Is Your Money Mindset Unhealthy? You Can Change It
In my previous article, Your Money Mindset Forms by 7: And the Gift Keeps on Giving, I talked about a concept I call money maps — the beliefs, values and attitudes we have around money that shape how we see the world and the role we (and our money) play in it. For most people, it’s one of the least understood elements of their finances, and it’s arguably the most powerful thing that influences not just their financial decisions but their overall well-being.
Here it is on a billboard: If you don’t master your mindset, you will never master your money (or the role it plays in your life).
Having the tools to reflect on, gain awareness of and change your unhealthy beliefs and attitudes is the key to thriving in your financial life. With an understanding of the past, you can better understand your present and, with the right strategies and guidance, shape your future with greater clarity and confidence.
Before I share a few simple tips to help you discover, understand and change the beliefs shaping your money map, there are three rules everyone should follow:
- Simple strategies, well executed, are the key to lasting behavior change. Find small things you can implement, with consistency, and change will come.
- This is a no judgment zone. Money is very emotional, and you will likely unearth at least one thing that is uncomfortable. Give yourself grace and don’t judge yourself for what you discover.
- Change takes time. Don’t expect an overnight shift in how you feel or behave with your money. My father always said, “Patience is a virtue.” I hate that he is right (but I still love him).
Now let’s break down five steps you can take today to reshape your money map.