Personal finance involves creating a budget, investing and saving for the future. However, knowing the building blocks for a personal financial foundation will not bring financial prosperity. Using this knowledge along with the right money mindset to take action will bring financial success.
Personal Relationship With Money
To have the right money mindset, it is important to determine your current emotional tie to money. Sometimes our childhood or how we live dictates our connection with money. At an early age, we are taught that there is a price tag for everything. A dollar can purchase what you want which causes pleasure. On the flip side, when we are faced with paying bills and don’t have enough money, we learn that money can cause pain. So on an emotional level, money is linked to pleasure and pain. When the economy is bad or the stock market drops it can cause insecurity and panic. It leaves us wondering how we are going to survive. This can be an emotional rollercoaster.
It is important to maintain an independent mindset with a balanced perspective. To do this, you need to address your personal relationship with money. Below are seven tips to adjusting your money mindset.
- Don’t trust your money management to other people. – Use money management tools.
- Do not hoard – Giving creates abundance
- Don’t put off enjoying life until a future time – It is pushing away your current prosperity.
- Don’t expect money to solve all your problems. – Money is not the path to happiness or fulfillment. It is important to keep this emotional separation for a happy life.
- Let go of financial beliefs that limit your mindset. – “money is the root of all evil.” A modest lifestyle is just as good as all others.
- Don’t be afraid to decide your own path in life. – Both scarcity and abundance are a matter of mindset. Positive creativity can solve any financial problem.
- Spend money on yourself to enjoy the fruits of your labor. This supports a positive money mindset and future financial prosperity.
An Attitude of Gratitude
Money is printed paper that is used as a tool. It is important to avoid becoming emotionally attached to it. You, on the other hand, are extremely valuable. You are unique and have valuable gifts to share with the world. The more you share those gifts, the greater your sense of self-worth and abundance will become.
It is important to recognize and focus on the good in what you have and be grateful. Having this kind of a mindset will open the door for more good to come into your life including financial prosperity. If thoughts of lack or envy block your mind, just try to reframe your thoughts to an attitude of gratitude. For example, “I am grateful that success is on the horizon and I have good examples before me to reach that goal.” It may be difficult in the beginning, but as gratitude only starts as a thought, it will turn into a feeling.
Next, it is important to know what you really want in your financial life. It is natural for people to want more things in life, but not be able to express what that is or what that looks like for them. Do you have a passion you want to pursue?
Defining your passion is crucial to achieving that goal. Without a plan, it can seem like you are trying to run a race without ever getting off the starting line. Some of the specific details may include determining how much more income you would need. What are the steps needed to pursue your passion? What does it cost? Determining what passion really excites you will also give you a reason to take action. It has to be something really big that makes you want to jump up and down for joy if you were to receive it. More information on defining your passion can be found at www.entrepreneur.com and www.forbes.com by typing ‘finding your passion’ in their site search box.
Once you have your mindset in place and your goals defined, there is no stopping you. Financial prosperity is just a matter of doing the work. You deserve the best so don’t settle for less than a money mindset that will bring you financial prosperity.