Financial mindset, what is it?

In this 3 series content, you’ll see What is it,why is it so important  and  how to do it.

THE WHAT

The biggest obstacle from where you are - to becoming wealthy - is NOT opportunity nor income... it is knowing and moulding yourself. Money and Wealth specialists often highlight that personal finance is 20% head knowledge and 80% behaviour and mindset! So we've prepared this series to show you WHAT a financial mindset is, WHY it is necessary and HOW to do it!

What is a financial mindset? 

In a nutshell, it is your unique set of beliefs about money. Money is all about behaviour, attitude! Your habits, thoughts, and feelings about money will determine your handling, saving and spending.

What is money? What is wealth?

Money is a tool to build financial wealth. Understanding this is a profound change that can stop you from buying a Netflix subscription or a treat at the gas station. Instead, it can encourage you to account for every penny you earn and to invest it in cryptocurrencies, for example. 

Do you believe money is good? 

Money itself isn't inherently good or bad. It's simply a tool that can be used to affect the world around you. If you think of money as bad or evil, you're likely to shy away from behaviours that can put you in a better financial position. If you are kind without cash, you'll continue to be kind and generous with money; if you're cruel without money, you'll continue to be ruthless with it.

What are negative beliefs or mindsets about money?

Negative beliefs around money can be, 'only rich have enough', or 'I'll never get out of debt', 'life is all about what you own' or even 'retirement is far, far away.' Taking time to discover your own can be a massive step towards your financial dreams! But acknowledging limiting beliefs is not enough. Replacing non-self servant ones with better ones should be the goal! Other examples of negative thoughts are fear and anxiety around money subjects, feeling a lack of control over it, negativity around the concept of money, feeling intimidated by complex concepts or simply hating it.

What are positive beliefs around money? 

'Ramsey Solutions conducted a study of over 10,000 millionaires, and one of the fascinating statistics to me was that 97% of millionaires believed . . . wait for it . . .that they could become millionaires. They thought that it was within their control. They thoughttheyheld the key to their success. And having that mindset—not an inheritance, fancy education or wealthy parents—is precisely what caused them to succeed. 

What's next?

After understanding the truth that money is just a magnifying glass - it makes you more of who you are - it is easier to understand why you should work on it and how. So go on to the next series, why it's important and how to work on your mindset to find the willingness to tackle complex problems, feel in control of behaviours and develop optimism in the face of uncertainty.

Read Why is it essential here!

Read How to do it here!