Apr 15

Apr 15 Perspective Is Everything: Shifting Your Mindset Can Transform The Financial Journey

Happy Tax Day! Well, technically speaking, this year ‘Tax Day’ lands on April 17th. For Americans, April 15th marks the annual deadline to mail out taxes due or file their tax returns. It's a day that often conjures feelings of stress and frustration as we grapple with the complexities of our tax obligations. However, amidst the paperwork and calculations, there's an opportunity for a simple perspective shift. While it's true that navigating the intricacies of the tax system may not be the highlight of our year, it's worth considering that, compared to other countries such as France or Germany, we may actually fare better in terms of our tax burden.

Did you know, individual who earned $100,000 USD in France could have a tax burden of $41,000 dollars? In Germany, the same person could pay $35,600 dollars in taxes. Despite the flaws of the American government to manage our tax dollars and the criticisms of the tax system, we have a relatively higher chance of retaining more of their hard-earned income and managing it more effectively. Here, a $100,000 earner could pay around $17,400. It's a reminder that, amidst the complexities of Tax Day, there are aspects of our tax system that can work in our favor, providing opportunities for financial management and stability that may not be available in other countries.

In this post, as we attempt to do using the examples taxes, we’ll explore the poignant reminder of the power of perspective. By choosing to view our tax obligations through a lens of opportunities they afford us, we can transform what may initially seem like a burden into a pathway to financial empowerment. The notion of embracing a positive mindset to reshape our outlook is not limited to Tax Day alone. It extends to every aspect of our lives, offering us the ability to find silver linings and opportunities for growth in even the most challenging circumstances.

So, the question is, how could we achieve this? In a word, Planning. We have to write down our plans and begin to break down larger objectives into smaller, actionable steps to create a financial roadmap for success. In my opinion, achieving this becomes significantly more challenging without deliberately and consistently visiting environments that shift our perspective.

We’ve all heard the saying, ‘You have to spend money to make money’. If we take that literal but strategically, it can impact our goals more than we’d expect. It can save us from overthinking when we start to meticulously plan our lives just how we normally do for our education, our careers, our finances or even our kids. Let's ease this burden we place on ourselves when we ‘spend’ by examining our intentions and long-term viewpoint. This can be accomplished several ways and we’d like to point out the 3 below that work for BMG.

1. Reclassify expenditures as an investment.

Obviously, not all expenses are investments. If the goal is career growth, attending a workshop, seminar or an online course to expand our knowledge base and acquire new skills shouldn’t be labeled an expense. If our goal is self-care and balance in our life to prevent burnout and maintain enthusiasm for your financial journey, that vacation shouldn’t be labeled an expense.

2. Attribute purpose to the actions we take.

The moment we know the intention behind our actions we cultivate resilience in the face of setbacks. We’ll start to view challenges as opportunities for growth rather than insurmountable obstacles. Therefore, purposeful planning enhances the belief in our abilities to achieve our goals.

3. Shift our perspective.

By crafting a plan to deliberately and consistently expose ourselves to diverse environments, we open ourselves up to the opportunity of new perspectives. Sticking to one thing never pays off. People burnout and motivation fades. We need that book club, that gym membership, that jiu-jitsu class, that golf outing, etc. So, the adage ‘spend money to make money’ is true when coupled with thoughtful planning.

We can begin to recognize the profound impact that shifting perspectives can have on the quality of life. By fully committing to the plans we set for ourselves we can unlock its true value. It's important to acknowledge that this journey becomes easier when we not only plan for it but also anticipate obstacles.

Seeking out the knowledge and expertise of individuals who can assist in the journey is crucial for success. This is why surrounding ourselves with a supportive community and seeking guidance from professionals can provide invaluable assistance along the way. The last thing we want to do is full up our calendar with events and to-do list that offer not real outcome to our long-term views.

Everyone should regularly review and adjust their goals to stay motivated and focused. What better way to help you change perspectives than by breaking down goals with experts in the field that can provide assistance along the way? Add BMG to your team today!

#ad