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Most of the fuel you need to build a sustainable financial life resides within a couple pounds of gray matter inside your head. Mastering your money mindset can pay huge dividends.
1. Start with what you can do, not what you can’t. Don’t let things that “coulda, shoulda” live rent free inside your head. You can garner lessons (“the greatest teacher”) from things in your past that didn’t work out as planned BUT you can’t do anything about the past. Your future is calling. Focus on what matters most to you. Who do you love, what is truly important?
2. Think about the consequences of inaction. Stasis or status quo can be a huge obstacle to mastering your money mindset. You are very comfortable in this space and breaking through inertia is one of the hardest, yet necessary first steps in your journey toward a sustainable financial life. We witness first-hand how difficult this state of inaction can be for many people. Sometimes a gap of a few years fills the space between the time someone first seeks our help and the time they actually decide affirmatively to move forward.
3. Consider your reality. We practice reality based financial planning because so much of what broadly speaking is referred to as planning isn’t. Your actual life experiences with money, your money mantra, (you know, the things your grandma told you), and practical aspects such as your age and stage of life all fold into this mix.
4. Garner inspiration from others. You can take money life lessons from those around you that have already done what you are trying to do. Even those that you don’t personally know can provide inspiration. Not just the simple-minded stuff pedaled by some but helpful habits from those that you can emulate.
5. Talk and think positively. Optimism is the only reality. You can’t accomplish what’s most important to you from a negative perspective. Your internal voice handles about 50,000 thoughts each day and can reach speeds of 300 words per minute. Your amygdala, in its role as protector, constantly spews out fear. Your self-talk and your outward actions have to counter this in order to accomplish your most important life objectives. More action, less talk.
6. Embrace your journey. You want to be there now, we all do but it’s crucial to embrace your journey and acknowledge progress along the way. Avoid thinking about perfection and instead focus on consistency and persistency. Celebrate small steps and small victories.
7. Start now. As mentioned in #2, inertia is a strong physical and emotional force. The possibilities for planning open up dramatically when we start working with clients in their 50’s or early 60’s. These possibilities quickly transform into probabilities by the mid 60’s or later. Nothing happens until you decide to take the first step.
Mastering your money mindset establishes the framework for a sustainable financial life. Start there.
Related: How To Lessen Your Risk and Protect Your Money During a Time of Crisis