January 26, 2021

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Can Your Outlook Be the Reason for Financial Disruption?

Your outlook toward money is the foundation to improve your finances, and you cannot do that if your mindset is not right at all. You must have heard people talking about ways to gain financial freedom like living on less than you earn, budget to track your spending, and never borrow money to buy things you need, but none of it will work in your favour if you are not self-motivated to live that way.

Money mindset is nothing but your perspective about it. It is because of the outlook that two people earning the same money have different financial condition. One can be better off, and the other will be worse off. For instance, while one of them knows to say no to purchase, the other thinks that you have money to spend only. Your stance shapes your belief about money.

If you do not have a positive outlook toward money, you cannot achieve financial independence no matter how hard you try to do it. Remember that nobody can teach you to care about money, neither your parents nor your spouse. Here is how you can create a positive mindset.

Try to do away with negative perception and excuses.

Suppose you have decided on launching a product and you need to invest in a marketing campaign. 70% cost you funded with your savings and 30% with loans without a guarantor, but your mind is inundated with negative thoughts like:

  • What if you fail to pay off your debt?
  • What if your marketing campaign turns out a failure?

First off, stop being intimidated and a coward from taking on risk. If you are doing something, you should be confident about that. Your beliefs are the fuel to your actions. If you are not self-motivated to do something, you will end up making excuses.

You can understand it with another example. Suppose you have taken a resolution to cut back on non-essential expenses, but you do not have time to create a budget. If you do so, you find it boring and tiring. Do you think you will be able to achieve your goal?

You may be making excuses to yourself that you do not have time, and as a result, you will never be on top of your expenses. This is why it is crucial to put all your effort to achieve your goals. Negative mindset often holds you from achieving your goals, whether they are financial or nonfinancial.

Change your money blueprint.

Money blueprint determines your way to respond to money. The blueprint decides whether you will make money or lose money throughout your life. It is the set of beliefs that you build since your childhood by observing the financial behaviour of your family that further decides the type of actions you will likely take to deal with all financial situations in your life.

How you feel and what you see will serve the basis for your blueprint. If you have witnessed your parents quarrelling over money, you will always be confused about how to deal with your financial problems. Further, if your parents have been very liberal with spending, you will likely behave like them. Just because your money blueprint plays a paramount role to shape your financial personality does not mean that you cannot reprogramme yourself.

  • First off, you should free yourself from financial anxieties because of your bad experience. Try to break the limits of your beliefs.
  • If you have a perception that you will not make much money or you cannot financially grow, get rid of it immediately. Instead, make efforts to achieve your goals.

For instance, if you want to get a job with high pay, start looking for it right away and do not give up until you get succeed. If you have monetary anxiety because you have grown seeing your parents quarrelling over financial matters, you should try to overcome it by finding out the root of the argument. If overspending had been the culprit, make sure you do not do it. If you do not make mistakes that they did in their life, you can easily overcome your financial worries.

Do not keep up with the Joneses.

In the age of social media, it is quite easy to share happy moments with the world. When you see your friends and relatives on social media sharing pictures of their new car or home, you get depressed too quickly. The first thought that flashes across your mind is “How lucky they are. They are keep growing, and I am stuck in the same monotonous job”.

When you compare yourself with others, you will naturally have anxiety. You will be angry, jealous and frustrated. You do not know the other side of their lives; of course, people will not share that their company is about to bankrupt; they are parting ways etc. on social networking sites.

Instead of comparing with others, you should figure out how you can improve your financial condition. For instance, if you have taken on a non-guarantor loan, you should find out how you can free up your budget to make repayments on time.  

Always remember that change comes when you make a change, so if you want to build a positive outlook toward money, you will have to control your anxiety, negative thoughts and your habits.

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