From Doubt to Action by Improving Money Mindset

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If you’ve ever wondered why some people are good at making decisions while others tend to procrastinate, it has to do with the amount of self-awareness the person has. You can come by this self-awareness by finding a life or business coach who deals with mindset issues, or you can join masterminds, challenges, and groups to work through these issues.

But make no mistake, most people have some form of money mindset that is contrary to what is in their best interests. Thankfully, you can change your money mindset if you do these three things:

  1. Identify the limiting mindset
  2. Research the issue
  3. Educate yourself about it

Data and numbers will help you understand that your life experience is subjective. Understanding statistics and analyzing data will help you overcome your biases and preconceptions about money.

All of this takes practice and self-awareness to know when the examples you’ve witnessed – while not wrong – may not always be right. But you’ll learn how to trust your instincts because it’s based on your education and study of the situation.

For example, when you learn that a person who grew up with money is more likely to save windfall money compared to someone who grew up financially unstable who will be more likely to spend windfall money, that can signal to you that you should research your own actions to ensure they’re the best ones to take. So much of the decisions we make are based on our own experiences that most of the time are extremely unreliable indicators of the best choice to make.

When you have proof through the data about an action that is more likely to produce the results you want, your decision making becomes much more powerful and you’re suddenly able to take massive action in your business. You start tracking more information because you know that basing decisions on fact works better than gut instinct. That doesn’t mean your gut is always wrong, but it does mean you want the data to back up your gut instinct.

When you really want to get things done and surpass your money mindset issues, start with tracking your income and expenses to the penny – both in your business and in your personal life. Track every penny you spend for a month. Also track your thoughts about the transactions you’re making now, made in the past, and hope to make in the future. Get into how these decisions make you feel.

Use that information to guide which facts you study. For example, you may discover as you track your income and expenses and keep a journal about your feelings associated with it all that you tend to procrastinate about certain types of expenditures. Take that chance to research that information to learn the right way to deal with that situation so you won’t have to procrastinate again.