In today’s episode we are going to talk about reaching your potential. And the tool we are going to use is adopting a growth mind set. We’ll be discussing: • What is a mindset? • What does your mindset have to do with potential? • What is a growth vs. fixed mindset? • Can a confident person have a limiting mindset? • What is your money mindset? • How can we adopt a positive money mindset? A positive mindset that helps us have a better life and more financial control.
Host – Teresa Mitchell, CFP teresa@lady-money.com
In my 20 years in the industry, I have had over a thousand conversations with women who have not felt they have reached their financial potential – usually in the areas of investing and subsequent financial security. I have found the key to moving forward from the image of bag lady to empowered lady is having a different kind of conversation with women than they usually experience with a financial advisor. It is about focusing more deeply on what matters in terms of family, community and life purpose. Approaching the conversation with compassion and a goal of honest, authentic connection creates a sense of trust that makes financial education and taking investment action not only possible but desirable.
To that end I left my longtime wealth management firm and am launching a personal financial coaching platform -- LADY MONEY, LLC. It is intended to help women achieve a sense of financial wellbeing around investing for retirement that imparts peace of mind and ultimately leads to financial security.
Resources:
Mindset -- https://www.verywellmind.com/what-is-a-mindset-2795025
Money Mindset --https://www.ramseysolutions.com/budgeting/understanding-your-money-mindset
https://www.fool.com/investing/how-to-invest/money-mindset/
https://www.ellevest.com/magazine/personal-finance/financial-wellness-money-mindset
Mindset by Carol Dweck -- https://www.shortform.com/summary/mindset-the-new-psychology-of-success-summary-carol-dweck?utm_source=google&utm_medium=cpc&gclid=CjwKCAiAp8iMBhAqEiwAJb94z71YPrKpph6isLBxlQLa6wcou7vNulB1x-xpu8pHw-7T6fIHTbRtJhoCq_oQAvD_BwE
Mindset & Potential –
https://www.cbsnews.com/news/carol-dweck-change-your-mindset-to-fulfill-your-potential/
Positive Psychology -- https://positivepsychology.com/what-is-positive-psychology-definition/#definition-positive-psychology
Teresa Mitchell, CFP: Values and money don't mix, or do they? Join me, financial coach, Teresa Mitchell to find out. Let's explore how women can make money while making a difference. This is Lady Money!
Welcome! Please join me for Lady Money Tips in Ten.
Let’s start from the beginning...
In today’s episode we are going to talk about reaching your potential. And the tool we are going to use is adopting a growth mind set. We’ll be discussing:
A positive mindset that helps us have a better life and more financial control.
What is a mindset? -- “Your mindset is a set of beliefs that shape how you make sense of the world and yourself. It influences how you think, feel, and behave in any given situation.” The study of mindset began in the early 1900’s and continues today especially in the area of cognitive psychology. Stephen Covey coined the term abundance mindset in his famous self-help book “The 7 Habits of Highly Effective People”. It rejected the zero-sum notion believing there are enough resources and success to share. Covey said an abundant mindset comes from a high sense of self-worth and security.
What does your mindset have to do with potential? – I think the association of “mindset” with abundance is telling. Renowned Stanford psychologist Carol Dweck says there are two types of mindsets – fixed and growth. They play a key role in success vs. failure. The ability to embrace failure is an essential part of growth. It is that “high sense of self-worth and security” that allows us to fail and then thrive. As Dweck was quoted in a podcast -- “A hallmark of a successful person is that they persist in the face of obstacle and often these obstacles are blessings in disguise.”
What is a growth vs. fixed mindset? -- Most agree that your mindset is formed in early childhood. Dweck proposed that personal praising or labeling (i.e., you are “smart”) creates a fixed mindset. It indicates to a child that they either have ability or they don’t, and you can’t do anything to change it. Process praising, on the other hand, puts the focus on the effort. This gives children the idea that effort and strategy can be improved. This is huge as a child becomes an adult and faces life’s setbacks. It can be the difference between succeeding or playing it safe to avoid failure.
What is your money mindset? – “Your money mindset is your unique set of beliefs and your attitude about money.” It is influenced by your past experiences with money especially in early childhood when most of your core beliefs and attitudes are formed. Parents, family members and peers often play key roles in how you view money as an adult – both consciously and subconsciously. To determine your money mindset try journaling your early memories of money – good and bad. Then fast forward to today. What do you think trips you up with money and does it relate to your past? Because in positive psychology, awareness is the first step to changing longtime attitudes and beliefs.
Can a confident person have a limiting mindset? Absolutely! We women seem to have a limiting money mindset in our genes. While the role of women in today’s society has changed outwardly it has not always kept up internally. We still often feel money and investing is really the man’s job as our ancestors thought the male should be the one dragging the meat into the cave! But even though it is understandable there is a steep price to women’s disengagement from money.
How do we adopt a positive money mindset? --
Conclusion – The premise behind Lady Money is that one reason many women don’t reach their full potential in life is that they fail to take financial control. Remember the Golden Triangle of Happiness – close personal relationships, sense of purpose and feeling in financial control? When we develop a strong, positive mindset about money it frees us to pursue what matters to us. So, focus on a “can do” attitude but embrace failure. Cultivate an abundant mindset in a world of scarcity. Because when there is extra, and women share it -- social change happens.
TIPS OUTRO:
Thanks so much for listening! I hope you found Lady Money – Tips in Ten, helpful. If you have any questions, you would like me to address,or if you want more information on the Lady Money financial coaching program or blog, check out the show notes. Or you can reach me at the email address, teresa@lady-money.com.
Until next time, this has been Lady Money – where money and values do mix.