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Do you have money habits that influence your financial goals? If so, you may be operating from invalid money beliefs. Last week I wrote about money mindsets, and I would like to continue this topic because it is paramount to growing your wealth.
Money beliefs are often from our childhood. Negative money mindsets can also be the result of an experience that happened earlier in life but beyond childhood. The outcome can be a positive or a negative mindset shift. Maybe you saw that those people in your community, who owned their own business, were more successful than those who didn’t, or vice versa. This may have led you to a positive choice about your career.
Many have experienced financing that first car loan at a high interest rate, and then the subsequent feeling of it taking an entire lifetime just to pay off the debt. The result of avoiding high interest debt, then, is a positive mindset shift due to a negative experience. These are all examples of how money experiences can have a positive effect on subsequent money habits.
On the other hand, if you suddenly lost your first significant job, you may always be fearful that it will happen again; this may lead you to find it difficult to feel financially secure. Maybe you decided to put all of your savings into a hot stock tip that you got at a cocktail party only to see that stock lose 80% of its value within three months. As a result, it may be difficult for you to ever invest in the stock market again. This fear can remain, even though you know that you can invest in the stock market in a more logical way. For example, you can buy into a diversified fund, a method with much less risk than buying one stock.
Take a good look at your money mindset. Decide whether it supports what you truly want in your life. A financial woman knows that she can choose a healthy money mindset that supports her financial goals.