Money Makeover Part 1: Mindset
Do you ever feel like you’re stuck in a financial rut? You’re not alone. According to a new analysis by The Ascent, a division of The Motley Fool, almost half of Americans want to be financially prepared for the future but 97% aren't making time to do so. U.S. adults are almost 30 times more likely to spend time watching TV than managing their finances. Building wealth as a family takes intention.
Today is the day to leave the past behind and focus on your financial future. You should not have to change your personal financial situation alone. Instead, think of me as your financial accountability coach.
Let’s take a five-step money journey, starting now. This post is the first of five related articles that will help you move from stressed to secure about your family’s financial situation.
Here’s a simple acronym to guide you along the way:
Mindset
Origin
Needs
Experiences
Yes!
Today, let’s start at the top and begin with:
Mindset
Whether it is fear of the unknown or a crisis of confidence, any change requires a positive mindset. The way you think about yourself impacts so many things: your methods of learning, reactions to stress, levels of resiliency, and even health. Moving past fear towards a new beginning involves a shift of perspective.
Now, for a little history lesson. Steven Covey, bestselling author of The Seven Habits of Highly Effective People, coined the term “abundance mentality.” An abundance mindset helps you in many ways. You:
Create meaningful life experiences
Pursue interesting opportunities
Find happiness even amid struggle
Feel inspired and creative
True transformation requires an abundance mindset. When you foster an abundance mentality, you see the potential to move beyond present circumstances and have hope in a brighter future.
On the other hand, a person operating under the scarcity mindset is consistently concerned that there will never be enough. She typically feels like a victim. Emotionally, an abundance mindset makes you feel empowered and engaged while a scarcity mindset causes frustration and overwhelm.
Here are a couple of suggestions to shift into an abundance mentality:
Become aware of your thoughts through mindfulness
Notice the types of thoughts circulating around your head and make a conscious effort to move from scarcity towards abundance.
Practice gratitude
Keep a daily or weekly gratitude journal. If you regularly pray, spend the first few minutes in prayer expressing those things for which you are most grateful.
Recognize the unlimited possibilities
Focus can be incredibly powerful, especially in attainment of goals. BUT, if your focus is too narrow, you might fail to notice all the possibilities. Expand your horizons and take a broad approach first. Create a vision for your ideal life.
Cultivate and share your gifts
You are uniquely you! There is no one else like you in the world. Serve others by sharing your special gifts. If you’re an entrepreneur, provide value to your audience. If you’re a parent, maybe one of your passions will rub off on your child.
Think about what is going right
As humans, we are wired to notice the bad more easily than the good. Are you a perfectionist like me? You may be even harder on yourself and others. Instead, take a step back and play to your strengths. Celebrate the wins, even if they’re small.
Hopefully, you now understand the importance of having an abundance mindset. Next, I’ll share more behind the “O” of the MONEY acronym – origin.
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