How To Change Your Money Mindset!

Changing your money mindset is quite easy as soon as you start making a habit out of it. The way you currently think and relate to money is your money blueprint. If you, like many others, have a poor money mindset, don’t worry, this post will show you how to change that to one of a millionaire!

Remember that money will be part of your life, all your life! The sooner you take control and start creating a millionaire mindset, the better your life will become as you will need it to become financially free!

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Your current money mindset…

Is based on your history and how you relate to money and the topic of money. Science studies have shown that around 90% of our habits and blueprints have been formed by the age of 35. Most things that are really deeply imprinted in us are based on incidents we were “exposed to” when we were very young.

Many of you might have heard these (or similar) expressions when growing up: “Money doesn’t grow on trees you know!” or “Do you think we are made out of money??” or “If you want something you have to work for it!”

These kinds of expressions (if heard frequently) have become imprinted in our minds, creating certain patterns in our brain. When we hear anything relating to the topic of money, we will automatically think about it in a negative way since this is how we were brought up! I am not saying it is our parents’ fault but the way they brought us up and how they tend to speak about money, has for sure had a significant impact on our relationship with money. At the same time I am pretty sure our parents did not understand the impact it would have on us (but that is no longer an excuse you can use!). What you heard when you grew up and the way you have been talking and handling money, all affect how you think and behave around money today.

Don’t panic now though! The good news is that regardless of your current relationship with money, you can always change it! As with any habit, you will just have to create a new one to replace the old one! The same applies for your money mindset. If you have not yet read my post How to break a bad habit and create an amazing one, do it now.

Why you should do it? In a recent survey, more than 60% cited financial stress as their biggest worry in their lives! That is huge! Do you really want to go through your life having financial stress? How will that make you feel (or how does it make you feel)?

It’s time to change your relationship with money and the topic of money from a poor money mindset to a millionaire mindset!

The first step towards change is awareness

It is all in your head and nothing else. You know that you can change your emotions in an instant. Regardless of how you feel right now, if you start thinking about an amazing moment you experienced recently, your emotions will change! Try it out now, just close your eyes and think about an amazing moment in your life. This is so cool, because just knowing AND using this means you can take control of your emotional state in less than a minute!

The same thing goes with money. Of course anything relating to money and in particular when it comes to changing the mindset, will be much easier if you are in control. The absolute first thing I would recommend would be for you to get my free e-book Money Mindset “Hacks” and start using those simple techniques to retrain your brain when it comes to money and your relationship with money. Then I would recommend you to read my post on How to always have enough money. The following step would be to go through our Wealth Sessions and in particular the first ones which are linked to personal finance and becoming aware and taking control.

When you are in control of you finances and have created a savings buffer of 6 – 12 months (the minimum) worth of salary, it will be so much easier to change your money mindset because you will feel great! I urge you to do this first but even if you don’t, take a screenshot of the below and start using these techniques every time the topic of money arises.

The hacks to change your money mindset

Every time you (or your mind) think about money, stop it! Observe the thought and just place it on a pink cloud and let it drift away and replace it with another more empowering thought! This can happen at any time and the more frequently you do it, the better.

What will happen is that the neurological pathways you have created so far (habitual thoughts about money) are running quite deep in your brain as you have been saying them over and over again, but now you can start replacing them with new ones! We know that the brain will change (literally) based on how we think and you have the power to control your thoughts. The more frequently you do so, the faster the change will happen as your brain will change based on your new ways of thinking, that is how neuroplasticity works.

Hack number 1 – A priority?

If you see a beautiful car (expensive item) that you really like and your mind goes: “I can’t afford that”. Stop right there, put that thought on a pink cloud and just let it float away and say the following to yourself: “I can afford this but it is currently NOT a priority.”

Your mind can’t tell the difference between the reality (if you have the money in your account or not) and what you are making up in your mind so use this to your advantage! For change to happen you should really think and visualize that you do have the money, that you can afford it, BUT it just isn’t a priority right now. Your financial future and dreams are much more important than a car! If you do this consistently, your habitual thought when looking at something will become: “I can afford that but it is not a priority right now”. When you have come to this stage (yes it will take some practice as your current mindset has been cultivated for many years) your whole way of thinking, feeling and talking about money will have changed!

Hack number 2 – Nice to have or Need to have?

I want you to do this for every purchase you do, big or small, it doesn’t matter as you want to create a new habit and a millionaire mindset! Every time you think about buying something, ask yourself: “Do I really need this or do I just want it?”

“Is this MORE important than my Financial Security AND my dream house (or whatever your goal is)?”

When you have asked yourself the above question, think about how long your “happiness” (it really is just a dopamine kick) would last with this purchase? If less than 6 months, don’t do it!

Most of the time, you will realize that it is more the heat of the moment which gets you excited and releases the dopamine in your body. The thing is that if you “sacrifice” this short-term pleasure for a long-term goal, you will feel so much better because of all the money you will have saved!

Hack number 3 – transfer the money to your Financial Security account

If you know WHY you are not spending your money and your goal is clear, you will feel good about your new decisions. At the same time you will start changing your mindset as you have your priorities clear and the money in your account will just grow and grow. Not only will you feel better about money, you will actually have more money!

To make this super clear, I would actually recommend you to open up a separate account for this. If you have gone through our Wealth Session on how to automate, just use the account you set up for your Financial Security “bucket”.

Every time you look at an item but decide you don’t need it and hence refrain from purchasing it, immediately transfer the money from your transactions account to your Financial Security account. By doing this, you are creating a new habit and every time you do a transfer you will feel great! The dopamine will kick in just as if you had actually bought something. Anytime you feel a bit down or stressed, just look at your account and see how much you now have in your Financial Security fund! This is an amazing habit to create as it will make you feel great both in the short- and the long-term!

I would then suggest that as soon as you have a “bad thought” about money, just have a look at your account, stand tall and be proud of what you have accomplished so far and ever more tall by thinking about what you are creating for yourself in the future. A millionaire mind (and account)!