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Hands off investment accounts12/16/2023 ![]() ![]() Reflecting on and nurturing your idea of abundance can help you take steps to make the right decisions. This goes beyond your bank account and considers your health, energy and relationships, as well as food and shelter. Ask yourself what abundance means to you and areas in your life for which you are grateful. Want to make your money mindset more positive? Consciously choose an “abundance” approach. And simply recognize and acknowledge the differences so you keep communicating.” Make some tweaks ![]() “Align on some key goals that you work towards together. What do you do if your money mindset is different from your partner’s? “This can be a very volatile situation,” says Gray. This can help break a negative cycle in your mind and create a new dialogue, which in turn can help you make healthier decisions. If you realize that your money mindset is making you uncomfortable about financial issues – maybe you’re feeling anxious, envious or insecure – take a step back and try using a mantra, a positive personal motto that starts with “I” (such as, “I trust my judgement to make good financial decisions”) that you can repeat to yourself again and again. Hands-on, hands-off or somewhere in between? Get matched with the right investing service. Crave expert advice? Feel motivated by a step-by-step series of goals? Fine-tune your financial life to make those approaches part of your overall plan. On the other hand, he says, for a saver, it may be giving yourself permission to indulge in shorter-term spending on non-essentials to make your lifestyle more comfortable, convenient or fun. “For a spender, this may be setting some medium- and longer-term goals and ‘forcing’ savings to achieve them.” One way to do this is to set up pre-determined amounts to go directly from every paycheque into investment accounts. “Once you have acknowledged your personal money mindset, you can plan and adapt your behaviour to improve your financial circumstances,” says Gray. Recognizing your behaviour is a key step. No matter your money mindset, or where it comes from, you can harness its power to make it work for you. The experiences you have as an adult – perhaps starting your career in an economic downturn, or even the social media you follow – can also play a role in establishing money mindsets. In turn, you may make deliberate or subconscious choices to follow their path or specifically take a very different approach. Whether your parents were extra-frugal, often worried about debt, refused to discuss finances or spent money without a lot of thought, that’s going to affect how you think about money, too. Money mindsets are often shaped, not surprisingly, by our experiences growing up and how our families handled money. Let’s take a closer look at some of the ins and outs of money mindsets, so you can put yours to work for you. Not sure what kind of money mindset you have? Take our quiz to help you narrow it down. It will help you to understand what you may need to tackle to achieve longer-term goals,” says Stuart Gray, director of RBC’s Financial Planning Centre of Expertise. “It is very important to acknowledge your money mindset to understand how you approach money, spending, and saving. It can help you figure out the best way to meet your financial goals, and be aware of possible pitfalls, obstacles and challenges. Understanding the kind of money mindset you have is powerful. Your money mindset affects how you think about finances, how you plan, how you deal with setbacks, how you save and spend, and how you deal with debt. ![]() In other words, your money mindset.Ī money mindset is quite simply your attitude about money and your unique set of beliefs about financial matters. Rather, it often comes down to how you think about money. Are some people right and some people wrong? Not necessarily. When it comes to money and investing, everyone seems to tackle things just a little differently. ![]()
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