How to Master Your Money Mindset
Change Your Relationship with Money and Gain Success
“Don’t tell me where your priorities are. Show me where you spend your money and I’ll tell you what they are.” -James W. Frick
Money, finance, investing, business, wealth — just a couple of the words that come to mind when talking about financial independence. However, there is one key factor that people often overlook: the money mindset. Unfortunately, many of us have been brought up to believe that money is bad and that having more money than you need is out of reach. It is only by mastering the inner game of money — your money mindset — that you can truly increase your financial success. So how do you begin to master this powerful tool? Here are 8 fundamental steps to help you gain control of your financial future:
1. Start with Baby Steps
It can be daunting to make such a big change to the way you think about money, but starting with small incremental changes can help you to develop your money mindset without the overwhelm. Every little step you take in the right direction will bring you closer to getting the financial success you desire.
2. Track Your Finances
Knowing exactly where your money goes and how much of it you’re spending on unnecessary items is essential for gaining control of your finances. Most banks will offer a free budgeting app or financial tracking tool which can help you to be aware of everything that comes in and out of your account.
3. Have a Plan
Creating and following a plan for your finances is an essential part of mastering your money mindset. This plan should outline how much money you need to save each month, any debt repayments you are making, and what your future financial goals are.
4. Make Good Financial Decisions
Making an effort to make good financial decisions every day will help to shift your money mindset from one of scarcity to one of abundance. This could include choosing not to buy something you don’t need, or deciding not to spend money on something that isn’t necessary.
5. Educate Yourself
Learning about money and investing can be empowering and it can help you to make informed decisions regarding your finances. Whether it’s reading books, attending seminars, or watching tutorials — taking the time to educate yourself is a great investment in your future.
6. Visualize What You Want
Visualizing your success with money is a powerful tool for reprogramming your money mindset. Spend a few moments each day visualizing yourself enjoying financial freedom and living the life you desire.
7. Talk About Money
Talking about money with friends and family can help to broaden your understanding of personal finance and the way money works in the world. It can also be useful to talk to people who have achieved the financial success you desire, and to ask them what steps they took to get there.
8. Surround Yourself with People of Positive Money Mindsets
Spending time with people who have achieved financial success and have a positive money mindset can help you to begin to think differently about money. It can also help to find an accountability partner who can help you to stay on track and reach your financial goals.
Mastering your money mindset is a journey and there is no one-size-fits-all approach. By following these 8 simple steps you can start to develop the money mindset and confidence that will help you achieve the financial success you desire. And remember, as my friend’s dad once said to us when we were kids: “Money is like a shark, it must keep moving or it dies.” So, take action and keep your money shark swimming!
