Your Money Mindset (Pt 2: Tips to Overcome Bad Mindset)
Nov 23, 2022
So you already know by now, how your childhood and parents influenced your money mindset. Money is viewed as a positive thing to you, but there can also be some pitfalls. For example, you may gamble to put your money to work for you or overspend to get the most out of every dollar.
Tip#1: When money becomes the filter through which you make every decision you are giving it emotional value
It can be tempting to spend too much money on the wrong things.
On the opposite side you can be too cheap. At the end of the day, you need balance to achieve financial freedom.
You believe money is a source of stress. If this is you, money may be nothing but drama and a very toxic relationship in your childhood.
If it was just known that you are not alone. We’ve all experienced some type of stress when it comes to money.
So as an adult you may get upset or avoid the topic of money when it comes up. You may feel like you never have enough money so why try so hard. Or you may think having too much money is a huge problem.
Therefore, you may handle money by not dealing with it at all. Bad habits or behaviors may show up like missing payments, being too cheap, or being overly private about your finances.
Tip #2: If this is you, give yourself a clean slate and start fresh.
It’s never too late. Join us, you will learn with us that money is not inherently bad or good. It is a tool that one can use either well or badly. If you believe money is bad you should pay special attention to The Career Mompreneur MoneyPro financial plan and subscribe to get the help you to get on track to financial freedom.
It was created to include an in-depth budget analysis where a financial coach will spend time setting up a balanced budget for you. So, sign up for the Gold membership or Annual membership subscription plan to get access to this service.
Did you know we make 6-10 money decisions each day?
These are guided by both conscious and unconscious habits each day. We all have money habits we would like to change. The first step is to be aware of what those bad ones are if we are going to change.
For example, we may have the habit of overspending on Amazon or Target (it’s just something about that store that gets us all every time).
Our financial health is not shaped by just one thing, it’s a combination of many things. It is a combination of many decisions, driven by our own money personalities.
If you can figure out why you are making the money choices you make, then you can figure out how to pivot and make better choices.
Two of the worse habits I see in people are the following:
1. Denial: People tend to look away from money problems because we believe if we ignore it then it magically disappears.
For example, are we failing to budget? Are you in the dark about your credit score? Are you ignoring how you will pay off your debt? Are you ignoring how you will pay for your kid (s) college? Are you not saving enough for retirement?
It may be time for you to start now and get on track with The Career Mompreneur MoneyPro Gold monthly or annually subscription plan.
2. Impulsiveness: Do you rush into money or financial decisions? Money decisions take thought and advance financial planning.
It’s okay to splurge occasionally, but being impulsive can really hurt your bottom line.
“Carpe diem” is generally awesome life advice but it can result in bad financial advice.
It means using tomorrow’s money to pay for today. Or in their words, you keep all your money in a checking account and not save for tomorrow in a retirement plan, having enough insurance, making a will.
This is an example of how you are forgetting your future to just get by in the here and now.
Sometimes a lack of planning for the future is rooted in the uncomfortable reality that we are all going to get older.
3. The Joneses
Do you always compare yourself to others who have more---your friends, your neighbors, your coworkers, celebrities, or even strangers?
Everyone has some of this, but if I let myself constantly compare myself to others, I would never feel good about another decision again.
There will always be someone that is better no matter what. At some point in life, we must learn how to be fulfilled with what we do have, with the goals we have accomplished, and the bright future ahead.
If you don’t relate or see yourself in the behaviors above, great job. At The Career Mompreneur, we see people with all types of money habits.
I have a list of different money habits most people have and when you sign up for The Career Mompreneur Gold subscription membership I will share more with you.
Over the course of my career in finance and accounting, three habits have emerged more than others that predict people’s success with money. Guess what they are:
Organization
Thoughtfulness
Independent Thinking
Tip#3: I recommend understanding the most important things about yourself: organization, thoughtfulness, and independent thinking.
Once you gain a solid understanding of the above 3 success factors for predicting people's success with money, it will help explain what’s driving your behavior and what may be at the root of any problems you are having.
Where you are on the spectrum of organization, thoughtfulness, and independent thinking shows how secure you are with money and how likely you are to succeed in reaching your financial goals.
The Career Mompreneur offers an amazing state of the art financial planning and coaching services in our Gold subscription membership plan that will help you understand where you fall and how to improve your chances of reaching all your financial goals.
Please note that your present and future are always at odds with each other. You want to spend money today, but your future self wants you to save money for the future.
One thing that always helped me throughout my life and financial journey is visualizing the future me.
Visualising not just your future self but also your future goals can be life changing. Doing this will help you feel less anxious and nervous about achieving your financial goals and become more confident.
Studies over the years have shown when you write down your goals, you are more significantly likely to achieve them. What are your financial goals you want to achieve? What do you want to have savings for in the future?
What financial legacy do you want to leave to your kid (s)? How much do you want to save for retirement? What investments do you want to secure today for the future?
It’s critical to have a plan, but best of all The Career Mompreneur is offering the new MoneyPro financial plan to help give you the roadmap you need to achieve your goals. SUBSCRIBE & SIGN UP TODAY!
Stay connected with news and updates!
Join our mailing list to receive the latest news and updates from our team.
Don't worry, your information will not be shared.
We hate SPAM. We will never sell your information, for any reason.
