Personal wealth is one of those things that everyone has a different opinion about. Some find wealth to be something that doesn’t necessary matter too much and is adjunct to other aspects of life, while others live and breathe for their money. While a healthy attitude may likely fall somewhere in between these two extremes, there’s no getting around the fact that many people simply have the wrong mindset about personal wealth, and some go through their entire lives this way.

The key to getting the most out of your money is to adopt a healthy attitude about how you deal with it. This can be easier said than done, but there are a few common things that may be getting in the way. Understanding why you might be having issues is the first step towards fixing them, and it doesn’t have to be nearly as hard as you might think. Consider the following five reasons why many people have the wrong mindset about personal wealth, and see if they apply to you.

1. You view the accumulation of wealth as a competition.

If there’s one thing that almost everyone experiences at one point or another when it comes to money, it’s jealousy. Many believe that accumulation of wealth is a competition of sorts, which is really missing the mark entirely. Rather, you should take responsibility for your own unique situation, ignoring the wealth of other’s entirely. After all, it’s not as if what someone else has in their wallet has an effect on your finances, yet we so often believe that we need to play catch-up with those who have more money than us.

The bottom line, however, is that there are always going to be people out there who have more money than you, and turning things into a competition will do nothing but cause you distress. Be a good steward of your own finances, and you’ll no doubt see a marked change in your attitude.

2. You think you need to be making more money.

Let’s face it — at the end of the day, everyone wants to bring home more money. For many, however, the obsession over making more money can get in the way of actually dealing with it in a proper manner. Most of the time, those who think they need to be making more actually need to be placing more focus on the money they actually have, as this can have a much more powerful impact in the end than simply getting a higher-paying job.

This isn’t to say that there’s no reason for you to go out and try to better your career, but the important thing to realize is that you should only be doing this if you already have your current finances in order. Focus on how to deal with what you have at the moment, and there may be room for bringing-in more money in the future.

3. You think you need a helping hand.

A lot of people end up getting heavily frustrated with their financial situation and start pointing fingers at those who are well-off. Some, for example, get irritated by individuals who have received an inheritance or have otherwise gotten a financial kick-start, which can lead to resentment and an overall poor attitude. This is more common than most people want to admit, and it’s easy to see why.

In reality, however, you don’t need a financial boost to get started with focusing-on and maintaining personal wealth. Indeed, some of the richest individuals in the world got to where they are because of hard work and perseverance — not an inheritance. No one can argue that a little extra money would hurt, but it’s not a necessity and should never be obsessed over.

4. You don’t think you need an accountant.

For some people, the idea of hiring an accountant to handle personal finances seems crazy. Most associate accountants with business purposes, yet this doesn’t have to be the case at all. Maintaining a positive attitude about your finances is next to impossible if you don’t have all of your ducks in a row, and this is exactly what an accountant can do in order to help keep you on the right track. Accountants can be extremely helpful when it comes time to do your taxes, as well. The added costs that can come along with hiring an accountant can sometimes be enough to keep people from pulling the trigger, but when you consider how much money you might be able to save in the long run by having someone on your side, it becomes quite clear just how helpful it can be to have an accountant you can trust.

5. You think you should be investing more.

There are countless reasons to learn how to invest in stocks, bonds and other options. Many people make a fair amount of money investing without having to even put very much effort in at all, which can be enticing for those who are looking to pad their bank accounts. What it truly comes down to, however, is that investing is not for everyone. Indeed, it can take a long time to learn how to properly handle investments, and it’s possible to lose quite a bit of money in the process if you’re not careful. There’s no harm in learning more about the world of investing, but instead of simply jumping in, you should take time to focus on your current financial situation and educating yourself about the finer points of the world of investing.

Investopedia and My Bank Tracker have or may have had an advertising relationship, either directly or indirectly. This post is not paid for or sponsored by My Bank Tracker, and is separate from any advertising partnership that may exist between the companies. The views reflected within are solely those of My Bank Tracker and their Authors.

Related Articles
  1. Retirement

    5 Reasons Millennials Lead in Saving for Retirement

    Say what you want to about millennials but the one thing they are doing better than any other generation is saving for retirement. Here's why.
  2. Investing

    3 Small Steps to Maximize Your Investing Goals

    Instead of starting the New Year with ambitious resolutions, why not taking smaller manageable steps that can have a real impact.
  3. Investing

    7 Creative Ways to Save for an Early Retirement

    Take note of these out of the box steps you can take towards securing yourself an earlier, more comfortable retirement.
  4. Saving and Spending

    Saving $100 Now Is Better Than Saving $1,000 In 10 Years

    Learn why it is better to save $100 every year starting right now rather than $1,000 in 10 years, and find out the benefits of early saving and investing.
  5. Savings

    How to Save Your First $100,000

    Saving your first $100,000 requires the discipline to put money away and control your spending. But just remember – the savings get bigger as you go.
  6. Insurance

    3 Reasons To Get High-Premium Health Insurance

    Health insurance is expensive, which is why many people opt for the lowest-premium plan. But that may not always be the cheapest.
  7. Savings

    Building an Emergency Fund

    Do you have enough savings to cover the costs of unforeseen crises? We show you how to plan ahead.
  8. Home & Auto

    What are The Best Ways to Save on Moving Costs?

    Because buying a house isn’t cheap, funds might be limited during your move. So, to avoid additional stress, here are seven money saving tips.
  9. Investing

    The Best Success Lessons from Brian Tracy

    Brian Tracy's motivational quotes will teach you valuable success lessons.
  10. Retirement

    4 Financial Fitness Tips for 30-Somethings

    When it comes to investing, your retirement plan could be considered the core of your financial well-being. Here we tell you how.
  1. How much money does Texas make from unclaimed property each year?

    In 2014, the office of the Texas Comptroller of Public Accounts reported $234 million in unclaimed property claimant liabilities, ... Read Full Answer >>
  2. How much money does Michigan make from unclaimed property each year?

    According to the 2013-2014 Annual Report of the State Treasurer, the state of Michigan earned only $82,875 in abandoned and ... Read Full Answer >>
  3. Are mutual fund expense ratios tax deductible?

    The short answer to whether mutual fund expense ratios are tax deductible is "No," but the long answer, however, is more ... Read Full Answer >>
  4. Can mutual funds outperform savings accounts?

    A mutual fund can – and should – outperform a savings account. In most cases, it should not even be a close race. Savings ... Read Full Answer >>
  5. Can I use my IRA savings to start my own savings?

    While there is no legal reason why you cannot withdraw funds from your IRA to start a traditional savings account, it is ... Read Full Answer >>
  6. How soon should I start saving for retirement?

    The best answer to the question, "How soon should I start saving for retirement?", is probably, "yesterday," and the second ... Read Full Answer >>
Trading Center