Raise your hand if you’ve heard the phrase, “Money is the root of all evil.”
Did you know that this quote originated from the Bible, and the entire quote is, “The love of money is the root of all evil”?
Kind of changes the meaning of it a little bit, doesn’t it?
Because of its origin, this verse is warning us about the perils of greed. But here’s something to think about - can you love money without being considered greedy? What if your love of money was more so your love of being able to take care of yourself and not have to worry about financial troubles?
Allow us to get all woo-woo for a second and say this: Your mindset towards money can determine whether money is abundant or absent in your life.
When it comes to attracting more wealth in your life, there are two schools of thought: the scarcity mindset, and the abundance mindset.
The scarcity mindset is believing that you never quite have enough of something - in this case, wealth or money. This is mainly due to forces outside of your control, or because there just isn’t enough for everyone. “The scarcity mindset views things like wealth, success, and fame as something like a pie. There’s only so much to go around and if one person takes too big of a slice, everyone else gets less.” - Matthew Kent, Medium
Rich people are inherently evil, no matter how many good deeds they’ve done with their money, because they took too big of a slice, so now there’s not enough for the rest of us.
Abundance mindset, however, implies the opposite. “The abundance mindset says that we can create more value for everyone. Instead of viewing wealth and success as a zero-sum game, we can create win-win situations where everyone comes out better than they were before.” - Matthew Kent
This means that there is no finite amount of money or wealth, and everyone can have as much of the pie as they want. It’s basically dog eat dog versus collaboration.
Many studies have proven that people who are wealthy are more likely to have a positive, abundant mindset than those who are not. They believe that they create their own life and destiny, as opposed to being controlled by it. They focus on the end opportunity, rather than the obstacles that may have to be crossed to get there. They admire their fellow wealthy peers, rather than see them as competition. See what the pattern is?
By changing your mindset to an open, abundant one - not just about finances, but about all aspects of life - you can create the wealth that you want. Here are four steps to take to get started on having a healthier, positive mindset surrounding money.
Stop thinking of money as the enemy.
Money is not the problem. Money is just an object - a way to acquire needs and wants. It has no mental capacity, emotions, thoughts, feelings, or motivations. The perception you place on money is just that - your perception.
By putting negative emotions towards money, you’re going to have negative experiences. By thinking you’ll never have enough money, you’ll never have enough money.
You can get help your finances with money, or you can hurt your finances with money - it’s up to you to decide which one happens.
Realize what you can and can’t control.
In the same vein, realize what you have control over, and what is beyond your control.
You can’t control when your car breaks down. You can’t control when your spouse overspends. You can’t control when the market crashes.
You can, however, control your reactions. Or, better yet - your preventative actions.
Your car breaks down? Good thing you’ve been putting money away into an emergency fund. Your spouse overspends? Good thing you’ve been practicing a budget so you can adjust as needed. The market crashes? Good thing you pulled out when you did.
Even if these preventative actions weren’t taken, you can control how you respond to these or any situations. Instead of getting angry and thinking, “This always happens when I can’t cover the cost,” try thinking, “Ok, so I have to have x amount of money - here’s my plan to take care of the issue now and how to recover in the future.” Wipe your hands clean, and move on.
Make plans for what you can control, and practice controlling your emotions in stressful situations. Both will help you be more prepared for the unexpected.
Do actions that make you feel good about money.
Build a positive relationship with money by doing things that make you feel good that involve money. For example, if you find you have extra cash this month, consider donating it to your favorite charity, or buying a gift for a loved one. Make sure that the action you’re spending money on is guilt-free; it can be as morally good as you want, but if you feel guilty, you’re only adding a negative building block to your money relationship.
If investing or putting it away in savings makes you feel good, do that - you don’t have to spend to feel good.
Spending five minutes a day writing down events or aspects of your life you’re grateful for has so many benefits - including for your wallet. According to Forbes, being grateful can encourage you to be more patient, which means you’re more likely to make smarter financial choices and less likely to splurge or indulge in instant gratification.
If you’re still having trouble being positive about money, spend time being grateful for what money has done for you. Maybe you were able to go to school because you had access to money, even if you may be in debt right now. Perhaps you are now finally able to afford healthcare. Even using money to buy groceries for the week is something to be grateful for.
Thank your finances - don’t shame them.
How is your mindset about money? What ways do you practice gratitude in your life? Let us know in the comments!