When we want to find out about what it takes to be financially smart, we often focus on the practical aspects of money such as budgeting, saving, investing and planning for our financial goals. It makes sense to think that if we learn and apply all the right financial principles, then we should be well equipped to become successful with money.

However, very often we forget to consider the effects that the psychological side of money may have on our results. The cold, hard facts of bank balances, expense figures, interest rates and growth targets are not the only determinants of money success; our emotions surrounding our finances also play an essential role.

About five years ago I attended a financial seminar called the Millionaire Mind Intensive, which promised to transform the way people thought about money. The major premise of the event was that by exposing any negative underlying feelings about money and replacing them with positive emotions, you would be better able to carry out the tasks necessary for financial achievement.

Money problems start in your mind

If you are struggling with money challenges right now, don’t assume that your situation can be completely resolved by receiving a sudden income boost or getting rid of your debt. Experts on psychology explain that our circumstances are not created by events outside of us, but they have their roots inside the recesses of our minds.

As I learned in the Millionaire Mind Intensive, people exist within four realms; mental, emotional, spiritual and physical. Your thoughts lead to your feelings, which then direct your actions, which produce your end results. Therefore, the current state of your financial affairs is a direct consequence of what’s going on inside your mind about money.

T. Harv Eker, founder of Peak Potentials, the company which organised the seminar, explained that the only way to change your outer physical world, which is represented by your results, was to change the inner world of your mind. So, in order to break free of your financial problems, you have to change your unsupportive emotions about money.

Uncovering true feelings about money

One of the first workshop activities was an exercise to unearth some of our beliefs associated with money. We were asked to complete this statement, ‘My greatest worries and fears regarding money and wealth are…’ This assignment, along with other soul-searching questions, forced us to go deep within to discover what we subconsciously thought about money.

Once we acknowledged our negative beliefs about money, the next exercise helped us to understand the origin of our thoughts. How we think today was created by the mental conditioning built up over the years from what we heard in the past, the behaviours we modelled and specific incidents surrounding money.

We then learnt how to accept our thoughts as merely our interpretations of our past experiences. “Nothing has any meaning expect the meaning you give it,” Eker explained. You have to ability to separate yourself from your thoughts by ascribing different meanings to past occurrences. In this way, you can choose to create a positive spin on a previously negative thought.

Finally, we carried out several activities designed to help us to destroy our non-supportive thoughts about money. “You have to re-examine your beliefs based on who you are today and who you want to be tomorrow,” Eker confirmed. To properly recondition your mind, you have to continuously replace negative ideas with more empowering ways of thinking about money.

What are your negative money thoughts?

It was enlightening to see persons of all races, ages and backgrounds breaking down in tears once they admitted their negative money beliefs, and accepted a positive approach to creating wealth. Releasing the past money messages was definitely a breakthrough experience for most of the persons who attended the seminar.

The problem is that most people find it hard to admit the negative thinking that pervades their minds. It seems that money is the last taboo topic; many people will continue to pretend that all is well financially, when in reality they are deeply worried inside. Lying to yourself about your true feelings regarding money will only perpetuate your financial challenges.

The thoughts created in the past lead to present emotions that can cripple your financial future. “If your relationship with money is full of anger, fear, guilt or sadness,” Eker explained, “it will have a negative effect on your money.” He revealed that you automatically bring your emotions to all the decisions you take with money; this will adversely affect your income, opportunities and wealth.

If you think you’re being held back by your negative money emotions, what can you do to break free? I usually tell people that they can find the answers to their financial problems in books and CDs about money. Reading Eker’s best-selling book, Secrets of the Millionaire Mind, led me to accept the free invitation to attend this financial seminar, an event which changed my life forever.

Copyright © 2011 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, September 22, 2011

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Cherryl is a financial consultant and coach, founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmartonline.com. Contact Cherryl