How To Improve Your Money Mindset

How To Improve Your Money Mindset

How To Improve Your Money Mindset and thoughts about your financial future.

Just for the record, I worked in finance – mortgage lending for thirty years plus. I have reviewed financial statements, bank statements, savings statements, income statements, tax returns (not Trump’s), credit reports, bankruptcy filings, and the like.

I have had to decline many applications for a loan because of the applicant’s financial status being insufficient or lacking in one form or the other. Many did not have the right or complete positive money mindset. Therefore, with a little caution here…we want to talk about how to improve your money mindset.

Learn Important Facts About Money

The most important factor for having money, saving money, or financial security is not all about techniques or expertise. Your money mindset has a bigger influence on your finances than just about anything else.

This is why someone with no business experience and with less than $10 in his or her pocket can build a multi-million dollar business. There are individuals who have done this.

We could name many individuals who started with nothing. Some started and failed, yet kept on until they made it. Think about Abraham Lincoln, Oprah Winfrey, Richard Branson, Dave Ramsey, and many others.

Money Cannot Buy Everything

Most people realize that money cannot buy everything in life. To name a few of those most important aspects of life: love, happiness, peace, contentment, and joy.

It does not matter how large a figure your bank statement has when it comes to the concerns of the soul, or spirit, money cannot touch them.

Money does bring financial security, but it cannot heal a broken heart or soul.

We know that many people, who have lots of money, are often unhappy creatures.

For those responsible people who live and have earned with the right money mindset, they know that it is added convenience. The convenience of living their life without worrying about paying the utilities, rent, or mortgage.

Can You Develop a More Positive Money Mindset?

Some people are undoubtedly born with a positive money mindset. They have an internal instinct. It is in their nature to be conservative. They like to have something stashed away for that rainy day. It gives them a sense of security to have a nest egg sitting somewhere just in case. They seek financial security for their future.

It is not as easy for some people for different reasons.

However, anyone who sets their mind to re-train it to being financially secure can do it with discipline. You develop a positive money mindset by taking important first steps such as setting aside a certain amount of money each month to save. You build it up with time.

When you train for a new job, you set your mind to become proficient at the duties that you are assigned to do. You study guidelines, techniques, values, and how other people have become successful at it, and develop it one step at a time. The successful money mindset is no different.

Someone I know

I am acquainted with a young person who seemed to have been born with a very unique and positive money mindset. Even in his youth, he seemed more responsible than some adults did.

Even when he was small, he was exceptionally careful with his toys. When he outgrew them, they looked like new.

This young man saved all of his birthday money, any gifts of money, and put it in a sock. Eventually, his mom put the money in a savings account.

He additionally saved in high school. He would save his lunch money, and take his lunch to school. He did not worry about what his peers thought. He saved his money.

By the time he graduated from high school, and went to college, he had accumulated around 20K.

What Were The After Effects of His Ability to Save?

After two years in college, he went to work and now has his own business.

Today, he is highly successful in his business, makes as much money as if he had obtained a Ph.D., and still saves money. He has bought land, has it paid for and no, he has never lost his integrity in doing all of this.

His mother was a banker, however, she did not force him to be conservative or save his lunch money (he did not have to), he just did.

She never asks him anything like…where is your  Money Mindset? Do You Have One? He had the mindset to be something or someone who wanted to achieve certain standards for his life. Yes, he influences other people, and he is respected.

Money is Not Real – It is an Expression of ValueI’ll bet you have heard this…

How do you think about money and what is your expression of value?

If you study the minds of the most successful people in the world, one common understanding of money always comes up: “Money isn’t real.”

One rich man had this to say, “I’ve got more money than I’ll ever need – It’s not about the money. It is about art. Eventually, we all kick the bucket and none of it matters anyway.”

Felix Dennis, the man who founded Maxim Magazine, PC Magazine, and many other successful publications, and is worth over $400m is also a strong proponent that money is not real.

The most successful people in the world do not focus on how to make money. Instead, they focus on how they can create value in the world, as well as for themself.

What problems can you solve? Whom can you help? How can you create value? Money is just a reflection of how many people you have helped and how many problems you have solved.

It is Important to Act as If You Are Already Successful

Before your bank account can reflect your financial success, you must embody the characteristics of someone successful.

“You need to be a millionaire before you can have a million dollars” — T Harv Ecker, Author of The Millionaire Mind.

  • Put yourself in the shoes of your future, your successful self. How would this person look, feel, and think? What advice would your future self give you?
  • Every day, try to take on this future version of you more and more. Breathe, as that person would, think, as that person would, hold your body as that person would, and do business as that person would.

However, make sure your values for your life are as important as making the money.

Failure Is Setback – Your Success Is a Matter of Time

People who do not succeed tend to have the mindset of starting ventures to see “if” they will succeed. Successful people do not wonder if they will succeed, they already know it is just a matter of time.

The question is not “if” but “when.” Think as you have already accomplished what you have set out to do. Mindset…

Successful people regard any failure as a setback or a lesson worth learning. It happens, you are not going to win every time. There is no such thing as an irrecoverable mistake.

However, there is a new idea, a new learned method, and a new route to take.

 

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