Zahira Domenech knows a thing or two about money, she's a business coach and owns an award-winning wedding planning business.
Discussing finances is still a big taboo topic in the Latino community, but by breaking these outdated taboos we can support each other make better financial decisions. One of her suggestions is even a bit shocking: Feel good about spending money!
Here is what Zahira says we should focus on if we want to see our financial situation improve:
How Latinas Can Change Their Mindset About Money: 5 Simple Steps!
1. Know That There's a Stigma When It Comes to Nosotras and Money: “First, let's talk about why it's important for us to change our mindset about money. If we didn’t grow up with money – or if our parents’ relationship with money wasn't great —we (Latinas) can see money as a negative thing. We can feel guilty when we do have it and feel like we don't deserve to be financially secure.
We're taught that as women we shouldn't talk about money and that we shouldn't do things like try to negotiate a better salary at work. Or, if a woman marries a man of certain means, for instance, that woman is sometimes criticized as a "Gold-digger" or she's called "greedy."
So, there's definitely a stigma when it comes to women and the conversations about money in our society. When it comes to men, no one ever criticizes them for having wealth. If a man wants to negotiate for a better salary, no one tells him he shouldn't try to do so.
Society gives men permission to dream big, but when a woman wants to do the same she's considered "greedy." Understanding this double standard is essential in changing your mindset about money!
2. Figure Out What You Want: Another important thing you have to do to change your mindset about money is to get very clear on what you really want for every area of your life. So, step 2 is to write down all your goals (professional and personal) in detail; the more detailed you are, the more clear your vision will be!
3. Examine Your Perceived Limitations: Once you know what you want, think about the thoughts and feelings that you have about money. It's important that you understand why you have a negative mindset about money. Look for patterns from your past or your childhood -- for example, maybe your feelings about money stem from the way your parents talked about money.
Maybe they were always or stressed about it and so you feel like if you make money, that's somehow wrong. Think about thoughts you have about money, like the thought that you don't deserve to have money or the thought that you're not enough.
Then, take your list of all limiting beliefs and change them to beliefs that compliment your vision for the life you want. Create a list of new affirmations and words: What we say to ourselves is more important than what others say to us.
4. Track Your Spending: Make a habit of tracking all of the money you receive every day – even if it’s a penny that you find in the street. Then, at the end of the month, review how much money you’ve made. This will help you maintain a positive mindset about money. Remember this: The more you think about the lack of money you have, the less money you’ll make – it’s all about your mindset!
5. Feel Good About Spending Money: When I say "Feel good about spending money," I mean that even when you pay your monthly bills, you should do so with a grateful heart. Whenever I pay for anything, even gas or food at the super market, or my rent, I say “Thank you.” I’m grateful that I can pay my bills and make a contribution to society.
So give with gratitude and know that you will receive more back when you contribute more. This will also change the way you think about money and you’ll start to feel good about it.