Are These Mistakes Jeopardizing Your Money Mindset?

You might have missed the live training that Rich and I did on cultivating a healthy money mindset, but I thought it was worth it to share this little bit! I hope you enjoy it and find it helpful.

If you’ve tried to change your money mindset to no avail, you could be making one of many common mistakes. Like any habit, developing a positive money mindset takes time and persistence. You will slip up along the way, it’s expected. However, if you find yourself slipping up frequently, it’s important to look a little closer at the mistakes you could be making.

Here, you’ll discover some of the most common mistakes you could be making that are jeopardizing your money mindset.

  • Playing it safe

When you’re worried about money, it’s easy to play it safe. What if you invest in something and it doesn’t pay off? For example, you want to grow your business, but you’re worried that putting more money into it will be a waste in case it goes wrong. Sure playing it safe may allow you to hold onto the money you have. However, it’s not going to help you achieve more money. The most successful people out there are those who know when to take risks. So, if you want to become more financially healthy, you might need to stop playing it safe.

  • Failing to track your returns

Whenever you spend money, you’re making an investment. If you pay for a meal out, the ROI is food. If you’re paying for an online learning course, the ROI is knowledge. Absolutely everything you spend money on is giving you some form of return on your investment. The key is to ensure you’re getting the right returns. Failing to track your returns is going to jeopardize your money mindset. You need to know exactly what you’re spending and the benefits it delivers. That way, you can cut out any spending which isn’t delivering good returns.

  • Giving in to negative thinking

While it just might be impossible for everyone to think positively all the time (I am sure that even Mother Teresa, had a negative day or two), if you find you frequently give in to negative thinking, that’s something you’ll want to address. The more negatively you view your financials, the more negative experiences you’re going to have. So, you might consider switching those negative thoughts into positive ones.

  • Relying on good karma

Do not even get me started on this one. I will keep it very brief. A very common mistake that could be damaging your money mindset is relying on karma. That is, expecting the universe to provide for you.

You need to ensure you’re putting in the work, rather than just depending upon good vibes. In order to become financially wealthy, you need to be willing to put in a lot of hard work. You are also going to need persistence. There are going to be times where you feel like giving up. When you are developing a positive money mindset it is not going to happen overnight. It takes work, dedication, and commitment. It’s about pushing through even when you do feel like giving up. If you want something in the universe, you need to be willing to work hard for it. Think of the middle of the Law of Attraction!

  • Attaching money to emotions

Lastly, another mistake that may be jeopardizing your money mindset is your emotions. More specifically, when you attach money to emotions it is extremely damaging to your money mindset. If you spend money in order to satisfy certain emotions, you are never going to achieve financial freedom. Remember, money isn’t an emotion, it’s a tool. The less you tie your finances to your emotions, the less power it’s going to have over you.

Sure there are a lot of mistakes you can make when developing a healthy money mindset.

The above are just some of the most common mistakes to avoid. If you find you’re making more than one of the mistakes above, it’s important to focus on changing just one habit at a time. If you try to combat multiple mistakes at the same time, it’s going to be extremely difficult. Slow and steady and focus on what you can change for the better.