Are you ready for a new money mindset?

by Nick on June 28, 2016

Are you ready for a new money mindset-When you write about money people reach out with books to read, offers of content, and yada yada yada.

Most of the time I politely pass.

But when Cara MacMillan sent me a copy of It Is Only Money and It Grows on Trees! I knew I’d be in for a cool treat because it’s a book that goes beyond the numbers and into the mindset of money.

I’ve always been a sucker for mindset, history, and different world views on topics that we take for granted, especially money, because there seems to be so much negativity in the news about money and wealth.

I’ve never seen money as evil.

I’ve always viewed money as a magnifying glass that makes you more of what you already are.

If you’re a selfish jerk, having a lot of money will make you more of a selfish jerk.

If you are selfless, having money will make you “more selfless” (that’s a thing…) and charitable.

So what’s the solution?

Well, because we can’t take all the money away from the jerks of the world, the solution needs to take place at the individual level, starting with each of us resetting our money mindsets and seeing money for what it really is: just a tool, an accellerant.

I could go on and on about money being only a tool to accomplish your goals and accellerant to speed up the process, which is why I found It Is Only Money and It Grows on Trees! such a fun read that I wanted to share with you.

To be clear, I got paid nothing to write this or recommend the book, although I did score the book for free because I’m such an important person in the personal finance arena.

Also if you order it on Amazon by clicking my affiliate link I might be able to super size my next Happy Meal as a result of the affilaite commision I’ll generate, haha! 😉

Seriously though, it’s a quick read, only about 100 pages, but it goes deep into how wealth is viewed around the world in different religions and cultures.

Pretty cool.

It’s told as a narrative, which also makes for a much easier read than a whitepaper-type case study.

And it will help you break away from the money mindset you have by default and help you choose a money mindset that is more authentic to you.

So if you’re into this type of story and study, definitely score a copy of It Is Only Money and It Grows on Trees!

And let me know what you think!

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How to identify if you have a spending problem Image Credit / depositphotos / wrangler

 

A female comedienne once quipped that when women get depressed they go shopping and when men get depressed they invade a country. But for some women and men their shopping habits are far from funny; they are out of control. Most of us would glibly claim that you can’t have too many dresses or shoes, but how do you know if your behaviour is outside the realms of normality?

Wonga recently conducted a survey in South Africa which clearly shows a worrying number of us are quite ignorant and irresponsible when it comes to managing our money affairs. Full data of the survey viewable here.

Often people with low self-esteem use spending money as a method of coping with problems. It is common for ‘overspenders’ to seek solace in spending, saying it makes them feel better and less depressed.

However this relief is short-lived; clouds of depression quickly reappear when financial problems are heightened. In addition, losing control of spending, whether the money is your own, partner’s or the bank’s, will almost certainly guarantee havoc in the family environment.

You are an overspender…

  1. If you walk into a store and buy items that you don’t need or can’t afford but you feel you can’t stop yourself, or question your motives.
  1. If you get into debt to feed your shopping habit.
  1. If you write out cheques knowing there’s no funds.
  1. If you have a belief that somehow things will sort themselves out, but you have no plan in place.
  1. If you are asking your friends to lend you money or even losing friendships.
  1. If the high that you achieve while purchasing the item dissipates as soon as you’ve paid for it, there are definitely some emotional issues that need to be dealt with.
  1. If you hide your new purchase from your partner.

If you recognise these traits in your character, it’s time, to be honest with yourself and refocus your attention to the reasons why you think you do it. They say it takes 28 days to change an attitude or form a new habit. Start now. Although you may lose your nicest person-to-know-at-birthday’s status, you’ll save a lot of money.

It’s also a good time to make yourself knowledgeable about healthy financial habits and smart money management. These are skills which we are all in need of learning and mastering. Particularly when the economic climate in South Africa couldn’t be any more uncertain. The first step is to learn to start saving regularly. This invaluable guide by Old Mutual should provide you with a fresh perspective and how to make your money go further.

Get into the habit of keeping a detailed spending record. Before you make a purchase, ask yourself these questions.

What is my money situation like for the month?

Do I really need the item?

If the item weren’t on sale, would I still buy it?

Will this purchase adversely affect my family?

Be clear about what you want, jointly and personally, and prepare a budget according to your committed goals and stick to it. Having a healthy respect for money is an important step towards financial stability.

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