EP062 What is your Money Mindset?

People think about money in different ways. Our relationship, interpretation, and interaction with money play a significant role in our money mindset. Your views on money might have been created during childhood, but the people that you are closest to can also affect the way that you feel about it.

So, how do you change the way you think and feel about money? How do you shift your thoughts from a “scarcity” point of view to a mindset based on abundance and gratitude?

Today, I explain what ‘money mindset’ is and share the two primary mindsets most people have regarding money and finances. I explain how your mindset around money impacts your daily financial decisions and ability to achieve your financial goals and explain the difference between a scarcity mindset versus an abundance mindset. I also share how you can assess your money mindset through personal reflection and discuss ways that you can manage your relationship with money through a series of strategies designed to change your money mindset.

“Your life is meant to be lived consciously and joyfully – and a big part of that is being able to manage your relationship with money.” – Tracey Bissett

This Week on Young Money:

• How to interact with and think about money, and is it good or bad?
• What is a money mindset?
• How the scarcity money mindset looks, feels, and impacts your life.
• What it means to have an abundance mindset regarding money.
• Strategies you can use to change your money mindset.
• How to determine if your money mindset is based on scarcity or abundance.
• The importance of knowing your worth.
• How forgiving your financial past impacts your money mindset.
• The importance of changing the “money story” you tell yourself.

Strategies to Create a Money Mindset of Abundance:

1. Practice gratitude.
2. Carefully select the company you keep.
3. Create space.

Resources Mentioned:

• EP012 The Financial Cost of Comparisonitis with Rachel Brownlow Lund

Rate, Share & Inspire Other Young Millionaires-in-the-Making

Thanks for tuning into the Young Money Podcast – the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Visit our website to learn how easy it is to leave a review on iTunes.

Don’t forget to share your favorite episodes on social media!

Subscribe to the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our Linkedin Company Page, or by visiting our website.

Check out this episode!