Can’t get ahead? Maybe your money beliefs are to blame.
That’s the topic of “Scare off the financial boogeyman,” my latest column at MSN Money. [Edited to add: The MSN Money articles are no longer available.] Self-limiting beliefs regarding finances can sabotage our successes, assuming we ever bother to try.
Often we’re not aware of these thoughts, but they affect what we do — and what we don’t do. At times they even seem rational, possibly even self-protecting rather than self-limiting.
If you want to make smarter financial choices, you first need to figure out how you really feel about money. The column offers some interesting tips from experts.
This is not a quick-fix situation, mind you. These beliefs have deep roots. But if you can understand them, you can begin to live intentionally — whether that means spending or saving.
That’s the whole point of my work for MSN Money: to help people be smarter about finances today while planning for tomorrow. It doesn’t have to be your money or your life.
So let’s hear it: What’s your financial boogeyman (or -men)? Have you vanquished it/them entirely? How?
I can think of two boogeymen in my financial thought life, and both of them are from my parents. However, my parents’ thought patterns are more logical than mine. They always say “it’s only money.” Only, they can say that because their larger income allows them to pay off credit card debt quickly. When I say “it’s only money,” it is just an excuse for me to buy something I really shouldn’t. “I’ll never retire” is another one. My parents are small business owners, and plan on running their business as long as they can because it is their passion. When I say “I’ll never retire,” I am using it as and excuse to not be so diligent with my 401k contributions. Funny how I can turn my parents’ valid beliefs into my own excuses for laziness.