How a Financial Crisis Became My Greatest Teacher
By: Theo Siqueira (contato@techviseon.com)
Have you ever had a moment that completely transformed how you think about something? For me, that moment came when I was staring at my bank account balance, feeling that familiar knot of anxiety in my stomach. The numbers on the screen told a story of financial struggle I’d been living with for years. But that day was different. That day, I decided to change my relationship with money forever. In this article, I’ll share the journey that led me to transform my financial mindset and how it has impacted every aspect of my life since.
The Breaking Point
It was a rainy Tuesday afternoon in March when I received an email that would change everything. The notification from my bank stated that my account was overdrawn—again. This wasn’t the first time, but something about this particular moment hit differently. I was 32 years old, working a decent job, yet I was constantly living paycheck to paycheck. Where was all my money going?
As I sat there, a cup of coffee growing cold beside me, I began to reflect on my relationship with money. Growing up, my family never discussed finances openly. Money was always a source of stress and arguments. I had unconsciously adopted the belief that money was scarce, that financial security was something only “other people” achieved.
That rainy afternoon, I realized I had been operating from a place of financial fear my entire adult life. I was making decisions based on a scarcity mindset rather than abundance. I was treating money as something that controlled me rather than a tool I could control.
The Journey Begins
Something shifted in me that day. I decided I wouldn’t continue living this way. I needed to change how I thought about money, how I interacted with it, and how I allowed it to make me feel.
The first step was brutal but necessary: I needed to face my financial reality. I gathered all my bank statements, credit card bills, and loan documents. I created a spreadsheet and entered every single expense and debt. The total was shocking, but for the first time, I wasn’t running from it. I was facing it head-on.
Next, I immersed myself in financial education. I devoured books like “Rich Dad, Poor Dad” by Robert Kiyosaki and “The Psychology of Money” by Morgan Housel. I listened to finance podcasts during my commute. I signed up for a personal finance course online.
But the most powerful part of my journey was examining my deeply held beliefs about money. I realized I had been telling myself stories that weren’t serving me:
“Money is hard to come by.” “I’ll never be good with finances.” “Wealthy people are just lucky.” “I don’t deserve financial abundance.”
These limiting beliefs had been dictating my financial behavior for years. Each time I splurged on an unnecessary purchase, I was telling myself, “You can’t take it with you!” Each time I avoided looking at my bank account, I was reinforcing the idea that money was something to fear.
The Mindset Shift
Changing my money mindset didn’t happen overnight. It was a gradual process of replacing old thoughts with new ones. Here are some of the key shifts that transformed my relationship with money:
1. From Scarcity to Abundance
I started practicing gratitude for the money I did have rather than focusing on what I lacked. Every time I paid a bill, I would thank the universe for having the means to do so. This simple practice began to shift my energy around money from fear to appreciation.
2. From Avoidance to Awareness
I set up a weekly “money date” with myself where I would review my finances, track my spending, and make adjustments to my budget. Over time, this ritual became less anxiety-inducing and more empowering.
3. From Victim to Creator
I stopped blaming external circumstances for my financial situation and took full responsibility for my choices. This was perhaps the most difficult shift but also the most liberating.
4. From Immediate Gratification to Long-term Vision
I developed a clear vision for my financial future. Instead of spending impulsively, I began to ask myself, “Does this purchase align with my financial goals?” This simple question has saved me from countless unnecessary expenses.
Practical Steps to Change Your Money Mindset
If you’re looking to transform your own relationship with money, here are some practical steps that worked for me:
- Examine your money beliefs: Write down all the thoughts and feelings that come up when you think about money. Are they serving you or holding you back?
- Create financial clarity: Know exactly where your money is coming from and where it’s going. Knowledge is power.
- Set meaningful financial goals: Goals give you direction and purpose. Make sure they’re specific, measurable, achievable, relevant, and time-bound (SMART).
- Educate yourself: Invest time in learning about personal finance. The more you know, the more confident you’ll feel.
- Find a financial mentor: This could be a friend who’s good with money, a financial advisor, or even a personal finance content creator whose advice resonates with you.
- Practice financial self-care: This means treating your financial health as an important part of your overall wellbeing.
- Celebrate financial wins: Acknowledge and celebrate your progress, no matter how small.
Common Doubts and Misconceptions
As I’ve shared my journey with friends and family, I’ve encountered several common doubts and misconceptions about changing one’s money mindset:
“Isn’t focusing on money materialistic?”
There’s a difference between being materialistic and being financially responsible. Having a healthy relationship with money allows you to take care of yourself and others.
“Don’t you need to be earning a lot to be good with money?”
While earning more certainly helps, good money management is more about how you handle what you have than how much you have.
“Isn’t financial success mostly about luck?”
Luck may play a role, but consistent good decisions and habits are far more important for long-term financial wellbeing.
“Isn’t it too late for me to change my financial situation?”
It’s never too late to improve your relationship with money. Small changes today can lead to significant improvements over time.
The Importance of a Healthy Money Mindset
Changing my money mindset hasn’t just improved my financial situation—it’s enhanced my entire life. When you’re not constantly worried about money, you have more mental and emotional bandwidth for other important aspects of life.
A healthy money mindset allows you to:
- Make decisions from a place of confidence rather than fear
- Use money as a tool to create the life you want
- Be more generous with others
- Pursue opportunities that align with your values
- Plan for the future while enjoying the present
Your relationship with money affects virtually every area of your life. By transforming how you think about money, you’re essentially transforming how you think about yourself and your capabilities.
Frequently Asked Questions
How long does it take to change your money mindset?
This varies for everyone. For me, it took about six months to notice significant changes in my thinking and behaviors around money. Be patient with yourself—lasting change takes time.
Do I need to hire a financial advisor to improve my money mindset?
While professional advice can be valuable, changing your money mindset is something you can absolutely do on your own with the right resources and commitment.
What if I fall back into old patterns?
Setbacks are normal. When they happen, practice self-compassion, learn from the experience, and recommit to your financial goals.
Can changing my money mindset really lead to more money?
In my experience, yes. When you think differently about money, you make different decisions. Those decisions often lead to better financial outcomes over time.
How do I handle friends or family who don’t support my financial goals?
Set boundaries around financial discussions, seek support from like-minded individuals, and remember that your financial journey is personal.
In Summary
The day I changed my mindset about money was the day I took back control of my financial life. It wasn’t a magical transformation—it was a decision followed by consistent action. By examining my beliefs, educating myself, and implementing practical strategies, I’ve created a healthier, more positive relationship with money.
Today, I no longer feel that knot of anxiety when I check my bank account. I have savings for the first time in my adult life. I’m systematically paying down debt. I’m investing for the future. Most importantly, I feel empowered rather than defeated when it comes to my finances.
If you’re struggling with your relationship with money, I encourage you to examine your own money mindset. The beliefs you hold about money have a profound impact on your financial reality. By changing those beliefs, you can change your financial future.
Remember, the journey to financial wellbeing begins with a single step. For me, that step was deciding to think differently about money. What will your first step be?
If you enjoyed this article, please leave a comment below! I’d love to hear about your own experiences with money mindset and any shifts you’ve experienced.