Recently, there’s been a surge of interest in mindset work. For decades, experts have been preaching the importance of having positive thoughts and now, many are applying that to money. It’s called “money mindset work” and if you learn how to master a positive money mindset, you can become rich.
The Two Types of Money Mindsets
There are two main money mindsets people can have: an abundance mindset and a scarcity mindset. People who have an abundance mindset feel positively about their money. They trust their ability to make and earn it.
This is also known as having a millionaire mindset.
Those with a millionaire mindset believe the world has lots of money. They’re happy when their friends make money or have a great experience because that means it’s possible for them, too. They feel like the universe has their back and that if they keep working hard, the money will come.
They’re happy to donate to causes they believe in. They believe that if they give money away, it will come back to them tenfold.
People with a scarcity money mindset, on the other hand, always worry about money. They fear they will run out of money and penny pinch not to save money, but because they are scared of not having enough.
They don’t feel like they can give or be generous with money because they don’t feel like there will be enough left over. Those with a scarcity mindset are constantly worried about their bills and money problems seem to follow them everywhere.
How to Have a Positive Money Mindset
Having an abundance mindset and thinking positively about money is a nicer way to live. However, sometimes things hold us back from getting there. If you’d like to have an abundance money mindset but you feel stuck, try these things:
1. Find Your Money Blocks
All of us have some type of money block, or the things that prevent us from becoming truly wealthy. For many people, these money blocks stem from childhood. For example, if your parents always told you they couldn’t afford things, that could make you resent money or fear it. You might hoard it or worry you’ll never have enough.
You can still have money blocks even if you grew up wealthy. For example, if your parents had lots of money and used it to show their love instead of giving you true support, you might resent money or want to push it away. You might dislike people who are wealthy or associate wealth with selfishness.
If this resonates with you and you want to feel more positively about money, there are a few things you can do. Tell yourself that you can afford things as long as you continue to work hard. Find ways to be grateful. Be a giving and generous person.
Realize that your past doesn’t have to dictate your present. Your parents’ money story does not have to be yours. We all have the power to control how we feel about things, including money. Growing up a certain way doesn’t mean you have to repeat your family’s money mistakes.
2. Compare Yourself to Others
It might sound counterintuitive to compare yourself to others, but it can be helpful in developing a positive money mindset. You can do this through a new app, Status Money, created by two data scientists.
Status Money lets you anonymously compare your finances to your peers, the national average, and custom groups you create. You can compare things like how much you spend on groceries, debt levels, interest rates on loans, investments, credit scores and more.
By comparing your information to others, you can see if you’re overpaying for things, not to mention other financial concerns. You can do this across a broad group, or focus it even more by creating custom groups.
In less than three minutes you can anonymously compare yourself to others and see if you need to make any changes.
Remember, someone with a scarcity mindset might look at their results from Status Money and feel like they’re behind their peers. They might worry or feel scared if they aren’t in the top percentile of people their age.
However, someone with an abundance mindset might look at their results from Status Money and say, “Wow, I’m doing great! I care about my financial situation and my net worth. I’m taking steps to improve my financial situation. There may be people more financially well off than I am, but their success just shows me that it’s possible.”
3. Practice Makes Perfect
It would be great if we could go work out once and lose all the weight we want. It would be great if we could go to therapy one time and have all our personal problems solved. But that’s not reality. And the same goes for your money mindset.
Mindset work is something that’s continual. It’s something that needs to be practiced regularly. You don’t arrive at a positive money mindset and simply get to keep it. You have to wake up every day, believe the mantras you tell yourself and take the steps to make them true.
I feel that money mindset work is going to become increasingly popular in the coming years. It’s something I’m looking forward to learning more about. I’ve already seen many positive changes in my own life after identifying my money blocks and taking the steps to think with an abundance mindset. I hope the same is true for you.
Do you think you currently have an abundance mindset or a scarcity mindset? What steps are you going to take to work harder to feel more positively about money?