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What we believe about money can impact everything in our life, including how much money we actually have. Changing these particular beliefs brought more money into my life, in very specific ways.
Talking About Money Is Taboo
I grew up with the ingrained belief that subjects like money, politics and religion should not be talked about in public. That may seem crazy in today’s world, where those topics sometimes seem like the only things some people talk about publicly, but old habits die hard.
For a long time it seemed horrifying to me that people openly discussed how much they earned, never mind what they did with it. But I’m over that now. I still think it’s fine to keep some things about your personal finances private, but I’ve gained so much by talking to people about money that I’ve really opened up on this one.
Through friends and acquaintances willing to be open I’ve learned about investments, tax loopholes, government funding options, and savings apps. Through finfluencers willing to constantly talk money on the internet I’ve learned even more. For women in particular, it’s important to talk money among ourselves because we need to manage our finances a little differently than men do.
Budgeting Is Boring
I used to believe this, but now I have this crazy notion that budgeting is fun. Budgeting allows you to feel in control of the money you have, and lets you plan for the future by saving your money into different pots for different things. How is seeing your vacation pot or your dream home pot growing not fun?
To prove the point I even have a whole category in my budget labelled ‘fun money’ and I strongly suggest you do too. If you still need help convincing yourself that budgeting is fun, take a look at apps like You Need A Budget, Smarty Pig, or Habitica. They gamify budgeting and definitely help incentivize you to start tracking and saving.
You Need to Be Wealthy to Think About Wealth Management
It’s right there in the phase, so it’s easy to assume you need to be wealthy to manage your wealth. But managing your money can start at any time, even if you have very little of it. That’s what budgeting and saving is essentially. As is saving into separate accounts like your 401(k), a Health Savings Account or a Dependent Care FSA.
If you’re managing a very small amount of money you may not need the wealth management services that the uber rich employ, but you can still start thinking of it as wealth management. That mindset shift alone can help you take it more seriously.
Investing Is Complicated
It can be, but it can also be pretty straightforward. You don’t have to become a day trader who’s constantly attached to their device and fretting about every shift in the market.
Investing small amounts into simple investment products like index funds over time has proved to be highly worthwhile even if it’s not likely to result in huge or sudden gains.
There are also some investment accounts where you can get started with a tiny amount, so you don’t have to wait until you have a big stake to consider investing.
I Need a Degree to Earn A Lot of Money
This one is controversial in many circles, and I’m not suggesting you drop out of college if you’re already there. But there are lots of well-paid jobs that don’t require a degree, or that don’t require an expensive four-year degree.
In the USA in particular there often seems to be a belief that your choices are four-year degree or minimum wage service job, whereas in reality there’s a lot in between. So research all your options before committing to that student debt.
Confronting and changing these beliefs has literally translated to money in the bank for me. Maybe it can do the same for you.
About the Author
Karen Banes is a freelance writer specializing in entrepreneurship, parenting and lifestyle. She writes articles, website content, ebooks and the occasional award winning short story. Her work has appeared in a range of publications both online and off, including The Washington Post, Life Info Magazine, Transitions Abroad, Brave New Traveler, Natural Parenting Group, and Copia Magazine. Learn More About Karen
To make Wealthtender free for readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a conflict of interest when we favor their promotion over others. Read our editorial policy and terms of service to learn more. Wealthtender is not a client of these financial services providers.
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