What would it be like to have complete control over your finances? To be in charge of where your money goes each month, and to know that it’s working for you?
The first step to achieving this level of financial control is by mastering money management, a concept that is simple in theory but challenging in practice, especially if you’re starting from a difficult financial situation.
There are certain concepts and habits that are essential for managing your money like a boss lady. When you incorporate them, your life can transform. But while it’s important to understand the mechanics of saving and spending, it’s equally important to do the inner work of money.
If you’re struggling to control your finances, your focus is likely on your own survival. However, when you’re in control of your money, your focus shifts towards gratitude. You’re able to appreciate the abundance already present in your life, and you’re less likely to place importance on material possessions that often lead to increased anxiety and financial stress.
Gratitude is the antidote to materialism, and it’s also the first step towards learning how to manage your money wisely. Gratitude enables you to enjoy the moments in your life and appreciate the people that contribute to it. You don’t feel the need to seek instant gratification from things because gratitude is fulfilling. This makes it the ultimate hack for building a mindful spending habit (hint: when your default mode is to make spending decisions with intention, there’s no need for a budget).
It’s essential to recognize that, beyond a certain income level, money doesn’t contribute much to happiness or feeling like you’re in control of your money. According to a 2010 Princeton study, once you reach an annual salary of about $75,000, emotional well-being is not significantly improved by more money. While it’s true that more money can allow you to better care for your family and save for the future, there comes a point where more money is just extra. And if you have financial stress, that “extra” will be more stress. Trust me, I’ve been there more times than I can count.
Corporate America and marketers often perpetuate the myth that more money equals more happiness, but the truth is that more money often leads to lifestyle inflation in search of feeling something you think is out of reach. Know this: you can make fulfillment and happy your default mode right here, right now. And you should, because it’s a lot easier to bring more abundance into your life when you are already expressing the emotions related to it.
You see, back in the cave dweller days, being fearful and afraid to try new things was a very helpful trait. It kept us in our cave, prevented us from venturing out too far into no-man’s-land, and taking risks. But that mindset isn’t serving us well in the modern age. In fact, unless you take intentional action to change your mindset, you’ll stay stuck.
The science of neuroplasticity explores how your past experiences shape your behavior and decision-making. Neuroeconomics studies the actions regarding money and shows that your choices are influenced by both emotional and rational cues. And this science has confirmed that yes, you can rewire your brain and change your default patterns of behavior.
Stepping outside of your comfort zone and trying new ways of approaching your finances is precisely how you will land on the right processes and tools for you. And how you will take control of your financial situation for good. But remember, you can only improve your money habits and financial results with deliberate action.
The first step is to be aware of your need to change, the next is to set an intention to do so, and the third is to take action. Big action, little action, it doesn’t matter. Don’t let fear hold you back from having the life you are 100% capable of. Nothing in the entire universe evolves without some level of friction and discomfort.
Allocating your money towards your goals and paying down high-interest debt can help you save for the future and prioritize making the vision for your life a reality. Through automation, you can ensure that every dollar that comes into your financial ecosystem goes straight to work on your objectives.
But there’s a catch. It’s easy to fall into the trap of hoarding money and being afraid to let any of it go. That’s another side effect of a scarcity mindset. The antidote to this is giving. When you give money away to people and causes you care about, you’re more likely to feel fulfilled and motivated to continue making wise financial decisions. And to continue paying yourself first. Funny how that works, right?
The world is in the shape it’s in partly because for centuries women have not had an equal representation in places where critical decisions for humankind were being made. And why? Well, there are a plethora of reasons, but money is one of them. You see, when women have more money, we have more power. And studies have shown that women are very good at using that financial power for the greater good.
Your finances are part of something bigger. Whether you and other women are building wealth is a direct indicator as to if and when we can turn this global ship around. We need you to make loads of money, save it, and invest it in yourself, your community, and organizations that will improve life on earth. Have faith in this. Have faith in yourself and your potential. Let that faith propel you forward towards change. For yourself and for the world.
Ready to start being a changemaker — for yourself and the world? Explore my signature course Wealth Begins Within.
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