How to Change Your Money Mindset

How to Change Your Money Mindset Want to know what makes one person successful with money and another give up? It’s simple: It’s their money mindset. What you believe about money, yourself and the world shapes how your life will unfold. Every single day you have the power to make decisions that will move you forward financially or set you back. It’s up to you. You guys may have heard me talk about Ramsey money principles, like you should make a budget every month, live on less than you make, and don’t use debt to pay for stuff. However, none of that matters if you do not believe that living that way is possible or are not motivated to do so. So many people hit the snooze button on their finances as if they’ll just wake up one day and be able to retire. It's possible that they intend to pay more attention to their money in the future. Or maybe they think winning with money is only for “rich people.” If that describes you, you need to shift your perspective. You can't be made to care by your parents. Your spouse can’t make you care. And as much as I wish I could, I can’t make you care.  It is up to you to alter your perspective. The bright side is that you can! Jump to: What is a financial mindset? How did you develop your money mindset? The Importance of Understanding Your Money Mindset How to Change Your Mindset About Money What is a financial mindset? Your money mindset is your unique set of beliefs and your attitude about money. It guides your financial actions, including how you save, spend, and manage your money. People who have a healthy money mindset believe things like: I have the freedom to spend, but I can also tell myself no to a purchase. I enjoy helping others who are struggling by giving generously. I am not required to compare myself to other people. It’s possible to achieve my financial goals. How you feel about debt, how you feel about people who make more or less than you do, how easily you can give, how well you can invest with confidence, and more are all influenced by your money mindset. How Is Your Money Mindset Formed? The psychology of money itself is just one of many factors that can affect how you view money. Obviously, the experiences you’ve personally had around money will play a big role. things like whether or not you had a part-time job in high school, whether or not you have been the recipient of generosity, or how openly your parents discussed money as children. Think about that last one for a moment. Now, your parents are not to blame for anything that happens to you. (Read that again.) However, more is learned than learned, so the way your parents talked about money—or didn't talk about it—definitely shaped your perspective on money from a young age.