I used to be skeptical of the impact of a positive money mindset, but recently my opinion has changed.
I’m a naturally skeptical person, and it’s easy to write-off positive mindset as a bunch of BS. After all, thinking positively doesn’t guarantee success.
But the more I’ve reflected on it, the more I’ve realized how having a positive mindset can increase the chance of success, and how having a negative mindset can hold you back.
It’s a big reason I started Student Loan Solution with a section on money mindset. So many people with student loans have a negative money mindset, and that negative mindset makes it very difficult for them to tackle as big a challenge as student loan debt.
Simply being around someone with a negative mindset can be draining, let alone the impact it can have if you yourself has a negative mindset. On the flip side a positive mindset finds the good in things and can allow you to find solutions that you otherwise wouldn’t have thought of.
Nowhere does this come into play more than it does with money. Our money mindset is influenced by:
- Our past experiences with money
- How money was treated and addressed throughout our upbringing
- The beliefs about money of those we spend our time around
- The thoughts, ideas, and information we expose ourselves to
Here’s a simple example. If someone’s parents were always stressed and fought about money, and were vocal about there “never being enough money,” it’s going to have an impact on them. It may cause them to be relentless in their pursuit of money, prioritizing it over everything else. Or it may make them instill the mindset of their parents, feeling as though they are “meant” to never have enough money and there is nothing they can do about it.
On the flip side someone’s parents may have become wealthy by saving and investing money, little by little. Their parents may have taken advantage of opportunities to move up in their career, or started a successful side business that supplemented their 9-5. They may have learned money lessons from their parents started at a very young age. This sort of upbringing could instill a feeling of endless possibilities when it comes to making money.
It’s important to reflect on your upbringing and how it shaped your money mindset, which leads to the first exercise.
Understand what has influenced your thoughts on Money
Think about how you view money and your ability to better your financial situation. Do you feel like anything is possible as long as you set your mind to it and seek out solutions? Or do you feel resigned to your lot in life?
Think about your parents. How did they view money? Did they have an abundance mindset or one of limitation? Do they think that you can solve any money “problem” as long as you set your mind to it and make a plan? Or did they simply complain about not getting paid enough at their job and continue to go to the same job at the same employer day-after-day?
Now think about your views on money. Do you see any positive or negative parallels to how your parents thought about money?
Now think about the people you spend the most time around. Do they complain about their lack of money but do nothing about it? Do they feel resigned to the fact that they will never have enough? Do they not take action?
Or on a positive note, do they have an abundance mindset where they think the only thing keeping them – or anyone else – from making more money is knowledge and action?
The people we spend our time around can have a profound impact on you.
One example from my life is friends and acquaintances who were obsessed with expensive cars. I personally have no time and energy to drool over expensive cars. I’d rather spend that time and energy thinking about how can I buy that car? What would I need to do to make it a reality? Over time I find myself feeling more engaged when I’m conversing with someone who also thinks about money from an abundance perspective. It’s tough for me to spend too much time and energy around those who think it’s impossible for them – or others – to ever be wealthy.
It’s important to rid yourself of negative thoughts, and the first step is to identify them. What’s influencing those negative thoughts? Is it family? People you spend most of your time around? Or is it the content you consume?
Time spent reflecting on this is time well spent.
Lets move on to the second exercise – which is positive affirmations.
Positive Affirmations
We need to replace negative thoughts and mindset with positive affirmations. Many people who have either had financial struggles (who hasn’t?) or had difficulty reaching their financial goals and dreams tend to allow negative thoughts to creep in.
Thought like:
I’m stupid for taking out student loans.
I’m worthless because of my credit card debt – I don’t deserve to succeed in life.
I’m not talented or smart enough to make more money.
I will always struggle with money.
These need to be replaced with positive affirmations such as:
My self worth is NOT my net worth.
My money situation does not run my life. I do.
Thoughts and opinions of others are none of my business. What I think is the only thing that matters!
I will overcome any challenge I face.
In life there are literally millions of people who would like to see you fail. The opinions of others are NOT what matters, and it’s really none of your business! It’s their opinions. What matters is what you think. If you set your mind to something and are determined to see it through, the possibilities of what you can do with your life are endless.
When you approach money with a positive mindset your chances of having a successful financial life increase. Positive affirmations help us reinforce positive thinking on a daily basis.
Do This: Write out positive phrases, such as “I own my financial life and I will overcome any challenge I face.”
Put these positive affirmations somewhere you will see it on a daily basis, whether it’s in the bathroom, on a nightstand, or near your computer monitor.
Don’t just read it.
Say it out loud, even shout it! Believe that you are capable of great things!
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I agree that a mindset shift with money can be very powerful. I grew up in a family that was all about saving. It was great in teaching me to live within my means, but almost absent was a focus on income growth or risk/ reward. I didn’t even realize that till I hit a ceiling in what the saving side could bring me. Luckily, I’m a voracious reader and I was able to see other points of view, including emphasis on entrepreneurship, passive income, negotiation and other earnings-related approaches. I find the 17 Wealth Files structure that T. Harv Eker wrote about to be very helpful for expanding your mindset.