Your finances might seem like a purely practical aspect of your world, but dealing with them intelligently demands using your natural strengths. By leveraging the skills that you have relied on most of your life you will feel more confident in making financial decisions that work for you.

-1) Being Visionary

Every aspect of your life rushes forward more smoothly when you have a clear vision for the life that you desire. You could approach your finances according to standard old rules like saving 10% towards retirement or spending below your income, but without the structure or clarity of your vision, your progress won’t be quite on the mark. If you were to create a vision board of your life in five years, what would it look like?

Think of all you want to accomplish and what financial circumstances you need to get there. Some common goals are to annihilate debt, purchase your first or second home, start your own business, become financially secure and independent, not outlive your money or leave a legacy for my children. Vagueness won’t be useful, so create goals that are:  S M A R T

Specific                                                                                              

Measurable

Achievable

Realistic

Time Bound

Good goals are detailed. Vague ones are only daydreams. 

 -2) Self-Knowledge 

Unhealthy beliefs about money can trip you up in a number of areas. The Journal of Financial Therapy recently identified the four most harmful attitudes:   

 Money Avoidance: Thinking you don’t deserve a good income. This is often coupled with a belief that women do not deserve the same income as their male counterparts.  Money avoiders may also have difficulty in following a spending plan.  

Money Worship: Thinking your problems can only be solved by an increased income. Those who believe this tend to remain in debt and fail to engage in their money management.  Money worship can lead to disorderly money behaviors such as compulsive hoarding, unreasonable risk-taking, overspending, and compulsive buying disorder.

Money Status: Thinking your self-worth is equal to your net worth. If money is simply about status rather than utility, you are less likely to gather wealth.

Money Vigilance: Over-vigilance entails being so paranoid about spending that you do not enjoy your financial security.

Your financial habits will unveil your philosophies. Only once you know what your beliefs are can you confront and correct them. 

-3) Personal Empowerment

Empowerment is not a synonym for self-confidence—it precedes it. In order to gain self-worth, you must empower yourself with knowledge. Getting educated about personal finance issues will give you the confidence you need to fulfill your goals. You might research top finance sites, enroll in free online money courses, or attend money workshops. Working with a financial advisor should become a part of your education in helping you to think more clearly about your money.

-4) Prosperity Mindset

Wealth is neither an accident of birth nor a result of luck. It comes from vision and focus. If your thinking is about poverty, not thriving, you are likely to focus on precisely the elements that lead to financial lack. Focus instead on what it takes to succeed, and your “luck” will eventually turn around. Positivity’s effects are not the result of magical thinking but rather of being more goal driven in your subconscious and conscious life.  Thriving does not mean having enough money to swim in. It means living fully with what you have and having the confidence to grow into prosperity. 

-5) Developing an Attitude of Gratitude

Gratitude shifts your focus from what your life lacks to the abundance that is already present. Gratitude for your current financial circumstances will give you the spark you need to stick to your goals and dreams. Don’t be so focused on the future that you forget what you have today. Build a gratitude list of things you are most grateful for and imagine what your life would be like without them. You will gain some much-needed perspective. Gratitude raises your resiliency, giving you the strength and clarity of mind you need to get beyond your greatest hurdles.

Your financial habits will unveil your philosophies. Only once you know what your beliefs are can you confront and correct them.

Financial wisdom is not about how much money you have. It is about your mindset and confidence to successfully manage your finances in order to achieve a fulfilling and prosperous life.  

 

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12 Wealth Building Habits of Financially Savvy Women