Money Mindset in Tough Times

Your beliefs, feelings, and thoughts about money are never more critical than right now. My 30 years of experience as an investment advisor taught me that how we think about our money is THE most important aspect of creating wealth.

Your money mindset is more important than investment information, experience, and your advisor. Unless you've deprogrammed yourself, the way you were taught to think about money growing up will be your base motivation in most of your decisions. Most all of us have at least one underlying motive we don't recognize.

Are you afraid when it comes to money, or does money, its status, and recognition drive you?
Are you a success because of money?
Maybe money means security, which really means we are insecure, or maybe it leaves a bad taste all together.
Are you afraid to take a loss because of pride or always wanting more?

Don't be ashamed to look deeply at this. I had several of these mindset obstacles to overcome. Discovering your money mindset will only help you to move towards being exceptional with finances. And if you are unwilling to do so, that may be a "red flag" to your financial challenges.

The list goes on, but the point is to try and recognize these foundational beliefs and do it now.

In extremely uncertain times like these with all of the drama and news headlines wherever we turn, our tendency is to be more controlled by our emotions than anything else. These emotions will to some extent be driven by your childhood programming.

Do everything you can to keep your emotions out of the money decisions - especially now. It doesn't matter if you have a loss or that the financial sector is a mess. How you feel has nothing to do with good investment decisions. You won't know until after whether you are right or not.

Make the decision to stay put, buy or sell based on sound reasoning alone. Get your ego out of the way. It's usually a very profitable strategy.

Keep your mind set on being smart not being right. You'll never be financially successful if you need to be right. Your money mindset matters most.