2702: How to Develop a Positive "Money Mindset" by Brian Tracy on Personal & Financial Success

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[00:00:38] [SPEAKER_00]: This is Optimal Health Daily, How to Develop a Positive Money Mindset by Brian Tracy of

[00:00:45] [SPEAKER_00]: bryantracy.com and I'm Dr. Neal Malik. Hey there and welcome to another bonus Sunday episode

[00:00:51] [SPEAKER_00]: where I share an article from one of the other podcasts in our network.

[00:00:55] [SPEAKER_00]: Today's post comes from Optimal Finance Daily where articles covering all types of information

[00:01:00] [SPEAKER_00]: on personal finance are read to you every day. You can follow or subscribe to Optimal

[00:01:06] [SPEAKER_00]: Finance Daily wherever you're hearing this. And with that, here's Diana with the post and

[00:01:11] [SPEAKER_01]: commentary as we optimize your life. How to Develop a Positive Money Mindset

[00:01:21] [SPEAKER_01]: by Brian Tracy of bryantracy.com. When it comes to achieving your personal and business goals,

[00:01:28] [SPEAKER_01]: money tends to be a great focus on measuring success. The money mindset is essentially your

[00:01:34] [SPEAKER_01]: attitude towards cash, so developing a positive mindset about money is crucial for overall

[00:01:40] [SPEAKER_01]: success and well-being. To create a positive mindset around money, you want to rid your mind

[00:01:46] [SPEAKER_01]: of all limiting beliefs preventing you from taking action, then start looking at the world

[00:01:51] [SPEAKER_01]: through an opportunistic lens to fully achieve abundance in your life. If you want to discover

[00:01:57] [SPEAKER_01]: a positive mindset around money, here are a few actionable steps to getting there.

[00:02:03] [SPEAKER_01]: What is a Positive Money Mindset? If changing your mindset about money is a priority,

[00:02:09] [SPEAKER_01]: first you will want to understand what even is a money mindset. A money mindset is an

[00:02:14] [SPEAKER_01]: overriding attitude that you have about your finances. Your mindset around money drives your

[00:02:20] [SPEAKER_01]: financial decisions every day. This can have a huge impact on your ability to achieve your goals.

[00:02:26] [SPEAKER_01]: It's vital for success to focus on having a positive money mindset. While money can be a

[00:02:32] [SPEAKER_01]: stressful topic for many, if you change your mindset about money, you tend to make better

[00:02:37] [SPEAKER_01]: choices about how to overcome challenges. The four steps to develop a positive money mindset.

[00:02:44] [SPEAKER_01]: Money and mindset go hand in hand, so understanding it and focusing on ways to

[00:02:49] [SPEAKER_01]: view it positively is crucial for lifelong success. But here's the secret. When you fix

[00:02:55] [SPEAKER_01]: your relationship with money, you will transform so many other areas of your life. Here are four

[00:03:01] [SPEAKER_01]: steps that will help you develop a positive money mindset. Forgive your financial mistakes.

[00:03:08] [SPEAKER_01]: If you've never missed a credit card payment or bill, you might as well be a financial guru.

[00:03:12] [SPEAKER_01]: However, for the vast majority of us, it's important to forgive your financial mistakes.

[00:03:18] [SPEAKER_01]: The goal is to shift your focus away from shame and make room for better practices and

[00:03:24] [SPEAKER_01]: a more positive attitude towards money in the future. To forgive your financial mistakes,

[00:03:29] [SPEAKER_01]: first acknowledge what happened, apologize to yourself, then focus on moving forward.

[00:03:34] [SPEAKER_01]: If you start to develop a negative mindset towards money, just remember,

[00:03:38] [SPEAKER_01]: your financial mistakes are not you. You are independent of your financial mistakes in the past.

[00:03:45] [SPEAKER_01]: Set financial goals. Once you've forgiven past financial mistakes, setting financial goals can

[00:03:51] [SPEAKER_01]: be a great next step to money mindset mastery. When setting goals, figure out what matters most

[00:03:57] [SPEAKER_01]: to you and put every single thing on the table. You'll want to dive into what goals

[00:04:02] [SPEAKER_01]: are within reach, what will take a bit of time, and which ones will need to be a part

[00:04:07] [SPEAKER_01]: of your long-term strategy. Once you've identified these financial goals, apply a smart goal strategy

[00:04:14] [SPEAKER_01]: to make sure the goals are specific, measurable, achievable, relevant, and timely.

[00:04:20] [SPEAKER_01]: My Smart Goals template will help you clarify your goals, focus your efforts,

[00:04:25] [SPEAKER_01]: and use your time and resources productively. Optimize your budget for happiness.

[00:04:31] [SPEAKER_01]: Achieving money mindset mastery is no easy feat, but optimizing your budget to include

[00:04:36] [SPEAKER_01]: things that make you happy will make it easier. If a gym membership or going out to dinner makes

[00:04:42] [SPEAKER_01]: you happy, plan your budget accordingly to include these things. If you don't feel deprived,

[00:04:48] [SPEAKER_01]: budgeting will feel less like a chore. When budgeting, a good rule of thumb is 50%

[00:04:53] [SPEAKER_01]: of your earnings should go towards needs like housing, food, gas, and medicines,

[00:04:58] [SPEAKER_01]: 30% to wants like vacations and finally learning how to play an instrument,

[00:05:03] [SPEAKER_01]: and 20% should be saved. If you're carrying debt, the 20% may be directed to paying that off first.

[00:05:11] [SPEAKER_01]: Inform yourself about money. Finally, if you want to have a positive mindset around money,

[00:05:17] [SPEAKER_01]: inform yourself about money. Surround yourself with people who live by those values,

[00:05:22] [SPEAKER_01]: read books promoting positive mindsets, and make sure your social media feeds don't

[00:05:26] [SPEAKER_01]: promote negativity around money and spending. Your feelings about money directly affect your

[00:05:34] [SPEAKER_01]: financial reality. While your parents and other outside influences have ingrained various money

[00:05:40] [SPEAKER_01]: beliefs into your head, the good thing is that your thoughts around money can change.

[00:05:45] [SPEAKER_01]: The key is to constantly feed your mind with new and positive content that will teach you

[00:05:50] [SPEAKER_01]: how to think of money in a whole new way. Money mindset books encourage positive money

[00:05:55] [SPEAKER_01]: habits and budgeting, which are imperative to your money mindset trading.

[00:06:00] [SPEAKER_01]: Gain inspiration from quotes. Surrounding yourself with motivating and informative quotes

[00:06:05] [SPEAKER_01]: will help you get in the right money mindset. Search for quotes that make you feel good about

[00:06:11] [SPEAKER_01]: yourself and spending and either save them to your phone or computer or print them and keep

[00:06:16] [SPEAKER_01]: them around the house. Follow successful people. Keep up to date with successful people,

[00:06:23] [SPEAKER_01]: whether this is on social media, through a blog, or trusted news outlets.

[00:06:27] [SPEAKER_01]: Following successful people will inspire you to greatness. These individuals do not all need

[00:06:33] [SPEAKER_01]: to be public figures either. Challenge yourself to only seek advice from those who have already

[00:06:38] [SPEAKER_01]: achieved what you want to achieve. These people could be family members, co-workers,

[00:06:43] [SPEAKER_01]: mentors, or financial influencers. Whatever the case, it's much easier to follow in the

[00:06:54] [SPEAKER_01]: set goals for a financially successful future. Now that you know how to develop a positive money

[00:07:00] [SPEAKER_01]: mindset, start implementing these tips for a more successful future. Setting goals now

[00:07:06] [SPEAKER_01]: can set you up for financial success in the future. You just listened to the post titled

[00:07:15] [SPEAKER_01]: How to Develop a Positive Money Mindset by Brian Tracy of BrianTracy.com. Brian mentions

[00:07:22] [SPEAKER_01]: at the top of this article that money is often a focal point for measuring success.

[00:07:28] [SPEAKER_01]: But I'd like to point out here that net worth does not equal self-worth. Money is a tool.

[00:07:35] [SPEAKER_01]: It's an incredible resource that can open up many options in life. But having more money

[00:07:40] [SPEAKER_01]: doesn't necessarily indicate how successful you are. Success is a feeling. It's a state of mind.

[00:07:47] [SPEAKER_01]: You cultivate it through practices of gratitude and personal development,

[00:07:51] [SPEAKER_01]: not amassing a sum of money. You can actually have all the money in the world and still not

[00:07:57] [SPEAKER_01]: feel successful because success is an inside job. But that being said, I do agree that moving

[00:08:05] [SPEAKER_01]: away from shame and regret around money is crucial to building a more positive money mindset.

[00:08:11] [SPEAKER_01]: I did this and I continue to do this by allowing my curiosity to be bigger than my fear.

[00:08:19] [SPEAKER_01]: When it comes to money, it really is all figureoutable. But you have to be willing

[00:08:23] [SPEAKER_01]: to face the music, to look at the reality of your situation and come up with a plan to dig

[00:08:29] [SPEAKER_01]: out. Curiosity can be a way of convincing the part of you that's ashamed to just take a look.

[00:08:36] [SPEAKER_01]: Run that credit report, track those expenses, start building out a skeleton of a budget,

[00:08:42] [SPEAKER_01]: just out of curiosity. I found for myself that my initial curiosity quickly turned into

[00:08:48] [SPEAKER_01]: confidence and allowed me to do a complete 180 on my finances. And that should do it for

[00:08:55] [SPEAKER_01]: today. Have a happy rest of your day and I'll see you on the Thursday show tomorrow,

[00:08:59] [SPEAKER_01]: where your optimal life awaits.