Sunday, October 18, 2009

What is your financial mindset?

So, I thought this story was really great about your financial mindset. I found this in a Napoleon Hill newsletter that was sent out. I am quoting the entire story here because I think it is amazing. My hope is that you get as much out of it as I did.

It is all about your mindset. I know this is true in my own life. Please read the story below.

Financial Mindset
By Koren Motekaitis

Think and Grow Rich is Napoleon Hill's book. And is also the tagline for my own life. Due to a catalytic event in my life, my financial mindset immediately changed at 21. I had decided that I was going to become financially independent. I informed my future husband and he shot me down quickly saying "that is not possible for us. We are swim coaches." I did not listen to him I just found evidence to prove to myself that regardless of my income I could have financial abundance in my life. During my twenties I read every financial book about creating wealth, joined a couple of investment clubs, maximized my earnings either by working a couple of jobs or increasing my education to move higher up on the pay scale, made conscious choices with my money and saved and invested.

Did I always have this mindset? Absolutely not! I grew up with people who struggled with money. My father was an entrepreneur and brilliant inventor with 7 United States patents, however he did not truly believe financial abundance could be in his life. This created financial turbulence in our household with two bankruptcies. Growing up the message I learned was money was hard to come by and was not for people like us.

Off to university I went. I did not know how I was going to pay for my education, but that never held me back. I figured out a way to finance my education via student loans, work study and a couple of jobs all the while as a student-athlete (chose non-scholarship school) training and competing 20 hours a week.

My catalytic events occurred when I was 21 and finishing up university. During my final year I volunteered as the men's assistant swim coach (later was paid). The head coach was independently wealthy. He loved coaching and did it for pure joy not for the money or need. That was my first exposure to someone that I actually knew who was wealthy and made a choice about how he wanted to spend his time. A couple of months later I took a personal finance course and learned the foundation of money. Those two events caused the catalytic shift in my mind that opened up what was truly possible for my life.

Once I believed that I could become wealthy my mindset shifted. Unlike my parent's mindset coming from lack, I was excited about the money I did have. I was hoping to graduate and make $18,000 a year. That would be twice what I had been living on and paying for college. It is all perspective and to my 21-year-old self that was a lot of money. Well I was soon making $38,000, then $54,000, then $78,000, climbing well over 6 figures.

The other key to my financial success has been regardless of my income I always felt like I had a lot of money because I had clarity on what I wanted to achieve. Since I was clear with my financial goals, I was able to make conscious choices about my spending decisions. Again I was coming from a place of choice, not a place of lack. Big difference.

I share my journey with you as an example that when you decide on something in your life you can change the trajectory of your life. Due to the catalytic events when I was 21 years old I was able to change my financial mindset from "money is hard to come by" to "I am going to create financial independence for myself and my future family." During the past 16 years I have not felt "lack" with money. I felt empowered when making financial choices. Each year it has been fun to watch my wealth build. This all happened not because I was a high-income earner working in finance or sales, but because I studied money, worked hard (sometimes multiply jobs), saved, invested and was conscious of my money choices. I invite you to use my journey as evidence that if you change your financial mindset you too can change your relationship with money.

What do you think?

Best wishes,


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