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Do You Have an Open Mind When it Comes to Your Money?

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financial open mind

If you didn’t know, then yesterday kicked off Financial Literacy Month! This is a great month for finances, right?  I mean, who doesn’t love tax time? Well, I don’t, but I do love talking about finances! This month is dedicated to helping people learn more about their personal finances.

I enjoy this month immensely and think it is very important in molding the financial minds of those willing to learn.  One topic that I want to talk about during this month is keeping an open mind. This is something that I didn’t used to do, but after I started accepting other ways, my financial life changed for the better.

How Being Closed-Minded Affects Finances

 

I typically consider myself a pretty open-minded individual. I will try different things at least once, but I also love to hear other people’s opinions and how they do things. Having an open mind helps me learn and absorb more information.  One problem is that I noticed how I would deal with my finances.  My mind was completely closed when it came to how I handled my money. I didn’t think of other ways to save, earn, invest, and pay bills outside of the ones I already knew and used. I was just in my own little world.

I believe this mindset really affected how I could grow my money. It also affected how I built up debt. Since I didn’t an open mind about ways to save and spend my money, I just went with my credit card. The big issue was that I went with my credit card too many times.  After amassing over $50,000 in credit card debt, I realized I needed to make a change. I needed to open my mind and let different methods pass through.

How Being Open-Minded Changed My Financial Life

 

After realizing that I was just going through the financial motions, it was time to make a change. One of the reasons why I started Debt Roundup was because I wanted to interact with other people looking to change their financial situations. The best way to learn new things is to immerse yourself into a specific niche.  The personal finance niche was the best one I could think of. My blog allowed me to connect with like-minded individuals, but also learn from what they were doing.

I learned early on that I needed to keep a very open mind about all things financial.  There are some that have crazy techniques to save money, but then there are others that have very practical ways in dealing with their cash.  Once I opened my mind to allow for new ideas, my financial life changed for the better.  I was getting ideas left and right on how to start investing, how to save more money, and how to earn more side income from starting a blog and freelancing.

Before I started my blog, I was working hard to pay off my debt. After the blog and meeting a ton of different people, I have paid off that debt and saved enough money for a down payment on a new home. I have also started investing and learning different ways to save my hard earned money.  By me opening my mind to new ways to deal with money, I have gained financial freedom.  I now dictate how I spend my money, instead of the other way around. I am in control of my financial future and now I can make the best decisions for me and my family.

The entire point here is to keep an open mind when it comes to money. Don’t think for one second that your way is best. Take in all available options and make the best decision with the information you have.  I have found that many of my methods were not the best, but now I have learned from those mistakes and grown.

 

Do you keep an open mind when it comes to your finances?  How has your financial picture changed by trying new things?

 

Photo courtesy of: Keoni Cabral

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Grayson is the owner of Debt Roundup and Empowered Shopper. He also co-owns Sprout Wealth and Eyes on the Dollar. After going to battle and winning against consumer debt, he decided it was time to learn how to use credit wisely and grow his wealth. He discusses all things personal finance and is not afraid of being controversial. He also is a freelance writer and blog manager.

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36 Comments

  • DEBt DEBs says:

    Financial Literacy Month ~ who knew! Thanks, Grayson, for the reminder to be open minded to different ways of doing things but not to the goals of minimizing debt AND maximizing investments at the same time. I see now that it’s not just focusing on debt and then savings/investments/retirements later. Our debt is pretty large, but our investments are going to save our future. Thankfully we continued to contribute to them while sticking our head in the sand about our debt.

  • I try to guys, and most of the time I succeed at being open minded. My experience has taught me that while the simplest solution is often right…..it may not be the first one that springs to mind. Big decisions require thought and understanding on my part
    -Bryan

  • I think those who have an open mind when it comes to finances have a clear advantage over those who do not. I try to keep an open mind, especially when it comes to income streams. There’s a number of random income streams out there that people don’t even know about (i.e. the social media monetization I blogged about, SEO posts, etc.). Gaining knowledge is worthless if you don’t have an open mind to go with it.

  • Catherine says:

    Yes! I don’t know if I would say I didn’t have an open mind or I just didn’t know how to open it? Does that may any sense? I was so lost in regards to how to manage my money I cjose to do norhing but slowly over the last 2 years I have learned a lifetime of information! Great post Grayson!

    • Grayson Bell says:

      I understand completely Catherine. I know it can be hard to try and find a way to deal with debt and that can leave you in a limbo state. You are getting it done though!

  • Excellent post, Grayson. We can learn SO much from others, about a variety of different topics, if we’re willing to have an open mind. I would say our biggest “closed mind” mistake is that we thought we had no choice but to struggle with money. The PF community has opened our eyes, though!

  • I used to think that there was only “one right way” to manage money, but now I am much more open-minded. I also have a better understanding of people who get into awful money situations and can’t get out. Some people are extremely unlucky!

  • I think that we are all in this constant state of evolution and for anyone to say that they are “done” or that they know everything they need to know is crazy. I LOVE to constantly learn new things. I love being told I am wrong which then forces me to question my practices. Sometimes I may agree and sometimes I may not, but I love the process of self-examination and growth, especially when it comes to money matters.

    • Grayson Bell says:

      I know that I am always in a constant state of learning. The issue for me before was that I was either unwilling to learn something new about money or I just didn’t think anything would pertain to me. Now that I always look for new learning materials, it has really changed my life.

  • It’s definitely important to have an open mind when it comes to finances. I have co-workers who always use the terms “can’t” when it comes to digging out of debt and saving. There is always an excuse as to why it is impossible, but they’re not willing to be more open minded to solutions like cutting cable or eating out less, etc.

  • I’ve always considered myself to have an open mind when it comes to finances. Learning and leveraging how other (successful) people have earned and managed their money is fascinating. And I agree, the personal finance blog niche is an awesome medium to accomplish this whether one owns a blog(s) or merely is a regular reader.

  • Kim says:

    i think without finding the PF community, I still would have gotten there eventually, but seeing how others have had amazing financial transformations and grown wealth has really inspired me to search out so many options that I might not have found otherwise. Investing my HSA in the stock market is one I can think of right off the top of my head. I’ve also learned so many things to do and not do with rental property. I would never want someone to copy me or anyone verbatim, but if you can take what others have found success with and make it your own, that’s very smart in my opinion.

  • The more PF blogs I read the more I learn about different ways to manage money. Some work for me others don’t but it’s all about keeping an open mind like you said. You never know what you may learn to help you turn things around or see things in a different way.

  • E.M. says:

    I love hearing how other people manage their money. There’s no one right way to do so, and I find it very beneficial to be a part of the PF community for that reason. If I hadn’t started reading blogs, I sadly would have probably continued to pay the minimum on my student loans.

  • I definitely like to believe I have an open mind when it comes to money. There are certainly things that I prefer but I also know that the financial world is constantly evolving, so you need to stay open-minded. Otherwise you could miss out on some great opportunities. I do see a lot of close-minded people when it comes to money. And it costs them. Because sometimes what they believe to be true is not. And no amount of persuasion can convince them to consider other alternatives.

  • I agree with this Grayson that we have to maintain an open mindset about what we are doing. That always keeps us learning which is a good thing. There does come a point somewhere along the line where being open to everything is counter-productive. What I mean by that is that at some point you have to figure out what works for you and go with that with consistency and discipline. For example, I’m pretty convicted that debt is not for me. On that one issue, I’m pretty closed-minded to people pushing me in the other direction. It’s sort of like standing up for what you believe in and not letting people sway you. So maybe it simply boils down to a balance between the two (open vs. closed-minded).

    • Grayson Bell says:

      Constantly learning is always a good thing. I feel that is how I keep my edge. If I am constantly learning and evolving, then I always have something going for me!

  • Happy Financial Literacy Month, Grayson! 🙂
    I think your experience with credit card debt (and subsequently getting out of debt) is awesome. I think in our early 20’s there’s this permeating lack of awareness and an inherent disregard for the future that everyone goes through. And you make selfish (closed-off) decisions in the process. Then you grow up (or wake up!) Then our late 20’s is all about the opposite: you dedicate yourself to saving for the future and undo all the negatives. We certainly made that decision – but not before making our share of mistakes. I’m just glad we got out of it without credit card debt 🙂 But we’ve had to work hard to play catch up with our savings and investing!
    Thanks for the thoughtful post!

    • Grayson Bell says:

      Thank yo Anneli! Your 20’s are a huge learning lesson and experiment. Some learn quickly, while others take their time to learn. I am glad I got all of my crappy spending out while I was young!

  • I don’t think anyone can overstate how important it is to keep learning new things. Trial and error is often the way to go when you’re trying to find out what works. I’ve been learning a lot about dividend-paying stocks lately from other PF bloggers!

  • My money habits come mainly from just that.. habits. It’s hard to change something when you’ve always done it one way. Luckily my money habits aren’t terrible ones. I am trying to reign in the spending a bit right now, to save for our honeymoon and wedding.

  • I was always an open minded person, but became closed minded about finances when I started paying off debt. It served me well for a while, but since I began blogging and reading so many other stories, situations, and great ideas that people have, I’ve really become much more open minded with my money. After all, if people have made mistakes, why not learn from them so you can avoid them?

  • Marvin says:

    I always keep an open mind no matter who is talking to me about finances. 9 times out of 10 I always learn something new. I find financially closed minded people very ignorant and it shows in their finances.

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