MJ Gonzales │ Executive Chronicles
Believe or not the journey to your financial freedom starts with your mindset. If you don’t think you can be a millionaire, then it’s natural you don’t believe in things such as budgeting, investing, compounding, and entrepreneurship. Thus, it’s better if you build the right mindset first about money so when challenges come, you’re not easily swayed by emotionally appealing disturbances. Here are the simple suggestions about financial mindsets.
Stand Firm with your belief
There’s a Filipino saying “Ang hindi lumingon sa pinaggalingan ay hindi makakarating sa paroroonan” [if you don’t recognize where you come from then you will not reach your desired destination]. It’s positively true as being hailed from poor family can motivate people to strive harder towards their success. However it can be twisted to something like “you can be unreachable to others because you forget your background or you become boastful.”
Don’t let others unreasonable opinions cloud your mind because of their own beliefs. As long as you’re not doing offensive, illegal and deadly. Their “wrong” perception about you is subjective as they also have set of standards. In fact, Entrepreneur shared if you want to become multimillionaire then be with multimillionaires as you don’t expect people to teach about money, if they don’t have it in the first place.
Guard your Positive Mindset even from your inner critic
Shutting the outside the noise is one, but your inner voice is another. You should fight your inner critic who is perhaps, molded out of pity. Think this excerpt line from Sister Stella L’s (Vilma Santos ) movie “Kung walang kikilos sino ang kikilos, Kung hindi ngayon Kailan pa…” [If no one will act now then who will, if not now so when it will be…]. It means you have to act now and depend on yourself as your success is all up to you.
On the other hand, there are also notions that people who are actually not as poor as before, but still behaving like their lack of things. This is not simple as being greedy to accumulate more wealth. In fact, it may cause them to become poor again because they think they have money to spend.
“As adults in times of stress, particularly economic stress,” Professor Joshua Ackerman, a co-author of the study entitled “When the Economy Falters, Do People Spend or Save? Responses to Resource Scarcity Depend on Childhood Environments,” shared in the research published in Psychological Science. “People who grew up relatively wealthy tend to be more interested in saving whereas people who grew up relatively poor tend to be more interested in spending. Although neither strategy is irrational, the spend-now strategy could create longer-term problems over people’s lives. So, if you grew up relatively poor, you may have to battle your instincts or immediate preferences in times of stress in order to ensure your long-term financial health.”