The amount of financial advice that exists today can be overwhelming, and there tons of different strategies and tactics you can use to build a stronger foundation for your finances. If you’re struggling with your finances, you might think that all you need is more money to fix your problems. But what if what you actually need is a simple mindset shift? If you harbor a perpetual negative outlook on your potential for financial success, you might be experiencing the effects of a fixed mindset according to psychologist Carol Dweck.
Those with a fixed mindset believe their capabilities are set in stone, and that the possibility for improvement is out of reach. With a fixed mindset, challenges appear insurmountable because you believe you’re incapable of developing the skills required to overcome new obstacles. This mindset keeps you stuck and limits your ability to reach your monetary potential.
The alternative is adopting a growth mindset: believing that your talents and abilities aren’t limited by what you inherently possess, and that you’re just as capable of reaching financial success as anyone else. Choosing to view your financial roadblocks as opportunities to grow is a much more encouraging foundation to stand on, and increases the probability that you’ll find a way to overcome them. People with a growth mindset believe that just because they’re facing a difficult or unfamiliar situation doesn’t mean they can’t acquire the skills needed to overcome them.
If you’ve been feeling stuck in the path towards financial freedom and success, take a look at this visual that expands on each tenant of a growth mindset and offers examples of how to start practicing it in your own life. Your financial dreams aren’t out of reach—sometimes you just need to change the way you think in order to realize your full potential.
