Money can impact almost everything that you do in your life either directly or indirectly. You may not know it, but there’s a chance that you may lose or make money depending your mindset, not what you actually do with your money.
That’s why you should think about the financial aspects of every decision that you make starting now.
Why is the right money mindset so important?
To make more money – Having the right money mindset can also give you more chances of accumulating more money in your life. It can also help you make better investment decisions that can definitely benefit your investment portfolio. This can also lead you to a richer life.
For a greater peace of mind – Have you kicked yourself before for wasting a bunch of money in the past? If you did, then having the right mindset can help you prevent doing just that. Having a good money mindset can give you a greater peace of mind, that can lessen your stress and make it easy for you to make the right financial decisions.
To save more money – As you may already know, having the right money mindset makes saving money easy. This doesn’t mean you will become a frugal loner. You’re still allowed to spend on your wants every once in a while. But you could save more by eliminating careless decisions, like making impulse purchases, which is only possible by having the right money mindset.
For a better and brighter future – Having the right mindset can give you a much brighter future, not only because you’ll be able to save more money, but also because you’ll be able to make better financial decisions over time.
Some people always seem to be successful at what they do and others never seem to get anywhere. This is often a result of their money mindset. It’s really important to understand the way your mind works and work on your psychology if you want to make money.
So what are some of the mindset issues that might be holding you back from realizing your goals and dreams? We’ll consider a few of these below.
Beliefs about money, success and happiness
Your beliefs about money and success really do affect how successful you are in meeting your money goals It’s possible that you have some deep seated negative beliefs about money. These beliefs might be at a subconscious level but they might hold you back from realising your dreams. For example you might think that money is hard to get or hard to keep once you have it. You might think that you don’t deserve to have money.
If you have these sort of beliefs then when you do have money you are more likely to fritter it away because you will think it’s pointless trying to save it up. Also negative beliefs about your ability to make money means that you are not open to seeing money making opportunities when they present. You need a positive mindset to be aware of opportunities.
A good book to read on this subject is Rich Dad Poor Dad by Robert Kiyosaki. He says “ What you think is real is your reality.” In other words how you think shapes your life. It’s no surprise that things always seem to work out for positive people. It’s not that they are ‘luckier’, but when something goes wrong they don’t dwell on it. They work out how to move on, and use the lessons they learnt to make things work better next time.
Do you believe you create your own destiny, or do you believe that life happens to you no matter what you do. If you believe that you control your life you are generally much more motivated to take action to change your circumstances.
If you think life just happens to you, then when the going gets tough, you are not likely to keep pushing on with your goals. You are much more likely to give up and just think it’s your destiny not to succeed. People who make money tend to have a steely resolve to achieve their goals no matter what gets in their way. They are focused and committed.
What about fear? Do you let your fears hold you back. Fear can show up in many ways – for example procrastinating about starting something new is often a result of fear. Are you worried that you will lose your hard earned savings if you invest it, or start a business? If you are fearful then you should consider starting something small that doesn’t take a lot of resources. That way you can build it up as you build your confidence. So you could start investing with a small amount of money while you learn how to invest wisely. You don’t have to rush out and make a fortune tomorrow. In fact that attitude of having to make a lot of money quickly often results in people investing in risky schemes.
If you would like to start your own business consider starting something small. How about starting a website, or making some extra money from your hobby. There are a lot of ways you can make money without having to outlay a fortune. Here are some ideas in this article about how to make money online without spending a lot of money.
Don’t focus on obstacles
Do you focus on opportunities or obstacles? If you focus on the obstacles it will be much harder to overcome them. Always keep your focus on your end goal. Keep the ‘bigger picture’ in mind. That way any obstacles that arise will just seem like small bumps on the road to success.
When trying to improve your financial situation there are always a lot of hurdles that get in your way. The right mindset will help you to keep your sights on the end goal and overcome such hurdles. If you are trying to save money there often seems to be big expenses or bills that get in the way. It’s easy to get down about these, but you have to try to keep a positive mindset to make sure you keep sticking to your plan. Don’t let small setbacks get in your way.
The same steely resolve is needed if you are starting a new venture or business that you hope will become profitable. There are always a lot of hurdles along the way.
Beliefs about people who have money
You may have some negative beliefs about people who have money. Such beliefs could include thinking that rich people are heartless or selfish. Some of these beliefs may be a result of movies or TV shows that sometimes portray this image of wealthy people. Also maybe you picked up these beliefs from important people in your life such as your parents. But if deep down you think that wealthy people are somehow bad or unpleasant then that will influence you at a sub conscious level.
It’s important that you take the time to examine your money mindset and consider whether you have some beliefs or ways of thinking that are holding you back. There are a lot of good books on this topic that you might want to read. Have a look at our review of The Millionaire Next Door. Also any of the Robert Kiyosaki books like Rich Dad, Poor Dad are worth reading.