How Strong Is Your Money Mindset?

Financial Planner, Michael F. Kay provides tips on how to determine your economic success

(File: Image)
(File: Image)

Forbes contributor, and Certified Financial Planner, Michael F. Kay advises that “Determining your money mindset is important. It is a key component of understanding—leading you to knowing that you’re heading in the right direction or that you might need to do some work to re-think your beliefs and your habits.”

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Have you determined your money mindset? If you haven’t ever considered it—I mean really considered it, now might be a good time to do so.

Here’s the thing. Mindset is a key factor in establishing standards for economic success. It impacts expectations and ultimately, the bottom line.

If you’re thinking about increasing your earning potential, here are three strategies to help you transform your mindset and increase your economic success:

1. Vanquish the impoverished mentality. Are you dead set on getting ahead financially? If so, it will be very difficult to accomplish if your mental filter is polluted with doubt and limiting beliefs. Jettison toxic thoughts that hold you hostage to mediocrity, loss, and stagnation. It doesn’t matter where or why they originated—simply discard them. Begin to see yourself as someone who can deliver greater value, (which has a pecuniary value attached to it) and thus, by definition, someone who has the power to earn more. This alone will help you to see, attract, and capitalize on prime economic opportunities.

2. Raise your economic standards. Another component of increasing your economic success is resolving to raise your standards. Set the bar a few notches higher and focus on making your ability to deliver at the next level your first priority. Remember, that your earning potential is in direct correlation with your ability to deliver greater value. As you lessen the gap between these two variables, you will also begin to raise your expectations and stop settling for “good enough to get by” or accepting less than you are worth. This will help you to strengthen your risk-taking muscle, drawing even greater opportunities from your sphere of influence, as well as without.

3. Take decisive action.
While changing the way you think about money and your ability to earn it at higher levels is critical, taking action is what seals the deal. Before you begin to take random action, first determine what will make the biggest impact on your earning potential right now. It could be applying for a critical certification, taking additional coursework, or applying for a new position. It may also mean getting an additional degree or changing careers altogether. Whatever the case, please do not hesitate to take strong, consistent action—chunking tasks when and where necessary. Over time you will begin to gain momentum, which will inspire increased activity and greater results overall.

Use these strategies to develop a stronger money mindset. Then, watch your results take flight.

To your success.

Karima Mariama-Arthur, Esq. is the founder and CEO of WordSmithRapport, an international consulting firm specializing in professional development. Follow her on Twitter: @wsrapport or visit her website, www.wordsmithrapport.com.