Credit Scores September 2020 | Leslie Ambriz

Mindfulness Can Help You Control Your Own Economic Power

Mindfulness isn’t just for rich people. 

It’s easy for your mental health to take a deep dive during these times, but one way to help is by practicing mindfulness—a meditative practice that can not only ease your mind, but also in theory, help you financially. 

Mindfulness isn’t some new hipster trend. It’s actually a practice that, according to Nerd Wallet, many successful investors and entrepreneurs use to help them make better financial decisions. It allows you to focus on the present and move forward towards positive change. 

So when you really think about it, mindfulness can make you become a better steward of your money. 

So how do you practice mindfulness and how does this relate to finances? It’s as easy as changing the way you talk about money in your day to day conversations. 

We’ve all heard the phrases—“Did you hear about so and so? She got a promotion at work and now she thinks she’s better than us,” or “put that down Mija, that’s for rich people,” and my all-time favorite one “Did you hear fulanita bought a new Mercedes? Hay que come-mierda!” These and many other phrases may seem harmless at the moment, but actually have the potential to negatively impact our relationship with money as adults. 

Latinxs can begin to change how we talk about money in our homes by practicing a few basic steps. 

Identify your triggers 

Does the thought of budgeting make you want to break down in tears? Why is that? In a recent Headspace article, financial psychologist Brad Klontz suggests asking yourself the following questions:

“What three things did your mother or your abuelita teach you about money? Maybe they told you que “El dinero es del Diablo!” 

What three things did your father teach you about money? Maybe he said que “No te hagas una nueva rica!” 

What’s your most painful financial experience? Your most joyful financial experience? What are your biggest financial fears? The answers to these questions will help you get to the root of the problem.

Change your negative self-talk! 

Change your negative self-talk!

Financial advisor Claudia Rivas suggests that we begin with small changes. Instead of saying, ‘I could never afford that,” change it to, “What steps do I need to take so that I can afford that one day?” When we change our defeated vocabulary to a more active and uplifting one it allows us to associate our stressors with positive feelings and emotions. 

Practice Mindfulness! 

Practice Mindfulness!

You don’t have to sit cross-legged and chant all day. You can practice simple breathing exercises or download a guided meditation app, or join a free meditation or mindfulness class online. Mindfulness doesn’t have to be intimidating. We can begin to incorporate it into our daily routine. 

Does this sound like something you’d be willing to try? We’ll give you a challenge. Try one of the methods of mindfulness this week consistently (don’t just do it once and think it didn’t work!) It’s just like a muscle, the more you do it the stronger you get. 

Investing in yourself, particularly in your mind, will help you take the right steps towards financial freedom, we promise!

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