GOLDEN VALLEY, Minn. — Many of us wonder why we aren’t successful when it comes to money. In fact, our mindset can impact everything from our job to our personal relationships to even our money. Nick Foulks, lead advisor at Great Waters Financial, said, “It all starts with your mindset. It’s not how much money you make or how much you have. It comes down to your beliefs.” Studies suggest a positive mindset can lead to increased productivity, or impact our overall health, both positively and negatively.
Experts say nearly 75% of baby boomers do not have a written financial plan for retirement. They stress once you are ready to retire, it’s too late to start the planning process. “However, it’s never too late to change your mindset! What we believe to be true about money can be holding us back from being successful. Just like habits can be formed in days, your mindset can be shifted over time, said Foulks.
"The important thing to remember when changing your mindset is to make sure you tell your family and your financial professional so he or she can better understand you and your financial goals. They can also be your accountability partner as you plan for the future, “ said Foulks.
Now, let's dive deeper. Foulks shares three mindsets people should adopt now to help improve their finances.
NEW MONEY MINDSETS
- BUDGETING → SPENDING PLAN
- SAVING → INVESTING
- REACTIVE PLANNING → PROACTIVE PLANNING