Money Mindset You Should Change
“You are the result of what you think” and yes it’s very true! So many people has developed progress retarding mindset towards money in Ghana. Whatever mindset you have about money, whether good or bad, has a great effect on your finances. In this post, I will share with you, money mindset people have that could possibly affect their finances in one way or the other. Money mindset is the psychological concept that’s developed towards making money, saving money, budgeting and other financier factors that has the potential of affecting their money enhancement or financial progress. Some mindset about money are very toxic and could retard the rate at which you make money, sustain money and money management. There are two different mindset which people have towards money; and that’s positive money mindset and negative or toxic money mindset. Either one you choose, could have an impact on your finances.
The Importance Of Positive Money Mindset
✔ It helps you to make proper decision about money concerning how to make money, save money or make investments.
✔ It potentially increases your finances by encouraging you to work hard.
✔ It helps you control and manage your finances towards your goals.
✔ It helps develop craving need to accomplish your financial goals and vision of life.
Negative Money Mindset To Avoid In Ghana
1. Satisfactory mindset
Many Ghanaians have developed satisfactory mindset towards money which they think they have gathered enough money and wouldn’t work to improve it. That’s a very toxic mindset which you should avoid! When you think what you have is enough for you, consider that can you depend on that money till retirement? Can you sort out emergency situations when need be? You need to make more investments, do more savings and plan your finances well to avoid slipping into hardships in future.
2. Living for the moment
A lot of people think they’re living for only today and not tomorrow and thereby fail to make proper financial planning for the future. People fail to invest, save money and work to get rich simply because they think they’re just living for only that moments and what they have is enough. This can sometimes result from cultural and religious myths and superstition.
3. Money is not everything
Yes! Whiles it’s true that money is not everything, this mindset discourages you to put your finances in better place. When you develop this kind of money mindset, it could lead to financial mismanagement, poor financial planning, and grows laziness in people.
4. It’s difficult to get rich in Ghana
Too many Ghanaians think it’s very difficult to become a successful rich person in this part of our country. But despite all odds, there are bunch of successful rich people in the country. When this kind of mindset lures up in your mind, it wouldn’t inspire you to work towards eradicating poverty. You should put your financial work out in places that leads to success instead of thinking it’s very difficult to become financially successful.
5. Fear to evaluate the profit and loss of your business
So many people fear to take monthly stock of their businesses simply because they can’t withstand the fears of running loss. They don’t want to face the fears of running loss in the business. But irrespective of whatever, taking monthly stock of your business helps you evaluate the rises and falls of the business. I mean the profit and loss loss in the business and the same time helps you devise proper ways to manage the business for profit.
6. It’s complicated to track finances
People see budgeting as very difficult to follow and feels like it’s something to control them in terms of finances. Despite what you think about budgeting, it’s the best way to improve your finances. You must learn to adapt to financial restrictions in order to have responsive financial life.
7. Postpone savings and investment until you get rich
Most people have the mindset that they wouldn’t save money or make any investment now, but will do that when they get rich. The question is until when? Savings and investment are important prospect of your financial life and should be an action plan not a “future impossible tense”. You don’t need a million cedi to start saving, save right from the little you have and invest with that!