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VOL. 131 | NO. 171 | Friday, August 26, 2016

Dana and Ray Brandon

The Money Mindset

By Ray and Dana Brandon

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Ray’s Take We all have rules about how we live our lives, and we have rules about how we use our money. Whether you realize it or not, you have created certain rules around your spending, saving and giving of money.

This is called your money mindset. What is your money mindset? Do any of these common mindsets sound like you?

Never Enough Money – This mindset is actually a comparison of opposites. You can have an actual cash crunch with the mindset there will never be enough money to get out of it, or an abundance of money with an irrational fear of it not being enough.

You Only Live Once – This mindset is the opposite of Never Enough. You may find there are all kinds of internal justifications for spending everything now. 

Why Bother – This one can be the feeling of resignation that nothing you do will make a difference, so why make the effort.

More Money Will Fix Everything – This mindset is the feeling that regardless of money or net worth, more money will solve all of life’s problems, financial or not.

Mindsets drive the host of everyday decisions that have gotten you where you are today. But, where did they come from? Your parents and family created many of your rules as you were growing up. You absorbed their thoughts and ways of doing things and you’ve adopted them without even realizing it. Significant events in your life – positive and negative – have created some. Some of these rules work for you and create positive change in your life. Other rules are holding you back and causing unnecessary stress. Once you are aware of these subconscious patterns, you can decide which rules work for your financial situation and leave the others behind.

A money mindset is not set in stone. You are the owner of your money mindset. You are the one who gets to decide whether you want to change, modify or fortify it.

Dana’s Take I have to step back and look at the money mindsets my actions are teaching our kids. 

I’m in a hurry, so forget about the cost. The summer camp packing lists come out and we buy every item on the list at the premium outdoor outfitter. Had I started a month earlier, we could have turned the house upside down and found that we already owned half of the items on the list.

Shopping on the internet is easy, so click, click, click. This thought turns into a purchase in under one minute, and if it doesn’t work out – well, it’s too much trouble to ship it back. 

Ready to model a calmer money mindset? Practice money mindfulness. Before opening your wallet or clicking the order key, take a deep breath and offer up thanks. Now that’s a money mindset worth sharing. 

Ray Brandon, CEO of Brandon Financial Planning, and his wife, Dana, a licensed clinical social worker, can be reached at brandonplanning.com.

PROPERTY SALES 74 74 17,458
MORTGAGES 93 93 20,128
BUILDING PERMITS 126 126 36,072
BANKRUPTCIES 63 63 11,227