As a financial planner, I completely understand the need for the technical knowledge and skills (left-brain) required to manage money well but this to me is only half of the skillset required to have a healthy relationship with money. As a yoga teacher and well-being coach, I also recognise that our mindset; our thoughts, emotions and feelings (right brain) will also have an impact on our ability to manage money well.
I often say, “in order to manage money well, we need to manage ourselves well”. Our thoughts and feelings will either support or sabotage the actions we take with our money – and often we’re not even aware of it as a lot of what we do with our money is sub-consciously driven. We all have a complex money story and a whole range of beliefs and attitudes towards money that can be either supporting us or limiting us when it comes to our relationship with money and earning, keeping and growing our wealth.
After studying mindfulness, I saw it as an ideal philosophy and practice to apply to not only our finances, but also in our daily lives and relationships too. Mindfulness is all about creating attention and becoming present and fully aware of our current situation. It is about creating a connection between our thoughts, actions and feelings to become more conscious and aware of how they may be shaping our reality. It is from this place of awareness that we can begin to take intentional action towards a better today, and an even better tomorrow.
So if you want to start practising mindful wealth, where do you start?
Mindful wealth is all about creating connection with and bringing awareness to your wealth, accepting your current money situation and then taking intentional action to create wealth. It is about aligning your thoughts, feelings and actions with money to create more wealth and wellbeing in your life.
The simplest way to begin is by starting to notice how money is flowing in and flowing out of your life. Whether it is quick to earn and easy to spend, whether you are hanging onto it too tightly, whether you are oblivious to how much you earn, spend, own and owe.
From this place of awareness, you can begin to notice how your emotions and habits may be driving your relationship with money. Any time you spend or receive money, checking in to see how you are feeling, or take a moment to explore the “why” behind your actions with money. This helps us to create more connection to our money habits (which are often driven from our sub-conscious).
There is a research to say that the way to “buy happiness” is not to buy things or acquire more, but to spend the money you do have on the things that you value most in life. If you know what it is you truly value, then you can begin to use the money you do have to bring more of that into your life.
See if you can define what wealth means to you personally. Have a go at thinking about what is present in your life already, or that you’d like to have more of in order to feel happy and abundant. Whilst money may certainly be one of these things, see if you can list all of the other things that you need or like to have in life and that bring you the most satisfaction and happiness.
This can be an interesting exercise as often we have this ideal that in order to be wealthy we need to have lots of money and in the pursuit of more money we can sometimes lose sight of the things that make us feel truly wealthy.
You can also try the free 30 day mindful wealth challenge to introduce mindfulness to your money.