How To Manage Your Money Mindset Effectively!
By: Rajeev Mudumba
Tags: Financial Planning, Money, Money Mindset, Mindset, Finance

I am sure you’ll agree that the crux of human endeavor, achievement and in many a case, scaling astonishing heights is the result of the mindset.

And, it’s this mindset, and where you let it live on your personal spectrum that determines your progress, success or failure.

Did you know that one flavor of this mindset is the “money mindset”? That’s simply your set of beliefs about money and how you approach your earnings, savings and spending in your life.

If you are someone living “paycheck to paycheck”, you have nurtured a scarcity mindset. And, if you are geared up to jump on opportunities that create wealth and use it effectively, you have nurtured an abundance mindset.

Where do you believe your money mindset lies?

Believe it or not, how you perceive money and treat it has a lot to do with your experiences with it during your childhood and youth. And, most of us operate from this frame of mind throughout our lives.

Depending on the generation you belong to, money can be central to your existence or just an enabler of your lifestyle.

The question is not whether you feel you have enough money to fulfill your needs, it’s about how you determine your needs and ensure you have enough, to lead the life you want to.

Know that you can overcome any limiting beliefs you may have, to pursue a life of abundance and opportunity. It’s all within your control and yours’ only!

A scarcity mindset always tells you that you will not have enough, and hence, you conduct yourself in that fear, with everything you do.

With an abundance mindset, you cultivate positivity with every step you take, and can get creative when in a corner. You believe you will succeed, find that job or launch that business, find those customers and reach your goals. It’s not whether you have the resources to make it happen or not that matters. It’s the attitude that you will find your opportunities and bring them to fruition that works in your favor.

Scarcity breeds fear and in that fear, you may hold on to the bare minimum you have than take the risk of allowing new opportunities into your life. Sometimes, you have to let go of the rope to ensure you cross the chasm and land on safe ground. Else, you will be hanging by the rope which will eventually stop swinging putting you right on top of the chasm, and you will have no energy to hold on to the rope anymore.

With a mindset telling you that you will have more than you need, and it will find its way to you, provided you keep looking; you are bound to win over worry and focus your energies on the right things. Focus on abundance and that is what will find its way into your life. Focus on lack and scarcity, and it will always be so. The choice, my friend is yours to make.

While financial decisions demand rationale in order to stay on track, for instance budgeting helps with planning, it also comes from a scarcity mindset. Yet, it’s needed to stay on track. Cultivate it more for discipline than anything else. Be prudent in your use of finances. Don’t get swayed away by emotions and when you do, let discipline guide you. Discipline can help control you when you are on the path of such swaying.

Focus on your needs and wants, and let not the world dictate what you should do with your money. It’s personal to you and treat it with such respect. Never compare yourself with another but compare with where you were yesterday.

Cultivate a positive money mindset that pushes you to look for, and focus on opportunities than obstacles, tells you that no situation is beyond repair, allows you to be open to help, whether to receive or offer, and ensures you see progress in every step.

Focus on your goals and what it means to achieve them, be it to live debt free, own you home or invest in things you cherish or spend on people you love. They are the reason you will want to pursue abundance, and they are also the reason that will keep you motivated to do so.

Money can be what you want it to be for you; a source of stress, fear, and scarcity or an enabler of opportunities, solution to your problems, and a tool in your hands to change the world.

True wealth depends on your money mindset and it’s not what you have in your pocket or checkbook, but what you have between your ears!