If you have read my roundup post about money saving tips given to me by other finance bloggers you’ll see the last tip with the following phrase “develop the right money mindset”.
So why did I include that in the list of different ways to save money?
It’s because for you to save money, you need to have the right money mindset, and if you don’t have one yet, maybe it’s a good time to develop that kind of mindset today. This also applies if you want to have a better financial life, because having the right money mindset is also needed.
So how do you change your money mindset?
5 Simple Steps To Change Your Money Mindset ASAP
1. Examine your current beliefs
The first thing that you should do in order to change your money mindset is to examine your current beliefs, and eliminate the bad ones and keep the good ones.
Experts say that most of the things that you believe in right now are based on your experiences when you were younger. So if you have seen your parents spend their money like there is no tomorrow, there is a great chance that you’ll do the same. If they rely too much on their parents, there is also a good chance that you’ll do the same to them.
Do you think that doing those will be good for you and your financial life?
I don’t think so.
It’s not always that bad, because if your parents were good investors, there’s also a good chance that you’ll be like them. If they were good at saving money, then there’s a great chance that they taught you how to do it too.
2. Determine your goals
After you examine your beliefs, it’s now time to determine your goals. Your goals are important because they will measure how much you have changed, and guide you as you move forward in your life.
Do you know why most people don’t get to where they want to be in life?
One of the most common reason for that is because they don’t have a goal. They do not know what they want to accomplish or achieve in life.
Now, a common goal that people have today is to pay off all their debt.
Another is to save for their retirement and retire early.
Of course, you can do both goals at the same time. It’s all up to you.
However, people tend to easily get overwhelmed by those kind of goals, the big goals. And a solution for that is to break down bigger goals into smaller actionable steps. Once you break it down to doable steps, all you have to do now is to take the first step and do it one step at a time.
3. Look for role models
The third step in changing your money mindset is to look for role models. People who have achieved their goals. People who have made it over the top. These are people you should look up to.
Guys like Ramit Sethi, Mark Cuban, Warren Buffett are good financial models. They can be your inspiration to work harder, and to change your money mindset for the better.
If your parents are financially-free and are now enjoying their retirement without any worries, then they can serve as your financial role models as well.
Ask them how they did it.
Know their story, their ways, and their secrets.
Do you research, read, and compare.
There are thousands of recipes to success, and you only have to find one right recipe for your success.
4. Talk about money with other people
Most people don’t want to talk about money with other people, even with their friends or family, and I’m here to tell those people that it won’t do them any good.
If you want to change your money mindset, then you should start talking about money with your friends and family. You should talk about your thoughts about money, as well as your money problems. It can boost your knowledge about money, and for you to know what others did to achieve their financial goals and get past their financial struggles.
Also, you never know if one of your friends can help you solve your financial problem unless you share it with them.
5. Get the best information
You can now read financial articles anytime and anywhere you like. And there are millions of resources that you can look into today about money. But in order to get the best results, you’re going to need the best information.
Some people are not that inclined to spend their money in improving their financial knowledge. That’s why few people are willing to pay to be part of a great membership site or group that can help them improve their financial lives, or even pay a good and well-respected financial advisor to help them with their financial problems.
Sometimes the best information can only be yours if you are willing to pay the price.
It just takes a little creativity and a shift in perspective to change your money mindset. Remember that achieving financial freedom cannot be attained if you have the wrong money mindset. So get the right money mindset as soon as you can. I know you can do it and good luck!
Photo Credit: dierk schaefer