Special Guest on the
Leader's Lab Podcast
Diana Yanez is a financial professional who has always been interested in helping people. and found her calling as a financial planner and coach in 2016. In honor of today's podcast episode with her (see below), I decided to share some ways to shift your millennial money mindset from scarcity to abundance.
5 Ways To Change Your Money Mindset From Scarcity To Abundance
What is your money mindset? When it comes to our relationship with money, most millennial money mindsets have been pre-programmed in some way or another.
Do you think that there is never enough money to go around, or do you believe that there is more than enough for everyone?
If you're like most people, your money mindset was shaped by your parents or guardians growing up. Maybe they always talked about how money was tight or how they couldn't afford certain things. As a result, you grew up thinking that money was scarce and that you would always have to struggle to make ends meet.
Unfortunately, many people grew up this way, which created a scarcity mindset when it came to money. They believe that there is not enough wealth to go around, so they need to hold on tight to what they have. On the other hand, you have those who grew up with an abundance mindset, believing that there is more than enough wealth for everyone because they saw their parents or guardians create it.
You may believe that the mindset you were taught is the mindset you're stuck with, but that's not true. What if I told you that your money mindset is actually a choice? That you can choose to think about money in a different, more positive way? If you want to achieve your financial goals, it's important to shift your money mindset from scarcity to abundance!
Before we get into 5 ways to change your money mindset, let's define what a money mindset is.
What is Money Mindset?
Money mindset is the collection of beliefs, attitudes, and behaviors that shape our relationship with money. It shapes our actions and decisions around financial matters and can often be traced back to our childhood experiences and the messages about money that we received growing up. Everyone has a unique money mindset that is influenced by our family, friends, culture, religion, and society.
Understanding our own individual money mindset is the first step to making positive changes in our relationship with money.
Our money mindset can be positive or negative, healthy or unhealthy; it can either help us to create wealth and financial security or keep us trapped in a cycle of debt and financial insecurity.
A positive money mindset is characterized by beliefs, attitudes, and behaviors that lead to financial success. A negative money mindset is characterized by beliefs, attitudes, and behaviors that lead to financial struggle.
If you want to change your financial situation, you need to start by changing your money mindset. Money is just a tool, and it's our relationship with money that will determine whether or not we achieve our financial goals.
Money Mindset Issues
You might be surprised to learn that a lot of your money troubles may stem from your money mindset. If your money mindset is off, it can lead to some serious money issues.
One of the biggest money mindset issues is thinking that you don't deserve money. This can lead to all sorts of financial problems, from not asking for a raise at work to staying in a job you hate because you're afraid to look for something better. If you don't believe that you deserve money, it's going to be very hard to get ahead financially.
Another common money mindset issue is thinking that money is evil or bad. This can lead to things like hoarding money or being too afraid to spend it. But if you think that money is bad, you're going to have a very hard time achieving your financial goals.
If you want to get your money mindset on track, it's important to first identify any money mindset issues you may have. Once you've done that, you can start working on fixing those issues so that you can start achieving your financial goals.
How to Change Your Money Mindset
Your mindset about money plays a vital role in your overall financial health. If you have a negative or unhealthy relationship with money, it can prevent you from reaching your financial goals. Conversely, if you change your money mindset and adopt a more positive relationship with money, it can help you achieve financial success.
There are a few key things that you can do to assist with your money mindset shift. If you want to change your relationship with money, you need to take concrete steps to make it happen. Here are some practical tips to help you change your money mindset and go from scarcity to abundance.
1. Acknowledge Your Current Money Mindset
First, become aware of your own thoughts and beliefs about money. Do you tend to see money as something that is bad or evil? Or do you view it as something that is neutral? Do you see it as something that makes you happy or something that causes stress? If you tend to see money as a source of happiness, it is important to know what your values are in order to make sure that your money is being put to good use. If you tend to see money as a source of stress, it is important to make sure that you have a healthy work-life balance in order to reduce the amount of stress you feel.
Acknowledge that your current money mindset is impacting the way you think about and handle money. Once you become aware of your own thoughts and beliefs, you can start to change them.
2. Reframe Your Beliefs about Money and Personal Finance
Second, start to reframe your thinking about money. Money is a part of our everyday lives, and we don't really think about it until something goes wrong. But how often do we stop to realize that there are many ways to save money? One way is to start to reframe your thinking about money. Instead of seeing it as something that is scarce or limited, try thinking of it as something you can use to create more value in your life.
One way is to set up a savings account and put some money into it each month so that you can have a rainy day fund in case you need it. Another way is to think about what you want to buy with your money and set a budget for yourself so that you can be mindful of what you spend your money on. These are just two ways to change your thinking about money and start saving more.
It's easy to spend money, especially when we have it. We spend without thinking about the consequences of spending. We may buy more than we need, or not buy something because it's too expensive. There's more than enough money to go around, and you can attract as much as you want into your life.
Just like the law of attraction states, what you focus on expands. So if you focus on abundance, that's what you'll create in your life. You'll create an abundance mindset. Just be careful to be a good steward over what you have and gain.
3. Practice Gratitude for the Money You Already Have
If you are struggling to shift your money mindset, try practicing gratitude for the money you already have. Studies show that people who practice gratitude are happier, healthier, and more successful. Start by making a list of all the things in your life that you're grateful for that money has allowed you to have. You can start with a list of five things you are grateful for every day, then gradually increase to ten.
If you're struggling to find something to be grateful for, think about how grateful you are for your family and friends, the opportunity to learn new skills and grow as a person, and the ability to live your life. This could be anything from a roof over your head and food on the table to your education or nice clothes. Once you start seeing all the good that money has already brought into your life, it'll be easier for you to attract more of it.
4. Give Some Away
One of the best ways to open yourself up to receiving more money is to give some away. It may seem counter-intuitive to give money away when you could be keeping it for yourself, but giving money away is a great way to open yourself up to receiving more. Giving is one of the most powerful ways to receive because it puts you in a position of abundance, and also lets you be in a position of abundance by giving.
When you give with no expectation of anything in return, it shows the universe that you're abundant and that there's plenty more where that came from. You can give monetarily or through acts of service—both are equally effective in shifting your money mindset. When you give yourself, you are able to open yourself up to receiving more money and resources.
5 . Visualize Yourself as an Abundant Person
Last but not least, start seeing yourself as a vessel of abundance that easily and naturally attracts wealth and success. See yourself living, working, loving, thriving, and excelling in abundance. What would that look like for you?
Is there a specific home that you live in? A luxurious car that you drive? A successful business that you own? Whatever it is, see yourself achieving it and living it. And know that it's only a matter of time until you make it a reality.
When you start to adopt an abundant money mindset, everything in your life will change for the better. You'll attract more wealth. The more vividly you can see yourself living an abundant lifestyle, the easier it will be for you to attract it into your life.
If you’re feeling a sense of scarcity when it comes to your finances, know that you’re not alone. If you want to create abundance in your life, it all starts with a change in mindset about money mindset.
Acknowledging where you are in terms of your beliefs about money is the first step. Then, practice gratitude for the money you do have, give some away, and visualize yourself as a person of abundance. With these simple steps, you can create a new reality for yourself and shift your mindset about money from one of scarcity to one of abundance, so that you can attract more wealth and success into your life and achieve goals.
And if you feel like this is impossible to do on your own, there is hope!
You Have Come to the Right Place
Diana Yanez is a certified financial consultant who can help you shift your money mindset from scarcity to abundance and help with your goals in personal finance. She completed rigorous schooling to earn the CERTIFIED FINANCIAL PLANNER™ Practitioner designation and the Registered Life Planner™ designation through the Kinder Institute. Diana Yanez has worked in social services, population projections, and business analysis at a manufacturing company. As a financial planner, Diana has found the perfect fit between complex analysis and making a meaningful connection with her clients.
Are you ready to make this transformation? Connect with Diana Yanez today to get started.