Dec 14, 2021

Our insights

What are your core beliefs about money?

Do you shudder at the thought of paying off a house or find yourself unnecessarily spending when around certain crowds?

Whatever you believe shapes your behaviours and, consequently, your choices regarding money. By having a healthy money mindset, you can save more, earn more and invest better.

Here are some tips to mould a healthier and wealthier mindset.

It starts in the mind

The expression 'your attitude determines your altitude' rings true when understanding money mindsets. 

Arguably, the choice to be wealthy is one of the most important decisions you'll ever make. This personal resolve to build a life of wealth will motivate you to stay on course to achieve your financial goals.

Following this, you will need to find the reason behind why you want to become wealthy. For example, do you wish to become debt-free, buy your dream house, save for a comfortable life of retirement or create a legacy for your family?

Your financial goals need to be an avenue to achieve your life goals and having a positive money mindset increases this likelihood. Moreover, during difficult times, this mindset brings with it a resilience that keeps you focused, even when emotions are running high.

Before you jump into budget planning and investment strategies, start by understanding your unique financial beliefs.

Shift perspective

Our upbringing, friends, family and life experiences all influence our beliefs about money. For example, did you observe your parents constantly worry about cash flow, or did they spend recklessly without reason? Do you feel pressured to keep up with your friends' or colleagues' expensive habits?

Although you can't blame others for their choices, you can start to take ownership of your own. By pinpointing your unconscious influencers over your views on money, you can begin to unravel the negative beliefs and build positive, healthy beliefs that, in time, lead to positive money management decisions.

Discipline makes the difference

Altering your mindset will take time and dedication. But at the end of the day, consistent decisions help you stay focused and achieve your short, medium and long-term goals.

  • Money should be viewed as a tool to realise your goals and not the end game
  • Believe your financial goals are possible and that there is always a solution to making it happen
  • Visualise the eventual outcome of your financial goals. By constantly picturing the results, you subconsciously remind yourself to make the necessary decisions to reach that goal
  • Fear holds back progress. You will never be satisfied if you always camp in the land of never enough.
  • Constant comparison chips away at growth, so stop comparing your life to others. Spending to keep up the appearance of being wealthy is unfilling and expensive
  • No matter how small it is, note progress. Gratitude helps you stay upbeat and hopeful¬†

Seek professional help

Setting a strategy, then regularly maintaining your short, medium, and long-term financial goals with a financial professional can help you stay accountable and establish a wealthy life.

Talk to the team at Calder Wealth Management to get started, the right way. Call us on (08) 8373 3333 to schedule your free initial appointment.

Written by Stefan Miraglia at Calder Wealth Management.

This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from a financial adviser and seek tax advice from a registered tax agent. Information is current at the date of issue and may change.