• 5: What is your Money Mindset and how does it impact your financial behaviours?

  • Oct 31 2024
  • Length: 34 mins
  • Podcast

5: What is your Money Mindset and how does it impact your financial behaviours?

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  • Summary

  • Welcome to Episode 5 of the Money Mechanics Podcast! In this episode, host Sarah Poynton delves deep into the concept of money mindset, discussing how our financial beliefs and behaviours are shaped by our experiences and upbringing.

    Key Topics Discussed:

    1. Introduction to Money Mindset:

      • The importance of understanding your relationship with money.
      • How financial decisions compound over time to shape your current situation.
    2. Different Types of Money Mindsets:

      • Scarcity Mindset: Feeling like there's never enough money and its effects on financial behaviour.
      • Abundance Mindset: The pitfalls of assuming there's always enough, leading to overspending.
      • Entitled Mindset: Growing up believing that you deserve certain luxuries and its impact on financial choices.
      • Ignorance Mindset: The dangers of not discussing or understanding money and its implications.
      • Debt Mindset: Living in a cycle of debt and how it becomes normalised.
      • Guilt Mindset: Feeling shame about spending money on oneself, leading to poor investment in personal well-being.
      • Success Mindset: The risks of measuring self-worth by financial success and neglecting personal health and relationships.
      • Generosity Mindset: The challenges of giving beyond one’s means and the importance of balancing generosity with self-care.
      • Control Mindset: Understanding how past trauma or financial abuse can shape your relationship with money.
      • Risk-Averse Mindset: The necessity of taking educated risks in investment to grow financially.
    3. Empowerment through Understanding:

      • Recognising your money mindset is the first step towards change.
      • Practical steps to shift your mindset and improve your financial situation.
    4. Call to Action:

      • Reflect on your own money mindset using the questions in Chapter 4 of Sarah’s book, "Money Mechanics."
      • Take proactive steps to understand and improve your financial health.
    Grab your copy of the book: www.sarahpoynton.com/moneymechanics

    Connect with Sarah:

    • Website: www.sarahpoynton.com
    • Instagram: www.instagram.com/moneymechanics.global
    Subscribe & Share: If you enjoyed this episode, please subscribe, rate, and share it with your friends!
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