Get your mind right about money

Welcome to the month of August! And i would like to take a moment to say thank you to everyone who has chosen to subscribe to this 3min read. I appreciate the time you take to read and engage with me.

Title: Get your mind right about money

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“A year from today can look completely different if you choose.”

Catching FIRE Jane Mazimba

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Money should never define or control you; it should be the other way around. Why? Because money is a necessary tool for life. It is not a mystery or a gift for a chosen few, but something that we must all learn to master. Or, it masters us. That is why I like talking about money. With trusted parties of course!

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Take this past week. I was speaking with two friends who both happen to be psychologists. They were sharing how often they came across colleagues from a corporate background who were simply unprepared for life post-formal employment. Often, the security these jobs provided (health care, fees allowance, good homes, cars etc…) had lulled them into a state of financial complacency. For some, only when retirement was around the corner did they start looking at options, while for others they had to drastically downgrade their lifestyles once retirement hit. For many, the shift proved too much of a shock, leading to a downward spiral of mental and physical health issues.

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Is your money mindset lacking?

While not everyone works in corporate or has access to these types of benefits, many do not make financial literacy a focus beyond the basics of making money and spending it. This is a poor mindset.

The connection between our thoughts and financial health is profound. When we cultivate a positive mindset, we open ourselves up to opportunities, remain resilient in the face of setbacks, and maintain the motivation needed to achieve our financial goals. So when it comes to money, how do we cultivate the right mindset?

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1.???? Audit your internal money story.

Did you know that everyone has a story about money that informs their relationship with it? Similar to my article about writing your own story, we have beliefs around money. For example, did you grow up in a household constantly hearing “we don’t have money” or “where do you think the money will come from?” On a young mind this can create the belief that money has its own will or is bestowed upon those who are chosen.

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What do you believe about money? Take a paper and split it into 2 columns: positive and negative beliefs. List whatever comes to mind. Which column is longer? Trigger warning: money is tied to emotions and memories; you may be ?surprised ?what comes up. Like how many of us never saw our birthday money returned to us after we had loaned it to mum or dad “for bread?” – No comment!

2.???? Educate yourself

Once you have explored your money story you can either go about amplifying it (if positive) or debunking it (if negative). This then frees up some positive mental space to see, and therefore learn about, money from a different perspective. You need to understand money, so you can make it work for you. Invest time in learning about personal finance, investment strategies, and wealth management. This creates confidence and motivation around your finances.

Practice gratitude

To receive more, first be thankful for what you have now. Your focus can be as big or small as you like: having a roof over your head or the ability to read this article. The point is that the more you understand the abundance you have right now, the more your mind accepts that you can have more in the future.

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Begin with the end in mind

Part of the conversation naturally drifted to retirement planning. It may seem like a lifetime away but the truth is we only have this one life. The mistake that my friends, the psychologists, noted was that many took their current conditions for granted and did not take advantage of them. Again, a poor mindset.

This may not be your situation. Perhaps you do your research, attend your workshops, read and converse with professionals. You set financial goals and meet them. Perhaps you know to diversify your investments. Ecclesiastes 11:2(NLT) “But divide your investments among many places for you do not know what risks lie ahead”

If you are one of the few that do the above then please share with your sphere of influence. Start the conversations with your children, nieces and nephews and let's start understandings early, so their money stories can be positive and empowering.

“Think” yourself on a path to financial well-being

Look, I am not a financial advisor or expert in the field, but there are enough of us out there who need to get our mind right about money. A positive mindset fosters a healthy relationship with money. Instead of viewing money through a lens of scarcity and fear, see it as a tool for growth and abundance.