Money Management

Stop negative thoughts from impacting your personal finances

By  Taylor Boucher

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Have you ever experienced a shockingly negative or unpleasant thought? It can be unsettling when it happens and leave you questioning if you’re a lousy person. You’re not, it’s normal.

We all struggle with negative thoughts

We all struggle with negative thoughts. The good news is, you’re not defined by the thoughts you experience, just the ones you choose to believe.

If someone approached you on the street and told you that the stock market was going to crash tomorrow, would you believe them? Absolutely not! Because you do not know that person, or if their advice is credible.

But what if it was your own thought?

Apply a dose of skepticism

Naturally, you are inclined to listen to your own brain. I’m not implying that you stop. But you can apply the same dose of skepticism to even your own thoughts. Especially your own thoughts!

Having a thought does not make it canon. It is what you do with those thoughts that matters. You define your relationship to your thoughts.

This realization can be very useful when dealing with money.

“Twenty dollars isn’t worth saving, just spend it.”

“You should have started saving sooner, it’s pointless now.”

“You’ll never have enough money to retire!”

These kinds of thoughts are very common. Even the richest humans on the planet question their own strategies. But you do need a strategy!

Trust is a necessary ingredient

Your strategy does not need to be unnecessarily complex. It can be as simple as saving a specific amount of every paycheck. Set a goal and a timeline. Once you have it, in place and working, trust!

Trust that it will yield the results that you expect. The longer your plan is in place, the more results you will see, which will, in turn, give you more confidence. You can rely on those results as your skepticism filter for future negative thoughts.

Of course, you will want to reevaluate your plan from time to time, but not out of fear. Doing so out of fear can be highly detrimental to your finances.

Don’t be ruled by fear

Fear will make you sell your stocks when the market is at an all-time low. Fear will drive you to stay at a job you hate. Fear will tell you that you’ll never reach your goals.

It can be difficult, but you must let go of your fear and trust your plan.

Remember, you define the parameters for how your thoughts get incorporated into your beliefs. You are the gatekeeper and the one with all the power.

Disclaimer: The information in this article is not intended to encourage any lifestyle changes without careful consideration and consultation with a qualified professional. This article is for reference purposes only, is generic in nature, is not intended as individual advice and is not financial or legal advice.

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