What was the last thing you spent money on unexpectedly? How did you feel imagining yourself within before you paid for it? How did your purchase affect your spending habits?
Our habits are formed by what triggers us to spend. Our money triggers are often shaped by our thoughts about what we consume. Here are a few thought examples:
“If I get this gold chain, I’ll look rich.”
“I can look more elegant once I save up and buy this watch” or
“Buying the ‘Terrific Tuesday’ fast-food offer, I’ll save money.”
Our inner views about how we feel and perceive ourselves after spending on often justify our actions. Most of these views are externally motivated. They are shaped in the contexts of family, popular culture, school, broadcast, print social media and entertainment. These quickly form the money behaviours we believe are part of our personality.
Wealth and financial fitness coach, Steve Down, teaches how stimulus and response are not the only part of our actions. He emphasizes that we have the ability to make a choice based on our desires, vision and goals. This means that we have the ability to choose our financial position consciously. Taking responsibility places us in a favourable financial position in the future when we focus on it now. How we choose to act on our money triggers really matters.
So we can actually adopt unhealthy spending habits unknowingly that we ourselves have justified in our minds. Having a wealth mindset enables us to have a balanced approach to evaluating our personal finances.
We focus on what effect our wants have on our journey of wealth creation.
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