I used to feel very conflicted about money. Like many people, I wish I had more of it. Yet I was wasting money in careless ways and not making the most of the money I have. I was enamoured with convenience and intimidated by paperwork and bureaucracy. My procrastinating tendencies were at their absolute worst whenever I had to do anything that has to do with bills, administration and money. My money mindset was holding me back.
And to make matters worse, my career is in non profits where money, or rather the desire to make money, is a bit of a dirty concept. I see the worst excesses of capitalism in my daily work. The kinds of work not valued, the people left behind, the power abused, the cost to our ecosystem, our planet. For a long time this dictated my attitude toward money.
Why your money mindset matters
Your money mindset drives every decision you make about saving or spending, how comfortable you are with debt or investing money. It also shapes your attitude toward people who make more or less money than you, how easily you can give and how much risk you are willing to take. And your behaviours will support those beliefs, even if you are unaware of them and if they are at odds with the goals you have set yourself.
These are some of the beliefs I had:
- Administration and finance are a hassle and not the best use of my time
- Money can’t buy happiness.
- Most of the ways to make a lot of money are exploitative, bad for people and planet.
- Most of the things you can spend money on are exploitative, bad for people and planet.
- Money, and the power that comes with it, corrupts.
While there is a grain of truth to all of them, they do not have to be true for me. Because all of those negative beliefs are a double edged sword. You can turn them around:
- Investing time in your personal finances will pay off not only in the long run, but also in the nearby future.
- Freedom from financial stress and poverty, and spending more time with family and on the things that matter to you, will go a long way towards happiness.
- You can make money by doing things you love that provide real value for other people and without harming people or planet.
- As a consumer you can wield power by putting your money where your mouth and your heart are.
My mindset about money was holding me back. Now I want to help you confront and change the beliefs about money that keep you from making progress.
Five steps to change your attitude about money:
- Awareness: Reflect on your money mindset and any negative beliefs you hold about money. Awareness is the first step toward change.
- Turn negative beliefs around: Limiting beliefs like “money is evil” , “wanting more money is shallow” or “I’m not good with money” can be replaced by their more helpful counterparts, like“money is a tool for good”, “more money will help me focus on the things that matter to me” and “I can learn how to manage and grow my wealth”. Identifying and challenging these beliefs is crucial for transforming your money mindset.
- Education: Invest time in learning about personal finance, investing, and building wealth. Knowledge empowers you to make informed decisions.
- Gratitude Practice: Cultivate gratitude for the money you have and the opportunities you encounter. Gratitude shifts your focus from lack to abundance.
- Surround Yourself with Positivity: Surround yourself with individuals who have a healthy money mindset. Their attitudes can influence your thinking and behaviour.