What is money mindset or money mentality? Simply put, it is your personal beliefs or attitude around money. It influences your money actions — your decisions to invest, spend or save. It is said that our money mentality, or our beliefs and relationship with money start to solidify around the age of three. That mindset is based on the mentality of those we live with and around.
It’s crucial to shine light on and explore the beliefs we accepted from our money role models. Were your caregivers fiscally responsible? For instance, did they trust that things would work out in their favor? Did they show you how to dig in and develop grit and confidence despite adversity? Did they mirror Ebenezer Scrooge and live a miserly life or were they open and giving with resources?
Psychotherapist and CEO of Presidential Lifestyle, Kiné Corder defines seven different Money Mentalities, or money mindsets. Which one are you?
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This person wants to be rescued or taken care of. They hide their head in the sand when it comes to bills and want others to handle it all for them.
This person feels powerless. They blame others for their lack of finances. Kine Corder states the blamer is usually broke, blaming and borrowing. For example, they don’t take responsibility for where they are or take guided action to improve their situation.
This money mentality is strict and inflexible. They believe having money will make them feel safe and confident. However, they never have enough to feel peaceful.
This type is impulsive, giving, and reckless. As a result, they often are pulled to get rich schemes and they have a difficult time earning and growing money.
This person is long suffering and at times naïve. This type rescues others from their poor financial choices. They can be successful and save at times but, driven by guilt, they often don’t have good boundaries with their green energy.
This money mentality is detached, conflicted, passive and at times carefree. Often the artist has shame for their financial gains. Therefore, they tend to have a love/hate relationship with money.
This person has a healthy attachment to money. Kine Corder describes them as balanced, wise and disciplined because they know how to prosper and play.
Take note of where you land. For instance, do you live with the idea of possibility or depravity? Why and where did those beliefs come from? What can you do to enhance your money mindset, to take you from a sense of scarcity to sense of security or abundance?
For some tips on how to adjust your money mentality, check out our article about Abundance Mindset.
A portion of this article originally appeared in our Winter 2020 print publication.