{"id":358959,"date":"2020-11-05T08:51:00","date_gmt":"2020-11-05T15:51:00","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=358959"},"modified":"2020-11-05T08:51:02","modified_gmt":"2020-11-05T15:51:02","slug":"how-to-develop-a-growth-mindset","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/","title":{"rendered":"How to Develop a Growth Mindset for Your Finances"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1500\" height=\"500\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/hero-feature_senior-woman-smiling-on-phone-growth-mindset.jpg\" alt=\"\" class=\"wp-image-358961\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/hero-feature_senior-woman-smiling-on-phone-growth-mindset.jpg 1500w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/hero-feature_senior-woman-smiling-on-phone-growth-mindset-300x100.jpg 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/hero-feature_senior-woman-smiling-on-phone-growth-mindset-600x200.jpg 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/hero-feature_senior-woman-smiling-on-phone-growth-mindset-768x256.jpg 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/hero-feature_senior-woman-smiling-on-phone-growth-mindset-450x150.jpg 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/hero-feature_senior-woman-smiling-on-phone-growth-mindset-900x300.jpg 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/hero-feature_senior-woman-smiling-on-phone-growth-mindset-1400x467.jpg 1400w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.creditrepair.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Disclosure regarding our editorial content standards<\/em><\/a>.<\/p>\n\n\n\n<p>Have you ever had a negative thought you can\u2019t seem to shake after a miscalculation? A giant stomping around in your head saying, <em>\u201cFee-Fi-Fo-Fum, you messed up and you feel dumb.\u201d <\/em>According to <a href=\"https:\/\/www.ted.com\/talks\/carol_dweck_the_power_of_believing_that_you_can_improve\" target=\"_blank\" rel=\"noreferrer noopener\">Carol Dweck<\/a>, you\u2019re experiencing the effects of a fixed mindset. The opposite of that is a growth mindset, or the belief that talents can be developed to the same capacity as someone who has an inherent gift for something.<\/p>\n\n\n\n<p>For those that practice Dweck\u2019s theory, learning how to develop a growth mindset can improve all aspects of your life, including <a rel=\"noreferrer noopener\" href=\"https:\/\/www.creditrepair.com\/credit-education\" target=\"_blank\">money management<\/a>. It concludes that being able to control all thoughts, conscious and unconscious, can have a profound impact on every aspect of our lives. <\/p>\n\n\n\n<p>By living in abundance instead of scarcity, adopting lifelong learning, building upon second-nature habits, being persistent and viewing challenges as opportunities, we can shift the negative mindset to one of growth.<\/p>\n\n\n\n<p>Key takeaways:<\/p>\n\n\n\n<ul><li><strong>Gratitude<\/strong> for existing circumstances is at the <strong>core of a growth mindset.<\/strong><\/li><li><strong>Skills and intelligence can be cultivated<\/strong> with practice.<\/li><li>Instead of avoiding the wrong thing, <strong>make a habit of doing the right thing.<\/strong><\/li><li><strong>Celebrate failure as an opportunity for self-improvement<\/strong> and a better overall performance.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What Is a Growth Mindset and Why Is It Important?<\/h2>\n\n\n\n<p>In 2006, Carol Dweck defined growth mindset in her book <em>Mindset: The New Psychology of Success<\/em>. Dweck began by exploring student\u2019s attitudes toward failure and success, which led to the conclusion that people have either a growth mindset or a fixed one. The theory suggests that with a growth mindset, if you put in the time and effort to achieve something and believe that you can, you will.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1500\" height=\"689\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset.png\" alt=\"Fixed mindset compared to growth mindset.\" class=\"wp-image-358962\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset.png 1500w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset-300x138.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset-600x276.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset-768x353.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset-450x207.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset-900x413.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset-1400x643.png 1400w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/figure>\n\n\n\n<p>To understand a growth mindset, you must also understand a fixed mindset:<\/p>\n\n\n\n<ul><li><strong>Growth Mindset:<\/strong> People who have this type of attitude believe that intelligence, talents and abilities can all be improved with effort. People with this mindset actively seek challenging opportunities and acknowledge genetic aptitudes with the belief that you can surpass natural talent with continuous personal improvement and growth.<\/li><\/ul>\n\n\n\n<ul><li><strong>Fixed Mindset:<\/strong> Those who view themselves with fixed traits believe they can\u2019t improve or change. They have an attitude that they are inherently able or unable to do something because of their genetic predisposition, and oftentimes will avoid challenges and failure.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Fixed Mindset and Growth Mindset Examples<\/h3>\n\n\n\n<p>When people with a growth mindset face challenges, they\u2019re able to make an observation that the perceived situation doesn\u2019t mean you can\u2019t get to where you want to go. Those with a fixed mindset, on the other hand, interpret challenges as impossibilities and believe they\u2019re never going to achieve more than their innate skill level.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1500\" height=\"815\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset-examples.png\" alt=\"Examples of a fixed mindset vs. a growth mindset.\" class=\"wp-image-358963\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset-examples.png 1500w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset-examples-300x163.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset-examples-600x326.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset-examples-768x417.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset-examples-450x245.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset-examples-900x489.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/fixed-vs-growth-mindset-examples-1400x761.png 1400w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">4 Ways to Apply a Growth Mindset to Your Finances<\/h2>\n\n\n\n<p>Financial literacy is a learned skill. We aren\u2019t born understanding interest rates, <a href=\"https:\/\/www.creditrepair.com\/education\/scores\/does-refinancing-hurt-credit\" target=\"_blank\" rel=\"noreferrer noopener\">refinancing<\/a> or how to invest. Instead, we need to believe in our ability to acquire knowledge about personal finance. Having a growth mindset about money means continuously thinking \u201cI realize I need to learn more about money.\u201d<\/p>\n\n\n\n<p>So often, though, people get stuck in a cycle of a limited monetary potential, believing that they\u2019ll never surpass a life of living paycheck to paycheck. This type of thinking is a fixed mindset and limits opportunities to learn financial best practices and, ultimately, how much <a href=\"https:\/\/www.creditrepair.com\/blog\/finance\/gross-income-vs-net-income\/\" target=\"_blank\" rel=\"noreferrer noopener\">income<\/a> you have the potential to generate.<\/p>\n\n\n\n<p>Having a growth mindset suggests that your personal finance capabilities are only as limited as your attitude and aptitude for learning the skill. It means you\u2019re curious about learned improvements, not striving for perfection at every turn. <\/p>\n\n\n\n<p>Learning how to develop a growth mindset for a better financial future takes living in abundance instead of scarcity, adopting lifelong learning, building upon second-nature habits, being persistent and viewing challenges as opportunities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Live in Abundance Instead of Scarcity<\/h3>\n\n\n\n<p>With a fixed mindset, we perpetuate the belief of scarcity and often compare our lives to the lives of those around us. This leads us to believe we\u2019ll never have enough and we live in a static situation.<\/p>\n\n\n\n<p><em>\u201cMy credit score should be higher.\u201d<\/em><\/p>\n\n\n\n<p><em>\u201cI\u2019ll be happy if I can get that promotion.\u201d<\/em><\/p>\n\n\n\n<p><em>\u201cI\u2019ll never be able to pay off this credit card debt.\u201d<\/em><\/p>\n\n\n\n<p>Shifting this belief to a growth mindset means we have enough and we can produce as much as we want, with proper consideration and education. Think about your finances as an opportunity for growth, rather than a debt you can never repay.<\/p>\n\n\n\n<p>Gratitude for existing circumstances is at the core of a growth mindset. How you think about yourself, what you need and how much you\u2019re worth are all factors that impact financial literacy. Consider yourself a successful investor who appreciates what they have but acknowledges the ability for growth.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1500\" height=\"440\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-practice-living-in-abundance.png\" alt=\"Practice living in abundance by writing down a few things you're grateful for each morning, like bringing in a paycheck.\" class=\"wp-image-358964\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-practice-living-in-abundance.png 1500w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-practice-living-in-abundance-300x88.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-practice-living-in-abundance-600x176.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-practice-living-in-abundance-768x225.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-practice-living-in-abundance-450x132.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-practice-living-in-abundance-900x264.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-practice-living-in-abundance-1400x411.png 1400w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/figure>\n\n\n\n<p>To create a growth mindset in abundance, you have to question the belief system that has built your assumptions about money including habits, earning potential, expenses and income.<\/p>\n\n\n\n<p><strong>Your money mantras:<\/strong><\/p>\n\n\n\n<ul><li>\u201cI\u2019m inspired by my neighbor\u2019s accomplishments.\u201d<\/li><li>\u201cI\u2019m grateful I have a degree.\u201d<\/li><li>\u201cSuccess, money and happiness come easily.\u201d<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. Adopt Lifelong Learning<\/h3>\n\n\n\n<p>People with a fixed mindset tend to accept the fact they don\u2019t know something, and use that as a way to excuse behavior that\u2019s limiting them from reaching their goal.<\/p>\n\n\n\n<p><em>\u201cI\u2019m just not good with money.\u201d<\/em><\/p>\n\n\n\n<p><em>\u201cI never learned what factors into my credit score.\u201d<\/em><\/p>\n\n\n\n<p><em>\u201cInvesting is difficult, I won\u2019t be able to understand it.\u201d<\/em><\/p>\n\n\n\n<p>A growth mindset happens when we continue to exercise our brains. Skills and intelligence can be cultivated with practice. The theory suggests that you can learn to save, learn to make more money or learn to get out of debt with practice. Notably, we are not the situations we were born into, and we can adapt our financial futures.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"174\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-adopt-lifelong-learning-600x174.png\" alt=\"Adopt lifelong learning habits by creating a spreadsheet to track income and expenses, then modify your management strategy.\" class=\"wp-image-358965\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-adopt-lifelong-learning-600x174.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-adopt-lifelong-learning-300x87.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-adopt-lifelong-learning-768x223.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-adopt-lifelong-learning-450x130.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-adopt-lifelong-learning-900x261.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-adopt-lifelong-learning-1400x406.png 1400w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-adopt-lifelong-learning.png 1518w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>When you are rooted in the belief you can\u2019t learn to be better with your personal finances, you\u2019re closing opportunities to better serve your financial future.<\/p>\n\n\n\n<p><strong>Your money mantras:<\/strong><\/p>\n\n\n\n<ul><li>\u201cI\u2019ll learn as I go.\u201d<\/li><li>\u201cI have the opportunity to learn about (investing, debt consolidation, repayment).\u201d<\/li><li>\u201cI&#8217;ll learn to monetize my skills and talents.\u201d<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. Build Upon Second-Nature Habits<\/h3>\n\n\n\n<p>People may associate financial competence with avoidance. With that negative association, it makes money management a chore, and difficult to do.<\/p>\n\n\n\n<p><em>\u201cI shouldn\u2019t make a purchase.\u201d<\/em><\/p>\n\n\n\n<p><em>\u201cIf I could just stop buying lattes. . . .\u201d<\/em><\/p>\n\n\n\n<p><em>\u201cI can\u2019t run up the balance on my credit card.\u201d<\/em><\/p>\n\n\n\n<p>In reality, the growth mindset is about building habits that become second nature. Instead of avoiding the wrong thing, make a habit of doing the right thing, so much so that you don\u2019t notice when you\u2019re doing it. Set goals to create systems that make positive financial outcomes. View failure as an opportunity for growth, then modify your goals as needed.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1518\" height=\"440\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-build-second-nature-habits.png\" alt=\"Build second-nature habits by setting up a comfortable amount of automatic withdrawals to your savings account.\" class=\"wp-image-358966\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-build-second-nature-habits.png 1518w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-build-second-nature-habits-300x87.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-build-second-nature-habits-600x174.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-build-second-nature-habits-768x223.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-build-second-nature-habits-450x130.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-build-second-nature-habits-900x261.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-build-second-nature-habits-1400x406.png 1400w\" sizes=\"(max-width: 1518px) 100vw, 1518px\" \/><\/figure>\n\n\n\n<p><strong>Your money mantras:<\/strong><\/p>\n\n\n\n<ul><li>\u201cI\u2019ll happily spend money on a planned purchase.\u201d<\/li><li>\u201cI\u2019m investing in myself by spending this money.\u201d<\/li><li>\u201cI don\u2019t notice the salary percentage going to my 401(k) because I expect it.\u201d<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4. Have Persistence and View Challenges as Opportunities<\/h3>\n\n\n\n<p>A growth mindset is particularly useful to cultivate persistence. When you have a fixed mindset, you tend to avoid anything challenging or that you weren\u2019t immediately good at.<\/p>\n\n\n\n<p><em>\u201cMy business failed so I\u2019m not going to try entrepreneurship again.\u201d<\/em><\/p>\n\n\n\n<p><em>\u201cI wasn\u2019t able to pay off my statement this month; it\u2019s hopeless.\u201d<\/em><\/p>\n\n\n\n<p><em>\u201cThere\u2019s no point in trying to invest if I might lose money.\u201d<\/em><\/p>\n\n\n\n<p>When you shift these mindsets to ones of growth, these scenarios become opportunities to improve. The theory celebrates failure as a way to conduct self-improvement for a better overall performance. A growth mindset means going against the grain, being persistent and attempting challenging opportunities in order to supplement a better financial future.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1518\" height=\"440\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-challenges-as-opportunities.png\" alt=\"View challenges as opportunities by approaching mistakes from an inquisitive place without judgment and finding three items you can improve upon.\" class=\"wp-image-358967\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-challenges-as-opportunities.png 1518w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-challenges-as-opportunities-300x87.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-challenges-as-opportunities-600x174.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-challenges-as-opportunities-768x223.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-challenges-as-opportunities-450x130.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-challenges-as-opportunities-900x261.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/growth-challenges-as-opportunities-1400x406.png 1400w\" sizes=\"(max-width: 1518px) 100vw, 1518px\" \/><\/figure>\n\n\n\n<p>Instead of harsh self-criticism, identify the root cause of the failure and work to overcome it.<\/p>\n\n\n\n<p><strong>Your money mantras:<\/strong><\/p>\n\n\n\n<ul><li>\u201cI may make a mistake, but I will always learn from it.\u201d<\/li><li>\u201cIn the past, when I tried to invest, I didn\u2019t have much success. But I can do better.\u201d<\/li><li>\u201cI\u2019m glad I got feedback from the interview so I can improve those skills.\u201d<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1500\" height=\"6195\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/Growth-Mindset-IG-small-1.png\" alt=\"Growth mindset infographic\n\" class=\"wp-image-358969\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/Growth-Mindset-IG-small-1.png 1500w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/Growth-Mindset-IG-small-1-73x300.png 73w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/Growth-Mindset-IG-small-1-97x400.png 97w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/Growth-Mindset-IG-small-1-768x3172.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/Growth-Mindset-IG-small-1-372x1536.png 372w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/Growth-Mindset-IG-small-1-496x2048.png 496w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/Growth-Mindset-IG-small-1-450x1859.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/Growth-Mindset-IG-small-1-600x2478.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/Growth-Mindset-IG-small-1-900x3717.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/Growth-Mindset-IG-small-1-1400x5782.png 1400w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/figure>\n\n\n\n<p>The way we think about learning and our own abilities can have a significant impact on our financial literacy. By applying Dweck\u2019s theory to money management, it suggests that by altering your perspective, you\u2019ll be able to achieve positive monetary changes, whether that\u2019s getting out of <a href=\"https:\/\/www.creditrepair.com\/fix-my-credit\" target=\"_blank\" rel=\"noreferrer noopener\">credit card debt<\/a> or investing in the next big thing.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><strong>Sources:<\/strong> <a href=\"https:\/\/leadlocal.global\/wp-content\/uploads\/2016\/12\/Dweck-What-Having-a-%E2%80%9CGrowth-Mindset%E2%80%9D-Actually-Means-HBR.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Harvard Business Review<\/a> | <a href=\"https:\/\/www.mdpi.com\/2076-3425\/8\/2\/20\" target=\"_blank\" rel=\"noreferrer noopener\">MDPI<\/a> | <a href=\"https:\/\/www.mindsetworks.com\/science\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mindset Works<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learning how to develop a growth mindset is a matter of persistence. A growth mindset lends to the belief that you can accomplish anything with enough practice. <\/p>\n","protected":false},"author":53,"featured_media":358970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.5 (Yoast SEO v18.5.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Develop a Growth Mindset for Your Finances - CreditRepair.com<\/title>\n<meta name=\"description\" content=\"Learning how to develop a growth mindset is a matter of persistence. A growth mindset lends to the belief that you can accomplish anything with enough practice.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Develop a Growth Mindset for Your Finances\" \/>\n<meta property=\"og:description\" content=\"Learning how to develop a growth mindset is a matter of persistence. A growth mindset lends to the belief that you can accomplish anything with enough practice.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/\" \/>\n<meta property=\"og:site_name\" content=\"CreditRepair.com\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-05T15:51:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-05T15:51:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/hero_senior-woman-smiling-on-phone-growth-mindset.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"974\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"CreditRepair.com\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/#website\",\"url\":\"https:\/\/www.creditrepair.com\/blog\/\",\"name\":\"CreditRepair.com\",\"description\":\"We are the credit repair experts\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.creditrepair.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/hero_senior-woman-smiling-on-phone-growth-mindset.jpg\",\"contentUrl\":\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/hero_senior-woman-smiling-on-phone-growth-mindset.jpg\",\"width\":1500,\"height\":974},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/#webpage\",\"url\":\"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/\",\"name\":\"How to Develop a Growth Mindset for Your Finances - CreditRepair.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.creditrepair.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/#primaryimage\"},\"datePublished\":\"2020-11-05T15:51:00+00:00\",\"dateModified\":\"2020-11-05T15:51:02+00:00\",\"author\":{\"@id\":\"https:\/\/www.creditrepair.com\/blog\/#\/schema\/person\/b6a0ed1581c75b80038a296d9b5d0c4c\"},\"description\":\"Learning how to develop a growth mindset is a matter of persistence. A growth mindset lends to the belief that you can accomplish anything with enough practice.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.creditrepair.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How to Develop a Growth Mindset for Your Finances\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/#\/schema\/person\/b6a0ed1581c75b80038a296d9b5d0c4c\",\"name\":\"CreditRepair.com\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/6e9a80c6eb78a57c94193da148de1015?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/6e9a80c6eb78a57c94193da148de1015?s=96&d=mm&r=g\",\"caption\":\"CreditRepair.com\"},\"url\":\"https:\/\/www.creditrepair.com\/blog\/experts\/credit-repair\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"How to Develop a Growth Mindset for Your Finances - CreditRepair.com","description":"Learning how to develop a growth mindset is a matter of persistence. A growth mindset lends to the belief that you can accomplish anything with enough practice.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/","og_locale":"en_US","og_type":"article","og_title":"How to Develop a Growth Mindset for Your Finances","og_description":"Learning how to develop a growth mindset is a matter of persistence. A growth mindset lends to the belief that you can accomplish anything with enough practice.","og_url":"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/","og_site_name":"CreditRepair.com","article_published_time":"2020-11-05T15:51:00+00:00","article_modified_time":"2020-11-05T15:51:02+00:00","og_image":[{"width":1500,"height":974,"url":"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/hero_senior-woman-smiling-on-phone-growth-mindset.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"CreditRepair.com","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/www.creditrepair.com\/blog\/#website","url":"https:\/\/www.creditrepair.com\/blog\/","name":"CreditRepair.com","description":"We are the credit repair experts","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.creditrepair.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","@id":"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/#primaryimage","inLanguage":"en-US","url":"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/hero_senior-woman-smiling-on-phone-growth-mindset.jpg","contentUrl":"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/11\/hero_senior-woman-smiling-on-phone-growth-mindset.jpg","width":1500,"height":974},{"@type":"WebPage","@id":"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/#webpage","url":"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/","name":"How to Develop a Growth Mindset for Your Finances - CreditRepair.com","isPartOf":{"@id":"https:\/\/www.creditrepair.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/#primaryimage"},"datePublished":"2020-11-05T15:51:00+00:00","dateModified":"2020-11-05T15:51:02+00:00","author":{"@id":"https:\/\/www.creditrepair.com\/blog\/#\/schema\/person\/b6a0ed1581c75b80038a296d9b5d0c4c"},"description":"Learning how to develop a growth mindset is a matter of persistence. A growth mindset lends to the belief that you can accomplish anything with enough practice.","breadcrumb":{"@id":"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.creditrepair.com\/blog\/savings-and-investments\/how-to-develop-a-growth-mindset\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.creditrepair.com\/blog\/"},{"@type":"ListItem","position":2,"name":"How to Develop a Growth Mindset for Your Finances"}]},{"@type":"Person","@id":"https:\/\/www.creditrepair.com\/blog\/#\/schema\/person\/b6a0ed1581c75b80038a296d9b5d0c4c","name":"CreditRepair.com","image":{"@type":"ImageObject","@id":"https:\/\/www.creditrepair.com\/blog\/#personlogo","inLanguage":"en-US","url":"https:\/\/secure.gravatar.com\/avatar\/6e9a80c6eb78a57c94193da148de1015?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6e9a80c6eb78a57c94193da148de1015?s=96&d=mm&r=g","caption":"CreditRepair.com"},"url":"https:\/\/www.creditrepair.com\/blog\/experts\/credit-repair\/"}]}},"_links":{"self":[{"href":"https:\/\/www.creditrepair.com\/blog\/wp-json\/wp\/v2\/posts\/358959"}],"collection":[{"href":"https:\/\/www.creditrepair.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.creditrepair.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.creditrepair.com\/blog\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/www.creditrepair.com\/blog\/wp-json\/wp\/v2\/comments?post=358959"}],"version-history":[{"count":2,"href":"https:\/\/www.creditrepair.com\/blog\/wp-json\/wp\/v2\/posts\/358959\/revisions"}],"predecessor-version":[{"id":358972,"href":"https:\/\/www.creditrepair.com\/blog\/wp-json\/wp\/v2\/posts\/358959\/revisions\/358972"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.creditrepair.com\/blog\/wp-json\/wp\/v2\/media\/358970"}],"wp:attachment":[{"href":"https:\/\/www.creditrepair.com\/blog\/wp-json\/wp\/v2\/media?parent=358959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.creditrepair.com\/blog\/wp-json\/wp\/v2\/categories?post=358959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.creditrepair.com\/blog\/wp-json\/wp\/v2\/tags?post=358959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}