Developing Your Money Mindset: “Money as a Tool”
We’ve covered a lot on the first seven episodes and now it is time to start talking about “developing your money mindset”. Today is a topic that we’ll probably unpack over the next 3 or 4 episodes for the sake of being thorough. So we’ll start with “developing your money mindset–money as a tool”.
In the book I’m writing, I called this section “Developing Your FMO” which stands for “financial modus operandi“. Which is Latin for “habits or behaviors”. But the goal here is to unpack the lenses you wear when it comes to money. A lot has been said and penned on this topic, you can just google “money mindset” or “behavioral finance/economics” and see what comes up. In this series though, I thought I’d try my hand at it.
So let’s take a couple steps back, because how you view money is going to stem from countless INTERACTIONS, that have formed a BELIEF system which constitutes how you BEHAVE. But before that we must begin with you as a person and before that we have to talk about MONEY on its own. One major characteristic of money is that it is neither moral or immoral. Money can be spent however you want. It is actually amoral. Money is amoral and it does whatever is the intent of the person using it. This is the first key to this is understanding what the role of money is in our lives, in our economy, or the world period.
In a book I’m reading called The Ascent of Money, it covers the evolution of money and monetary systems around the world and those that have used it for good or evil. But my takeaway is that it is just a conduit or a tool to accomplishment a certain thing. Money is just a medium of exchange for goods and services that have a particular value assigned to them. So in developing your money mindset, look at money has as a proxy for a value transaction. When we frame it that way, we can start to divorce our emotions that are tied to money allowing us to develop the proper mindset around it.
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