Do You Have a Growth Mindset for Making Money?
Do You Have a Growth Mindset for Making Money?
When it comes to achieving your passive income goals, are you stuck in neutral? Perhaps you know what you need to do, but you’re having a hard time getting started. In that case, you need the power of a “make money mindset” to get things fired up. Here’s how to change your mindset and potentially change your life.
What Can a Positive Money Mindset Do for You?
You might wonder why you need the right mindset to start focusing on your financial goals. We all want to make money, don’t we? We also want to achieve financial security and turn our dreams into reality. So, wouldn’t that mindset just come naturally?
How the Wrong Mindset Can Hurt You
Unfortunately, too many people have what’s called a poverty mindset.
What does this mean? It’s a mindset that defeats you before you can even get started on your drive toward financial freedom. It’s the exact opposite of a growth mindset.
As Katharine Hurst writes on the Law of Attraction blog: “By definition, poverty mindsets are ones in which the person self-sabotages, accidentally undermining their quest for abundance by adopting a negative stance towards wealth. This makes it impossible for you to vibrate on the high frequency required to attract abundance.”
How to Change Your Mindset
Before you write this off as fancy-sounding nonsense, you should know that neuroscientists have mapped visible changes in people’s brains that reflect how they think and feel about money.
Jason Zweig of CNNMoney reported on some of these studies and even let researchers study his brain when it came to money matters. As he notes:
“Your brain developed to improve our species’ odds of survival. Like every other human, you are wired to crave what looks rewarding and shun what seems risky. Your brain has only a thin veneer of modern, analytical circuits that are often no match for the power of the ancient parts of your mind; to counteract these impulses. And when you win, lose or risk money, you stir up some profound emotions, including hope, surprise, regret, greed, and fear.”
Fear Clouds Your Thinking
Other studies have found that a lack of money can negatively affect your ability to reason. In one of these studies, people who were hurting for cash exhibited a 10-point drop in their cognitive ability.
In other words, when you’re dealing with money, you often allow fear to override your ability to reason and think calmly. Your brain goes into panic mode, and it’s impossible to get past the fear to start moving in a positive direction.
When this happens too often, you develop a poverty mindset. Fortunately, you can change it into a positive money growth mindset with just a little work.
Tips for Changing Your Mindset
How do you overcome your negative self-talk? Here are some steps I recommend.
1. Understand what’s happening: Just recognizing what you’re doing to yourself is the first step to stopping the negativity. Pay attention to the signs that you’re starting to slow your roll.
2. Get your mind right with some help: Several books can help you develop a clear, uncluttered, and unafraid mindset. Check out this list of the top 10 books for a better money mindset.
It starts with Carol Dweck’s “Mindset: The New Psychology of Success.” The list also includes classics like Napoleon Hill’s “Think and Grow Rich” and newcomers like Daymond John’s “The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage.”
3. Write out your goals and aspirations every day with a pen and paper. The process of writing out your goals and aspirations every day will transform your mindset at the neurological level. Plus, it is a great way to meditate, visualize, and develop a growth mindset.
4. Take action: Action is the antidote to being stuck. Taking one small step or acting for just a few minutes will help dispel your fears and guide you back on the path to a positive, productive mindset.
Fear is often one of the biggest obstacles to success. Are you worried that you’ll make mistakes? Everyone slips up, and you will, too. The important thing is to learn from your errors. Are you afraid of trying something new? That’s only natural, but it’s the only way to grow and learn. You’ll get past those fears by taking action. Little by little, those small actions can add up to something unique.
Are You Ready to Develop a Millionaire Mentality? I Can Help
If you’re struggling with a mindset that holds you back, contact me at the Leonard Productivity Intelligence Institute. I can help you take practical, actionable steps starting right now to transform your thinking, your business, and your life.