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You Can Change Your Money Mindset

I am re-reading a great book by Carol Dweck with the title “Mindset: The New Psychology of Success.” In it, the author suggest that there are basically two mindsets we all carry: either growth or fixed. Here is what the author says:

“The view you adopt for yourself profoundly affects the way you lead your life…Believing that your qualities are carved in stone — the fixed mindset — creates an urgency to prove yourself over and over…The growth mindset is based on the belief that your basic qualities are things you can cultivate through your efforts.”

Think about these two perspectives when it comes to your mindset about money. Do you believe that there is scarcity when it comes to money? That is, do you believe that there is a fixed amount of money that will come into your life and that’s it and therefore you need to carefully guard against losing any money you earn because who knows if there will be any more? This is the fixed money mindset and one of scarcity. Or do you believe that you can grow the amount of money that will come into your life through your efforts and that there is no limit to the amount of money that you can welcome into your world? This is the growth or abundant money mindset.

Think about it. Where do you fall on this scale? Are you more of a fixed or growth money mindset type of person?

If you’re interested in exploring this topic more, may I suggest that you read a few chapters of Carol Dweck’s book and then reconsider your money mindset. The good news is that you can change your mindset. Dweck points out how to go about doing it, but first you must have the desire to do so.