How Can I Change My Money Mindset?

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1. Forget What You’ve Learned

Chances are that while you grew up, you learned things about money that have stuck with you your entire life. But now that you are in charge of your life, those ideas need a serious update.

To change your money making mindset, you need to be willing to admit fault and be willing to replace the wrong ideas and values you associate with money. If you’re not willing to give up the limiting assumptions you have, you’ll never be able to grow beyond them.

2. Let Go of Your Mistakes

Mistakes lead to success if you are willing to learn from them. Most of us have learned great lessons from our mistakes. We fell down, and then we picked ourselves up and tried again. Unfortunately, that resilience doesn’t always happen with money.

When it comes to money, a lot of people have a bad habit of letting mistakes completely stop them. Because they made a financial mistake once, they no longer allow themselves to do anything related to it ever again. But that’s the wrong way to think about life, and certainly the wrong way to think about your money.

If you gave up every time you made a mistake, you wouldn’t have graduated from school, learned how to walk or talk, or be the human you are. We make mistakes, but they shouldn’t stop us or define who we are

3. Eliminate Your Scarcity Mindset

A scarcity mindset is an idea that there is never enough. No matter what you do, no matter how hard you try, you won’t have enough. You see things that you would like to have, but then you give up because you assume it’s impossible for you to ever have the means to get those things. This can make you jealous of others, cause anxiety, increase stress, and make your life miserable to live.

Rather than having your thoughts, which lead to your actions, come from a place of scarcity, your thoughts need to come from a place of abundance. The scarcity mindset believes you will always come up short. The abundance mindset believes you have enough and there is enough to go around. Your needs will be met.

Having an abundance mindset about money gives you the power to act freely and bravely with your life.

4. Be Confident

Your money mindset can change how you think about yourself. You have an idea of how much you are worth and how much you deserve. That figure, whatever it might be, directly plays into how confident you are.

Never undersell yourself. Do whatever it takes to remind yourself of that and to live it every day of your life.

You are of value, and you are worth it.

Being confident can affect how you feel about yourself and how your employer sees you, and can open up doors that were previously closed to you. Believe in yourself and know you have something no one else in this world does.

5. Don’t Compare

Your route to success is different than everyone else’s. Do not waste your time comparing yourself to others.

With the constant updates of social media and the internet, it’s easy to get sucked into making comparisons. Not only do we overwhelm ourselves as we try to compare ourselves to celebrities and internet influences, but we might even compare ourselves against friends, family members, neighbors, and coworkers.

We rarely compare ourselves to where we were a year ago to see our actual growth. Instead, we tend to compare ourselves against celebrities, the hyper-wealthy, or people that are well beyond us. This creates unrealistic expectations and leads to disappointment.

Comparisons take away from focusing on your own success and development. Constantly trying to compare your success to those around you is a waste of time and is never worth doing.

6. Believe in Success

You have the power to make your own success. If you put in the work and the time, your life can be better than where it is now.

The playing field isn’t equal. Some people have a much easier setup for success and it can even feel like some people around you just have success handed to them. But their success does not take away from yours. If you are one of those people that have bigger obstacles than others, that does not mean it is impossible.

Everyone can find success.

The easiest way to only find failure is to never believe there was a chance for success.

8. Set Goals

Your goals should be a reflection of who you want to become, not who you are now. Setting easy goals can feel great, but you are only limiting yourself. When you create basic goals, you are not reaching your true potential.

Instead of setting goals with your current self in mind, set goals for your future self. You might not be out of debt, be making the money you want, or have the job of your dreams, but your future self is. Goals help you start coming closer to your future self.

By stretching yourself and trying for the biggest dreams you have, you give yourself room to grow and improve. When you limit yourself with small, short-sighted goals, you limit your potential and growth.

9. Project Gratitude

Be thankful for what you have. Even during the tough times, show thanks.

This isn’t always easy. When you’re in a tough spot in your life, and you think there’s nothing more than can go wrong, and it does, you don’t want to be grateful. You want to sit down and complain about how hard things are. However, complaining about getting stuck in the mud will never help you get out of the mud.

Start with small pieces of gratitude. Every day find one thing you are thankful for. The first few days you do this, you might even have to pick the same thing. As you practice gratitude, you will start to see more and more good things in your life that you are grateful for. And rather than being stuck in your conditions, you will rise above them and improve your life. When you begin to focus on the positive, the things that seem negative will start to fade away.

10. Commit to What You Want

Change takes time. Be unwavering in your desire. Be fully committed to your goals and dreams.

It can be tempting to give up if you don’t see results right away or if you ever misstep. Rather than giving up, you have to keep up with what you know will work, and you will see the results over time.

A key part of being committed to what you want is not looking back. You might think that you’re uncomfortable right now, but there is no reason you should ever go back to your old way of thinking. Instead of lingering on what used to be, focus on what could be and where you are headed.