- Amanda Clayman, from Los Angeles, recently sat down with Business Insider
- The expert explained most people avoid thinking about money troubles entirely
- She revealed the most sustainable results come from changing your approach
A financial therapist has revealed the four simple mindset shifts that can help make you wealthy.
Amanda Clayman, from Los Angeles, recently sat down with Business Insider to dish on how to boost your bank account.
The expert, who also hosts the Emotional Investment podcast, explained how most people avoid thinking about their money troubles entirely which often only makes them worse.
She said that rather than simply tackling issues ‘white-knuckle,’ the most sustainable results come from changing your approach – from learning to deal with disappointment to concentrating on what you can control.
Deal with disappointments
Amanda’s first piece of advice is to learn how to deal with disappointments as she urged readers to tackle the issues at their root.
She explained how concerns about money often stem from heightened expectations – such as banking on a promotion and then being left feeling discouraged by your current salary when it doesn’t materialize.
The expert urged: ‘Mourn your old expectations, and find a way creatively to discover the opportunities for joy, and peace while these are your circumstances.
‘Surrender to the reality that this is what it’s going to be for the foreseeable future.’
This will help you take relevant financial action for the here and now.
Find the motivation to save
Next up, the financial therapist explained that the key to saving money was to decide on an important purpose.
Budgeting can be tricky and often means sacrificing fun experiences which Amanda admitted can be ‘dispiriting.’
But she said that if the reason why you are saving is a vital one – rather than something superficial – this can make forgoing little luxuries easier.
‘The reframing can be around “how do I find dignity in this effort or struggle?”‘ the expert shared.
She advised finding ‘a different definition of strength and what’s cool and what’s valuable.’
The advisor said that being honest with friends and family about what outings are too expensive will help savers stay accountable and on top of goals.
Believe that saving and fun go hand in hand
Amanda’s third tip was shifting our mindset to believe that saving can be fun.
‘On the one hand, there could be an almost unlimited amount of money that one could spend right on travel and experiences.
‘But we also have this other value tool that we’re trying to make room for, which is long-term security,’ she said.
The advisor said that people should not feel the need to pick just one of these approaches and instead the solution was to achieve a balance of both outlooks.
This can include finding a lucrative pastime or engaging side hustle – or even getting more creative next time you are deciding what to do with friends.
Concentrate on what you can control
There are many things that are out of our hands – and Amanda urged people not to get caught up with these.
Focusing on financial regrets – such as being saddled with a student debt from your younger years – can often lead to lack of confidence and motivation.
People can ‘feel so ashamed and overwhelmed at the idea that this debt is an unmovable burden’ that they do nothing about it.
She suggested instead you ‘accept that there are parts of this choice that are really painful’ but urged them not to make it part of your identity.
‘Focus on how to be okay with limited control’ and stay on top of managing what you can until a full solution is achievable.