“The mind is everything. What you think, you become .” - Buddha

The Mindset Money-Game: How Teens Can Build Wealth for the Future

"Your mind is a powerful thing. When you fill it with positive thoughts, your life will start to change." You've probably heard something like this before, but have you ever considered how this applies to your financial well-being, especially as a teenager?

Why Mindset Matters

Mindset isn't just about feeling good; it's about setting the stage for your future success. When it comes to money, your attitude and beliefs can make or break your financial journey. Adopting a growth mindset towards money can help you view challenges as opportunities, setbacks as learning experiences, and savings as stepping stones to financial freedom.

Creating the Right Mindset

1. Shift From 'Can't' to 'Can'

Instead of thinking, "I can't save money; I hardly have any," try reframing it to, "I can save a small amount regularly and watch it grow."

2. Money as a Tool, Not an End

View money as a tool for achieving your dreams. Whether it's going to university, buying a car, or traveling the world, money can enable these experiences, but it shouldn't define your self-worth.

Growing Wealth: The Long Game

Start Small

Starting small doesn't mean thinking small. The idea is to begin with what you can manage and let it grow over time. Remember, the power of compounding is on your side.

Save Smart

Once you start earning, whether it's from a part-time job or an allowance, allocate a portion to your savings. The earlier you start, the better your chances of achieving your financial goals, such as buying your first house or car.

Starling bank has a very handy tool called spaces. So you can automatically put money into your separate saving pots.

Avoid Debt Traps

As you get older, credit card companies will start marketing to you. Knowing how to manage credit is vital. Loans should be a last resort, not an extension of your wallet.

The Future is Yours

"Your future is created by what you do today, not tomorrow." So, the sooner you cultivate a healthy mindset around money, the better prepared you'll be to build wealth and secure your financial future.

If you're interested in diving deeper into this subject and setting yourself on the path to financial wellness, watch this space.... We're launching a 12-week course designed to empower you with the financial skills you need to succeed.  Don’t worry it won’t take chunks of your time.  Just one hour a week is the commitment you’ll need to get this under your belt. One our a week to invest in your future wealth.

 Until next time....

Fiona 🤩