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Are you feeling stuck when it comes to handling money? Does it seem like no matter what you do, your negative thoughts about money get in the way of your bigger plans? Does talking about money make you feel scared, guilty, or ashamed?
If this sounds like you, then you probably need to work on changing your money mindset! Working on clearing your money blocks is essential to manifesting more financial abundance into your life! I want to help you transform your relationship with money from a negative one to a positive one!
What is a money mindset?
A money mindset is a set of overarching values and beliefs regarding money. Your money mindset plays a huge role in all of your interactions with money. It underlies everything you say, do, or think about in regards to money!
In this post, I am going to show you some quick ways to change your money mindset from one of scarcity to one of abundance!
Scarcity vs abundance
A scarcity mindset is one of shortage. One is constantly thinking that there is not enough money to go around. Thus, people end up feeling depressed, anxious, and trying to scrimp and save as much as possible. Thinking scarcely also means missing out on opportunities because you were too scared to take the risk.
On the contrary, an abundant mindset is one of wealth and richness. Thinking abundantly means that you believe that there are unlimited opportunities for growth and development. You are constantly searching for opportunities and taking smart and calculated risks in order to achieve your money goals.
Here are ways to change your money mindset and to attract more financial abundance into your life!
1. Figure out your money mindset
The first step to change is to figure out where you stand when it comes to money. You may not be aware of it, but you already have very strong feelings and beliefs towards money.
These beliefs about money were shaped and engrained in you through all of your experiences throughout your entire life – witnessing your family and friends talking about money, watching people handling money on TV, observing people at the grocery store or at the ATM.
We become so conditioned by what we hear and what we see that we start accepting it as the truth. For example, if you grew up with parents who are constantly saying, “We can’t afford that,” then you too will start using the same language and carrying the same attitude towards money.
How can you figure out your money mindset?
Ask yourself some of these questions and really try to dig down to the root of the problem.
- What is your parents’ attitude towards money?
- What did your parents teach you about money?
- Did you parents ever fight about money? Why?
- What did your teachers teach you about money?
- How do your friends handle their money?
- What did you do with your first paycheck?
- Is it easy or hard to earn money?
- What are your feelings towards debt?
- Is debt normal?
2. Redefine your money mindset
Through the exercise in part 1, you should already have a good understanding of what your attitude towards money is.
Here are some examples from my life. For one, I used to think carrying debt and spending more than I earned was normal! That’s because everyone else was doing it too! However, after moving away from North America, I realized that carrying large amounts of debt is not normal at all! I was surprised to see that many Europeans graduate with no debt and a lot of them don’t even have a credit card!
Another example. I grew up with parents who were constantly fighting about money! My parents were always saying we couldn’t afford things. Even now, I am having a hard time spending a lot of money because I keep hearing the voice in my head that, “We can’t afford that” and “This is a waste of money.” This one money block has led to a lot of financial regrets!
In order to redefine your money mindset, you must first list out all of your limiting beliefs about money.
Here are some examples of money blocks/limiting beliefs about money:
- Money is evil.
- Money is bad.
- Money can’t buy me happiness.
- Money doesn’t grow on trees.
- Money is not important.
- Debt is normal.
- It’s hard to make money.
- I never have enough money.
- I am broke.
- I can’t afford that.
- I don’t deserve money.
- I am underskilled and don’t deserve a higher salary.
- I’m no good with money.
- I’m not smart enough to handle money.
- I never got a good education so I will always be stuck in a dead-end job.
- My family is poor, and therefore I will be poor too.
- I wasn’t born rich.
- Money is the root of all evil.
- I need to spend the money I have.
Now, try to reword these limiting beliefs into positive affirmations instead. Positive affirmations are powerful – by repeatedly saying positive and empowering statements in the present tense, you shift your mindset and actually start believing these positive statements. And when you start thinking abundantly, your mind will start to actively seek opportunities to grow your wealth!
Here are some examples of positive money affirmations:
- I am good with money.
- Money empowers me.
- Money allows me to achieve my goals.
- My bank account is growing everyday.
- I have a positive relationship with money.
- Money allows me to help others.
- Money allows me to live my best life.
- I love money.
- I have a positive relationship with money.
- I can afford that, but I choose to save my money.
3. Dream big
If money were no object, what would your dream life be? What would you do if you had all the money in the world? How much money is enough money for you to live a happy and comfortable life?
I know these are uncomfortable questions, but answering them and truly understanding what you want in life will help you to attract the right amount of money into your life.
Jot down on a piece of paper everything you want in your dream life. Think of this as a brainstorming session where the sky is the limit. Even if your mind thinks it is “impossible,” fight the urge to disregard these ideas.
Here are some questions to think about when you do this exercise:
- How much money do I need to be happy?
- How much money do I need to live comfortably?
- What would I do if I didn’t have to work?
- Do I like my job?
- What kind of job would I love?
- What does freedom look like?
- How much money does my perfect lifestyle cost per month?
- How much money would I need to earn to make this happen?
Here’s a sample of what my dream life would be, if money were no object:
- Live in a cute and simple BNB in a beautiful country
- Move and travel the world every few months
- Sleep in until whatever time I choose
- Work from home on my blog and other projects that I find exciting
- Have freedom and flexibility to do whatever I want, whenever I want
- I would be very happy to live off less than $2,000 per month.
I am quite a simple girl and I don’t need fancy cars or a big house to make me happy. What do you need?
4. Break the big dream into small ones
Now that we know what your dream life is, I want you to think it and feel it everyday. This is your end goal, and you now have the power to make it happen.
Of course, setting huge, unrealistic goals is ineffective. Big changes don’t happen overnight. That’s why, it’s important to break your big goal into smaller ones.
For me, my big goal of living anywhere I wish and making a living from home has to be broken down into smaller, achievable goals, such as:
- Earn $1,000 a month from my blog while I continue doing my PhD
- Invest $1,000 per month into an index fund
- Keep my expenses under $2,000 every month and put the rest into savings
And then, maybe a year or so later my goal can be increased to the following:
- Earn $2,000 a month from my blog while I continue doing my PhD
- Invest $2,000 per month into an index fund
- Keep my expenses under $1,500 every month and put the rest into savings
And when I’m ready to “pull the trigger” and pursue my dream life, my goals might look something like this:
- Earn $5,000 a month from my blog as I finish my PhD
- Invest $3,000 per month into an index fund
- Keep my expenses under $1,000 every month and put the rest into savings
5. Give money a purpose
Another reason why people fail to attract money into their lives is because they fail to give money a purpose. Instead of just saying, “I want more money, it’ll make me happy,” you have to be more specific with what you want to do with the money.
For example, if I’m trying to attract more money, I would say, “$1,000 would allow me to pay my rent and put a roof over my head.” “$5,000 would allow me to build a plastic recycling program in a development country.”
If you don’t give money a purpose, it will not come into your life. The law of attraction works in funny ways. You have to specific what you need the money for, and somehow, the universe will make the money before you.
Visualization is another powerful techinique used to attract more abundance into your life. The key is to close your eyes and picture your dream life.
Try to engage all five senses – taste, smell, touch, seeing, and hearing. How does your dream life taste like? How does it smell like? How does it feel like? What does it look like? What do you hear when you think of your dream life?
I would recommend doing this exercise at least twice daily, once in the morning and once at night. Really try to engage your senses, and the stronger the sensations you feel, the more effective this exercise will be.
7. Practice gratitude
Another technique to attracting more money is to practice gratitude. Practicing gratitude means to be thankful for the good (and the bad) that comes your way.
For example, instead of feeling sad about not being born in a rich family, you should rewire your thinking and be grateful that you had the chance to experience a humble lifestyle to teach you the value of money.
Every time something “bad” happens for me, I try to think, “What is this trying to teach me?” If I get rejected from a job interview, I think, “A better job will come around.” If I lose money in an investment, I think, “My investments will increase in the long run.” Or “I will earn money elsewhere.”
Practicing gratitude helps you feel happier which puts you on a higher vibration to attract more positivity into your life. I’ve written an entire article about gratitude, and you should definitely check out some of the strategies there!
8. Do money affirmations everyday
Lastly, do your money affirmations everyday! Pick out a few of the positive affirmations to repeat on a daily basis, once in the morning and once at night.
The ones that I repeat daily are the following:
- I am a money magnet.
- I am attracting money into my life everyday.
- I have a positive relationship with money.
- I love money.
- Money is welcome in my life.
I usually repeat these out loud everyday as well as write them out, at least 15 times per day!
If you want, check out my money magnet workbook which contains 50 positive money affirmations to attract more financial abundance into your life!
A scarcity mindset limits you from achieving your financial goals. This post talked about strategies to change your mindset from one of scarcity to one of abundance. I hope you follow some of these strategies and use the power of the law of attraction to attain more financial abundance in your life! Good luck!
You may also like
- 5 Signs Your Manifestation Is Close
- List of Positive Affirmations To Say Everyday
- 10 Ways To Practice Self Love And Why It’s Important
- How To Cure The Winter Blues Naturally (Depression)
- Grab your money magnet workbook today!
- 6 Personal Development Books All Successful People Must Read!
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