Money Mindsets - Part 2

Welcome back to part two of Money Mindsets. I'm Dr. Kerry, and today we're gonna dig into what to do with some of those mindsets you have, okay? So if you are somebody that struggles with they never have enough mentality, I want you to start by writing down an inventory of everything you spend your money on. And I want you to also write down an inventory of all the sources of income you have. Maybe that's one, maybe it's multiple. But once you start to see that on a sheet of paper and you really start to look at where your money is going, you'll start to realize that that false belief is probably a false belief.

So I always challenge people to do this. If you don't itemize your credit card bill, if you have a credit card, go through it literally once a week and itemize it. And it's really helpful to also take your receipts and match them. Because in that process, you are then accounting for each dollar that you spent. Some apps on your phone, now actually we'll do this for you. They will literally categorize things. But I want you to manually look through this process, okay? And you will start to see where your money goes.

That's the first activity. If you are somebody that struggles with overspending, this is a huge thing. Because you're going to start to see where your money goes. There's a very well-known person in the financial industry called Dave Ramsey. And he actually helps people get out of debt by using cash for everything. Now, I have not fun through his program, but I've heard it's phenomenal. And as somebody who's not struggled with credit card debt or overspending using cards, I have not had to use that method.

But it's really helpful. Because the second you say everything needs to be bought in cash, you start to actually then realize, oh, that envelope I have for gas or for going out is getting down really quickly. Wow, I only have that for the month. So what am I going to do about that? So it's really a helpful like visual. That's what this activity is for as a visual. Now, if you are somebody who has struggled with saving, like let's say that was just never of value instilled in you as a kid that you just always spent every paycheck.

I want you to start by putting a penny a day in a jar. I know that sounds ridiculous. We're talking 30 cents at the end of a month. But that physical act is going to show you that you are saving for yourself. You're saving for your future. And there's so many more things we'll talk about with saving. But it's these physical acts and like this integrating with money that actually starts to shift mindsets. Now, like I mentioned in part one, I grew up where money was talked about a lot. That was definitely not a topic that other people grew up with.

And so I talk very freely about money. If you grew up where money was never talked about, debt was never talked about. All of those things, the activity I'm going to challenge you with is to talk to someone about your finances. Now, this can be a really basic conversation with a friend and say, Hey, I just want to try this out on you. I am going to start having a more talk and more open about my finances. And I just want to try this out. Do it with somebody you trust, especially if you are in a relationship or you're married, like this is obviously a source of contention for a lot of couples.

And so if money's never talked about, and that was the value you grew up with, that might be really challenging for you. But maybe it's a, Hey, I just want to share with you kind of something I'm thinking about buying. It could be literally a new pair of sunglasses at Target for $15. It could be a big purchase, but just that act of starting to speak about money really does something to your mindset. If you are in fear and shame around money. So those three activities, really basic, I want you to just start doing something different to challenge that mindset that you identified.

When I talked in part one of the series, the kind of hang ups you have. For me, it was actually how I started speaking about money. I used to think that money was the root of all evil. And so I repelled money. I repelled money. And you can see another video that I have on cadre called picking up pennies. That was the activity I did for me to help me stop repelling money because I wouldn't want to pick up a penny on the sidewalk because I believed, truly believed in my heart and my soul that money was the root of all evil.

And so if I had money, then I would be evil. I know that sounds ludicrous, but it's actually the mindset that I had because I, when I thought back to my upbringing and all of the different stories and all of the different things that got kind of cemented in my brain, that was the mindset that I had. Now I have shifted that to say the love of money is the root of all evil. And so I actually, when I start to go there mentally with that again, with the money's evil, money's evil, wanting money's evil, I say loving money, worshiping money is evil.

Like I literally stopped that train of thought before it even goes further in my mind. So I want you to figure out like what activity or activities are going to work for you to start to challenge that belief you have. And then the other activity for whatever money mindset you have is I want you to write down the affirming statement or the mindset statement, like where I said like money is the root of all evil. And then I want you to rewrite that statement to something that you want to believe. And then you speak that out loud every single day.

I know that sounds really hokey, but it actually works when you start to hear yourself say that thing. And so I now say the love of money, the worship of money is evil. But me having money, me wanting money, wanting wealth, wanting to be successful in finances is not evil. That is good. Because I know that I will not worship money and I will not seek money above everything else. So whatever your mantra is that you're going to start saying every day, that's the other activity I want to challenge you to do.

And I want to hear you from you guys how this works. And I just I hope that it starts to really start to shape things up for you mentally, because that's what it did for me. And I can sit here on the other side of this sharing my story with you because it's been months of work, like months of rewiring some of these mindsets in my brain. And so I just want to share my wisdom with you. And I know that by doing just even small activities is going to help shift those negative money mindsets that you have.

Thanks for tuning in. And we're going to shift now into part three. We're going to be talking about specific verbiage language words about money mindset. So tune into part three. Take care.