Like most people, you probably have ambitious goals when it comes to making—and saving—more money. But one thing I’ve learned firsthand is that having ambitious goals isn’t enough. First, you have to do some inner work on your beliefs, mindset and habits.
For most people, the first step is confidence. You need to believe that you can make the changes you want in your finances. If you don’t believe in yourself to take action, you’ll find yourself in a never-ending cycle of inaction.
What we think about money is often deeply ingrained. What we say we feel about money is often very different than what we actually feel. On the surface, we may have the best intentions. But when we look back at the financial decisions we’ve made, we can start to see unexamined beliefs and conflicting goals, which actually may have kept our goals out of reach.
And when we do an honest reckoning of the reasons behind missed financial opportunities, we can discover what I call “limiting beliefs.” Some of the most common limiting beliefs involve feeling like you don’t deserve more money, thinking that more money causes more problems or even believing that money is the root of all evil. These beliefs may have come from our parents or from messages we see in society.
The beliefs that can lead us to make bad financial decisions can also lead us astray in other ways—for example, by taking on goals that are not our own. This happens when we set goals based on what we believe is expected of us, as opposed to what we truly want.
For example, going to grad school or buying a home is not something that everyone has to do, but it’s a standard of success that many people subscribe to. And “status quo” goals like this that come with a high price tag can significantly impact our money journey. That’s why it’s important to do some soul-searching and decide what your personal standard of success should be.
We fall short of happiness when we set goals that are not in alignment with what we really want. Often, this lack of joy shows through; after all, goals that don’t truly inspire us are the easiest ones to let slip. In order to make tangible changes in your financial life, you must first work on the intangible—and do the inner work. Sometimes, the first step is just being honest about what’s really holding you back.
Goal setting and mindset go hand in hand. When your actions are powered by positive beliefs around money, an honest desire to achieve your goals and a belief that you can accomplish those goals, you will be unstoppable.
Jamila Souffrant is a blogger, podcaster, wife, mother and the resident financial expert on a weekly segment on News12 in Brooklyn. She teaches others through her website, Journey to Launch, with a focus on helping people eliminate debt, save more money and increase their net worth. BuzzFeed named her podcast one of the “27 Podcasts You Need to Start Listening to in 2018.”
Learn how Jamila took steps to reach her goals in this video.