Your Money Mind Set by Tara Taylor Financial Jan 29
What is Money Mind Set?
Many people hear that phrase but do they really know what it means? Money Mind set is YOUR personal attitude and thoughts about money. It is how you feel when you make a purchase, pay a bill or make an investment. Everyone has a different feeling about money as it is an individual feeling. Does thinking or talking about money make you anxious, sad, excited? It is really your core belief about money.
Why is it important?
It impacts the decisions you make every day about all aspects of financial wellness. This includes spending, savings and how you handle your money and personal finances.
Many people have had bad experiences regarding money- they grew up in a household where money was an issue so it caused great stress and anxiety. Or it was never discussed, so they didn’t learn about the importance or understanding their finances, building credit or saving and investing. Or perhaps as a woman they were in the “dark” about the family finances and now they are going through a divorce or recently widowed and don’t know what to do?
To determine your money mindset, here are some questions to answer (True or False)
- I am fearful or anxious just thinking about money
- I don’t feel a sense of control over my daily finances
- I am not confident about my ability to manage my finances
- I procrastinate on making financial decisions
- I compare my finances to others
- I do not believe I will become financially secure at some point in my life
Before you can make a change to your mindset you have to identify how you feel and reflect on that. If you answered mostly False to the above- congratulations you have a mostly positive outlook on Money. But.. , if you answered True to the majority of the questions above you have some work to do!
Once you identify how you feel, you can reflect a bit.. but most important you can let go of the past and start new and shift your mindset to create positive goals. Identifying how you feel about money can set you up for making changes to your situation, allow you to build consistent habits and instill confidence in your future. Remember it is never too late to start – The Beginning is Always Today…
Yours in Financial Health…