You’re likely familiar with the story of A Christmas Carol, the world-famous novel penned by Charles Dickens and published in 1843.

It tells the tale of a miserly “old sinner”, who lives his life “as solitary as an oyster” in Victorian London. He’s a businessman and landlord who looks down on the poor and will barely allow his workers the morning off to celebrate Christmas Day. His name is Ebeneezer Scrooge.

But as you might know if you’re familiar with the story, on Christmas Eve, Scrooge has an experience that prompts him to change his ways and alter the course of his life.

Here’s what A Christmas Carol could teach you about the power of mindset as a business owner.

A scarcity mindset could impede your progress

We’ve previously published insights on how a scarcity mindset could be detrimental to your goals. While it’s important to be frugal and ensure you’re managing your corporate and personal finances carefully, constant stringency could lead to lost opportunities for growth.

The same is true for Ebeneezer Scrooge when A Christmas Carol begins. In the harsh economic landscape of Victorian England, he’s managed to build a fortune that he wants to protect. But when his late business partner, Marley, visits Scrooge as a ghost dragging the chains of Hell, he expresses regret for the way he lived his life, lamenting his selfishness.

By the end of the novel, Scrooge’s mindset has entirely changed. While he’s still interested in running a successful business, he understands that investing in wellbeing and showing generosity could cultivate a better environment for those close to him.

For example, he gives his hardest-working employee, Bob Cratchit, a pay rise. This enables Cratchit to pay for his sick child’s healthcare and remain in his family home. This simple act – which Scrooge can easily afford – promotes Cratchit’s loyalty and, in turn, gives both parties a mutual respect and understanding for one another.

Reflecting on your past mistakes could help you strive towards a more positive future

During the night of Christmas Eve, Scrooge is visited by three more apparitions: The Ghost of Christmas Past, The Ghost of Christmas Present, and the Ghost of Christmas Yet To Come.

These ghosts show Scrooge an element of his life that frightens him: his selfishness has led him to be a lonely, heartless man.

In one chapter, The Ghost of Christmas Past reminds Scrooge of his ex-fiancée, Belle, who left him due to his unwavering focus on business and money. Scrooge mourns the loss of this love and wonders how different his life would have been if he’d spent more time with Belle and his extended family.

Although it can be painful to cast your mind back to mistakes you’ve made over the course of your life, doing so could shift your mindset and behaviours towards a more positive future.

For instance, if you have previously struggled to balance work with your personal life, you could now look to achieve equilibrium between the two, nurturing your family life alongside your entrepreneurial aspirations.

Envisioning your future can help you shift your mindset today

Perhaps the most daunting experience in A Christmas Carol is the moment in which Scrooge is visited by The Ghost of Christmas Yet To Come.

The ghost shows him his own grave, around which local people laugh and joke about nobody mourning him, with one townsperson calling him a “wicked old screw”.

In this moment, Scrooge realises that the way he lives today will follow him until his death – a thought that frightens him beyond belief. It is this vision that prompts Scrooge to wake up on Christmas morning a changed man, with his first act of kindness being to purchase the largest turkey in London for the Cratchit family to share.

While you are highly unlikely to see a vision of your own future, shown to you by a mysterious ghost, thinking carefully about the future you want could change your mindset and behaviours today.

We talk more about this in our recent piece on the financial new year resolutions you could set for 2025, which might make a helpful starting point. You can also read about why setting vague goals could harm your progress, along with tips for being more specific in your objectives.

Your financial planning journey starts with a shift in mindset

Although your financial planner will help to manage your wealth, the journey truly begins with a shift in mindset. Letting your life pass you by, as Scrooge does, could leave you feeling stagnant or unfulfilled – whereas you deserve to live confidently and achieve your goals.

If you’re turning over a new leaf in 2025, email us at clients@iqf.ie, or call 353 71 915 5560 to see how we can help.

Please note

This article is for information only. It does not constitute advice.

It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.