Money is a powerful influence on our lifestyle, emotions and behaviors. If you’re serious about improving your financial life, examine your money mindset
Acknowledge your personal history. If you grew up in poverty, you may have an underlying sense of scarcity–never having “enough.” If you were accustomed to abundance, you may not know how to manage money wisely. Such patterns may prevent you from earning what you’re worth, saving adequately, spending responsibly or being more philanthropic.
Evaluate your emotional response to money. Is your mood tied to your assets? Does your bank account define you? When money occupies the driver’s seat, anxious thoughts can prevent you from making reasonable choices.
Stop playing these money mind-games.
- I’ll be happy when I make more money. Happiness comes from within. It is important to enjoy the successes you’re experiencing today as well as working on future goals.
- Money is the only thing that matters. Money is an important means to an end. Worshipping money at the expense of people, nature, art and ideas may lead to loneliness and disappointment.
- Money is meaningless. This harmful idea feeds reckless spending, de-motivate your work life, and stress those who depend on your productivity. Money should be treated with respect and not frittered away.
Let go of the past. Stop beating yourself up for your financial mistakes. Reframe regrets as lessons and opportunities to grow. People recover from a failed business, job loss, stock tumble, or tax trouble. Keeping an open mind and focus on what you can do now.
Curtail the time spent thinking about money. Dwelling on dollars and cents or fantasizing about winning the lottery doesn’t get you any closer to your goals. Step back; switch gears and identify\ tried and true actions to help you reach your goals. Daydream for short bursts of time; then get back to the business of living.
Enlist a financial ally. A skilled financial advisor will be very familiar with mental, emotional and behavioral landmines you want to avoid on the road to a solid financial future. With tools to plan, save, and invest, within your timeframe and budget, you can live without financial stress, now and In the future. Look to your advisor for guidance and encouragement to sharpen your mental game and develop a new money mindset.
Michael W. K. Yee, CFP
1585 Kapiolani Blvd., Suite 1100, Honolulu
808-952-1222 ext. 1240 | michael.w.yee@ampf.com
Michael W K Yee, CFP®, CFS®, CRPC®, is a Financial Advisor CERTIFIED FINANCIAL PLANNER practitioner™ with Ameriprise Financial Services, Inc. in Honolulu, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 26 years.
Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC.
© 2014 Ameriprise Financial, Inc. All rights reserved. File # 975765
Leave a Reply