Are You in Control of Your Money, or is Your Money in Control of You?
What’s the one thing that you probably should have control over, but don’t? Some of you might have answered: The urge to eat chocolate chip cookies. — and that’s OK! However, some of you might believe that money is something you don’t have good enough control over. The reasons for this are complicated and different for everyone.
Some people didn’t learn enough about money to know how to manage it well. Some people may have made some mistakes that they don’t feel good about, and therefore have a hard time owning up to those feelings. Still others may be confused about certain money terms, which means they don’t ask questions that might help them.
But the worst thing you can do is avoid those complicated feelings about money. You need to identify the good and the bad so that you can come up with ways to start feeling awesome about your relationship with money. So how do you do that? Below we will take a deeper dive (with infographics) on how your money mindset can affect your spending habits.
If you were asked to finish the sentence with the word or phrase for “Money is _____,” how would you finish it?
Would it be “Money is the root of all evil”? or, “Money is a tool that brings me health and happiness”?
If you catch yourself finishing the sentence in a negative tone, it’s time to change your money mindset. Money by itself is a positive thing as we all need it to sustain life; food, shelter, medical care and we can all use it as a tool to improve society through philanthropy. So long as money does not allow you to lose the ability to discern what’s right and wrong, and you procure money through legal and honest means while using it wisely, you will maintain a healthy money mindset.
Be Grateful for What You Have
Nothing is worse than constantly admiring how much money or material goods other people have because before you know it, you’ll be purchasing things not because you need it, but just to keep up with the Joneses. However, admiration is a good thing if you use the inspiration from others to inspire you to be better, work harder and achieve more yourself.
Every stage of life is different and requires a different mindset in handling your money. As a child, your parents usually manage your money and hopefully teaching you how to manage it in the future. As you venture out as a young adult and managing your own money through different stages of your adult life, don’t be afraid to ask for advice, do research and spend your hard-earned money wisely. It’s not uncommon that the more money you make, the greater the stress. However, simple strategies can be put in place to eliminate financial stress to help you enjoy the extra dollars in your pocket.
Be Attentive to Your Own Finances
If you happen to have a spouse managing your household finances, or a financial planner managing your retirement portfolio, it’s important to take a deep dive yourself and analyze your household income, expenses and even trying to understand your own retirement portfolio. There’s nothing more empowering than fully understanding your own financial situation and being in control of your money and money mindset.
To dig deeper into your money mindset, please head over to How to Feel in Control of Your Finances.