subject of money, people feel their dreams are unobtainable. Try as they might, things never seem to work out. And it is incredibly difficult to physically change your situation given the numerous external factors at play. But what if, all your answers were buried deep in that beautiful brain of yours? 

I encourage you to try these methods and see the magic happen for yourself firsthand. I was a sceptic at first but had nothing to lose. I tried it and couldn’t thank myself more for giving into the process. I know you will too.

Follow me on Instagram, LinkedIn, and visit my website for more info!


Morgana Lakatos-Hayward, Special Guest Writer and Executive Contributor

Morgana is a former world champion Latin dancer turned health coach. From making under $25k per year to now owning a thriving health coaching practice called: "This Isn't a Diet", a podcast on Spotify and Apple Podcasts "Listen to This When You're Done Dieting", and a book on the way entitled "Read This When You're Done Dieting", she has turned her financial situation around to become financially independent and open 6 different income streams. She is currently working on developing two more income streams and claims that her financial shift started with a simple mindset change.



  • Duffield-Thomas, Denise. Get Rich, Lucky Bitch!: Release Your Money Blocks and Live a First-Class Life. Hay House, 2018. 



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