From an early age, we develop personal “truths” about money. We learn lessons from our parents, siblings, teachers, friends, and eventually our partners. As Savant’s director of financial planning, Anne Mank, writes, the money maxims we hear at the dinner table often become part of our internal money conversations throughout our lives.

If the beliefs you hold about money are limiting in any way, you may experience a lack of confidence when it comes to making financial decisions. For example, if you worry about outliving your money, you may not feel confident about spending money to travel in retirement, even if your budget shows you can afford it.

Money mindsets can be as varied as individuals themselves. Some people tie their self-worth to their net worth, perceiving themselves to be less valuable as individuals because their bank accounts aren’t as hefty as their neighbors’. They spend all their time trying to beef up their balance sheets instead of enjoying life with their families. To “keep up with the Joneses,” they may take on more risk than necessary, leading to disappointment (and financial consequences) if that risky investment backfires.

Is there a Better Way?

While it may seem like our mindsets are hardwired into our being, research shows it’s possible to shift them to achieve positive changes. According to author Mia Primeau, mindsets can help distill information and manage expectations, but they can also be maladaptive, creating feelings of guilt, sadness, or anxiety. Changing your mindset – particularly regarding money – may help you improve your confidence and peace of mind. At Savant, we’ve identified eight mindset shifts to consider in your quest to help improve your wealth confidence:

Gratitude: When you think about your wealth, are you angry or disappointed by your finances, or do you appreciate the success you’ve achieved?

Open-Mindedness: Do you see only one way to achieve your financial goals, or are you open to new ideas?

Cooperation: How do you feel about working collaboratively with others to pursue your financial goals? Do you worry about disappointment, or do you enjoy these relationships?

Respect: When others present new ideas about money, are you quick to dismiss them, or do you value learning differing ideas and points of view?

Abundance: Do you feel you need to protect your money so it won’t run out, or do you expect to find other ways to add to your income in the future?

Connectedness: Does your money mindset keep you from feeling connected to close family and friends? Would you like to deepen those relationships?

Optimism: Are you always compelled to play the devil’s advocate on money issues, or do you tend to see the silver lining?

Realism: Are your expectations in line with reality? Do you see the world as generally unfair, or are you willing to adjust your attitudes and actions to reflect the world around you?

Wish You Felt More Confident About Your Money?

If you answered yes, we can help. Download our eBook, Your WealthConfidence Scorecard, and start learning how shifting your mindset in these eight areas may help you change your internal money conversation and feel more confident about the decisions that affect your financial well-being. Your WealthConfidence Scorecard shows you how to assess your current feelings about your financial situation, and can enable you to set personal goals designed to help improve your wealth confidence as you pursue your ideal future.

As you assess your wealth confidence, remember: You don’t have to go it alone! Our team of financial advisors and specialists is here to help you every step of the way. Once you’ve completed your WealthConfidence scorecard, you can discuss your goals with an advisor and work together on your personalized plan. Get started today!

About Savant Wealth Management

Savant Wealth Management is a leading independent, nationally recognized, fee-only firm serving clients for over 30 years. As a trusted advisor, Savant Wealth Management offers investment management, financial planning, retirement plan and family office services to financially established individuals and institutions. Savant also offers corporate accounting, tax preparation, payroll and consulting through its affiliate, Savant Tax & Consulting.

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Savant Wealth Management (“Savant”) is an SEC registered investment adviser headquartered in Rockford, Illinois. Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy, including the investments and/or investment strategies recommended and/or undertaken by Savant, or any non-investment related services, will be profitable, equal any historical performance levels, be suitable for your portfolio or individual situation, or prove successful. Please see our Important Disclosures.