11 October 2024
Managed accounts? Simple.
For advisers and their clients, are managed accounts simply a better way to invest? Read more to find out why managed accounts have become so popular with investors and advisers. Read more
20th February 2019 - Asset Management, Private Wealth
Mindfulness isn’t often a word associated with money, but being mindful is a skill and practice that holds many benefits when it comes to managing your finances in a more clear, intentional and purposeful way.
A mindful money practice requires you to pay full attention to your money on a moment-by-moment basis. In other words, it’s about being present and aware of what you are thinking, feeling and doing with your money.
The mindfulness process begins with observing your inner experience with money: your thoughts and feelings about it.
Creating a vision for your money and setting goals for the future is an important part of money management.
Mindfulness encourages you to stay present and focused on your actions towards these bigger visions, keep on track towards your goals, and make necessary adjustments along the way. It also requires you to become clear on what your money beliefs are, the expectations you have of yourself and others with money, how you define success and ultimately what wealth means to you personally. It helps you to:
Being aware of all of these things helps you to better understand the role of money in your life and how you can begin to use it in ways that best support you.
Your habits, actions and behaviours with money will predict your experience and reality with it. If you spend without thinking, leave bills unopened, ignore your bank or credit card statements, delay saving, or procrastinate managing your finances then your money is more likely to control you and cause stress.
Adopting a mindfulness practice is about bringing awareness to these habits and behaviours and choosing to continue those actions that support (rather than detract) from your future wealth.
Over time, as you practise mindfulness, it becomes second nature. Bringing your attention to the way you earn money, spend money and use money in your day to day life is one of the simplest ways to start creating a more conscious and healthy relationship with it.
If you would like more information, please call 1300 ELSTON or email info@elston.com.au and an adviser will be in touch.
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