A major factor regarding effectively managing your money and achieving financial freedom is maintaining a positive and confident mindset. Maintaining a positive growth mindset takes effort and knowledge. Here are some ways to start thinking about financial matters and building wealth:
Focus On What You Want – And Take It! So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”. Play to win, not to avoid defeat.
This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!
Confront closely-held beliefs. Spend some time dissecting and understanding the previously-held beliefs you have about money. You learn a lot about money from your family at a young age—either that money is good or money is evil, for example.
Some people may grow up believing that money is a scarce resource, while others understand money as a tool. There are many numbers of qualities that get assigned to money that are not objectively true.
If you have major fear or shame regarding money, you may want to consider working through these emotions with a financial therapist. Your feelings are valid—but that doesn’t mean you have to live with them.
Integrate affirmations into your daily routine. You may find affirmations to be a grounding part of your day. For example, affirmations such as “I am worthy of wealth,” “I am capable of managing my money,” and “There is money out there to be made by me” could act as helpful reminders that you are in charge of your money and not the other way around.
To develop a positive mindset and to become a person who is “good with money”, it is essential to understand that achieving financial freedom and accumulating wealth is a journey. So, consider taking it step by step. Start by building familiarity with your financial situation, and look for small ways to improve it and make it better every day.
Don’t Spend Your Money – Invest It. The reason you need to save your money is to grow it by investing it for the long term. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with building wealth. You’ll want to quit your regular job at some point.
Bottomline is to stop working for your money and invest, which puts your money to work for you.
Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.
References:
- https://www.lifehack.org/articles/money/develop-millionaire-mindset-6-easy-steps.html
- https://www.sofi.com/learn/content/am-i-bad-with-money/