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5 Steps to Rewire Your Foundation With Money

Your foundation in your understanding of life, including money, starts when you're a child. But unfortunately, many of us do not come from families with a solid financial foundation.

Whether your family was wealthy or your parents lived paycheck to paycheck, unless they demonstrated a healthy relationship with money, chances are you've adopted some poor habits and disempowering beliefs that may no longer serve you.

You must rewire your foundation with money if you want to release any disempowering ideas and habits you may have learned about money. And instead, rewire a foundation with money grounded in peace, joy, and confidence.

Here are five ways to do that:

1. Question your subconscious beliefs

Most of us adopt financial habits we saw demonstrated or taught by our parents. However, these may or may not help us achieve our financial goals or a healthy relationship with money.

Inherent in these habits and lessons from our parents are deeply entrenched beliefs. Many of us fail to question these beliefs. The idea you were born poor and may never be rich. Or views such as money is inherently 'bad' and "wealthy people are entitled."

If you genuinely believe that money is terrible and wealthy people are entitled, you may unconsciously work against being financially independent because no one wants to look 'bad' or entitled.

2. Reframe your beliefs

Over 80% of your beliefs are made up of subconscious thoughts that replay much like a broken record. To set the record straight will require your conscious "speaking" to your subconscious. One effective way to reframe your beliefs is through mindfulness and meditation.

If you know the life you want and money can help you achieve it, why not adopt empowering beliefs about money? Beliefs such as; “I can use my money to help others.” And that "money gives me options to live my best life?

3. Put credit in its proper place

Carrying debt — often termed "bad debt" — on depreciating assets --- robs you of your financial future. Not all debt is "bad." Debt that helps you purchase assets — such as a mortgage on a home — is often called "good debt."

Using credit to purchase a new gadget when your existing one isn't broken" is an example of poor stewardship — of your money and the planet.

4. Release shame

Too many of us walk around shrouded in shame for our poor financial habits and our debt. This article is in no way to leave you feeling ashamed of your current financial situation. Get to the bottom of your spending? What needs are you attempting to meet?

Create a plan to get on and stay on track.

  • Pay off your debt. Starting with high-interest debt.

  • Start saving.

  • Set some financial goals (3 to 5).

  • Create a written financial plan.

  • Work with a money coach.

  • Limit your access to credit.

  • As much as possible, pay with cash instead of credit.

  • Reduce eating out.

  • Stop compulsive spending.

  • Discover inexpensive ways to enjoy life.

5. Pay yourself first

When we think about self-care, we imagine a trip to the spa, a quiet evening with a book or a massage. These are all great examples of self-care, but what about self-care when it comes to one of your most important relationships? Your relationship with money.

An essential for of financial self-care is to pay yourself first. Then, automatically have a portion of your income transferred to an account for financial stability and freedom — this should start with an emergency. Once you've saved up to six months of living expenses, you should invest additional funds.

Our relationship with money starts when we are young. Unless we have a healthy approach to money, we may repeat what we’ve inherited. Money touches all aspects of your life.

A poor relationship with money will impact your health, future, and other relationships. So if money is slipping through your fingers or causing you anxiety, it's about time you rewire your foundation with money.

Invest in yourself because you're worth it.

Jennifer Thompson wrote this article

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