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The way you perceive money, whether positively or negatively, is a major determinant in whether you will thrive financially. When it comes to building wealth, having great money habits is a foundation of having a healthy financial life. While that is easier said than done, financial wellness takes consistent effort and discipline to maintain. If you have a negative perception of money, below are 5 ways to improve to a positive money mindset. Let’s go!

  1. Forgive Yourself for Your Financial Mistakes

You are not your financial mistakes. A key to learning is making mistakes.  Although, once you know and realize your mistake, knowingly repeating that same mistake is a decision, and you cannot progress to a positive money mindset.

  1. Stop Comparing Yourself to Others

Comparison is a thief of your joy. As prevalent as social media is today it is easy to look at others and feel as if you are behind. Learn that your race is your own to run. Only then can you keep your focus to grow into the financially empowered individual you wish to be.  

  1. Improve your understanding of Money

Pick up a book on financial success. The Richest Man in Babylon and The Millionaire Next Door are great examples. This will give you a starting point if you do ever decide to let someone handle your finances and have an idea of how to navigate the conversation and better present your needs and expectations.

  1. Create a Plan

Start by identifying the areas of your life where you could make some small (or large) changes within your monthly budget. If you do not have a monthly budget, now is the perfect time to get one started. To help with this, there are many resources available for you right at your fingertips. There are a handful of free websites and apps, like the apps Mint & “Penny”, that you can utilize to track all your spending. It is very important that you hold yourself accountable for everything that comes in and out of your household’s budget.

  1. Be grateful

Show some gratitude for where you are and thank yourself for the ability to desire better. As you progress and grow, get a journal to document your journey as you continuously learn. That creates power for you to be a light for someone else who may need it. You will have the proof that it is possible to reach a positive money mindset.

By Lafayette Huston

Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC.

The opinions voiced in this material are for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

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