One of the worst lies to fall for regarding your finances is that only “rich people” can succeed with their money. Many people fall victim to thinking that if they’re not already rich by age 25, they will never acquire wealth, which is far from the truth.
The reality is that you don’t have to be born rich to become wealthy or to use your money wisely. Achieving abundance really boils down to your money mindset — in other words, how you think about money and what you do with it.
What Is Money Mindset?
It’s simple — your money mindset is your own specific attitude and values regarding your money.
Money mindset can range from your outlook on investing and saving your money to how you spend it on vacation. This mindset is built over time, often pulling from life experiences or family background to create your own unique opinion on the value of your money. This background can include having a part-time job in high school or having parents who were open about finances and discussed them regularly with you.
Whatever your financial situation was growing up, it is likely your money mindset was shaped by it. Don’t let that scare you, though! It is absolutely possible and many times necessary to reshape your money mindset to achieve a more abundant life. It all starts with being aware of what your money mindset currently is and how you would like to improve it.
Here is a piece of advice to get you thinking about the power of your mindset from Anita Mae, Mindset Coach and Manifesting Mentor, Host of Manifesting Money Podcast and Greatness Coaching Community Member:
How You Can Improve Your Money Mindset
Think About Retirement
Now, if you are younger than 40, you may think that retirement is the last thing you should be concerned with. If that’s you, know you’re not alone. In fact, many people work their whole lives and hope that one day they will just hit a button and be able to retire once they reach a certain age.
Unfortunately, this is not how retirement works. Retirement takes planning and the ability to look forward to your future and assess how your money mindset will affect you in a few years. Even if you have debts to pay or are still working on setting aside an emergency fund, it can be highly beneficial to start planning what your retirement will look like early.
Keep in mind that retirement doesn’t have to be something you dread as you age. There is so much to look forward to about retirement! Imagine all the free time you will have in retirement to pursue your hobbies. Plus, viewing it as something positive to look forward to may encourage you to invest your money into your retirement account instead of spending it.
By doing this, you’re already improving your money mindset!
An essential part of improving your money mindset is to escape recurring negative beliefs about your financial situation and maintain a positive outlook about money. Instead of fearing money and viewing it as something fleeting you can never have enough of, try viewing money as a tool you can use to create more abundance in your life.
Whether you have a credit score of 800 or 500, no obstacle is too great to overcome. It is essential to not let negative thoughts like these take up valuable space in your mind. You do not have to accomplish all of your goals in one swift motion. Take action in small steps toward financial greatness, and you’ll meet your goal.
One of the best ways to set yourself up for success with a positive money mindset is by manifesting your financial goals. But — what exactly is manifesting?
Some people see manifesting as a new age pseudoscience practice, but, at its core, it is essentially reaffirming your goals to yourself. Sure, saying words aloud or writing them down may not directly cause events to happen or opportunities to fall in your hands. However, by reaffirming your abilities and goals, you set your mind up for success and you’re much more likely to achieve your goals with a positive mindset.
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How Does Manifesting Work?
Though it ebbs and flows with the trends of the changing age, manifestation has been a common practice for years. First surfacing in the 19th century during the New Thought Spiritual Movement as the law of attraction and brought back into pop culture by the 2006 best-selling book The Secret, manifestation refers to the belief that if you put your mind to it, it will come to fruition.
While manifestation may not be for everyone, it can be a healthy and productive tool you can use to reaffirm your goals to yourself. Be sure you remain positive when manifesting and avoid allowing yourself to incorporate negative thoughts while engaging in this practice.
Assess Your Values
Assessing your values can be a difficult practice, especially if you are not yet in your 30s, but it is essential that you sit down and think about what you want out of your life before starting any other step in the manifestation process.
Start by thinking about what matters to you and what brings you joy. Mediate about your talents and what skills come naturally to you. This process goes deeper than just thinking about your hobbies or favorite ways to pass the time. What ignites passion in you and pushes you to be all you can be?
No matter the answer, use this passion to accelerate yourself forward with a concrete plan on what you want your life to look like. Remember: It is far easier to set and reach attainable goals if you know what you want out of your life.
Get Comfortable with Your Fears
Fear is a huge blocker to achieving abundance. The fear of change, uncertainty, or the fear of failure — these are everyday anxieties that everyone deals with, and that’s okay! The important thing to remember is that fearing failure is not indicative of the outcome. Your money mindset is changed through determination. Getting comfortable with your fears doesn’t mean ignoring them, either. Rather, be aware that they’re there and keep moving forward. As long as you are progressing, you are not failing.
Money Mindset: Scarcity Versus Abundance
Another way of improving your money mindset is shifting from the competing ideologies of a scarce and abundant mindset. Think of the scarcity mindset as what is generally promoted in the corporate world. This mindset is the idea that life is a finite pie graph, and if one person takes a large slice for themselves, there is less for everyone else. This belief usually leads to a cut-throat work environment, and it can be one of the biggest things keeping you from achieving your goals.
In contrast, an abundance mindset refers to the idea that there is plenty to go around for everyone. Instead of viewing the world as a competition on who can claim the most resources, view it as a shared home that we must all maintain and enjoy together.
So how can you shift from a scarcity mindset to an abundant one?
One way to shift your mindset is to stop comparing your financial situation to others. Just like your money mindset, everyone’s situation is different and unique to them. Instead of letting someone else’s success affect you negatively, try letting it inspire you. Instead of thinking someone’s success is because they are better than you, think of how you can use your strengths to gain the same success. There is no room for improvement in putting yourself down and comparing your success to someone else’s.
Equally as important in achieving an abundance mindset is to include gratitude in your daily routine. Though it may come as a cliche, one of the best ways to shift away from a scarcity mindset is to consider all the things in your life that you are thankful for and remain positive about the future.
Another way to embrace an abundant mindset is by having an open mind. A recent study found that when our brains are hyper-focused on one thing in particular, any other possibilities may pass right by us without being noticed. Even if you think you are a great multitasker, in reality, the human brain can only absorb so much at a time. So if your most common thoughts are “I can’t do this” or something similarly negative, it is no wonder that your brain will accept that as the only solution. In the same way, if you’re hyper-focused on making money through just one avenue, you might miss all the other opportunities that cross your path!
To Abundance, and Beyond!
Given the stress everyone faces in their personal and work lives, it is no surprise that many people struggle with creating a healthy money mindset, let alone breaking away from a scarcity mindset.
No matter where your starting point was financially and no matter what kind of mindset you have developed concerning your money, there is always room to grow and improve. Stop letting your fears control your momentum and the decisions you make. Assess your values and goals, make a plan, and above all, remain positive. You deserve an abundant life!