Will Your Money Mind-set Make Your Children Rich?

27 May 2019

Are your financial decisions influenced by your parents? Do you see any commonalities in the way persons in your family make financial decisions? How many generations do you see this money mind-set playing out in one form or another? It is Child’s Month, and “children learn what they live” (Dorothy Law Nolte, Ph.D.). What money mind-sets are you passing on to your child/ren? Are these mind-sets positive or negative?

WHAT IS YOUR MONEY MIND-SET?
Is your mind-set entirely positive, or is there room for improvement? A positive money mind-set focuses on abundance and ways to legitimately accomplish all your goals because we “know” it can be done. However, a negative mind-set thinks/ focuses of scarcity and impossibility. A negative mind-set sets us up to sabotage our dreams. Do you have any of these symptoms? Write Yes/No beside each statement below:
•   You may save but have no specific goal and firm date for its accomplishment. _______________
•   Your financial life does not match with your great potential for financial success. ____________
•   You have difficulty in negotiating for payment that matches the value you add. _____________
•   When you are on the brink of having greater financial stability, do you slip back into being broke? ___________________________

IS THERE A BENEFIT TO NEGATIVITY?
Shhh, here is the secret to why many persons keep their negative money mind-set. It has its unconscious rewards. For example, it may allow you to fit in with friends and family and avoid persons possibly thinking that you have gotten rich and switched. If you have any of the symptoms of negative money mind-set above, please explore by writing these in the space provided:
1.   What are the negative money beliefs that have manifested in your life? ______________________________________________________________________________
2.   From whom did you inherit each one? _______________________________________________
3.   How has each negative belief about money rewarded you? ______________________________

REFRAMING YOUR MONEY MIND-SET
Despite the rewards, how has this negative money mind-set hindered your financial growth? Do you want to transform your money mind-set or improve it so that you can pass on a positive mind-set to your children and build a better future? Here are some tips to help you do just that.
1.   Identify the pain each negative thought about money causes you and your children.
2.   Seek out and interact with persons who have a positive money mind-set. Mindset is contagious.
3.   Improve your financial knowledge. Visit JMMB’s “Dollars and Good Sense Blog” for articles to https://jm.jmmb.com/dollars-and-good-sense-blog
4.   Reframe every thought with a positive statement. Here two (2) examples:
a.   FROM money doesn’t’ grow on trees TO “Money is a seed; I will nurture and reap a harvest!”
b.   FROM “I just want to have some money” TO “Let me call JMMB now on 876-998-5662 and work out how much money I need for my financial goals.”
5. Encourage your children to track their money. People with a healthy money mind-set are always aware of their income and expenditure. This helps them to plan towards their goals. It is a great habit to start early.
6. Model positive money habits. One great positive money habit to model is ensuring you create an annual budget that you update at least monthly. Additionally start saving/ investing towards your goals. If you need help to create your budget and start planning towards your financial goals set an appointment with JMMB for a FREE goal planning session at https://jm.jmmb.com/schedule-appointment

Your children are depending on you. Ensure that they inherit a positive money mind-set from you.

Written by: Michelle Sinclair-Doyley, Manager, Financial Education