From a young age, we are introduced to the concept of money and taught how to handle it responsibly. Simple lessons such as saving up for a toy or earning an allowance in exchange for completing chores are early financial lessons that many of us have experienced. However, these basic lessons can have a significant impact on our financial behavior as adults.
One of the earliest financial lessons many of us have experienced is selling lemonade at a lemonade stand. Beyond the simple lesson of making a profit, this activity teaches kids the value of hard work and entrepreneurship. Children learn how to price their product, interact with customers, and manage money. These skills are critical to success in the adult world, whether you’re starting a business or managing your personal finances.
Another early financial lesson that many of us have experienced is selling Girl Scout cookies or participating in school fundraisers. These activities teach children the importance of setting goals and working toward them. They also help children develop social skills and confidence, which are invaluable in adult life.
Cultivating an Abundance Mindset
However, not all early financial lessons are positive. Many of us may have grown up with a scarcity mindset, believing that money is scarce and that we must be frugal to make ends meet. While this mindset can be helpful in certain situations, such as when you need to stick to a budget or save for a large purchase, it can also lead to an unhealthy relationship with money, where you constantly feel anxious and stressed about finances.
To have a healthy relationship with money as a grown-up woman, it’s important to shift your focus from scarcity to abundance. This means embracing the idea that there is plenty of money to go around and that you deserve to have financial security and abundance in your life. Here are some tips to help you cultivate an abundance mindset:
- Practice gratitude: Take time each day to reflect on what you’re grateful for, including the money you have. Focusing on what you have rather than what you lack can help shift your mindset from scarcity to abundance. When you are grateful for what you have, you attract more abundance into your life.
- Set financial goals: Setting goals for yourself, whether it’s saving for a down payment on a house or paying off debt, can help you focus on what you want to achieve and stay motivated. When you have a clear vision of what you want to achieve, you are more likely to take action towards achieving your goals.
- Invest in yourself: Don’t be afraid to invest in yourself, whether it’s through education or starting your own business. Investing in yourself can help you build wealth and create the financial security you desire. By investing in yourself, you can increase your earning potential and create a better future for yourself.
- Surround yourself with positivity: Surround yourself with people who have a positive relationship with money and who support your financial goals. Avoid people who are negative or who have a scarcity mindset. When you surround yourself with positivity, you attract more positive things into your life.
- Give back: Giving back to others can help you feel more abundant and grateful for what you have. Even small acts of kindness, such as volunteering or donating to a charity, can make a big difference. When you give back, you create a positive impact on the world and feel good about yourself.
Teaching Financial Literacy
Another way to cultivate an abundance mindset when it comes to money is to teach others about financial literacy. Sharing your knowledge and experience with those around you can not only help others achieve their financial goals, but it can also reinforce your own positive financial habits.
Teaching children about money management from a young age can help set them up for success in the future. Start with simple concepts such as saving money, setting financial goals, and creating a budget. As they grow older, you can introduce more complex topics such as investing, credit scores, and debt management.
You can also help your peers and colleagues by sharing resources and information about personal finance. This can include recommending books, podcasts, or online courses that have helped you improve your own financial literacy. By spreading awareness and knowledge about personal finance, you can create a supportive community of individuals who are focused on building financial security and abundance.
In addition to teaching others about money, it’s important to continuously educate yourself about personal finance. This means staying up to date on the latest financial trends and news, as well as seeking out new resources and tools to help you manage your finances effectively.
Attending financial seminars, reading finance blogs, and seeking advice from financial advisors are all ways to expand your knowledge and improve your financial literacy. By investing in your own education, you can become more confident in your financial decision-making and create a more secure financial future for yourself.
By cultivating an abundance mindset and focusing on positive financial habits, you can build the financial security and abundance you desire. Remember, the key is to stay focused on your goals, practice gratitude, invest in yourself, surround yourself with positivity, and give back to others.
What are your thoughts on having an abundance mindset when it comes to money? We’d love to hear from you. Please feel free to leave a comment or reach out to me via Twitter or Facebook. At LexION Capital, our priority is to make our clients’ financial goals a reality by providing hands-on wealth management solutions, backed up by science-based insights into the financial industry. We help you maintain well-diversified investment plans. Should you need help in the aspect of financial growth, please visit my company’s website, LexION Capital.
Elle Kaplan is the founder and CEO of LexION Capital, a fiduciary wealth management firm in New York City serving everyone who feels left out by traditional “Wall Street”, including women and the families they love.