Disclosure: This post may contain affiliate links, meaning if you decide to make a purchase via my links, I may earn a commission at no additional cost to you. See my disclosure for more info.
Who taught you how to think about money? Was money an ugly or uncomfortable topic of conversation in your house or a status symbol used to lord over others? Long before we realize it, we have been imprinted with many beliefs and ideas that shape the way we act and the opinions we hold about money. How we feel and what we think about money can have a huge impact on our lives, from the careers we pursue to the types of products we buy and the homes we choose to live in. If you’re struggling to overcome financial hurdles or reach a financial goal that should be well within your reach, your mindset could be the culprit. Regular self-reflection around your personal finances can help you pinpoint the habits or negativity holding you back from the financial security you crave.
1. Attitude
When I was little, my parents taught me that two of the worst words in the English language are “I can’t.” If you can’t, you never will, and this negative outlook can sabotage any progress you’ve made toward your financial goals. It can be difficult but try to say “I will” instead of “I can’t” and see how things turn around.
2. Clear the Path
As you develop a positive outlook, your decisions will follow. For instance, if you create a goal of saving $6,000 this year, you’re more likely to aim for actions that will help you achieve that objective. As with everything, though, keep that mindset positive because if you start to believe you can’t reach that goal, you are much less likely to make your actions follow along, and the year will end without realizing that goal.
3. Lookout for Limiting Beliefs
When I first started looking into mindset work — changing your mindset into what you want it to be — I had no idea how a limiting belief could impact your growth. When creating your financial goals, cut out these limiting beliefs that may tell you you do not deserve financial freedom or that you can’t become wealthy at your age. They kill your progress and can derail everything you’ve worked for.
4. Decisions, Decisions
Wealth doesn’t just come to most of us; we must work for it. Ergo, you have to make good, positive decisions regarding your finances. Creating and following a budget, putting aside money for emergency and retirement funds, and paying down debt until debt-free are good, solid choices that can significantly impact your finances and mindset.
5. Own It
Financial decisions can range from really poor to excellent. Owning your choices and their consequences is vital to keeping your mindset in the right area. When you make a money choice, be sure you can take responsibility for it and the results that come from it.
6. Lesson Learned
While financial choices have apparent consequences, you don’t have to stay locked into them forever. Get honest about what worked and what didn’t, then move on. Learning lessons is a human condition; it’s going to happen. Grow from the experience so you’re not doomed to repeat the mistakes you’ve made with your money.
7. Good Advice
Whether reading books, listening to podcasts, following social media influences, or hiring a financial planner, follow good, tested, provable advice. This is especially true if you need more knowledge about investments, the stock market, mutual funds, etc.
8. Upskill
Along with learning positive lessons concerning money, you can also upskill. If you’ve never made a budget or don’t know where to start, take a course on budgeting. If you need to learn more about how the stock market runs, take a class on “owning stocks for beginners.” Gaining knowledge in financial areas where you’re uninformed can help you build a favorable mindset structure that holds its own against an unfavorable financial move.
9. Good Company
If there’s one universal truth I have experienced more than once or twice, it’s this: It’s tough to stay mad around happy, positive, optimistic people. Therefore, surround yourself with happy, positive, fun-loving people, and you’ll be surprised how easily your mindset will start to change.
10. Don’t Get Comfortable
When we get physically, mentally, or spiritually comfortable, we can stop growing and learning, and our progress stagnates. Regularly step out of your financial comfort zone to try new strategies, learn new methods, and discover how easy it can be to expand that comfort zone to new horizons.
11. Learn, Do, Repeat
Balance is something you’ll have to learn while you’re increasing your financial freedom. If you spend too much time learning, you’ll miss your chance to implement that learning. On the flip side, too much time spent on old policies can mean that you’re wasting your time on strategies that won’t give you the return you’re looking for.
12. Reach Higher
Setting small, attainable goals is good, especially when you’re just getting that mindset turned in the right direction. But once you’ve got things squared away, start reaching for higher goals. Start stretching that comfort zone so you’re constantly growing, and watch your financial wealth increase in solid increments.
13. Lean Into Hard Times
What doesn’t kill you makes you stronger. Difficult times can be one of the most significant markers of success if you use them to your benefit instead of fighting them. Some of the greatest success stories come from adversity. Why shouldn’t you be one of them?
14. Work Hard, Play Hard
Success isn’t going to fall into your lap. You must set clear priorities to see the gain you want in your finances. The more you offer, the larger your gain will be. It’s all relevant to how fast and how much you want to rise.
15. Fear Not
If you’re worried about what people will think of you, learn to let it go now. No one is walking the path that you’re walking, so their thoughts are irrelevant. You are doing the work, making the sacrifices, learning, growing, and succeeding. Your thoughts are the only ones that matter, and that’s what mindset is all about.
Mind Over Matter
Mindset is the process of mind over matter. No matter what you’re facing, you can overcome it. I’ve gone through a foreclosure, dealt with massive student debt, been fired, and suffered from imposter syndrome. I’ve also managed to land a dream job with a fantastic boss and some of the most incredible colleagues anyone could ask for. Remember to count gains that aren’t necessarily financial but help set you up for success by creating the perfect environment to thrive.
The Purpose of a Budget and 11 Reasons Why You Need One
The primary purpose of a budget is to track your income and expenses. A budget also ensures your bills are paid on time, helps you plan for the future, helps identify any bad spending habits or areas where you could reduce your spending, and ensures that your spending reflects your priorities. By creating a budget and sticking to it, you can ensure your needs are met, your bills are paid on time, you get out of debt, and you meet your financial goals.
18 Ways to Save Without Sacrificing Life and Happiness
Do you want a new perspective on saving money? If you think this is another article telling you to skip your morning coffee or give up dining out, then let us tell you—it’s not! This blog post discusses 18 innovative and painless ways to save cash without sacrificing the things that make you happy. We believe that a good life isn’t about cutting back on everything you love but about making smarter decisions with what you have. So, if you’re ready to start saving without compromising your lifestyle or happiness, dive right in!
