We could all do with a little more money, right? But how do we get it? Barring winning the lottery, the amount of money we have depends on what we do with our time and our mindset as we approach life – in and out of work – is highly influential.
If you can adopt the right mindset you’ll have a much better chance of making your money go further. Here are five ways in which your state of mind can contribute to the state of your bank balance:
If you’re prepared to take a risk
Investors have to be able to take a calculated risk. In general, the greater potential rewards carry a greater level of risk. Being a risk-taker isn’t about being reckless, it’s about being able to weigh up a decision and use all the information you have available to you to make a calculated decision. It’s about doing your research and knowing your ETFs from your CFDs and accepting that things might not always go to plan.
If you don’t settle for being comfortable
Are you the sort of person who’d do ‘anything for a quiet life’? Do you find it too much effort to cause a fuss? If so, you’re probably not geared up to make more money. Showing determination – whether that’s to ask for a pay rise, demand a discount or walk away from a bad deal – is the hallmark of someone with a natural tendency to make money.
If you’re good at thinking in the long term
Whether you’re investing on the markets or squirrelling away cash for a big purchase, being able to think in the long term will be a massive help. The further you plan ahead the more you can benefit from accruing interest and the longer you have to reach your eventual funding goal, which is especially relevant when it comes to your pension pot. Seeing the bigger picture gives you a better perspective and the ability to make more money.
If you don’t get drawn in by others
A desire to keep up with the Jones’ can be a big distraction, and cost you money. If you’re the sort of person who logs on to social media and sees holiday pictures, wedding snaps, your friend’s new car or an offer on a new TV that you really want and are still able to say ‘no’ then you’ve got a good willpower and the right mindset to stay single minded and focused on your overall goals.
If you always go the extra mile
One sure fire way to make more money is to earn yourself a promotion. Everyone has it within themselves to push up at least one rung on the career ladder if they’re prepared to work for it. By going the extra mile and doing everything you can with every task you are given in the workplace your efforts will be noticed and you’ll stand a chance of being promoted. By resting on your laurels, clock watching or just ‘doing what you’re told’ you’re less likely to be rewarded. Monster has written a post looking at ten things to consider if you want a promotion.
This post is in association with Chelsea Ellsworth