Mindsets keeping you from prosperity
Anyone who has done some research on personal growth or is reading a book on creating wealth would know how important it is to have a positive attitude. Is not only a winning mentality important in all facets of life, it's also especially important when it comes to debt reduction and wealth building. We've mentioned below two money mentality errors that hold you back from creating wealth, and strategies to turn your thinking around.
This is the issue for me in future.
How many times did you feel turned off looking at your credit card statements and bank balances to get a clear picture of your net worth? When you do so regularly you can be in a process of avoiding keeping your financial house in order.
There's no time like now to get serious about your finances. Take the time to analyse all of your loans, bank accounts and other assets and get a sense of your total wealth, such as your superannuation balance. You should figure out a game plan from here to address the debt which never seems to go down. That'll actually be credit card debt for many Australians.
I would not like to cut back
When you're in the process of consolidating and paying off your loans, there may be a few items that need to be put on hold. Think big trips abroad, the new iPhone and eat out a few times a week. Yeah, if you're used to these little pleasures of living, it can be hard to rein in, but some compromises can however lead to a much better future.
You can also use this as a time to be imaginative about replacing the pleasures of lifestyle that you will look forward to every week. Maybe your meals might become a night out with friends where everyone is bringing a dish to share, or maybe your next trip could be anywhere domestic for a long weekend. The main thing is not to get stuck in "we simply couldn't afford this" attitude. Instead, concentrate on how to add enjoyable activities to your week and life without harming your discipline with debt payouts.
The easiest way to recognise the shortcomings of your attitude and what you want to improve is that you can do so by taking only a little time for reflection. So, if any of these money mentality errors resonated with you, take some time to reflect on your attitude towards finance, debt and wealth building and recognise the little steps you can take to change things for the better.
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