How You Can Build A Positive Relationship With Money

With the world finding itself in the midst of the pandemic even after two years, the majority of the people feel anxious about their finances. While some who lost their jobs or saw pay cuts are not sure whether they would be able to regain their wealth or not, others are left wondering if their wealth will actually grow to what they aimed for.

“Money is not only about money management but about the person’s psychology as well. If only you have a good relationship with money, the door of riches would open for you,” says Ashish Bhave, money and life freedom coach, CEO, WPH Services, a business success mindset coaching, training, and mentoring company.

It’s always advisable to deal with financial responsibilities and tasks in a more relaxed manner and that can happen if you maintain a positive mindset about money.

Here are some ways to build a positive relationship with your money and goals.

Build A Positive Mindset

If you really wish to be wealthy, start with having a positive mindset and get rid of thoughts like money is evil and making money is immoral etc. “Money is being created every day in this world. The question is whether you are going to participate in this or not. If you think about money in a positive way, you will get the right opportunities to make money. You could also then do a lot of good things in the world,” says Bhave.

Discuss Money With Your Family

It is always recommended to sit with all the family members for at least two hours a week to plan about the financial future. You must allow other members to share their ideas about finances and work out a strategy accordingly.

“We suggest to our clients that they should give a yearly budget to the teenagers in the family and let them manage it. Link it with price and penalty on management. Add all expenses in the budget including school fee, transport, class fee, gifts, birthdays, holiday expenses, festival expenses, any additional requirement in that specific year. This helps in drastic change in their selection and negotiation capacity,” says Bhave.

Invest In Your Well-Being

Goal-based investing is one of the best ways of managing your money. It also makes sense to keep it simple. Only when you are not confused about money management will you be able to focus on yourself. Money has to be allocated to a specific goal and used only for that. This kind of clarity gives you freedom and protect you from financial stress, wrong decision making, and becoming prey to mis-selling.

“We always recommend our clients to invest in the best asset class in the world, which is yourself. Investment done in one’s own self gives fantastic returns. If you are salaried, professional or a businessman, it is always suggested to keep your money management simple. Your investment should allow you to focus on your work. It should keep you free to improve yourself,” says Bhave.

Money is a medium for your well-being so deal with it wisely.