A positive money mindset is essential when it comes to improving your financial situation. Whatever your financial goals are, they will be difficult to achieve unless you have the proper money mindset.
If it seems like you’re taking all the right action to get ahead financially without making any progress, it could be because of your money mindset, that’s why its important to learn how to change your money mindset.
I’ve heard so many people say things like “rich people are selfish, evil, or crooked“, “I just want enough money“, “money is the root of all evil“, and so on. This is all because of a mindset.
What you believe about money, yourself, and the world shapes the course of your life. Above all else, guard your heart, for everything you do flows from it.” Proverbs 4:23.
Building the right mindset is not a one-time event. Instead, you continue to improve and make progress.
A mindset is a belief system that guides how we deal with situations.
Your money mindset is your individual set of money beliefs and attitudes. It is the foundation or platform that determines and drives your perspective on personal finance and guides your money decisions.
Do we see how important it is to learn how to change your money mindset from negative or unhealthy to positive and healthy?
You can improve your relationship, make better choices, and look forward to a healthier financial life and future if you understand your mindset, how it has shaped your current life, where it comes from, and what you need to do to improve or change your mindset.
Characteristics of good and bad money mindset
Optimism in the face of uncertainty
Feeling in control of behaviour and financial decisions
Solution-oriented
Openness to learning new things
Fear and anxiety
Feeling a lack of control
Feeling defeated
Feeling intimidated about difficult stuff
A person with a healthy and unhealthy money mindset has beliefs like
I don’t have to compare myself to others
I can reach my financial goals, and I will do the work.
I see giving as a lifestyle choice
I’m free to spend but don’t have to
I can’t afford it
I am not good with money
Money is not that important
Money is there to spend
As with any other change or improvement, you must concentrate on what you can control. All the methods discussed here either require or involve
The first step in making any lasting change is identifying the problem, in this case, the current beliefs that are limiting you. The best way to do this is to ask the following questions and reflect on events in your life.
It is important not only to go through these questions but also to record them in a journal because most of the time we are unaware of the beliefs that are controlling our lives.
We used to have no control over what we learned, and this includes money therefore we learned things about money that weren’t helpful or true, but we are now in a position where we can change what doesn’t serve us.
If you’re anything like me, you’ve made some financial mistakes over the years, but your past experiences don’t have to define your financial future. Take some time to reflect on what went wrong, accept responsibility for your actions, and learn from them in order to avoid repeating the same mistakes in the future. Also, forgive yourself.
The truth is that mistakes can eventually lead to success if you learn from them and keep moving forward, and the same is true for financial success.
To be empowered to build correctly this time, you need the right knowledge systems to build good habits, which leads us to the next method for changing your money mindset.
So you’ve identified what’s wrong and you’re determined to fix it. The easiest way to get in the right direction is to stand on the shoulders of others, especially successful people, those who have the knowledge and have walked in your shoes.
Books are an inexpensive way to change your life and instil a new money mindset, and the majority of them are available for free at your local library.
Some of my favourite books include:
Using these links to buy any of the books mentioned gives me a tiny commission at no further cost to you. Thank you
Big wins are made up of small wins, and when we face challenges, we often forget where we are coming from and instead focus on where we want to be or the challenge we are faced with and this gets the best of us.
As you commit and implement these steps you will notice small changes. Recognize and celebrate them; this will be simple if you have a system in place. We should recognise every green light on the way.
I believe in giving because of the power it has to shape our minds, especially when it comes to money; some would even argue that it is the most fun you can have with money.
Giving shifts your focus from me-centred to others-centred and helps you adopt an abundance mindset rather than a scarcity mindset.
Don’t fall into the trap of thinking giving is only for wealthy people; instead, try to commit to giving something, no matter how small, and you’ll be glad you did.
When we focus on what we don’t have, it’s easy to lose sight of what we do have. Spend a few minutes each day remembering everything you’re grateful for, whether it’s your job, family members, or even the fact that you have running water and food on the table.
Focusing on gratitude can help you shift your attention away from all the things that could be wrong in your life and toward all the things that are right; this is a place of abundance.
I try to do this every day by writing down three things I am grateful for each day; on my list, you will find everything from big and exciting things to small and boring stuff, and part of this list is what I compile to publish “things I am grateful for every year.”
I’m confident that whatever situation you’re in right now, if you start focusing on gratitude, you’ll find plenty to be grateful for.
When you’re feeling down about your finances, pull out your gratitude list and go over it, This will remind you that there are many good things and good news in life that aren’t measured by money, like family, friends and health
A vision board is a tool that helps you visualise your goals and dreams. Imagine where you want your life to be in five years, ten years, fifteen years, and beyond. Make a collage of images that represent your dreams
Use your vision board as motivation while you plan and create systems.
Visualization reconnects you to your why, which is more important than the how. In the book 7 Habits of Highly Effective People, one of the habits is, to begin with the end in mind, which visualisation assists you with.
When it comes to changing your mindset, visualisation is a very powerful tool, and a vision board can help.
I am reminded of 3-year-old Ayaan, whose mother taught him to say, “I am smart, I am blessed, I can do anything“
According to research, practising positive affirmations can reprogram your brain! As a result, you will be able to let go of limiting beliefs.
You don’t combat negative thoughts with positive thoughts, but rather with words; the same is true for negative emotions.
The trick is to repeat the words to yourself at least once a day, preferably in the morning, and to fill your day and life with them. Put them on your phone or computer, frame the words, and so on.
Using affirmations is a powerful money mindset exercise that will improve your outlook and provide you with a healthy money mindset.
Here are some positive affirmations you can say to yourself.
If you don’t see immediate results, it’s easy to give up, great things are made up of small things and big changes are filled with small changes so rather than giving up because you don’t see any huge impact keep doing what you know works, and don’t get attached to results
Also, don’t attach your self-worth to results, if you will attach to any, attach it to the process.
Change requires time so be resolute in your desire. Be totally dedicated to your goals and dreams.
You may feel uneasy right now, but there is no reason you should ever return to your old way of thinking.
Instead of dwelling on what was, consider what could be and where you are going.
Building the right money mindset can’t be achieved by taking action once and then stopping; the key is in REPETITION.
