OyChicago blog

Your Money Mindset

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09/11/2014

Caryn Fields photo

With the Jewish New Year creeping upon us, I thought I would provide some thoughts on how to change your money mindset for 5775.

Take a minute and think: have you ever asked yourself if you had time to brush your teeth before bed or run to the bathroom before leaving for work? Most likely not. You don’t evaluate whether you have enough time to brush, you don’t add brushing your teeth into your daily schedule. You just do it. If I asked you, “How do you manage to find time to brush your teeth every night?” you would look at me like I was crazy. You don’t have an alarm that goes off to remind you (or maybe you do … ) – you just do it.  Why should your money be any different?

My New Year’s resolution for you is to answer, “I just do it,” when someone asks you about how you handle your money.  How can you get there?  Pretty simply – change your mindset.

Start by telling yourself five simple things:

1. Financial success is possible

Many individuals start off their financial journey thinking pessimistically. Don’t! Start yourself out with a positive attitude. Don’t whine, complain or talk badly about your finances. If you want to build a positive attitude, start thinking with one!

2. Good things come to those who act

It is not thinking, but acting that creates change. No matter where you are in your financial journey, keep taking the next step, day after day, year after year. Automate your savings. Pay extra on your mortgage. Seek opportunities to increase your income. Stay active and financial success will become foreseeable.

3. There is enough to go around

The money supply is growing. Your money is yours to use in the way YOU want. Donate to a charity, save more for a vacation … use your money your way. Don’t feel bad about splurging on that shirt you always wanted, the restaurant you have been dying to try or the play you have been dreaming of seeing. Just because you have more does not mean someone else has less.

4.  Act like a millionaire

In Thomas J. Stanley’s book, The Millionaire Next Door, he describes the average American millionaire – his total income is $131,000 per year, he never received an inheritance and he didn’t go to private school. He drives a 5-year-old Toyota and wears inexpensive clothes. He’s a homeowner who has lived in the same home for over 20 years. He is a meticulous budgeter who invested nearly 20 percent of his household income over the course of his life. Act like this millionaire.

5.  Be curious about money

Educate yourself.  Make money matter to you. Stay curious and never stop learning and growing.

L’shanah tovah – may 5775 be a sweet and prosperous one for you and your family.  

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