We’re going to break down how these two things are related by defining what a growth mindset is, outlining its importance in personal finance, and offering some advice on leveraging its money-making potential.
With a fixed mindset, you believe your talents, skills, abilities, intelligence, and character are fixed. You think they don’t change throughout your life and thus perceive talent as the key to achievement.
Embracing the Growth Mindset in 4 Steps1. The Power of Yet
The power of yet leaves open the door to positive change and reframes feelings around money.
2. Replace the Word Failing With Learning
Failure’s a dirty word when you have a fixed mindset. However, not only is failure a natural part of life, but it’s also a cornerstone of progress.
4. Remember Your Brain Is Plastic
Never forget that our brains can change throughout life too. A rapidly growing body of research shows they’re amazingly malleable.
5 Ways to Use the Growth Mindset to Grow Your Money
1. Action over Avoidance
2. Celebrate the Struggle
3. Continue Learning
4. Seek Support
5. Take Risks