How Do I Know What My Current Money Mindset Is?

People may desire to change their money mindset because they recognize that their current one is limiting their financial potential. But to really change something, you first have to become aware of what’s really going on. So, if you would like to know what your current money mindset is, pay attention to these five behaviors.

5 Behaviors to Observe When Evaluating Your Current Money Mindset

1. How you think about money.

   This is probably the most obvious one on the list. But have you ever really taken a moment to observe your own thoughts about money? When you see someone with a nice car, what thoughts come to mind? Do you think, “I wish I could afford a car like that” or “Someday I’ll be able to afford a car like that.” Both of those thoughts say that you’re limiting yourself when it comes to money, although the second is a little more hopeful.
   
   The first thought implies, “I don’t have the skills/talent/knowledge to do what is required to be able to afford a car like that.” And unless you’re actually actively working toward having the funds to afford a car like that, the second implies, “I don’t know when I’ll be able to afford it, though.” Instead of thinking about not being able to afford something or being able to afford it someday, a positive money mindset speaks in the present tense, saying, “I can afford a car like that.”
   
   Or maybe you don’t care so much about material things. Maybe you have thoughts like these: “I don’t really care about money” or “Money isn’t very important to me.” These thoughts will also hold you back from doing what’s required to invite more of this vital energy into your life.
   
   Sometimes people can look at others who care about having nice cars and clothes and houses and think they’re actually above them for eschewing things like that. Or else they look at people who use money in a greedy fashion and think they don’t want to be anything like them, so they would rather stay ignorant about money because they associate it with those kinds of people.
   
   But while money might not serve them if they use it to buy material things, I’m sure there are other things money could help them do. For instance, people with this mindset might feel comfortable donating generously to charity. But if they allow thoughts of being above those who value money or fears of being associated with people who misuse money to keep them from learning about money and welcoming abundance into their lives, they’re doing everyone a great disservice, including themselves.

2. How you talk about money.

   What words actually come out of your mouth when you talk about money? Do you say things like, “I never have enough money” or “Why are the prices of things always going up?” Or do you talk about money with phrases like, “I can afford anything I want” and “I have more than enough money.” The words you use to talk about money are directly tied to your money mindset. What you believe about money comes out in the way you speak about it.
   
   When it comes to changing your money mindset, you’ll have to make a conscious effort to change the way you talk about money. And you’ll probably have to do this before the things you tell yourself become true in a tangible form. This is where things like money mindset affirmations can be helpful.
   
   When you want to change your view of money, it can be helpful to start by changing the way you talk about it. So, even if you’re concerned with the rising prices of things, you can tell yourself, “I have more than enough money to keep up with these rising costs.” Or if you find that you have to work extremely hard to earn money, you can tell yourself, “Money comes to me easily.”
   
   It might feel awkward or uncomfortable to tell yourself these things initially, but by changing the way you talk about money, it will change your perception of it over time. And you’ll also find that, because of something called “confirmation bias,” your brain will look for evidence that the new things you’re telling yourself are true.
   
   You’ll also find yourself looking for ways to make those things true. Just remember not to repeat these affirmations in a robotic fashion. Try to feel as if they’re really true now.

3. How you feel about money.

   How do you feel about money? Really. Take a moment and picture a large quantity of money. How do you feel about it? Do you feel excited or do you feel icky? Or do you feel overwhelmed? Do you see endless possibilities or do you see the chore of having to manage all of it? These feelings speak volumes about your money mindset.
   
   And when you see wealthy people, how do you feel? Do you feel envious? Do you feel inspired? Do you feel like you too could be wealthy if you just put in the effort? Because there’s really nothing stopping you from becoming wealthy but you. You can make all the excuses you want about why it wouldn’t be possible in your situation, but they would all just be excuses. You can make wealth your reality if you really want to.
   
   And if you find yourself feeling indifferent about money, that says something, too. It says you probably don’t care enough about it to do what’s required to invite more of it into your life.
   
   Part of having a positive money mindset is associating money with positive things so that you want to have more of it. If you’re indifferent about it, then you’re probably indifferent about having more of it. If you really want to welcome more money into your life, you need to cherish money the way you would cherish a loved one.

4. How you use money.

   You may say things like, “I would love to have more money,” but then you splurge on things like expensive vacations or clothing. Or you don’t take the time to look into how to start generating other sources of income so you’re not only reliant on one.
   
   Do you really know where all your money is going? Are you spending it on things that will educate, nourish, or benefit you or others in some way? Or do you spend your money on things that, when you really think about them, don’t add that much value to your life or anyone else’s?
   
   One of the things I learned in Robert T. Kiyosaki’s book Rich Dad Poor Dad is that sometimes people think that having more money will solve all their financial problems. In reality, though, what would really help is becoming better at managing their money. This is why people with even very large salaries can struggle with their finances.
   
   This is a topic that’s also addressed in T. Harv Eker’s book Secrets of the Millionaire Mind. In that book, T. Harv Eker talks about how rich people are good money managers. They know what to do with the money they receive so that they continue to grow their wealth.
   
   Before you start trying to invite large sums of money into your life, try to learn how to manage the money you do have, which is actually a suggestion from T. Harv Eker’s book. Learn about things like budgeting, minimizing spending, and investing. And remember that one of the best investments you can make is the one you make in yourself, which I talk about in this post.

5. How you spend your time.

   I know that this one might seem arbitrary for this list, but how you spend your time does say a lot about how you view money. For example, do you spend hours and hours doing work you don’t enjoy, only to receive a paycheck you don’t feel adequately compensates you, but then spend your free time scrolling through social media or binge-watching your favorite shows?
   
   If you do happen to work at job you don’t enjoy, why not spend some of your time researching other income streams you could pursue? And I’m not talking about just getting another job, unless that’s what you really, really want. I’m talking about supplementing your income with a side hustle or passive income.
   
   If done correctly, that kind of income could make it so you wouldn’t have to work at that job anymore. Instead, you could devote your time to doing what you love. But rather than seeing money as a way to achieve that, you’re choosing to see it as something that’s necessary only to pay the bills. And so you spend the rest of your time numbing the emptiness you feel in your life.
   
   With a positive money mindset, you understand just how powerful money is. You understand that money can lead to financial freedom, which will allow you to spend more of your time doing things you enjoy. If you value your time, it’s worthwhile to spend more of it learning about how money can help you achieve that kind of freedom.

Final Thoughts

On some level, you’re already aware of what your money mindset is. But if you want to bring your conscious awareness to it, observing these behaviors I’ve just mentioned can help. And only when you’re aware of what you’re doing can you actually take steps to change.

Now it’s your turn. What’s your current money mindset? And how do you feel about it? If you don’t like it, are you prepared to do what it takes to change it? Let me know in the comments.

~ Ashley C.

Note: The advice presented here is for informational purposes only. If you’re in need of professional financial advice, please see a qualified professional.

Last updated: June 21, 2024