A money mindset is an overriding attitude that you have about money and finance. Also, it shapes your behavior as well as money habits. It’s shaped by many factors, including how you’re raised or upbringing. Have you wondered how upbringing affects your money mindset?!
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Sometimes Your Money Mindset Can Be Emotional Inertia
Sometimes, money mindset can be described as emotional inertia.
Emotional inertia means resistance to change. Also, it means you’re fixed in how you feel about something, despite it no longer serving you. It can feel like fear and anxiety toward the unknown. As a result, you don’t make changes that you need it make to move forward.
When you have a positive money mindset, you’re more likely to be not only more decisive but also have good habits that help you succeed. Also, how you feel about money is not fixed in place, instead you’re open minded.
On the other hand, a negative money mindset breeds emotions that not only prevent action, but also bad habits that leave you feeling stuck. How you feel about money is fixed in place and it can make you anxious as well as fearful. As a result, you face emotional inertia.
How Upbringing Shapes Money Mindset?!
A lot of your behaviors and habits are shaped by how you’re raised, money mindset is no different.
When you’re growing up, your parents as well as other adults help shape your identity. How your parents raise you is shaped by the culture you live in.
What Is Culture?
Culture is an umbrella term for the characteristics as well as the knowledge of a particular group of people. It can consist of social behavior and norms found in all human societies. Also, culture can shape the beliefs, behaviors as well as habits of the individuals within a group.
The culture you’re part of can shape how your parents raise you, this is true with money mindset.
What Are Some Examples?
Here are some examples of how culture can shape money mindset.
Attitudes Toward Debt:
Culture may influence attitudes about finance as well as decision making. For example, there might be a lot of anxiety and shame around debt. Regardless of whether it’s good debt or bad debt, it doesn’t make a difference.
However, there are plenty of cultures that are the extreme opposite. There’s very little anxiety or even little shame toward going into debt for reckless reasons. For example, many households in the United States go deep into debt to make ends meet. However, many go deep into debt to create the illusion of wealth.
Having either attitude can be part of an overall negative market mindset.
Saving Money:
There are many cultures that put a heavy emphasis on saving money. For example, there may be a high degree of uncertainty avoidance, which means that because of historic instability there’s a cultural need to save money to ride out hard times. However, this can result in a scarcity mindset.
There are other cultures that don’t put an emphasis on saving money, instead it’s more about instant gratification and other bad habits. As a result, savings rates are lower and that can lead to financial disaster when times get tough.
Risk Taking And Career Advancement:
It’s possible that you were taught about minimizing risk and playing it safe all the time. When you were in school, you may have been taught to get good grades and go for a “safe” job. As a result, you may feel too safe and end up getting too comfortable at your job.
Playing it safe too much results in its own set of bad habits. For example, you have stopped doing things to help you grow and develop. Also, you don’t go after what you want.
Playing it too safe can keep you in a mindset of fear and anxiety when it comes to uncertainty. For example, if your “safe” job disappears tomorrow, it can be hard to take action toward getting another job or even change careers.
Overcoming Bad Beliefs And Habits
In the previous section, you’ve learned how upbringing affects your money mindset. Now, it’s time for you to challenge your beliefs as well as habits you were taught.
The emotional inertia you’re feeling is the result of bad beliefs and habits.
As mentioned before, emotional inertia is resistance to change. It can feel like anxiety and fear toward any type of change away from the status quo. As a result, it makes it hard to take action and make changes.
In this case, you’re trying to change the beliefs and habits that shaped your upbringing.
Overcoming Emotional Inertia
It’s hard to change your beliefs and habits that shape your money mindset, but it can be done.
Since emotional inertia is the result of anxiety and fear, it helps to overcome it. How do you do that?
1. Manage Your Anxiety:
Anxiety plays a huge role in emotional inertia. By managing it, you’ll be taking a major step toward any resistance to change you might feel.
Some holistic ways to manage anxiety include meditation, exercise as well as spending time in nature.
2. Examine Your Beliefs And Habits:
Start by looking at your own beliefs and habits about money. Also, look to see if they’re a source of fear and anxiety, then look into why that’s the case.
For example, you may need to change your beliefs and habits about debt. It helps to look at your beliefs and habits and replace them with new ones.
Here’s A Related Post: “Habits That Lead To Success”
3. Get Rid Of Your Scarcity Mindset:
Having a scarcity mindset means that you see the world as one finite pie. It causes you to have limiting beliefs about lack of opportunity as well as fear of never having enough money or always losing money.
Scarcity can even stop you from making career changes, because you believe there aren’t a lot of opportunities. As a result, you end up staying at the “safe” job you don’t care for out of fear.
Here’s A Related Post: “How To Overcome Limiting Beliefs”
4. Read Some Books About Money And Finance:
Once you reexamine your beliefs and habits about money and finance, it helps to educate yourself.
Money mindset is not only shaped by your upbringing, it’s also shaped by how much you know about money.
Look at your beliefs and habits and read up on them. If what you’ve read up on doesn’t show anything tangible, it helps to drop that belief. Then replace your belief or habit with one that serves you.
For example, you may have been raised with a black and white view about debt. Once you educate yourself about debt, you’re then able to make better decisions about it.
Did Your Upbringing Affect Your Money Mindset?
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