For the past year, I have been following the work of Dr. Joe Dispenza. Dispenza, who goes by “Dr. Joe,” is a Doctor of Chiropractic, as well as a researcher, lecturer, author, and corporate consultant. His post graduate training includes the fields of neuroscience and neuroplasticity. Much of his work centers on helping people make measurable changes in their lives by understanding how manifestation, meditation and positive thoughts can alter brain chemistry. Much of his work centers on believing in what’s possible. According to Dr. Joe, “When we stop doubting, we start believing in our new life. We behave as if it’s possible – and we ultimately become it.” In other words, you are what you think.
So often we get in a rhythm of what we think we should do versus what creates harmony in our lives. We allow fear and negativity to creep into our consciousness, which limits our potential. I agree with Dr. Joe that each of us has unlimited potential, which doesn’t end when we reach a specific age or attain a certain level of career or financial success. However, potential can be cut short by negativity. The more you entertain negative thoughts, the more negativity you will feel and invite into your life. Fortunately, the reverse also holds true. The more we approach life with a positive mindset, the more we’re able to unleash the unlimited potential that lies within each of us.
A positive mindset is also critical for attracting and building wealth. How you feel about money can influence whether or not you actually achieve some of your goals. For example, if you give up on saving because you think you’ll never have enough to retire, that will become a self-fulfilling prophecy. Fear, negativity and greed can also lead to poor outcomes, such as trying to time the markets or making decisions based on what others are doing (herd mentality). On the other hand, positive thoughts and behaviors can help you course correct and go after your goals. That’s because when you change your mindset, you tend to make better decisions that are aligned with your goals.
Developing a positive money mindset begins with a commitment to:
- Forgive past mistakes. We all make mistakes, but hanging on to regret is counterproductive. Let’s say you previously lost money in the stock market. It’s important that you don’t allow that experience to prevent you from pursuing the potential opportunities that equity investing offers for building wealth over time. Instead, take the time to understand why you lost money. Did you try to time the market, get spooked and sell as the market was falling, or invest based on a tip from a friend or relative? Whatever the circumstances, it’s likely that your investment decisions were not aligned with your goals, risk tolerance and timeframe. When your strategy is aligned with your goals, you’re in a much better position to avoid common pitfalls and ride out changing conditions over time.
- Make a plan. Every financial decision you make should be based on the things you value and most want to accomplish in life. That’s why goal setting is such an important part of the financial planning process. Goals provide direction, purpose, clarity and motivation. Your plan helps to connect and align your savings, spending and investment behaviors with your goals, providing a clear path for pursuing them. Understanding how your assets are being used to support each of your goals inspires confidence as you move forward toward your desired outcomes at each stage of life.
- Use your budget to create happiness. Often, people approach budgeting from a negative perspective – as a tool for limiting spending. In reality, your budget helps to create financial freedom by building your confidence around money management. Want to enjoy a double soy mocha latte from your favorite barista each morning? If that’s a priority, factor it into your budget. If it doesn’t quite fit, consider a tradeoff. Maybe you can reduce spending somewhere else. Your budget should not only reflect what makes you feel secure and confident in life, such as building your emergency fund, saving for retirement and managing debt, but what makes you happy. That doesn’t mean living beyond your means. That would create the opposite of happiness. However, when you craft a budget that revolves around what’s most meaningful in your life, you’re more motivated to remain on track. Approach your budget with purpose and positivity and it will return the favor.
- Work with an independent wealth advisor. A wealth advisor who is in your corner, working as a collaborative partner, can make an enormous difference in how you view money matters. Your advisor has the advantage of providing clear, rational and objective perspectives, devoid of emotional biases. This becomes even more important during periods of increased market volatility or economic uncertainty, when you may find yourself wavering or second guessing your decisions. Your advisor will educate you on what’s taking place in the markets, how changing conditions may impact your strategy, and what, if any, adjustments need to be made to help keep you on track.
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