THE NEW MONEY MINDSET OF WEALTHY MILLENNIALS

The way we think about money has changed. No longer is money taboo. Millennials are changing the way we interact with and talk about money. Learn the new money mindset of wealthy millennials below.

Money Mindset

Money Mindset

Have you ever wondered why some people are so good at handling their money and others aren’t? Have you ever wondered why some people stay poor and others get rich?

There is an answer and it all boils down to your money mindset. How you think about money can determine whether you will be rich or whether you will be a poor.

If you feel like you're poor you probably have a poor Money Mindset. Don’t worry though, you can easily change your mindset.

We’ve grown up with a mindset that our parents have given us and often our parents mindset is that of the poor. The working class.

They believe everyone should fit into the system. The system of goto college and get a job for a corporation. It still works for many, but it’s losing it’s luster.

Corporations have changed all of that by paying as little as possible and colleges charging as much as possible.

We’ve grown up to believe that talking about our money is taboo.. They say don’t tell anyone how much you make at work. Don’t talk about your finances because it’s a private issue.

That’s all bullshit. It’s time for us to change our mindsets.

I’ve had both mindsets in my life. The mindset of the poor and the mindset of the rich.

During the Great Recession back in 2007 - 2009 I was depressed about money. I thought that money was evil. Why do these Wall Street bankers who do terrible things get to keep their money why regular Americans had to suffer?

I related my wealth to my material objects. I worried about having the clothes to show my wealth. I worried about having a car that showed my wealth.

I was making money to make money. I didn’t have a plan of what I wanted to use it for, I was just accumulating money for no real reason. I began to neglect my money. I looked the other way and stopped worry about where it was going or how I was doing.

In the end I just wasn’t enjoying my money. I was stressed about it, ignored it, and was too worried about impressing others. All recipes for money disaster.

Eventually I self corrected my mindset and began to get my money under control. Once I eliminated my poor mindset and created a rich mindset or as I like to call it, the Money Badass Mindset things got better. A lot better!

To even begin to take control of your money you have to conquer your mindset. You’ll never get anywhere if you keep the mindset of the poor.

To be a Money Badass you need to have a Badass Mindset and that’s what I’m going to teach you here.

Money Mindset Value 1 - Money is Not Evil

I believed this for a long time. I truly believed money is the root of all evil.

I’ve seen first hand evil things that have happened due to money. I see all the evil things in the news that happen due to money.

I once worked with a woman who didn’t seem to be a criminal, but later discovered she was stealing money from older people’s accounts when she was suppose to be helping them with their finances. She was paying her own bills from their accounts because she knew they most likely wouldn’t notice!

She stole over $400,000 from these people! That is evil! That is greed.

Money definitely is involved with very evil things, but money is not evil. People's behavior can be evil though.

Lots of good things are done with money. Charities help millions of people who are struggling with money. Money is used to teach our kids. Money is used to help sick people. There are lots of good uses for money.

What is evil is GREED. Greedy people can’t get enough money and will do anything they can to get it because of GREED.

Before you can truly begin to make serious money or gain control of your money you need to understand that money is not evil and money can be used for very good things.

A Money Badass understands that money is not evil, greed is evil.

Money Mindset Value 2 - Money is Not Your Self Worth

I’m guilty of believing this as much as anyone else. I tied my self worth to how much money I had or how much money others thought I had.

I wasted so much money trying to impress others and build my self worth through money and the opinions of others. This was totally STUPID!

  • I wore fancy suits that I didn’t really need to wear.

  • I bought a Mercedes to go with those fancy suits.

  • I bought a nice home at the max I could afford at my income level at the time.

I was so worried about impressing others and showing my wealth that it caused me to waste more money than I can even remember.

I Money Badass doesn’t care what others think. They don’t buy things to impress others because a Money Badass doesn’t give a fuck what others think.

Money is not your self worth. Don’t buy things to impress others.

Maureen Gilbert explains how money does not define your self worth in this great article.

Money Mindset Value 3 - Money is a Means to an End

Money is simply a tool to reach your life goals.

Don’t ever make money just to make money. Don’t ever spend your life making money to just buy a bigger car, bigger home, more stuff that you don’t really care about.

Money is a means to an end. Money is there to provide the necessities of life and to allow you to do what you really want to do.

That’s all its for. Don’t waste your life at a shitty job with long hours to buy more shit you don’t really even care about.

Work backwards. Plan what you want to do with your money by focusing on what you really want in life. What truly makes you happy?

Your family? If so, then why are you wasting away your life at the office when your family just wants to spend time with you? All the stupid shit you buy them doesn’t truly matter in the end. Your time does.

Do you really want to travel? Don’t waste time and money on material things you don’t need. Focus your money on saving for the expense that will truly make you happy.

Money is only there to provide necessities and what you truly love.

Don’t live on rice and beans your entire life to have a million dollar bank account. What good does that do you? Money is not meant to be hoarded. It’s meant to used on what makes you truly happy in life.

Don’t get me wrong. You should have a savings built up for your security but not an excessive amount while you waste away your life not enjoying what you truly love.

A Money Badass understands that money is there to be used for life goals and not just saved indefinitely until you die.

Check out this article about how money is just a tool in life on Life in Charge.

Money Mindset Value 4 - Make as Much Money As You Can

If you’ve embraced the previous steps in your mindset, you are making money for the right reasons so why not make as much money as possible?

Don’t be ashamed to make more money. If you are using it to reach your life goals and do what makes you happy then go for it!

Go for that promotion at work. Start that side hustle you’ve been dreaming of. Do whatever it takes to reach your goals and make as much money as you need to do so without feeling guilty.

It’s not greedy to make money for your dreams or to go after what truly makes you happy.

A Money Badass makes as much money as they can to reach their goals and do good with their money.

Money Mindset Value 5 - Become Aware of Your Money

If you are not aware of your money, you are not in control of your money.

You can’t be in charge of your money if you don’t track it and know where you money is coming from and going to.

Basic financial tools like a budget and money organizer will help you track your money and be aware of your financial situation.

If you aren’t aware of your money, you will most likely spend blindly above your means. This will ultimately drive you further into debt and create financial chaos in your life which leads to the dreaded financial stress.

A Money Badass is aware of their money and in control of their money.

Money Mindset Value 6 - Enjoy Your Money

The last value is to simply enjoy your money.

Live the best life you can dream up. Save your money for those goals. Make money for those goals and live a happy life.

Don’t waste your life hoarding money for old age and then die with a huge bank account.

One of my grandfathers passed away recently. He lived a pretty frugal life. He did manage to take some vacations and enjoy life to an extent, but I don’t think he truly chased after he wanted in life.

He died with almost a million dollars in investments. That’s not a bad thing, but he could have used that money to live out any goal he could of dreamt up.

It always good to build up saving for your security, but don’t sacrifice your life to put everything into savings. Enjoy your money.

A Money Badass enjoys their money and uses it to live their life to the fullest.

Chris Taylor explains why you should enjoy your in money in this article.

The Money Badass Mindset

Before you can really begin to really get your money under control you have to first change your mindset about money.

So let’s recap how a Money Badass thinks about money:

  1. A Money Badass knows that money is not evil, greed is evil.

  2. A Money Badass knows that their self worth is not defined by how much money they make or how many materialistic items they own.

  3. A Money Badass knows that money is just a means to an end. A tool to help you reach your life goals.

  4. A Money Badass makes as much money as they can because they use that money for positive things.

  5. A Money Badass is aware of their money. They know everything about their money.

  6. A Money Badass enjoys their money, because life is short. Too short to hoard all of your money away without enjoying it.

Check out my post on The 8 Steps to Become a Money Badass to learn more.


david-shepherd

DAVID SHEPHERD

CREATOR OF LET'S AUTOMATE YOUR MONEY

Photo by Brevitē on Unsplash