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When it comes to managing finances, general advice says we should budget out for expenses and save the rest for a rainy day. This money mindset ensures we’ll always have enough cash for the things we need as well as the things that matter to us most.
But does this “playing it safe” approach we’ve been told about for so long really help us reach our financial goals? Sometimes rewiring our financial mindset to be less limiting can help us better achieve success, argues business coach Jason Drees.
“We tend to focus on the past… setbacks, failures and missteps, and budget with the belief that those things will happen again,” Drees says. “When we remove these beliefs from our planning, we open the door to greater financial opportunity.”
With April being Financial Literacy Month, Select spoke to Drees, author of the upcoming book, “Do the Impossible: Unlock Your Full Potential with the Power of Mindset,” about four of his money mindset shifts that pay off in the long run.
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1. Stop “saving” your money
When we think of saving money, we’re often operating from a scarcity mindset — you may instinctively say to yourself, “I need to save because I don’t have enough.”
Drees suggests shifting that thinking to operate instead from an abundance mindset, instead saying to yourself, “I have enough money to put it somewhere it can become even more,” and putting those funds away into an account to collect interest. In other words, think…
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