Later2FIREPodcast

FW 005 Growth Mindset How to develop a growth mindset

growth mindset

PODCAST

Show Notes

  • Our guest is Matt who talks about having a fixed vs growth mindset
  • Matt started his blog Method to Your Money in Oct 2017
  • His wife challenged him to learn more about finance
  • His blog tag line is methods and mindsets to inspire your finances
  • Given how much information is available on finances, Matt wondered why people weren’t doing the right things when it comes to managing their finances. He believes that psychology, including behavioral economics, may answer that question.
  • Matt spoke with a lot of people many of whom suggested that he share his knowledge. Since he’s an educator this appealed to him so he started his blog Method to Your Money.
  • Why do rational people make bad money decisions? What can we do to change our mindset? What are our biases and what can we do about them?
  • Your mindset (growth mindset vs. fixed) determines how you react to life’s disruptive events
  • A growth mindset views failure as a learning opportunity
  • Obstacles are opportunities. They get feedback and embrace change. They are inspired by the success of others.
  • People with a fixed mindset compare themselves unfavorably with others
  • To develop a growth mindset
    • Look at failure as a gift. What can I learn?
    • How can I become more self-aware?
    • Ask for feedback. Need to know where you can improve.
    • Train yourself to think of obstacles as opportunities.
    • Associate with people who have a growth mindset and avoid those who have a fixed mindset. You become like the five people you surround yourself with.
  • The earlier you start to develop a growth mindset the better. You’ll be able to deal with life’s disruptive events and eventually be better prepared to enjoy your retirement.
  • That said, it’s never too late! It will improve your life.

For more on mindsets, check out What’s Your Money Mindset?

 

Hop Spot

We taste Steamworks IPA out of Vancouver, BC.

Here’s the link to listen: FW 005 Hop Spot

Steamworks

 

Leave a Reply

Your email address will not be published. Required fields are marked *