It’s easy to think that money management is just about spending less, making more, and investing often. But before you can do those things, you need the mindset for financial success.
3 Mindset Shifts for Financial Success
Becoming successful at anything requires change, and that is true for everyone. Everyone has personal challenges they need to overcome, habits they need to improve, and lots of room to learn and gain experience. In the same vein, to be financially successful, you need to experience these 3 mindset shifts that will create space for the necessary changes you will have to make.
First – Humble yourself.
Be honest with yourself, accept that you are not perfect, make peace with the past mistakes you have made, and acknowledge that you have questions that need answers. This is the first step toward improvement and success. After all, what progress is there to make if you think you already know everything there is to know?
This is the essence of a student mentality and the pursuit of wisdom. Only after you have taken this step, can you actually do the work and start to make progress toward your goals.
Second – Show yourself compassion.
After you accept that you don’t know everything, and have made some mistakes, it’s time to let it go!
Beating yourself up is an easy thing to do. The human brain naturally trends toward negative thoughts making it difficult to allow yourself to be imperfect and giving yourself permission to grow and improve. So 9 times out of 10, you find yourself dwelling on the negative, giving your past mistakes power over your present situation.
Don’t let the fact that you made mistakes hold you back. Remember to humble the ego and allow yourself room to improve. Make amends with yourself, realize that you are human and you’re going to screw up a lot in life. Beating yourself up because you didn’t know better at the time, or that you simply had a moment of weakness…that will get you nowhere, 100% of the time.
So whatever you did with your money in the past that you feel ashamed of, embarrassed about, or maybe even bitter and angry- give yourself compassion so you can move forward into your future.
Third – Learn to let go.
In the age of having a multitude of information available at our fingertips, it can feel like we should be able to figure everything out on our own. But the downside to this approach is that there is a humongous learning curve, not to mention how much more time consuming, and stressful the process becomes. So if you are struggling to make progress and you’ve stalled out or plateaued, it’s time to let go of doing it all yourself and to find someone who can help you get to the next level. Find someone who has done it before or helps others to accomplish it.
How to Cultivate the right Mindset for Financial Success
If you’ve found it difficult to make these shifts on your own, you are not alone. We often meet our clients when they start to experience these mindset shifts, but they want help cultivating a mindset for success.
In general, just feeling ready to work with a Financial Coach or any coach who can help you reach a goal – shows that you are taking the first step – humbling yourself. Acknowledging that you cannot, or should not have to, go at it alone. To be successful you need to be consciously aware of the questions you have and the answers you lack. You need to be humble enough to start seeking out answers, and ready to accept help and take advice. Only then can you start to seek out the right professionals and guides to help you reach your goals.
The hardest part for many remains the struggle to process past financial or professional “mistakes”. Part of our process is teaching clients to show themselves compassion and grant themselves permission to move on and strive to continuously improve! A good Financial Coach helps you cultivate the mindset of Financial Success by offering empathy, compassion, and insight into your financial behaviors that allow you to continue to shift your mindset from one of scarcity and regret to one of abundance and wealth.