Does Your Money Mindset Need a Makeover?

164527993_72816cdcff_zImage Credit: Lee Nachtigal

When you’re feeling “stuck” financially, you may very likely not be able to see beyond the bridge of your nose. Financial floundering can feel a little bit like swimming with ten pound dumbbells attached to both feet – it seems you’ll never see the surface again. Most of you wouldn’t give up the struggle and let yourself plummet to the bottom of the swimming pool, so why stop trying to break free from your financial burdens?

Just like anything else you’ve ever tried to improve upon, this situation calls for a shift in mindset. So many of you probably have antiquated ideas about money without even realizing it. Want to make a change? Try implementing some of these thought-shifts into your life:

  1. Retirement isn’t just for “old” people. In fact, as soon as you have the financial resources, you can retire at any age! Retirement can happen in your 40s if you can manage to break down that mental roadblock that says retired = nearly dead. Not only can it come at any age, but retirement can look like whatever you want it to!
  2. Align your values with your financial goals. This is a big one! So many people are plodding along in life, working a dead-end job they hate and spending money completely wrong!  Your income and spending should reflect your family’s values and ultimate goals; otherwise, you’re going nowhere fast.
  3. Focus on opportunity. Millions of Americans are walking around frustrated and angry about what they don’t have, what they can’t get. This mindset is a huge hindrance on your future earning potential. Simply “thinking” about what you could do to get out of your current money rut won’t get you anything but a headache. You need to move beyond thinking, and start doing. Put your money where your mind is.
  4. Forget about the Joneses. Instead of taking a lavish vacation or updating your home every time you get a promotion, consider continuing to live your current lifestyle and investing the dollar amount of your raise in a much brighter financial future.
  5. Keep your eye on the prize. It’s so easy to swipe, swipe, swipe your money away these days. Online shopping and banking means consumers can shop anywhere, anytime, and check their balance here and there as well. And, although going paperless may be great for the environment, it doesn’t mean you have permission to stop keeping track of your spending. Frivolous shopping/spending is happening at a mind-boggling rate, right now, and every second of every day. While you’re working on shifting your money mindset, you’ll need to work on watching where your money actually goes, too. Mint is a fantastic mobile app that gives you the big-picture view as well as dollars and cents details about your money.

Your money mindset may very likely be keeping your from reaching your full financial potential. Becoming more aware of your bad money habits and how you can change them is a huge first step in the right direction!

2 Responses to Does Your Money Mindset Need a Makeover?

  1. Pingback: Taking a Page out of Michael Vick’s Playbook: “Paying off Your Debt” | Veitengruber Law

  2. Pingback: Can I Pay Off Debt and Build Savings at the Same Time? | Veitengruber Law

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