Why Your Money Mindset Matters When Creating Wealth
I’m sure you already know this, but your mindset matters; especially when it comes to managing your money and creating wealth. If you’re trying to make changes to improve your financial situation, your money mindset is your foundation. There is no moving forward until you’re in the right state of mind. Being mentally ready to propel yourself forward requires a growth mindset, which indicates that you’re ready to grow and expand your horizons.
Now let me warn you, this blog post will get a little warm and fuzzy, and will highlight some of our perceived limiting beliefs as human beings. Whether we want to challenge those beliefs or not, they do affect our financial mindset. Let’s get to it!
Limiting beliefs are the thoughts we have about ourselves that are untrue, yet very powerful. Limiting beliefs may have been created in childhood, or later in life, but they are beliefs we have about ourselves that don’t serve us and keep us stuck. Limiting beliefs can be difficult to dispel and take some work. Let’s look at how these limiting beliefs may show up in our money behavior. Self-awareness is key so you’ll need to do some observing.
Limiting Belief - “I am not good enough”...
How this negatively impacts you - Overspending
Buying things for other people to gain approval and worthiness.
Spending money on things you can’t afford so you can demonstrate you are good enough.
Even though there’s nothing wrong with generosity and giving, it’s important to know why you’re doing these things. If you’re in debt and don’t have the means, taking care of yourself needs to come first, so you can take care of others. Also, observe your spending habits. Are you purchasing things for yourself or to impress others? Who are the purchases truly for? Know that you are enough on your own, and you don’t need material things to prove that to anyone.
Limiting Belief - “I don’t belong”...
How this negatively impacts you - Inaction or delaying wealth building.
Not investing because the system was not designed for you(especially if you don’t come from wealth)
Not learning about finances because well, there aren’t that many people in the finance world that look like you.
A sense of belonging goes back to our childhood days and we all want to belong. As a Latina woman, I completely understand the feeling of not belonging and having the idea that investing was for men, white men to be exact. I found myself very intimidated by the idea of investing because I didn’t know anybody that looked like me, so I didn’t think it was available to me. Those of course were all inaccurate beliefs so don’t let them keep you from breaking barriers and crossing into the wealth-building world. You do belong!
Limiting Belief - “I don’t have the ability”...
How this negatively impacts you - Inaction or delaying wealth building
You think you’re not smart enough to learn about personal finance so you’re stuck in inaction
You don’t learn to create wealth and manage your money
You leave your money management to “experts” who may overcharge you
Even though finance may be a foreign or new concept for you, it does not mean you can’t learn it. I assure you that learning personal finances only require very few basic math skills, so you are 100% capable of managing your money. For the longest time, I avoided money management because I had my own limiting belief I wasn’t good at math and thought I needed to be. That is a complete falsehood. Take charge! You are smart enough to manage your own money. You don’t need to pay anyone to do that for you.
“I don’t have the power”...
How this negatively impacts you - Inaction or delaying wealth building
If you believe you don’t have power or control, you’re stuck in inaction, because what's the point of trying. If throughout your life you have felt powerless, please know that doesn’t apply to your finances and money. You do have it in you to learn money management. You also have it in you to create wealth! You are more powerful than you think!
Our thoughts and beliefs dictate our behavior. If we think we can’t, then we won’t. Our thoughts can be incredibly powerful and have the ability to produce amazing results if we have the right money mindset. Change begins with the self-awareness to have the right money mindset. The next time you’re having any of these thoughts, stop and observe them. You can do it!
“Our deepest fear is not that we are inadequate, our deepest fear is that we are powerful beyond measure. It is our light, not our darkness that most frightens us”.
- Marrianne Williamson
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