Linz’s Musings – What is Your Mindset Around Money?
Last couple of weeks of spring and the weather in Melbourne is starting to warm up. What a strange week it has been. Hard to get into a solid rhythm here in Melbourne trying to catch up after a short week with a public holiday. For a horse race we couldn’t attend…
I always find it strange how we don’t have an issue spending thousands (notice I didn’t say ‘investing’) betting on horse races, Tattslotto results, pokies, etc. But when someone at the local footy game mentions they’ve put a deposit down or purchased an investment property, we are all – “Are you sure that’s a good idea? What if the market crashes?”
I feel our affinity with gambling and a ‘flutter’ on the horses could be a potential drawback, giving us a poor mindset around money. And believe me, our mindset around money will make or break our bank balances.
I have been discussing mindset quite a bit these past weeks, and our recent blog is all about this (check it out here if you haven’t read it yet).
What we think about money sets a tone in our subconscious that will then determine our wealth level.
If we feel money is a bad thing, we will find ways to sabotage our success and make sure we only ever have enough to ‘get by’. It’s crazy how this works, but believe me, it does.
If we feel money is a tool, a vehicle we can use to grow business, create jobs, and make purchases to stimulate the economy, then we will find opportunities to grow our wealth and succeed in our goals (which don’t have to be money based!)
Don’t get me wrong, I lost my $10 on the cup like the best of us but we need to understand our mindset around the ‘flutter’. If you are at a BBQ or the races (when crowds are allowed back) and want to put a few bucks down to have fun, that’s great. Knock yourself out!
But just stop and think for a sec…what is my mindset around this? Am I desperately wanting that horse to come first? Am I upset, disappointed, ashamed, or guilty I placed the bet in the first place and lost?
Mindset around money can be one of the biggest hurdles investors need to overcome to start becoming successful at investing.