How to Develop a Positive Money Mindset

How to Develop a Positive Money Mindset

Jen Sincero, the New York Times best-selling author of You Are a Badass at Making Money and other motivational books, said it best when she wrote, “You can have excuses, or you can have success; you can’t have both.”

Your mindset is one of the most powerful forces you have when it comes to your accomplishments in life. When put to the test, a positive mindset can help you to find true love, succeed in your career, or even build great wealth. But a negative mindset can become a trap that holds you back from obtaining these things.

In terms of your money, having the right attitudes and framework for how you should be thinking about it is the foundation that you must first create to be successful. Here’s how you can get there. 

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3 Ways to Instill a Positive Money Mindset 

Your money mindset is made up of all of the feelings and beliefs you have about money. Creating a positive money mindset begins by discovering where you want to go. Start by taking the following actionable steps:

1- Define your financial goals

Before you can get to where you want to go, you have to first decide where you’re going. To do this, simply ask yourself: What is that I want to accomplish in life when it comes to money?

  • Get out of debt altogether?
  • Buy a new home?
  • Send my children to college?
  • Become financially independent?

It doesn’t matter what your goal is. What’s important is that it’s specific and holds some meaning to you.

Don’t just think of your goals; actually write them down. As cliché as it may sound, writing down your goals will not only force you to refine them, but it will also make them feel more attainable.

2- Look for positive examples you can follow 

Managing money isn’t something you have to learn how to do on your own. There are thousands of incredible success stories out there that you can learn from.

You can check out personal finance books from your local library, or start regularly browsing the Internet for advice from some of the best finance blogs available. As you absorb the information, think about how you can start applying it to your daily life.

When I began tackling my student loan debt, I listened to a financial guru that made me feel terrible about acquiring debt and continuing to contribute to my retirement. I felt guilty every time I went out with friends or purchased an extra snack at the grocery store.

Finally, I said, “enough is enough” and sought out experts whose advice was more sustainable. Learn how I transformed my money mindset in 4 Tips to Quickly Manifest Your Way Out of Debt. If someone makes you feel shame about your past money mistakes and life choices, keep looking for more positive role models.

3- Recognize opportunities 

Every day, there are dozens of choices and interactions we make that could significantly impact our financial situation in important ways. The sooner you recognize when one of these opportunities is in front of you, the sooner you can start using them to your benefit.

Your Beliefs About Money

There’s a famous quote from George Bernard Shaw, where he says, “Very few people can afford to be poor.”

Our beliefs about money are often one of the leading contributors to how we view our financial situations. Here are some common perspectives and how you can avoid forming a negative money mindset.

Money is the root of all evil 

Money itself isn’t bad. It’s how we manage our relationship with money that can make it seem that way.

For example, you can overspend your credit cards and rack up lots of high-interest debt that will take years to pay off. Or you can resolve to use them responsibly and do something beneficial like build up your credit score and get awesome free travel rewards.

Hard work is the path to wealth

Do you know people that work really hard but are not wealthy? Yes! Do you know wealthy people that seem to do nothing to earn it? Absolutely! These situations can go both ways, which is why we should get rid of this limiting belief.

You will have to put in some work when it comes to money. However, if you focus that effort on building the right systems and mindset instead of just laboring away, you’ll find that the result will be much more productive. 

Money doesn’t grow on trees

It certainly doesn’t…but if you learn how to invest and leverage the power of compound interest, then it might seem like it does!

One of the reasons the rich stay rich is because they learn how to make their money work for them. By putting in the time to discover things like how your 401k or IRA can help build your wealth, you’ll begin to see just how accessible these opportunities are for you as well.

You need to be smart to become wealthy

Not everyone who has ever been successful with money had a college or even high-school degree. With the proper and positive money mindset, you’ll recognize that it’s your drive and not intelligence that will contribute the most to your financial well-being.

You can’t change your money situation

No one is ever stuck with the hand they’re dealt. If you want things to change when it comes to your finances, then formulate a plan. Change can only start after you’ve initiated the first step.

My Favorite Money Affirmations

To put your mind at ease and become more comfortable with your overall financial situation, you’ll want to adopt the right money mantras and change your way of thinking. Here are some of my favorite money affirmations that you can recite daily.

My relationship with money is important

Like it or not, money is a part of all our lives. The sooner we accept that and make it a priority, the easier it will be to start making progress.

There’s plenty of money to go around 

This is a very powerful concept, often referred to as the abundance money mindset. While other people might make excuses about how “all the good jobs are taken” or “the rich have all the money,” you can transcend this negativity by believing that good opportunities do exist and are well within your reach.

I now release all my doubts and fears about money

There’s a lot of noise out there when it comes to money. But personal finance doesn’t have to be hard or confusing. As long as you can follow a few basic principles and develop the right habits, wealth is going to come your way.

I am worthy of financial security

Money isn’t what will ultimately make you happy. Most of us want the freedom to spend more time with our loved ones and to have the financial resources to support causes that are important to us. You deserve to have everything you desire. Always remember that money is just a tool and not the prize you’re really after.

I give myself permission to prosper and grow

The only person who has control over your life and finances is you. Don’t let your job, society, or even your loved ones dictate your worth. Decide for yourself who you want to be and what you want, and then anything is possible!

Final Thoughts

Overcoming a negative money mindset is not an easy feat. Typically, the beliefs we have about money are ingrained in us when we are children. However, your success is dependent on what you perceive you can achieve. That’s why developing a positive money mindset is crucial!

Begin to assess the beliefs you have about money and get rid of limiting beliefs that no longer serve you. Save the money affirmations above on your phone and read them throughout the day. Repetition is key! But I assure you, reprogramming your thoughts around money is so worth it!

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