Discover your MoneyMind® is a step I believe is paramount to building a solid foundation with regards to your financial situation.
Your MoneyMind is your emotional relationship with money. Each of us has a bias around money based on our core values, upbringing, and beliefs. Your MoneyMind is what drives your ability to save more, make more, and to stop stressing about money. Be sure to have a positive relationship with money!
All too often we take on other people’s beliefs about money regardless of whether those beliefs are true or not. Amy Morin, LCSW, states in "3 Important Ways Your Childhood Shaped Who You Are" that our core beliefs about ourselves, others, and the world mostly came from our childhood—parents, siblings, teachers, etc.—and these beliefs can turn into self-fulfilling prophecies if they are not overcome. Professional help can be necessary to overcome untrue and detrimental beliefs.
My father grew up very poor. He would tell me that money is the root of all evil and that wealthy people became wealthy by taking advantage of others. Guess what? My subconscious believed that wealthy people were not good people. I also believe that I am a good person and wish to continue being a good person. Therefore, my subconscious mind would not want to be wealthy as I did not want to live richly at the expense of others. This was a limiting belief, inherited from my father, that had to be banished.
Take a moment to think about how your parents felt about money… Did they have a positive or negative relationship with money? What were some of the stories they told you surrounding money? How do those stories affect your perception of money?
How do you improve your MoneyMind?
In the research article Dynamic Brains and the Changing Rules of Neuroplasticity: Implications for Learning and Recovery, Voss, Thomas, Cisneros-Franco, and de Villiers-Sidani (2017) define neuroplasticity as “a general umbrella term that refers to the brain’s ability to modify, change, and adapt both structure and function throughout life and in response to experience.” Read books, listen to podcasts, watch YouTube videos, and surround yourself with people who have positive dispositions around money. Do something on a daily basis that will help improve your MoneyMind and your financial situation will begin to improve!
References and Further Reading
Neuroplasticity: the Art of Brain Training. Retrieved from https://www.caba.org.uk/help-a...
Voss, P., Thomas, M., Cisneros-Franco, J., & de Villers-Sidani, É. (2017). Dynamic Brains and the Changing Rules of Neuroplasticity: Implications for Learning and Recovery. Frontiers In Psychology, 8. doi: 10.3389/fpsyg.2017.01657
Disclosure: Investing involves risk and clients should carefully consider their own investment objectives and never rely on any single chart, graph or marketing piece to make decisions. The information contained herein is intended for information only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. Please contact your financial adviser with questions about your specific needs and circumstances. MoneyMind® is a registered trademark of United Capital Financial Advisers, LLC. All rights reserved.
United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management (“GS PFM”) is a registered investment adviser and an affiliate of Goldman Sachs & Co. LLC and subsidiary of The Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management, and financial services organization.
The information contained herein is intended for informational purposes only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. GS PFM does not provide legal, tax, or accounting advice. Clients should obtain their own independent legal, tax, or accounting advice based on their particular circumstances. Please contact your financial adviser with questions about your specific needs and circumstances.
Information and opinions expressed by individuals other than GS PFM employees do not necessarily reflect the view of GS PFM. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice.
Tell us about yourself at no cost or obligation.
By submitting this information, you hereby authorize and request that PFM contact through any direct contact and any automated means, including but not limited to use of an auto-dialer, pre-recorded/artificial voicemail and SMS, and by email to discuss PFM’s products or services and you are consenting to receive certain materials from PFM by email or other means of electronic delivery. In addition, you acknowledge that PFM will use your information as described in its and . PFM may share your information with other subsidiaries of The Goldman Sachs Group, Inc. and they may also contact you directly through any of the same means listed above.
To withdraw your consent to receive calls or to change your contact preferences, please call us at 1 (800) 796-3315. To stop marketing emails, follow the opt-out instructions in the email received. To revoke your consent to receive communications electronically, please contact your GS PFM team.