HOW IS YOUR MONEY MIND?
We all have a Money Mind.
Our Money Mind is uniquely created by our distinct perception of money. Money symbolises something different for everyone based on their personal history and background.
How do you see money? Is it a necessity – something you must have to survive? Or is it a vehicle for achieving purpose and bringing about change? Do you perceive money as being the ‘root of all evil’? Do you ever think that you can never be financially free – especially after staring at your lean account balance that looks like it needs some growth hormones? Or do you hide your head in the sand – preferring to be oblivious to your true financial status – hoping that you would not have to deal with your financial mess?
Many people think that their financial problems is caused by a lack or abundance of income when, in actual fact, it is caused by their ‘Money Mind’. Our Money Mind is determined by how we think and feel about money, which then affects every single financial decision that we make in every aspect of our lives. To experience financial freedom, it is important to identify these perceptions and address them head on to prevent making future financial blunders.
In his book, “The Money Code: Improve Your Entire Financial Life Right Now”, Joe John Duran, New York Times best-selling author, identified three types of “Money Minds”. The ‘Commitment’ Money Mind, the ‘Protection or Fear’ Money Mind, and the ‘Happiness’ Money Mind.
The Commitment Money Mind
People with this Money Mind are ‘Givers’. Their financial decisions are focused primarily on how it will affect their loved ones. They always believe that they have more to give than they are able to give. This means that they may sometimes ignore the effect of their financial decisions on themselves if their loved ones have been catered for. These people instinctively find it easy to prioritize giving financial support to their loved ones above their own needs. Thus, they sometimes fall short of funds for their own needs and fail to achieve saving goals. Ultimately, these group leave important financial decisions to others instead of taking control of their own finances.
While it is important that every individual has some percentage of this Money Mind, there must be a balance if you seek to achieve financial freedom. The Commitment Money Mind must work on taking charge of their financial situation, preparing a budget and sticking to it. Learning to prioritize their needs above those of others is key for this Money Mind.
The Protection Money Mind
This group of people are ‘Protectors’. Their ultimate aim when they think about money is to create security and peace of mind. This is what drives them to be successful. However, no matter how successful they become, they never really feel secure. They want more money because to them, money represents security. They are cautious and well prepared for the unexpected. They are also slow to act which means that they often miss opportunities.
This group of people are very focused on cost. They delay gratification and live well within their means. They love to save and will be critical of any one who spends money freely. They are careful, very meticulous and driven to ensure they and their loved ones are adequately protected from any unexpected occurrences such as a loss of a job, economic recession and so on. They are never satisfied with their savings and investment. They are very apprehensive about risks and require a high degree of certainty when making investment decisions. As a result, they may potentially miss several opportunities.
The Happiness Money Mind
For this group, enjoyment is the priority. They are generally not too anxious about the future and as a result, do not spend enough time evaluating their financial decisions. They love the Y.O.L.O (You Only Live Once) slogan and thrive on living life to the fullest even if this means living beyond their means. They don’t believe in saving – of what use is hoarding all that money when you have not yet lived life? The thought of saving makes them frustrated and impatient. They value immediate rewards over long-term financial planning. They are overly optimistic and always under-prepared for any negative outcomes. They are quick to make key decisions and seize any opportunity that presents itself – whether well thought out or not.
Understanding your Money Mind is the first step towards identifying the obstacles preventing your financial freedom. Once you know where your greatest influences lie when with respect to money, you can start purposefully working on changing your Money Mindset.
Curious to know what your Money Mind is?
Try this Free Quiz here – https://yourmoneymind.finlifepartners.com/#/?_k=pzlyv4
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