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How to Become Debt Free By Shifting Your Money Mindset

Toyin Crandell, author of the Money Mindset Shift and host of the Millionaire Money Podcast, talks about helping her clients ditch their limiting beliefs about, money, by shifting their, money mindset, design a simple, proven and customized, financial freedom, plan so they can, build wealth, become, debt free, and create a new legacy.

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Bio

Toyin Crandell is the host of the Millionaire Money Podcast, a best-selling author, a financial mentor, an international speaker, and the founder of Money Mindset SHIFT.

She specializes in helping business owners and career professionals ditch their limiting beliefs about, money, design a simple, proven, and customized financial freedom plan so they can build wealth, get rest, and create a new legacy.

She has coached thousands of individuals and families, helping them increase their wealth by $10s of millions of dollars and pay off millions of dollars of debt while enjoying their lives in the process.

Using the principles she teaches, Toyin Crandell went from being stuck in tens of thousands of debts, having no food for her family to building eleven streams of income and running her own multi-million-dollar company.

How Toyin Became a money mindset coach

Toyin: I was in full time ministry and I loved what I did. Me and my husband are both professional musicians. That’s how we met. So, I was like, God is good. Life is good. Who needs, money. December 2016 we were living in a tiny basement apartment. The apartment was so small. I think our whole apartment fits into my current master bedroom now. It was so small; you had to go sideways and do a shuffle to get some clothes out of the closet. And we had a little six-month-old daughter, I really didn’t care. I didn’t even notice any of these things.

We had our daughter and I remember one evening my husband had brought me dinner in the bedroom. Because we didn’t have a dining space and I’m eating dinner, and I was just like, Baby, where are you? You know, he’s not in the room like there’s nobody else in the house but me and him. So, I said to him come eat over here. And he comes in the room and I’m just casually asking him, what are you having? I was eating some canned stuff. And he said, I am having chocolates and I was like, what do you mean chocolates? And he said Toyin we’re out of food.

Dinner was canned food and chocolate

I found out that week he had been giving me the rest of our food because I was nursing our daughter. And even the chocolates that he was eating were not chocolates that we bought. It was because it was December it was Christmas season and people had given us a gift of a box of chocolates. So, he was living on that, so I could feed our baby and that was my very first, forceful wakeup call where in my mind I thought to myself, Oh, my gosh, this isn’t working, money, matters.

I started having 1000 thoughts in one second, I’m thinking to myself, we need to be able to feed my daughter. It’s one thing when you’re single and you don’t have food and you can eat rice from January to December. Nobody cares. But now have a daughter that I am responsible for, so I get this wakeup call, what do I do? Me and my husband very resourceful people, I tell him it’s not working. I’ve been watching a ton of webinars. I’ve been listening to all these different things to try to learn from people. And I was not working, else we would have food in the fridge.

So, I get my first coach and this person was a, business strategist, and they helped me to like start thinking more like a business person as opposed to thinking like a Lottie, Dottie person. And I remember in February I had collected $7,000 in cash and I was like oh my goodness, this is the breakthrough we’ve been waiting for.

Myrna: What did you sell to make the $7000?

Helping people to become debt free

Toyin: I was helping people to become, debt free. So, here’s the funny thing. I had debt in the past and I thought that, debt freedom, was, financial freedom, because I didn’t understand, money. So, I learned how to be, debt free. And I had started teaching it as a business casually, I didn’t even plan it. I just became, debt free. My friends were like, Oh my gosh, you’re, debt free. How did you do it? I Started telling my friends, and they became, debt free. I’m spending all this time talking to people and they’re all becoming, debt free. And I wasn’t getting paid.

So, I was like, I should get paid for this. So that was what had started like me charging for teaching people how to become, debt free. What happened was in the same month where we’re emailing about rent and bills, I get this favor to get into a room with these technical, millionaire mentors. And these are people who are running businesses that are in the hundreds of millions of dollars and

I’m in the room with them learning from them. I started noticing these guys they don’t talk like me, I started noticing so many little things. And I realized that I had been in so many circles. We prided ourselves on our, struggle. I get in this room with these actual, millionaires. And one of the men had this chart and it started with:

struggle,
survival,
sustained success,

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Shifting your money mindset from struggle

He asked us in the room, where are you on this ladder? And like earlier that year he met me in February have been like at least I mean, sustained success, but at this point, I am under, struggle, again. And I just remember thinking to myself, if I don’t figure out what is holding me back financially, I will always be under, struggle.

I realized that the problem isn’t to be, debt free, because I had become, debt free. I was, debt free. But the problem was my mind was so against having, money, that even though our expenses was the lowest you could imagine. We reduced our income to be lower than even those expenses, because we were so used to, struggle.

Myrna: I teach that all the time. Let’s label this, mindset. It’s called a, poverty mindset.

Toyin: That’s exactly right. That means no matter what actions you take, you produce, poverty. And in that month, I create this process. So now let me talk about how we got to 11 streams of income. I create this process where I just started asking myself questions. I got honest with myself on a level that I had never been honest with myself before. I asked myself:

What are the limiting beliefs I have about, money?
What is my actual relationship with, money?
What am I doing wrong?
What is my pattern with, money?

Why shifting your money mindset works

So now I see the problem and I create this shift process. I didn’t know anything about neuroscience back then. I didn’t know anything about, mindset coaching. I just knew I was sick and tired of, struggle. So, I use this process for myself. I never thought I would even tell anybody about it.

The next month, November, we had more income. And my husband pointed out to me, he’s like, hey, you just had more, money, come in, in November this month, than all of last year combined. And he says to me, what are you doing? Do you have a new offer? Do you have a new business like what are you doing that I didn’t hear about? Honestly, I was shocked. I hadn’t looked at the numbers from that frame.

And I said to him the only thing I did was change my, mindset. I thought to ask myself, I wonder if this mind process would work for my clients because I haven’t taught them anything about mindset. It was all strategy and our success rate because our success rate was around 50%. The industry average ranges between 3% to 50%.

In coaching, our success was 60. I used to be proud of that. But I used to be so frustrated about the remaining 40%. Why were these 40% still in poverty? When I started teaching, money mindset, our success rate went to 95%, our people start scaling and becoming, millionaires.

In the process of up leveling my mind every single year, I’m honest about this. I am a human being I still have, money mindset, challenges, the difference is the level.

Becoming a millionaire by shifting your money mindset

Myrna: You’re no longer scratching the bottom.

Toyin: I remember it took us from $60,000 a year to 130,000 a year to 600,000 a year to over a million in a year, so we were growing every single year. I would literally sit my butt down with my process and say, Okay, what’s the new level? What’s the new identity that God is calling me to operate in. Because guys, money, is never just about the numbers. When I set goals, when I push and when you want to push, you’re not doing it just because of the, money; money itself is neutral. It means nothing.

All it is a marker of the value that you are bringing to the world and you are allowing yourself to receive. And so, I realized the more people I can serve this, money, thing is just a way for me to see how many people am I helping? How many people am I making into, millionaires, or whatever the goal is. I’m a finance person naturally, as soon as the, money mindset, got figured out, we were off. We now have 11 streams of income. We’ve got real estate properties, you’ve got dividends, we’ve got stocks, we’ve got royalties, we do workshops, plus, passive income.

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Passive income streams

So, we have, passive income, streams and active income streams, but all of it came out of one thing one thing a, money mindset. Start your income making machine, you need an income making machine that allows you to do all the other fun things that you want to do. What your income making machine will not produce unless you face your, money mindset.

So, unless you look at your, money mindset, and allow yourself to be able to get to a level you’ve never been you are not going to become a, millionaire. We coach people who are, millionaires, and we coach people who have not worked a job in eight years and the conversation may be different, but we are training the subconscious.

Shifting our money mindset

Myrna: So how do we shift our, money mindset?

Toyin: Okay, the first thing that you want to do is you need to get honest with yourself about what’s not working. If you cannot be honest with yourself about what’s not working in your finances, you will never fix it. And this is actually the hardest part, being honest with yourself. Most people never want to do that because it sucks to look in the mirror.

And so, the first thing that you guys want to do is to get your, money, right. You have to sit down with a pen and a paper and write down what are the patterns that I am seeing happening In my life that are giving me clues. The, money mindset shift, is simply follow the money.

So, for example, if you have a savings account, and your savings account, never crosses 5k, some of you guys you’re doing very well your savings account may never cross 100K. You get what I mean? Like everyone has those limits, where were the ones that never crossed 55 bucks.

What’s your money pattern?

When there is a pattern, we often get lost in the story. The reason my account never got past $500 was because my fridge broke down. The reason was because I chose to go and shop this time. The stories will always be different but I don’t look at the story, I look at the pattern. What is the pattern, the pattern is when you hit $500 your money disappears.

So right now, what are the patterns that I am noticing in my, money? I will save this specifically for those of you who earn a higher amount than people around you, you are in one of the most dangerous positions financially. Why? Because when we work with a lot of, millionaires, and we find that because you are doing better than most people, everyone around you is super impressed.

They’re like, Oh my gosh, Look at your income. And a lot of these people don’t notice whether or not, money, is staying. Yes, you’re working hard. Yes, you’re bringing in bank. Yes, you’re making the dollars; But you’re not building generational wealth. You’re not keeping any of it. You’re not keeping it. But once you shift your, mindset, you have to take action.

Toyin’s book Money Mindset Shift

Myrna: I know you just started your podcast. Tell our readers how they could connect with you.

I’m the host of the Millionaire Money Podcast. It is so much fun. We just teach business owners and career professionals how to think like a, millionaire, make wealthy decisions and take strategic action so that you can actually create the, millionaire, bank account and lifestyle that you want. So, our goal in that podcast is literally helping you to get your first $100 million dollars. We’re going to be taking you to the next level. So that’s the podcast.

And then the second thing is some of you guys may be saying, I’m ready to shift this brain of mine, I am ready to actually begin to live out the wealth that I’m looking for. For those of you guys you can go to www.moneymindsetshift.ca and you’re able to watch a free master class. Now we have two master classes. One of them is for everybody, and the other one is specifically for business owners who are currently at six to seven figures. So, if you’re thinking seven figures is a masterclass for you. And if you’re a career professional or business owner and looking to earn your first million then the second master class is for you.