You ever wonder why it feels like some people always have things go their way in life? They have a knack for always taking an optimistic approach to life, and it shows… especially when it comes to finances. Did you know, it’s possible to make that person YOU. It comes down to living with a growth versus fixed mindset. Living with a growth mindset can have a big impact on your money. We are what we think, and changing what we think is absolutely possible. Let’s dive right in and talk about your money mindset and the impact it has on your financial life.
What’s a Money Mindset, Anyways?
‘Money mindset’ is a term used to describe the overall attitude or viewpoint that you have about your finances and money. It’s from this viewpoint that the majority of your financial decisions are being made – big, small, and everything in between. Just like any other aspect of our lives, our financial life is greatly impacted by whether we have a negative or positive mindset – a fixed or growth mindset.
Plain and simple: positive people with a growth mindset see opportunities, options, and solutions. They see them even when others don’t. Someone with a closed, or fixed mindset might become demotivated or even give up after an obstacle. If you want to get your $h!t together when it comes to your money, start with looking at your mindset!
Signs of a Negative Money Mindset
- Fear, hiding from the issues
- Procrastinating, hoping the problem will sort itself out
- A defeated attitude, ‘Why bother’ or ‘I don’t even know where to start’
- Scarcity mentality
- Feeling affected by the negative talk in your circle of friends, family, or coworkers
Signs of a Positive Money Mindset
- Seeing opportunities instead of obstacles or stop signs
- Understanding that you can fix financial issues, even if it takes a while
- Reaching out for help instead of living in fear
- Abundance mentality
- Having others in your tribe who share a positive money mindset
A positive, healthy money mindset is based on abundance – the idea that there is enough to go around and all of that money energy can flow in a positive direction. On the opposite end, a scarcity mentality leads to feeling fearful or scrambling, which ironically interrupts the flow. Better decisions are made from a calm, positive place. When you change your mindset about money to focus on the positive parts and what you CAN actually do, it’s way easier to see the solutions that will push you forward.
If your mindset lands on the negative side right now, don’t worry, you’re absolutely not alone! According to a report by BofA, 75% percent of Millenials are not optimistic about their financial future. What’s really cool? According to the same report, 90% of Millennials are willing to make sacrifices to achieve a financial goal, which demonstrates a positive attitude towards the ability to change. And it’s working! The same report also shows some pretty amazing growth in Millenials alone:
- 73% of millennials are saving for life milestones and future goals (a 10% increase compared to 2018).
- 75% are saving for retirement.
- 51% are building an emergency fund.
Over the past year, 39% of millennials boosted their credit score, 29% secured a raise and 24 percent put away more toward retirement. Those are not small numbers! Something to be proud of if you fall in any of these categories. Remember to celebrate the wins!
How to Nurture a Positive Money Mindset
To start changing your money mindset, focus on what can go right! If you focus on what’s wrong, it’s pretty dang hard to get motivated. Don’t let yourself become defeated before you get going!
Next up, shift your financial focus to finding actual solutions. You can do this by setting intentional goals that are based on your priorities, like building more savings or paying down debt. Make your money goals personal and something that speaks to your WHY. You’ll be more willing to make the sacrifices if you know exactly what they are serving. Abstract stuff like “I need to get better about money” doesn’t pack the same punch.
Lastly, recognize that it’s super hard to make changes if you don’t have support. Cultivate a tribe of like-minded people who share an optimistic attitude toward money, success, and life. New avenues always open up when you allow yourself to have new experiences and connect with new people. And it’s both validating and encouraging to see others rise to challenges and grow in the process.
Get Started Growing Your Mindset
Developing a positive money mindset will make reaching your financial goals easier, faster, and a lot more fun. You don’t have to try to do it alone, and support is so important to making money changes that last. If you are looking for help getting your $hit together or learning how to invest the money you have, join my tribe and take my Raise Your Worth 5 Day Money Mindset Challenge today.