Do you want more wealth in your life? Do you ever wonder why do some people seem to have their personal finances all figured out? Well, it all starts with the right mindset. Your mindset is a very powerful tool. When you change your mindset from a scarcity mindset to an abundance mindset, you can attract more money in your life. In this post we are talking about 8 fool proof ways in which you can transform your money mindset.
WHAT IS MONEY MINDSET?
Money mindset is the attitude you have towards money or towards finances. It is the driving force behind all your financial decisions. And your money mindset determines what decisions you make and also impacts your ability to achieve your financial goals.
So if you are someone who is in debt and still continues to accumulate consumer credit card debt, that’s a result of your money mindset. That’s how you have always looked at money. Let’s say you have maybe even accepted that you will always be in debt and so you continue using credit cards and spending the money you don’t have.
And when you change your money mindset, you will able to transform your entire life. You can attract more money in your life and you can achieve your financial goals with the right mindset.
Our minds are very powerful tools and when used the right way, you can indeed change your entire life around. Your money mindset will allow you to look at money differently and finally start building wealth.
- WHAT IS MONEY MINDSET?
- WHY SHOULD YOU CHANGE YOUR MONEY MINDSET:
- #1: Forget everything you have been taught about money as a kid:
- #2: Forget about your past and how you have handled money in the past:
- #3: Create a Vision Board
- #4:Focus on what you have & be grateful:
- #5: Simplify your life & practise Minimalism:
- #6: Know your worth & build confidence:
- #7: Set Big goals:
- #8:Start to love money & manifest abundance:
WHY SHOULD YOU CHANGE YOUR MONEY MINDSET:
I was working in my 9 to 5, which was more like a 9 to 7, and making a good salary. But I never felt like I had more than enough. In fact I felt like I had just enough. And maybe that’s because I have always seen money. I have always been taught to study, do well in exams, get in a good college, get a job that pays enough.
ENOUGH being the keyword here.
But I have grown to realise that it was a limiting belief I had. I always believed that I can make enough money to be able to afford the life I currently have. And then used to wonder why hasn’t much changed in the last couple of years.
And while a LOT of people are happy with having just ENOUGH money, I wasn’t happy. You see having enough money is great because:
- It allows you to pay all the bills and afford the lifestyle you currently have. But it will not allow you to have extra funds to do the things that you really want.
- You will have funds for vacations but not enough for luxury vacations in 5 start resorts.
- Having enough money will allow you to put food on the table, but it will not allow you to invest in your health (organic fruits and produce)
You see, you will have enough money to live a comfortable life, but you will not be living life to its full potential. And if you think that you have everything you want to be happy right now, do not let me tell you otherwise.
But if you feel like you need a more enriching life that’s full of experiences (all of which require you to have money) , then you need to work on your MONEY MINDSET.
Because when you change your mindset, you attract wealth.
And believe me, if I can change my money mindset so can you. it is not something that we are born with. Sure we have been taught some limiting beliefs ever since we were kids, but there is a way around that. You can get over these limiting beliefs that are holding you back. And you CAN live a life of abundance where you attract wealth. So, let’s talk about the steps:
#1: Forget everything you have been taught about money as a kid:
This was the first thing we were taught in our MBA. You need to unlearn things you have learned till now, if you want to change your life. And it is often said that a new phase of life requires a NEW YOU. and that’s true in a manner. Because changing your life requires you to get over your limiting beliefs that are holding you back.
So if you parents have taught you that you need to make ENOUGH money, you need to UNLEARN that. And you need to tell yourself that you CAN and you WILL make more money. More than what’s just ENOUGH to live life.
Tell yourself that you are going to attract money and wealth and tell that to yourself everyday.
#2: Forget about your past and how you have handled money in the past:
Limiting beliefs are not just what other people have told us, they are also made by us. They are also made by things we keep telling ourselves.
If you always believe that you are someone who pays for things using their credit card, then you will always keep doing that. it all starts with how you think of yourself when it comes to financial matters.
So instead of saying things like:
- I will never have enough money to get out of debt
- I do not know how to handle my finances
- I will never be able to afford luxury vacations or to buy a house that I really love
Try saying things like:
- I am in control of my finances and have the power to make more money.
- I can teach myself about money and educate myself about all the investment options
- I will be able to buy a house when I really want to and abundance flows towards me easily
And if it helps, you could also use words like “used to be” whenever you are describing yourself as a kind of person who doesn’t know a thing about money and finances.
So say things like ” I used to always buy things that I couldn’t afford and I used to be pretty careless about my finances”
This implies that you are not that person anymore. And when you keep saying things like this, you will eventually change. yes, sometimes it’s that simple when it comes to tackling our limiting beliefs. And you become the kind of person you think you are.
#3: Create a Vision Board
Visualising your future life is one of the most powerful tools in manifestation. and I have been making vision boards for many years now. And I can confirm that they actually work.
Vision boards can help you change your money mindset and help you in achieving the life that you have always dreamed of.
So, visualise yourself 2-3 years from now, depending on whether you want to create a long term vision board or a short term vision board. I like making vision boards every year, at the start of the year that is. And you’d be surprised to know how many things I have manifested with the help of vision boards.
there is something about looking at your goals everyday and then carrying that energy throughout your day> And then letting it reflect in your work and your attitude towards money. And this energy really helps bring about these big changes in your life.
A few years back, I had on my vision board a goal of quitting my job and then a year later, I actually did. Sure it took me a while to get there, but Eventually, I did. And you can do the same.
So go ahead and make a vision board.
I also like creating personality vision boards in my bullet journal every year. It’s a present me vs future me kind of comparison. So I write the kind of person I am right now. I write down how much money I make, how I handle my relationships, how I approach certain things and what my lifestyle is like.
And then for future me, I like to envision the changes in myself that I have made in the last one year. So I write about myself like I have already made those changes. I write down how I dress now, How i approach things, how much more money I make, what I do in my free time and so on.
And these vision boards help me envision the direction I want to go in. And it helps me make a personal development plan for myself every year. Because I already know what changes I need to make so I have a clear idea of how I will go about making those changes.
#4:Focus on what you have & be grateful:
Have you ever heard that practising gratitude can change your life? Well, if you have and you have said to yourself “Okay what BS!”
You are not the only one. When you are in a sticky situation in your life and someone says you need to practise more gratitude. You can’t help but call it BS.
But hear me out. Because I have been in your situation. I have been there. I have said in the past that practising gratitude won’t take you anywhere. And I have no problem in accepting that.
Do you know why?
Because I took a chance. I said to myself that okay let me give it a try and I will see for myself and be done with this advice that people keep sharing. And I did give it an honest try. I decided to stick to it for 30 days and let me tell you nothing has changed my perspective in a way that practising gratitude has.
When we focus on things we already have, we work towards developing an abundance mindset. We are thanking the universe for bringing us the things that it has. And when we show our gratitude, we establish that what we have is enough. And you know how positive thoughts attract more positivity? It kind of works in the same way.
I won’t get into the whole law of attraction right now, but when you have a money abundance mindset, you attract more money. And you attract more abundance in your life. And if you are already focussing on the things that you don’t have, you will never have enough.
#5: Simplify your life & practise Minimalism:
Simplifying your life and practising minimalism works in two ways, when it comes to money.
When you declutter your life, and when you simplify your life, you are in a way practising a money abundant mindset. I am not saying getting rid of things attracts money. And I know it does sound counter-intuitive. But again, hear me out.
When you simplify your life and get rid of things you don’t need, you are telling the universe that you are letting go of things you have been accumulating and things that you’ve been letting keep a hold on you. And you had been holding onto these things because you thought you’d need them and that you’d have to spend money on them. So you had been keeping them as a way of saving money because you “believe” you will not have enough money.
But, when you let go of things you don’t need, you are telling the universe that these things no longer have a hold on you. And you are letting go. And you believe that the universe will bring you abundance to buy the things when you actually need them, if and when you do.
And the second is by being for minimalistic and having a minimalist life. When you practise a minimalist life, you no longer associate happiness and contentment with materialistic things. And you say that the “clutter” that was in your life, no longer has a space. And that way, you are making more space for the things that actually matter. And you attract things that actually matter.
#6: Know your worth & build confidence:
If you think about it, being confident in life is one thing that you absolutely need to be successful. And yes, it is again one of those habits that can be cultivated. Being confident take time but confidence can be built over time.
When you are confident in yourself and in your skills, you are not afraid to be compensated accordingly. That means that you are far more likely to have positive incremental meetings with your bosses.
It goes along with the same lines of knowing your worth. Knowing your worth and knowing what value you bring to the table is crucial. But it is pointless if you are not confident enough to ask for a raise.
So know your worth and build enough confidence to not work for a salary that’s not in line with the work that you do. You’d be surprised to see your manager’s giving you raise only because you asked for it. Because they already know your worth. And sometimes you just need to ask.
And if that’s not a money mindset you should be working towards developing, I don’t know what is. A few years back I put it on my vision board that I want to be making “x” amount of money. And because I was looking at it daily, I knew I had to do something about it.
And I knew one of the ways to be making that money in a year was to ask for a raise. And I did. And I got a 25% annual increment which was quite unusual for people in my company at that time.
#7: Set Big goals:
Set big goals for yourself. And before you say it’s not actually a mindset, let me explain.
When you set big goals for yourself, you are working with a belief that it’s actually possible for you to achieve those big goals. Because we are not setting goals out of no where. We are talking about realistic, practical and achievable goals.
But these goals are still big enough to push you out of your comfort zone. And when talking about financial goals, you need to believe that it’s possible for you to achieve them.
Again, forget how you used to handle money in the past. You are not that person anymore. So, stop letting your past define how you live in the present. Tell yourself that you can and you will achieve those goals. And then work towards achieving them.
Sometimes it helps when you tell another person. When I quit my job, I told my husband that I will be making the same as my job in a year. That was a big goal for me because I was starting from scratch. But I did. Because I believed in myself and I manifested that money.
#8:Start to love money & manifest abundance:
Everyone loves money, don’t they? But check in with yourself and see how you see money. Do you think money is the cause of people’s problems? I used to always think to myself that rich people don’t have happy lives.
Because they do not have real relationships or the time to actually enjoy life. to you, it may sound silly, but that’s what I used to think at the time. But that was a limiting belief I had imposed on myself. I had led myself to believe that. And because of that reason, I always used to think that having ENOUGH money is enough.
And that kept me from living my life to its fullest potential. But when you start loving money, you start believing that you need money for a more enriching life. And that money is not the root cause of anyone’s problems. And when you truly believe that, you start manifesting abundance.
There you have it. 8 ways to completely transform your money mindset. Working on mindset is something that takes a lot of work. You may want to start building some good money habits in the meanwhile. Earning more money is not the way to build wealth and no matter how much money you make, you will not be rich if you do not have good money habits.