Worrying about money is normal, especially amid the current economic climate. If you’re stuck with your finances, you might think that all you’re missing is more—more money, more opportunity, more financial literacy—in order to achieve what you want.
But what if what you’re missing can actually be cultivated in your own mind? In this post, we’ll discuss how your perspective on your life and finances influences your level of personal success, and how developing a growth mindset could be all you need to propel you forward in the direction you want.
Growth Mindset vs. Fixed Mindset
According to psychologist Carol Dweck, people operate within two types of mindsets: a fixed mindset or a growth mindset. Those with a fixed mindset believe their traits and talents are inherently unchangeable, and thus the ability to improve in the areas they struggle with most is out of reach. On the other hand, those with a growth mindset believe that all things can be improved with hard work, and that a lack of natural talent doesn’t mean they can’t achieve great levels of success.
Fixed mindset example: “I’ll never make enough to retire.”
Growth mindset example: “I can learn how to cut back on expenses to save more.”
Do You View Your Finances with a Fixed Mindset?
Financial literacy is a learned skill—nobody is born knowing how to stick to a budget or grow their wealth by investing. But many people stay stuck in their finances simply because they believe they aren’t capable of achieving more, and thus never try. This type of fixed mindset keeps you from realizing your financial potential and ultimately limits your opportunity to generate more income.
How to Develop a Growth Mindset to Go After Your Financial Goals
Adopting a growth mindset begins by believing in your ability to grow in the areas of finance that keep you stuck. It might take some time for you to actually believe it, but telling yourself consistently that you are capable and have the potential to achieve your dreams and goals is an important first step.
Shifting from a fixed mindset to a growth mindset means choosing to live in abundance instead of scarcity. Gratitude for what you already have is at the core of a growth mindset. Living from a place of gratitude allows you to stop thinking negatively about where you are, and instead, looking ahead to where you want to go and acknowledging that you have the ability for growth.
Adopting a growth mindset also means viewing challenges as opportunities. Instead of telling yourself that you’ll never be able to pay off your debt, tell yourself that with the proper time devoted to practicing better saving habits, an opportunity exists for you to become debt free.
A growth mindset allows you to develop the skill of perseverance. In a fixed mindset, you avoid challenges because you believe your ability to overcome them is hopeless. Having a growth mindset means acknowledging that your capacity for success will grow when you press into the difficulty that comes with changing your money habits. When you start believing in your ability to create new systems in your life that will help you achieve your goals—and consistently work at them even when failure comes—you’ll find yourself conquering challenges you never thought possible.
Your Mindset Matters
The way you think impacts more than just your finances—it also influences your relationships, your career, and your own belief in yourself. Next time you feel stuck, ask yourself what lens you’re viewing your situation in. If you suspect you could be holding yourself back with a fixed mindset, remember the key tenets of evolving into a growth mindset:
Gratitude is the foundation of a growth mindset and accepting where you are, while still acknowledging where you want to go.
Skills and knowledge can be cultivated—if you lack expertise in a specific area in your life or finances, don’t beat yourself up about it or deem the challenge insurmountable. Instead, ask yourself what you can do to educate yourself and improve—and embrace the discomfort of facing something you’re not confident in. The more you practice this, the more walls you’ll break through.
Consider what failure has to offer you, and celebrate it as an opportunity for growth. Success can’t be found without failing along the way, and nothing worth having comes without it’s obstacles. Practice embracing them and see the power that arises when you persevere.
Finding success in your finances won’t always be easy, but you can make it a lot easier by adopting a growth mindset to carry you through the challenges. Credit Repair created a helpful guide that outlines all you need to know about adopting a growth mindset and start implementing it in your own life. Sometimes the key to achieving what you want is already inside of you—you just have to unlock it.
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