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Do you truly feel that you deserve wealth? Sounds like a loaded question right? Your answer to this question will have a significant impact on whether or not you become wealthy. Not the words that come out of your mouth, but how you truly feel and what you truly believe the answer to this question is deep down. This question is a great starting point when we’re trying to understand what is money mindset and I want you to hold it in your mind as you read the rest of this post. And as well as getting to the bottom of what money mindset is, I’ll also share with you what I’ve learned about how to improve your money mindset, so you can start thinking like a millionaire.
What is money mindset?
Your money mindset is what T. Harv Ekar refers to in his book, Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth, as your money blueprint. This money blueprint is embedded deep down in your subconscious mind. It’s a combination f your thoughts, beliefs, and even actions about money. In the book, T. Harv Ekar gives the analogy of your money mindset as your programming about money.
Why is your money mindset important?
You lose weight, only to gain it all back again, you clear your debt, only to rack up even more debt, you get out of a bad relationship, only to jump into a relationship with a similar type of person. What’s going on here?
Each of these scenarios is a great example of how we often try to change the outside when the real source of our problem lies internally.
Before going on some crash diet, you need to understand and repair your relationship with food, similarly, if you keep going from one bad relationship to the next, then you need to look at what’s really happening inside, and get to the source of what’s driving these decisions. Finally, if you clear debt and end up back in debt again within a short time, then the issue lies somewhere in your ability to manage your finances effectively, in your relationship with money.
This brings us to the topic at hand. Your money mindset is important because it’s the deep-rooted thoughts, attitudes, and beliefs you have about money. It impacts every aspect of how you handle your money. From whether or not you save, to how much you save, to how much you earn, and more. Your money mindset is the underlying guide to all your actions around money.
This is why it’s so important to understand your own money mindset and to improve it if necessary. Your wealth depends on it.
Where does your money mindset come from?
Your money mindset or your money blueprint was formed from a very young age. The things you heard, saw, and experienced as a child all played a part in the formation of your money mindset.
If you often saw your parents arguing about money, you might end up believing that people always fight about money.
Perhaps your parents or even someone else told you that money doesn’t grow on trees, or you heard people say that the rich get richer and the poor get poorer, this would also create specific thoughts and beliefs in your mental programming, further impacting your money mindset.
Finally, what you experienced growing up also formed part of your conditioning and is now part of your money mindset. Whether you grew up rich or poor, whether your parents were stingy with money or generous, all of these things have an impact on how you think about money.
How do you know what your money mindset is?
What is your money mindset? Do you know? How do you find out what is our money mindset?
To find out what your money mindset is you need to look back and ask yourself a number of questions.
- What did you see growing up in relation to money ( for example, people arguing or clipping coupons)
- What did you hear about money as a child ( Money is the root of all evil, money doesn’t grow on trees, I’m not made of money, etc)
- What did you experience in relation to money ( House being repossessed, parents spending lavishly, being showered with gifts, no food in the fridge, etc)
The answers to these questions will help you to uncover your own money mindset and the thoughts and beliefs that you hold about money that are steering your money behaviors and patterns today.
As well as writing down the answers to these questions, also pay attention to how you feel about money and how you talk about money.
A great exercise for getting deep on this is to complete the sentence:
I think money is…
Do this as many times as possible, just writing down the first thing that comes to mind and see what types of words and phrases pop up.
Can you change your money mindset?
You now know how important money mindset is. But what if you do the exercises and find out that you have beliefs about money that don’t support you? Can you change your money mindset?
The good news is that you can change your money mindset. Even though it’s hidden within your subconscious it is possible to change it and improve it.
How to improve your money mindset
Improving your money mindset starts with being aware of what your own money beliefs are.
Once you’re fully aware of them, you can start to challenge them. Because the truth is that these beliefs are most likely the beliefs that your parents had and not your own. Once you accept that they are past beliefs that your parents held, you can start working towards letting them go.
1. Make a decision about the money beliefs that you want to have and create a new money mindset that will support you not hold you back.
Write down your new positive beliefs about money and say them out loud every day, in the mirror even.
Since you were programmed and conditioned by what you heard, you can do reprogramme yourself using your words as well.
2. Remember that everything is energy and that you tend to get more of what you focus on and put your energy into.
Focus your energy on the things you want where money is concerned. You can do this by creating a vision board, writing and saying out loud your new money statements as well as being grateful for the things you already have.
Use your money mantras and affirmations daily.
3. Finally, nothing happens without action and there are lots of positive actions you can take towards improving your mindset about money.
Reading about money will help you to become more informed which can only be a good thing. There are also some powerful books that will give you an insight into the money mindsets of successful people, and you can then model what you learn.
Giving money is also a very powerful act. When you do this, you feel great which shifts your energy and increases your vibration.
Finally, focus on what you want and don’t compare yourself or your situation to others. Set yourself money goals that motivate you and know that you can reach them!
These are just some of the ways you can start to improve your money mindset.
The money mindset of millionaires
If you’re anything like me then you’re probably wondering what are the money mindsets of wealthy people. What is the money mindset of millionaires?
They believe they can become millionaires.
Most people think that wealth is for other people. That becoming a millionaire is somehow not possible for them.
But there are enough inspiring rags to riches stories out there that prove otherwise. And in fact, it’s this thinking and the belief that you can’t ever make it that ensures you don’t. Because you will never achieve anything you firmly believe is impossible.
According to Grant Cardone, who went from broke to seven figures…
“The biggest mistake is to think becoming a millionaire is impossible. The first thing you have to do is decide to become a millionaire, multimillionaire, or billionaire if you want.”
So whatever you thought before, if you want to become wealthy, or even a millionnaire, start believing that you can.
They spend less than they earn
One well-known fact is that there are plenty of lottery winners who went broke after they won! They were focused on spending big instead of being focused on making their money make more money!
And this also highlights another difference in how millionaires think. What’s more, it reminds us that you need to change your internal beliefs, your conditioning, your money mindset from the inside. Otherwise, regardless of how much you win, if you have a poor money mindset, you will always end up losing it all.
To this point, in his book, The Automatic Millionaire author, David Bach, wrote;
“How much you earn has almost no bearing on whether or not you can and will build wealth, it’s not about how much you earn but how much you keep”
They don’t let anything or anyone hold them back
Finally, in Secrets of The Millionaire Mind, T. Harv Ekar shares a number of key wealth principles that you must adopt if you want to achieve financial freedom.
After meeting a seemingly enthusiastic man at a seminar who was then not willing to drive 3 hours to attend a follow-up course, Ekar explains to the man;
“Either you are a person who will be stopped or you are a person who won’t be stopped. You choose. If you want to create wealth or any other kind of success you have to be a warrior, you have to be willing to do whatever it takes. You have to train yourself to not be stopped by anything”
The key lesson and wealth principle from this encounter was this:
If you are willing to do only what’s easy, life will be hard. But if you are willing to do what’s hard, life will be easy.
Ask yourself, do you easily give up on the things you want when the road gets tough, or do you buckle down and stay the course?
Over to you, do you know what your money mindset is and how has it impacted your life so far? I highly recommend you read the books below to start working on improving your money mindset so it doesn’t hold you back from financial success.
And if you want to know more about the power of your money mindset and how shifting it can change your life, listen to this shocking interview with Dr. Susan Nicholas!