A Financial Health Check That Changes Your Money Mindset
- Brainz Magazine
- Nov 28, 2023
- 4 min read
Written by: Sofia Edeland, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
When we're not feeling well, we go to the doctor or maybe a psychologist for a health check – but how often do you examine your finances or thoughts related to money and success?
Have you ever felt a knot in your stomach when checking your bank balance? Our physical and mental health is greatly affected by the financial choices we make daily. Imagine a world where your bank account dictates your health, where every deposit strengthens your immune system and every withdrawal makes you feel a bit worse. Of course, it doesn't work quite like that in reality, but it's clear that your finances affect your stress level. Thoughts and worries related to money can also keep you awake at night. An article in the European Journal of Public Health shows that subjects experiencing unemployment and financial vulnerability have more restless sleep patterns compared to those with stable finances.
Rita Roushdy has written an informative article on how to level up your money mindset, where she says: " Trying to become a millionaire by only changing what you do on the outside is like trying to turn the tap on full but the water mains are switched off. To earn more money, it's important to understand your current beliefs, attitudes, and emotions related to money and success – otherwise, you risk staying stuck in the same place.
A health check of your money mindset is therefore a smart step towards financial freedom
Reflect on your prejudices. What do you think about money, wealth, and success? Are your thoughts positive and empowering for your development, or are they limiting? Do you believe you have to work hard for every dollar you earn, or is financial growth easy to achieve?
Explore your emotional reactions. Think about the emotions you associate with money. How do you feel inside when you think about your financial situation? Are you anxious, confident, stressed, or secure? If you run your own business and invoice clients – do you find it hard to charge for your work? Learn to recognize the emotional triggers that affect your financial behavior. Understanding how you react to money is crucial for making conscious financial decisions.
Identify financial patterns. Examine your financial habits. Do you save every month or do you often exceed your budget? Are you comfortable with investments or does the mere thought make you anxious? Recognize the recurring financial choices that reflect your money mindset.
Assess financial goals. Review your financial goals and ambitions. Are they clear, realistic, and motivating? Or are they vague and uninspiring? Your financial goals reveal your view of money and what you value in your financial life.
Recognize your financial history. Your financial history can shape your understanding of success. Reflect on your financial experiences, both positive and negative. Examine your family's financial background and the messages you received about money growing up. Did you get everything you pointed at? Was there food on the table? How did your family handle Christmas gifts? Did your parents save money for you or were you responsible for your savings? These questions can help you understand why you set limits for your future financial freedom or are wasteful in certain areas of your financial life. At Cambridge University Press you can read more about how young people's experience of their family's financial conditions affects their mental health.
Talk to people who know you. Sometimes those close to you can provide valuable insights into your relationship with money. Ask friends, family members, or mentors who know you well for their observations regarding your financial behaviors and attitudes.
So, how did your financial health check feel?
I hope you've gained a clearer picture of what you need to create a change in your Money Mindset. It's a process and the path forward is never straight. Motivation, habits, and bad luck can get in the way and steer you off course at times. The important thing is that you make an active choice by steering back in the direction you wish and never, ever give up.
The goal of this article is to help you live your life on your terms.
Read my newsletters, book Money Mindset coaching or sign up for my upcoming Money Mindset online program. I want you to be able to afford your dreams.
Sofia Edeland, Executive Contributor Brainz Magazine
Sofia Edeland is a money mindset coach, social worker and private capital asset manager. She has a passion for building passive income by building digital products and trading stocks. After successfully daytrading the nordic stockmarkets for five years Sofia decided to dedicate her life to helping others level up their career, everyday finances and Money Mindset. She is CEO of Lifeboost Sweden, an online business focusing on career coaching and money mindset courses.
