Most people believe that if they had more money, it would give them better peace of mind. However, there is not much evidence to suggest that suddenly coming into a big sum of money will improve your long-term happiness, and in fact, lottery winners are more likely to declare bankruptcy within three to five years of winning big! Another interesting money fact is that many of the world’s most rich and famous people started with nothing – think Oprah Winfrey, Ralph Lauren, Dolly Parton Leonardo DiCaprio, Ed Sheeran, Arnold Schwarzenegger, Celine Dion, J.K. Rowling, Steve Jobs… the list goes on!
Even with the impact of COVID-19, people are still buying real estate, getting married, having children, changing careers, and generally making progress toward their financial goals (whatever those goals may be). It just goes to prove that having financial peace of mind isn’t necessarily about having a big bank balance. Changing your mindset about money is the first step to getting financial peace of mind for the future. Here are some common negative money mindsets that many people experience, regardless of their stage of life:
- Debt is an inevitable and unavoidable part of life.
- It’s impractical to make ends meet without a good credit file or a credit card.
- Only wealthy people can afford the finer things in life.
People who have this money mindset tend to take on more debt than they can handle, have no savings, and often don’t have a financial plan or any plan for retirement.
The fact of the matter is that by learning how to manage your money, stick to a budget, reduce your debts, and invest in your future, you will find financial peace of mind. You see, it’s not about how much fancy stuff you have – it’s whether you can take care of yourself when those inevitable unfortunate life events do strike. Are you struggling to manage your debts? If so, call us on1300 781 850.