Financial Growth Mindset

Money management can be a challenge. It is important to focus on the constant progress when it comes to this skill. If you think about each time you overspend, failed to save, or didn’t plan for a bill a you allow a negative thought that does not serve you to take root. You should speak against negative thinking and focus on the growth you gain from the experience.

Stanford University psychologist Carol Dweck conducted a study on growth mindset that gave rise to the idea that anyone with a growth mindset believes that skills can be developed through effort, persistence, trying different strategies and learning from mistakes.

When someone holds the belief that intelligence and skills is static and seeks to appear smart, they have a fixed mindset. Fixed mindsets are prone to give up easily, avoid challenges, and constructive criticism assuming that where they are is where they will always be. This is the problem.

A Lionhood Financial coach will often call out behavior and actions that do not line up with financial goals. It is important to allow a coach’s words to convict and change you. That is what creates progress.

You mindset towards your money impacts everything because your money impacts everything.

Financial capability is a learned skill that requires effort. Otherwise, you would have been born trading stocks. Where you are (financial) is not where you have always been and where you are is not where you will always be. Your experiences have made wise. Use that wisdom to make better decision and allow every experience (positive or negative) you have to develop your financial skills.

A financial growth mindset is the idea that your money management skills can be developed. That you can learn from financial challenges which are part of the process of becoming proficient. Financial growth mindsets work to learn and strive, at all times, to improve through the pursuit of money goals. You can always find a way to earn more or save more. You can make a better budget this month than you made last month. A financial growth mindset is how you make more of your money.