By Manuel Tovar, September 13 – Hispanic Solutions Group
Do you know what is a toxic money mentality and how to get rid of it? Today we give you some facts to change the way you think about money.
Do you have toxic money in your life? Or just toxic money habits? The first step in tackling both is recognizing the problem and working with specialists to change your mind about toxic money.
Have you ever wanted quit your job with every fiber of your being, but do you work overtime anyway?Have you ever waited years for a legal settlement, but felt that the payment was not compensation for lost time and suffering? Have you ever struggled so hard for alimony or child support that getting the money felt like a slap in the face? If so, you know what it’s like to earn income and be resentful of every penny.
Experts say that’s because the money you get from a source you despise is toxic money. No matter how much you get, you will never feel good about it.
The first step in addressing your unhealthy money mindset is to find out if you have toxic money or just toxic money habits, and we at Hispanic Solutions Group We strive to help you make more important financial decisions.
Do you have toxic money habits?
Toxic money habits have less to do with your literal money than they do with your bad financial behaviors. These toxic habits come in many forms; Some of the most common are: lying about how much money you have, getting rid of your feelings through “retail therapy,” and relying on credit cards instead of cash in hand. In short, a toxic money habit is any patterned behavior that is ruinous to your finances.
For some people, that means overspending, but for others it could mean less income. According to the anonymous offenders, “lack of income is many things, and not all have to do with money.”
While the most visible consequence is the inability to meet one’s needs, including future needs, lack of income is also about the inability to fully recognize and express our capabilities and competencies. This is an underperformance, no matter how much money we make.
Toxic money habits can be remedied by recognizing the pattern and forming newer and better habits.
Or do you have toxic money?
Toxic money is money you envy. Usually it comes from a source that you once loved or appreciated, but there has been a negative change in your feelings; While everything else in the relationship has soured, the financial bond persists. It’s about the alimony or child support mentioned above, or it could be, for example, a loan that his estranged parents gave him to send their son to the private school of his dreams.
Specialist Margaret Lynch explains that toxic money is generally associated with a protracted battle that forces you to “play small, live by someone else’s rules, stay hurt, sick, or broken, just not completely in your power.” Whether it’s alimony, a cash settlement, or a regular paycheck, this money is toxic because it comes into your life through a painful process that makes you feel like a victim. This type of toxic money can be particularly harmful because it can make it difficult to obtain money elsewhere (that is, if your income increases, your child support would decrease) and it can be very difficult to keep what you earn (that is, if you are receiving alimony, but you need to pay it to that parental loan).
Once you realize that you have toxic money, there are many decisions to make. Save it, return it, donate it: There is no right answer, but every choice has a consequence.
Expert Gull Khan says toxic money makes you feel stuck, but it’s your emotions that “dictate how much money you can have … the more negative you feel about where you get money from, the more toxic money becomes” .
If you can survive without the money, then you might as well consider leaving. Resentment about accepting it can lead to other feelings of self-criticism, such as guilt or shame. If you need the money, then acknowledging your financial dependency is the first step to finding freedom. Then you’ll need to manage your mindset, build a better relationship with your finances, and find new sources of income.
Three ways to transform the toxic money mindset
- Monetize something you love and would do anyway, for free: The popular adage (on social media at least), “Your job controls your salary, not your income,” is priceless when it comes to investing toxic money. This thorn in your side may be just one of many sources of income, making your sting much less painful. Making a switch to exchange toxic money for money you are proud to earn may not be as simple as going out and getting an old job or hoarding your old jewelry; instead, you should think about things that give you positive energy. Whether that’s selling knitwear or offering classes online, no matter how much this positive effort ($ 5 or $ 500) generates, it will help you eliminate that much of the “necessary” toxic money, and in doing so, lessen your feelings of resentment. towards money.
- Change your money mindset:There are many career coaches who would say that you can earn as much as you think you are worth. The problem is that you may not know its value. After whatever betrayal or bad fortune comes your way, even you may not see your own worth. For example, Rachel Cruze offers several ways to change your mindset about money, but it’s also worth noting that much of the psychology about money comes from the role models you grew up with and that influences your personality. When you were a child, did you see someone else in your life suffer with toxic money and never let go of it? Growing up, did someone you love normalize that you could never have enough? You may have picked up some of these thoughts and made them your own. Looking for new role models means looking outside of yourself to find comeback stories that reflect the future you want. There is a long list of empowerment books and practical financial plans available to change your personal money script. Challenging yourself to make new assumptions about who you are and what money means to your self-esteem can really turn the tide of toxic money.
- Identify mental and spiritual money blocks: According to the professional, Katherine Hurst, limiting beliefs can take us away from what we want most. Those subconscious assumptions about you, your situation, and your money can come between you and joy. Some of that requires the mental and spiritual work of changing your thought and energy patterns around money.
Freeing yourself from a money shortage mindset, through hands-on financial planning, as well as talk therapy or even more esoteric practices, such as working with an energy healer to release tension and blockages in your body, can put you at ease. a more balanced frame of mind to face the formidable opponent that is toxic money. On the other hand, the specialist Gull Khan says that, if that toxic money has been in your life for a long time, you should not hesitate to call a professional to help you exterminate it forever and the matter is over.
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