- Published on 03 May 2023
- - What is Financial Planning?
Achieving financial success is not just about the numbers; it also requires a strong mindset. Here are five steps to help you improve your financial mindset:
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Determine your values:
Aligning your spending with your core life values will provide you with a sense of purpose and satisfaction.
Your core life values are a valuable tool when considering your personal finances. If you are not living (and spending) in alignment with your values, then you might start to feel some dissatisfaction or a sense that there is something missing.
Your values should function as a lighthouse when decision making so that you can make sure your financial decisions, and life, are heading in the direction of those things that are most important to you. -
Have a vision:
Create a big picture based on your unique values and goals. Avoid comparing yourself to others and stay focused on your vision.
The key word here being ‘your’. It’s easy to get caught up in comparisonitis or ‘keeping up with the Jones’s’, but it’s highly unlikely the Jones’s have the same values or the same big picture as you… so keeping up with them will only get you somewhere that you never wanted to be in in the first place.
Remember your values and your vision, stay in your own lane, and enjoy the journey towards achieving your own goals. -
Review your belief systems:
Challenge any limiting beliefs you have about money that may be holding you back.
Perhaps you've heard the popular sayings "Money doesn't grow on trees," "Money is the root of all evil," and "Money doesn't buy happiness." These beliefs about money are part of our belief system, which shapes our thoughts and actions throughout life. Unfortunately, negative beliefs about money can lead to a challenging relationship with finances.
To improve your financial mindset, it may be time to rewrite the narrative and challenge those limiting beliefs. -
Find a healthy balance:
Create a realistic budget that balances your present and future needs. Be honest about your goals and make sure they are achievable.
As with diet and exercise, maintaining balance is essential for a healthy budget.
Avoid setting an unrealistic budget that may only lead to disappointment, and instead be honest when preparing your budget.
Strike a healthy balance between enjoying life in the present and setting aside funds for your future. It's important to have a reality check around your financial goals to ensure they are realistic and achievable. -
Express gratitude:
Take time to appreciate the positives in your life. Practicing gratitude can improve your well-being and increase happiness.
By improving your financial mindset, you can better achieve your financial goals.
Remember, financial success requires both a well-thought-out financial plan and a strong financial mindset. Start improving your mindset today to achieve your financial goals.
Why not take the next step and talk to a qualified financial planner?
LifeTime Financial Group are specialist (holding appropriate accreditations) advisors who are ideally positioned to assist you with your financial planning requirements.
If you would like to discuss your wider financial planning needs, why not call us today on 03 9596-7733? There is no cost or obligation for our initial conversation/meeting.
Alternatively, please make an appointment using our online Book an appointment (Blue button above)
LifeTime Financial Group. A leading privately-owned Melbourne-based Financial Planning practice with no ties to any financial institution.