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Money Mindset Influences: What You Didn’t Know!

Money Mindset Influences: What You Didn’t Know!

Your success depends on your mindset .Let this sink into your mind for a moment. If you let your mindset run your show, you’re pursuing the surest route to long-term suffering!

The reality is: every decision you make is influenced by your mindset. Your mindset—good or bad—pilots what you do, whom you associate with, where you go, how you solve issues, how you view life, how you vote, and what you want to hear or watch.

Think it this way- the currency notes you brag of or spend sleepless nights looking for is nothing but a printed paper. It has no value at all other than the assigned value. Period! So why would you want to compare your personal worth to a printed paper with no value?

Sadly, millions of people have adopted this ill and feeble money mindset. If you value yourself, change your mindset. Here is how you can go about it:

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1. Never entrust your financial decisions to others.

Money management tools like Quicken is informative and beneficial, but it’s vital to believe in your own ideas and take a complete control over your financial decisions .Any financial advice from somebody else is often not as secure as executing your own productive ideas. If you have been dreaming about a certain business idea, rise up. Implement it. Go out there and act swiftly. Draft a business plan. Never allow limiting beliefs about your abilities throttle your money making creativity. Remember, you can achieve even if you aren’t an expert at something!

2. Dare more.

Never operate from scarcity Instead, catapult yourself into the abundance. Reject the normalcy/regular and predictable life. Instead, release yourself into the world of inconvenience and opposition. The safety of normal is the enemy of success.

Try and try. A mindset of hoarding resources is the surest route to creating scarcity. Jump into the ring. Punch yourself into the championship of financial success instead of wallowing in the stands with your negative mindset that is governed and driven by the outcomes of other people’s financial games. 

3. Save. But enjoy your life and money!

Yes, you can plan for your retirement .But this is not as powerful as living in the present while being aware of the future. Postponing enjoying life is similar to pushing away the present prosperity. You’ll be doing yourself a great disservice if you decide to delay enjoying life until your circumstances improve. A financial mindset that is pillared around postponement is likely to link your emotional happiness to the financial future.

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4. Money won’t solve everything.

Get this into your mind and peel off that mindset from your life once and for all. Money is not the only ingredient as far as financial happiness is concerned. Maintain a clear emotional-money separation. Money won’t transform your life into a more meaningful one. Neither will it improve your relationships with the loved ones. Simply put; money will only solve financial problems. Simple!

5. Burry that limiting financial belief!

Never believe that money is the root of evil. Believing in this myth is likely to block your prosperity. There is no harm to living modestly, but there’s nothing gracious about being broke. Embracing a positive mindset that enables you to be respectful of, but psychologically detached from real money will go a long way in helping you to make wise and better decisions as far as your financial life is concerned.

6. Chart your own path.

Don’t be afraid. You’re the driver of your own destiny .Remember; scarcity is a product of negative mindset influence. Human creativity, from science, can solve any problem including financial ones. Embrace positive but different thinking to that of the struggling masses. Then wait for the results!

7. Treat yourself better.

Practical spending is important and prudent. But it’s vital that you enjoy the fruits of your hard work. Buy something that makes you feel good. This will encourage a positive financial mindset and give you the urge to even work harder.

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8. Don’t be a slave of money.

Being too obsessive of large amounts of money can cultivate unhealthy responses such as greed and untruthfulness. Whether you have a little or a lot, this kind of obsession can make you a slave of money.

If you form a positive mindset that views money as just a tool and desist cultivating an emotional attachment to it, you’re in control. You’ll never be a slave. Remember, money is just a printed paper and has no intrinsic value whatsoever. You, unlike money, is extremely precious. The more you let the world know that you’re valuable, the more you gain self-esteem and abundance.

What you need to know?

As far as money is concerned, your mindset has a great bearing on the level of care, the degree of stewardship, and the extent to which you value it. Positive financial mindset results into a protected financial stability dominated by good savings, sound financial management, and careful planning. On the other hand, a negative mindset is the root cause of appalling debts and unsupportable lifestyles.

Carefully evaluate practical examples around you and rethink about your financial life by answering the following questions:

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  • What is your money/financial mindset?
  • Where do you fall- a saver / spender?
  • Is money the sources of conflict in your relationship or you’re having an exclusive control over it?
  • Are you worried about money or you are much secured with the path you’re taking?
  • Do you evade tackling money issues or you always try to pursue the answers?
  • Does your mindset often result in a restful night sleep or they are always dominated by worries and fear of your unpaid bills?

Mindset is like software!

If you have already invested in how your financial life is proceeding, congratulations. But if yours is characterized by challenges and constant worries that often lead to stress as well as unhappiness, something is amiss and you need a quick fix immediately.

Remember, the mindset is like software. Your mindset dictates which route to take work every morning, whether you feel like going to the gym or cling to your blanket. Your mindset, just like computer software, can be altered, adjusted, programmed and reprogrammed, or replaced with money mindset 2.0, 2.1, or 3.0. The will, effort, awareness, and desire to make your life better need mindful, intentional, and positive upgrades.

However, the main problem is when you don’t believe that you can change. Mindset upgrades are not magic and don’t happen automatically. It takes will, determination, positive attitude, and action to effect real changes.

How to get clarity about your mindset?

To get a clear picture of your money mindset, ask yourself the following questions:

  • Is your current lifestyle getting closer or further away from your dream future life?
  • Does your decision support your long-term financial happiness?
  • Is your spending operating in the “autopilot”?
  • How do you feel about your money life: good or bad?

If the answers to the above questions make you feel that all is not well in terms of where you want to be, then until you outgrow this negative money mindset, you’re still in the kindergarten of financial freedom and vast money mindset. The difference is not in your abilities, it’s in your mindset.

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Rahis Saifi

Entrepreneur

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Last Updated on April 3, 2019

How to Nix Your Credit Card Debt in Less Than 3 Years

How to Nix Your Credit Card Debt in Less Than 3 Years

Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

Hint: there are ways that are easier than you think.

1. Consider Consolidating Multiple Credit Cards If Possible

This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

2. Try to Pay the Full Balance You Spent Each Month at the Very Least

You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

3. Pay Extra When You Can – Every Small Amount Counts

This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

4. Create a Plan on How to Pay Extra

Back to the main point, having this plan is giving you one less thing to think about.

This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

5. Cut out Costs for Services You Do Not Use

If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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6. Get Aggressive About It

Consider these points:

Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

7. Reevaluate Your Progress at Set Intervals

Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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Finally (and most importantly)…

8. Keep Trying

Do not get discouraged. Pushing it off will make it worse. Just keep trying.

Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

Start Knocking out Your Debt Today

The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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Featured photo credit: Pexels via pexels.com

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