The Money Mindset of Personal Finance Success

Dollabuzz Your Mindset For Personal Finance Success

Personal finance is more than just budgeting, saving, and investing. You need a certain mindset to succeed at the money game. Dollabuzz will show you the mindset you need and how to get there.
Money and personal finance success
A strong mindset is key to personal finance success

I got my mind on my money, my money on my mind….oh hey wassup Dollabuzz readers! As I write this, I am thinking about money, Dollabuzz, and listening to Gin and Juice . Ahhh, the early 90’s when Snoop D-O-Double- G was just a young G.

Anyways, back to the lecture at hand. A STRONG Dollabuzz requires the right mindset and that is why I read Mindset: The Psychology of Success by Dr. Carol Dweck. Dr Dweck will show you how the right mindset will help you get your money right.

Dr. Dweck shares her research about the fixed and growth mindsets and how a simple belief about yourself guides a large part of your life. This post will discuss how these mindsets impact our Dollabuzz. Keep reading and I’ll show you the Dollabuzz mindset and why you should read this book.

Here is what we are covering today:

  • The fixed mindset and its negative impact on your money and personal finance goals
  • The 3 da’s  of personal finance and how they get in the way of your money
  • The growth mindset and how it is key to your personal finance success.

The Psychology of Personal Finance Success: How the Fixed Mindset Kills Your Dollabuzz

The fixed mindset? You’re losin’ me bro. Stay with me. The fixed mindset is that little voice of doubt in our head. We all have that self-doubt in our head and it manifests itself in different ways. For example, maybe you don’t open a 401k or a Roth IRA because you don’t know how and don’t want to look dumb by asking a “stupid” question.

If you have a fixed mindset you may be afraid to try something new and make excuses to protect your confidence. You say things like “I’ll never have money and always be broke” or “only rich people retire.” People with the fixed mindset are always right, don’t like criticism, and try to explain failures away. Using excuses will prevent you from achieving your personal finance goals.

money and personal finance
Keep reading to learn about excuses that get in the way of your money and personal finance goals.

The 3 da’s of Personal Finance: Coulda, Shoulda, and Woulda

At Dollabuzz we refer to common excuses of the fixed mindset as the “3 da’s.” I coulda got his or her phone number. We shoulda went to the after party. The Detroit Lions woulda won the Super Bowl. Yadda, yadda, yadda.

Dr. Dweck explains that fixed mindset people have inflated views of themselves, their abilities, and when they don’t succeed a built in excuse (the three da’s) are right there to make them feel good.

In personal finance  there are numerous da’s. A few common da’s are:

  • We shoulda invested in stocks
  • I shoulda made a budget
  • We woulda paid cash
  • I coulda been a millionaire
  • I shoulda invested in my 401k

Don’t let these excuses kill your Dollabuzz! I hate to point out the obvious but, a GREAT da is Dollabuzz. See what I did? Ta-da!

The Psychology of Success: The Growth Mindset Will Help You Dollabuzz Your Money

A growth mindset will help you reach your money and personal finance goals
A growth mindset will help you reach your money and personal finance goals
The opposite of the fixed mindset is the growth mindset. The growth mindset is the “can do” and “I will” mindset. The growth mindset allows you to succeed when you don’t think you can and allows you to overcome obstacles. This mindset is critical to your personal finance success.
It’s important to know that we all have a fixed mindset. But don’t forget that we can move to the growth mindset as well. Dr. Dweck states that “your efforts, strategies, and the passion for stretching yourself and sticking to it when it’s not going well is the hallmark of the growth mindset.”
Expressions like “work harder and smarter” and “if at first you don’t succeed” are the heart of the growth mindset. Enough of the textbook geek talk and let’s see the growth mindset in real-world action.
My Growth Mindset and Personal Finance Dollabuzz
Last year we purchased a rental house for $45,000. My fixed mindset said what if you can’t find renters or they trash the place? The growth mindset said we’ll make the house nice so it will attract good tenets. Guess what? The house is nice and we have good tenets.
 
My fixed mindset said “you know nothing about blogging” and “no one will read it.” But now, the blog is up and running and I am writing about topics I am passionate about. My fixed mindset gave me every excuse not to do something but my growth mindset took over and allowed me to Dollabuzz.
Why You Should Read Mindset: The Psychology of Success by Dr. Carol Dweck
Dr. Dweck does a great job providing numerous examples of the fixed and growth mindsets. These examples include stories from everyday people to sports and business icons who have failed or succeeded based on their mindsets. Dr. Dweck shows how we move in and out of our mindsets and the importance of knowing when we are in the fixed mindset.
A strong Dollabuzz is not easy and requires us to thrive when challenged and embrace failure (growth mindset). Most people are not born with a Dollabuzz and have to WORK at it through discipline and developing their skills to get their money right.
I highly recommend the book which you can purchase for your Kindle here 
or the book here

 

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Author: DollaDollaSteve

I have been a personal finance blogger since 2017 and I love reading,learning, and talking about personal finance. Dollabuzz was designed to spark conversations about personal finance.