How Adopting A 'Wealth Mindset' Can Heal Your Relationship With Money

Money is a huge aspect of our daily lives, but it is also something that can cause our stress levels to soar. In fact, according to The American Psychological Foundation, 72 percent of Americans said they have felt stressed about money at some point in the previous month. That stress can lead to even more problems in our lives, specifically health issues. Linda Gallo, PhD, whose work focuses on stress, says that high levels of it can lead to us getting sick more often, or even to more serious concerns like arthritis, diabetes, and heart disease. 

To add to our issues with money, Americans are currently dealing with high levels of inflation. This sudden change in how effective our money is often leads people to forgo basic needs, like better nutrition, doctors visits, and gym memberships, per Harvard Business Review. And while we can't fix inflation and saving money isn't always enough, there is one thing we can do to help our relationship with money: adopting a "wealth mindset."

What is a 'wealth mindset'

Wealth can mean a lot of different things to different people. While some may view wealth as having endless access to money, others may simply view it as not worrying about paying your bills. We also spend money differently, whether it has something to do with our generation or even when we were born. As Americans, we also have different ideas of how much money is considered wealthy — those who live in expensive areas need more to get by, and those who have loftier lifestyles will view the dollar as lesser than those with a simpler life. 

Regardless of how you view wealth, having a good relationship with money is vital to lessen that money-related stress we all feel. According to Kristen Euretig, CFP, founder and CEO of Brooklyn Plans, LLC, a wealth mindset is characterized as "the idea that the universe is plentiful, and our potential is unlimited," via Real Simple. At its core, per WealthFit, adopting this type of mindset means taking the money you have and making it go as far as possible, without racking up credit cards or debt. This may sound simple, but for many, a wealth mindset is actually quite difficult to comprehend. If you want to fix your current financial situation, here's how to achieve that mindset.

How to achieve a 'wealth mindset'

If you want to fix your relationship with money and stop worrying about paying your bills each month, you're not alone. Julie Prince, founder and CEO of Prince Financial Services, told Real Simple that many of us have the opposite of a wealth mindset and instead have what they call a "scarcity mindset." This is the idea that even if we are considered financially stable, we still find ourselves spending frivolously and falling prey to "limited time only deals" and big spending days like Black Friday.

Changing our views about money can be as simple as changing our location. Graham Stephen on TikTok recommends going to a wealthy area, even if that means driving an hour out of your comfort zone, to observe wealthy people. This will help us realize that anyone can be wealthy, us included, and can start to change our perspective on what it means to have a healthy relationship with our income. We also want to switch the way we think; TikToker Yuri Elkaim says that we need to stop blaming others and instead, take accountability for our own decisions. This helps us take responsibility for our actions, our spending, and our income, making it easier to make the right decisions when it comes to our finances.