
5: What is your Money Mindset and how does it impact your financial behaviours?
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About this listen
Key Topics Discussed:
- Introduction to Money Mindset:
- The importance of understanding your relationship with money.
- How financial decisions compound over time to shape your current situation.
- Different Types of Money Mindsets:
- Scarcity Mindset: Feeling like there's never enough money and its effects on financial behaviour.
- Abundance Mindset: The pitfalls of assuming there's always enough, leading to overspending.
- Entitled Mindset: Growing up believing that you deserve certain luxuries and its impact on financial choices.
- Ignorance Mindset: The dangers of not discussing or understanding money and its implications.
- Debt Mindset: Living in a cycle of debt and how it becomes normalised.
- Guilt Mindset: Feeling shame about spending money on oneself, leading to poor investment in personal well-being.
- Success Mindset: The risks of measuring self-worth by financial success and neglecting personal health and relationships.
- Generosity Mindset: The challenges of giving beyond one’s means and the importance of balancing generosity with self-care.
- Control Mindset: Understanding how past trauma or financial abuse can shape your relationship with money.
- Risk-Averse Mindset: The necessity of taking educated risks in investment to grow financially.
- Empowerment through Understanding:
- Recognising your money mindset is the first step towards change.
- Practical steps to shift your mindset and improve your financial situation.
- Call to Action:
- Reflect on your own money mindset using the questions in Chapter 4 of Sarah’s book, "Money Mechanics."
- Take proactive steps to understand and improve your financial health.
Connect with Sarah:
- Website: www.sarahpoynton.com
- Instagram: www.instagram.com/moneymechanics.global
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