Money mindset will set you up for success or failure with your finances. It’s been told many times before, but your mind is powerful and can alter how you perceive various factors of your life. If you view your finances negatively, that relationship has a negative outcome. Changing that to a positive mindset will shape your life, setting you forward with your goals.
Your financial mindset is a set of beliefs and attitudes about money, which means it develops the drive to save, invest, spend, and manage finances. These attitudes and beliefs shape the aptitude, behavior, and confidence for the future of your mindset.
Believing if you can or cannot have a healthy mindset with money is the first step. Dave Ramsey conducted a study of over 10,000 millionaires, and they all believed they could become millionaires and have control of their money and money mindset. This mindset can be true for you too.
Here are a few steps for how to change your mindset around your finances:
Picture the future of your finances
A negative mindset leads people to give up on their financial goals. Constructing habits and goals such as key milestones that you can celebrate is useful. Success is possible! Over time, your perspective will change for the better by having the power to make your success.
Additionally, ask yourself where do I want to be in 5, 10, 20, and even 30 years? What have I accomplished, and what would I like to accomplish? What does retirement look like for me?
Read influencing books to gain knowledge
Books are one of the best resources to grow your mindset. Learning healthier habits is something you need to work toward overtime, which applies to financial management. Some of the best books for influencing your money mindset include:
- The Total Money Makeover by Dave Ramsey
- Switch On Your Brain by Caroline Leaf
- Mindset: The New Psychology of Success by Carol Dweck
- The Power of Broke by Daymond John
- Secrets of the Millionaire Mind by T. Harv Eker
Determine where you are now and where you want to be
It’s time to make a plan! Understand your goals and create a path to complete those goals. A part of this process may also help a trusted professional understand risk tolerances and utilize practical tools and resources. Analyzing where your finances and attitudes are now versus where you see yourself in the future will help create a clear picture of the life that is meant for you financially.
Gaining control of mindset is not easy. It takes time and practice, but once healthy habits are created and positive thinking with the relationship of finances, you have the power to change your life. Habits that will help you pay off debt and build wealth will come your way, but only if you believe they will.