The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Have you ever felt stuck when it comes to your financial life? It’s a challenge many face, and it’s natural to worry about your financial health—especially amid the current economic climate. But if you harbor a perpetual negative outlook on your potential for success, you might be experiencing the effects of a fixed mindset according to psychologist Carol Dweck.
A fixed mindset is described as believing that your capabilities are set in stone, and that the ability to improve is out of reach. With a fixed mindset, you tend to view challenges as insurmountable because you believe you’re incapable of developing the skills required to overcome new challenges. This mindset keeps you stuck and limits your ability to reach your monetary potential.
The alternative is a growth mindset: believing that your talents and abilities aren’t limited by what you were born with, and that you have the potential to reach new levels of success with dedicated effort. Those with a growth mindset view challenges as opportunities, and believe that just because they’re facing a difficult or unfamiliar situation doesn’t mean they can’t acquire the skills needed to overcome them.
Credit Repair created a helpful guide that expands on each tenant of a growth mindset and offers examples of how to start practicing it in your own life. Understanding how your perspective influences your potential for success is the first step towards breaking through the negative beliefs that keep you stuck, so that you can start carving the path towards greater financial success.