Time for a financial check-up.
Is your bank account and portfolio not where they should be?
Let’s explore toxic habits destroying your finances.
This article was written by a Financial Horse Contributor.
1. Letting the past hold you back
A major toxic habit is clinging to the past that is not serving you.
A common mindset holding us back is scarcity mindset.
Scarcity mindset is often shaped by our childhood.
Are you hoarding money?
If you are always counting cents and pinching pennies, you will miss the million dollar opportunity.
Do you feel fearful around money?
Are you worried about losing money … and is that paralyzing you from taking action to grow your money?
Break free from past narratives.
Embrace an abundant and growth mindset.
Know that you are in control of your financial future, and you can take active steps to grow your nest egg and have a worry-free retirement.
2. Not following through
The second big toxic habit that is holding you back is not following through.
Taking action is everything.
When you make a plan, follow through.
Invest consistently, keep going.
Have daily reminders on your financial goals.
Check in with your net worth on a quarterly basis.
Be honest with yourself, and face your finances head-on.
Learn from your mistakes, and keep going.
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3. Comparing yourself to others
Another big toxic mistake is to compare yourself to others.
Everyone is on their own financial journey, and everyone is different.
Strive to be a better you, not anyone else.
4. Aiming too low
Open your mind to possibilities.
The world is your oyster.
When you aim high with your financial goals, this will help you think big.
This affects your action plan to building wealth, and will motivate you to work smarter (not just harder).
Make money smartly, and invest wisely.
Try this thought experiment:
- Set a goal
- then think, can you achieve it in half the time?
- or what if you x5 the goal?
- What steps would you change?
By thinking big, you are challenging your brain to come up with better ways to shortcut your success.
5. Tying happiness to money
While we are all striving to build wealth and reach our financial goals, we should always remember our why.
Why do you want to achieve your goals?
What does financial security mean to you?
Are you giving back to others?
In the chase for money, it is easy to forget our roots, or why we’re chasing it in the first place.
Always go back to your why, and check in with yourself.
Are you happy?
Strive a balance in achieving financial freedom and your personal happiness.