For years, I’ve said that money is the one area of our lives that can be easy and relatively simple. So why do we find ourselves overcomplicating it again and again?

I’ve just returned from a week-long silent meditation retreat. Why silent and why meditate? Because if I don’t get silent periodically, I start believing my thoughts and that gets me in trouble with my finances.

Meditation helps me gain awareness of my fixed and limiting money beliefs as well as my fear. It’s a tool for dissolving anxiety even if the economy doesn't improve, I can’t find a job, or my portfolio doesn’t rebound. Mindfulness directs our attention to what’s arising at this moment, not to my fearful thoughts about what might happen in 3 months, or my belief that I have to work weekends to be successful.

Silence and meditation can also help us recognize our own recirculating thoughts and limiting beliefs about money.

You might hear yourself saying things like, “I don’t know if I can trust the system," "I don't have the expertise to invest," "I don't want to get burned again," "I'm not good with money," "I have to earn a lot to make up for the past," "If I had more money, I'd be happier," or "I just don’t want my investments or income to go down.”

I’ve seen how each of these beliefs can lead many intelligent people to overcomplicate money, especially with investing, and earn less money than they could have gained had they followed some simple guidelines.

Mindfulness helps us become aware of these beliefs. Common sense will help with the rest.

Get silent for moments every day. Intentional silence allows us to hear our wise thoughts beyond the cultural and familial noise that colors our experience with money and lets us free up the common sense needed to make wise financial decisions.
 
FINANCIAL TIPS

Following evidenced-based guidelines for spending and investing will keep your finances simple, less stressful, and far more productive:

• Become aware of one of your dominant money beliefs and write down 3 ways that belief might not be true.
• Become aware of your money anxiety and cultivate a compassionate response instead of trying to get rid of the anxiety by either spending or hoarding.
• Find work you love that you could do well into your 70’s or find a side hustle that you love.
• Find out how to increase your income at work or your self-employed income. Chat with 5 colleagues or clients and get their perspectives on how to do this.
• Consider investing in thousands of companies around the globe (rather than cherry picking companies). Today is statistically the best time to start investing. Keep your expenses and taxes to a minimum, and if the market is in a slump, let go of waiting for it to go down further–take advantage of investments being on sale.
• Spend less than you earn after taxes, use debit cards and avoid using credit cards that you can’t pay off each month.