top of page

Did Your Money Mindset Get Sabotaged?

Concerned woman

Introduction: Money stories are passed down through families. Sometimes these stories can be detrimental to your financial success. It may be time for a fresh outlook.

Did your parents or grandparents struggle financially? If they did, they may have missed out on saving, investing, and wealth building opportunities. And they probably passed down some of those detrimental money habits.

These habits can continue for generations if they aren’t mindfully and intentionally addressed. The number one thing to keep in mind when looking to reset your money mindset is it that each individual situation is unique. Understanding yours, where you are right now and where you are going is the key.

Some common misconceptions that have been handed down are:

  • All debt is bad: It’s true that carrying credit card and high-interest debt is bad. But there is good debt too. This is what wealthy people call leverage. We use leverage when we invest in student loans and mortgages. When used responsibly, these debts are good, long-term investments in our education and home ownership.

  • Be completely debt free: Interest rates have fluctuated greatly over the generations. When rates are high, it may make sense to pay off a mortgage. However, when you put your money into your house, you lose the ability to use it, you lose your liquidity. That means that you can’t invest it elsewhere and you can’t get to it easily in case of an emergency. If you have been one of the lucky ones who has secured a low interest rate, you can take advantage of this. When rates increase, you can participate in higher interest paying investments.

  • Renting is throwing away money.  While renting does not build equity, it provides flexibility, and requires less responsibility. In times of transition, uncertainty, or instability, renting may be a better choice.

  • Do it yourself. The idea that if you do it yourself you will save money, doesn’t always pan out. Sometimes it makes sense to hire an expert to avoid ending up paying to fix mistakes, or spending way too much of your time that could have been better invested elsewhere.

  • You have plenty of time. Thinking that you don’t need to start saving and investing now is an excuse for not taking action. Your future self is going to be disappointed. You need time for portfolio growth and compounding returns.

  • Credit cards are a terrible idea. When used properly, credit cards are a positive thing. They can build self-control and great credit scores, which leads to better money management and lower loan rates. You can even earn cash back. Just be sure you are living within your means and paying these off monthly. Be accountable.

  • Insurance is an unnecessary expense. This is the common myth that it’s not going to happen to you…until it does. Do you really want to bet everything on it? Insurance is the transfer of risk. Without it, you retain that risk. It is best to shop for the best value in coverage and rate. It allows you to close gaps of risk and vulnerability, protecting the things you care about.

Conclusion: You have internal thoughts and beliefs that are a result of your life experiences. The thoughts and beliefs you have around money, your money mindset, affect your relationship with money and your financial outcomes. Reevaluating those thoughts and beliefs and determining if they are appropriate for you and your circumstances can help you overcome those that may be holding you back.


This post is general education - not mental health, financial, tax, or legal advice.

Linda Grizely is a Motivational Speaker, Financial Planner, and Mindset Mentor & Coach. Linda is the founder of Mindset and Money, a business with a mission to guide and empower women in transforming their money mindset and unlocking their potential. She’s cultivating a community where people embrace profound shifts in perspective for a transformed and empowered future. Want to learn more about how to change your mindset about money? Start with a short quiz.


Commenting has been turned off.
bottom of page