In the journey from financial struggle to prosperity, one of the most challenging hurdles isn’t always external—it’s the mindset we carry with us and, sometimes, our bad money habits.
For many, the path to financial stability has been paved with hard work, sacrifice, and yes, struggle. Raising a family, investing in property, and making ends meet often require giving it your all. But what happens when this struggle becomes so ingrained that we can’t let it go, even when our circumstances have improved?
The Lingering Poverty Game
The Poverty Game—a mindset of scarcity and constant sacrifice—doesn’t disappear overnight. Even when people have built substantial wealth, the habits formed during leaner times can persist. It’s as if the mind is stuck in a loop, continuously preparing for the worst even when the worst is no longer a threat.
For those in their 40s, 50s, or even 60s, who’ve successfully navigated the choppy waters of early family life and investment, it’s crucial to recognise when the struggle phase should end. If you’ve built a solid asset base and have significant equity, it’s time to start enjoying the fruits of your labour.
Breaking Free from Old Patterns
Bad money habits, like any deeply ingrained behaviours, don’t vanish in an instant. They’re often rooted in emotional experiences and long-held beliefs about money. Here are some common bad money habits that tend to linger:
- Overspending on ‘bargains’
- Forgetting to budget
- Emotional spending
- Avoiding financial conversations
- Failing to invest or take action
The Awareness Factor
The first step to changing these habits is awareness. It’s about catching yourself when you’re reverting to Poverty Game thinking. Are you saying no to experiences you can now afford? Are you losing sleep over financial decisions that no longer pose a significant risk to your stability?
Remember, Poverty Game level thinking produces Poverty Game level behaviours, which ultimately lead to Poverty Game level outcomes. Even if you’ve been playing the Wealth Game for a few years, decades of ingrained habits won’t disappear without conscious effort. Here are some strategies for creating lasting change:
- Practice mindfulness with money
- Educate yourself continuously
- Seek professional advice
- Set new financial goals
- Celebrate financial wins
Embracing the Wealth Game Mindset
The transition from a scarcity mindset to one of abundance is a journey. It requires patience, self-reflection, and often, a bit of discomfort as you push against long-held beliefs. But remember, if you’ve successfully played the Wealth Game to build your assets, you’ve earned the right to enjoy a new phase of life—one where struggle isn’t the default setting.
As you move forward, stay aware of your thought patterns and behaviours around money. Recognise when old habits are creeping in and gently guide yourself towards decisions that align with your current financial reality. The Poverty Game may have shaped your past, but it doesn’t have to dictate your future. It’s time to fully step into the Wealth Game and enjoy the life you’ve worked so hard to create. Talk to our expert team today about how we can help.