Image by Katt Yukawa

The way we think about money has a powerful effect on our financial situation, so if you have tried, unsuccessfully, to change your money mindset, you could be falling into one of these common traps.

Like any habit, developing a positive money mindset takes time and persistence. You will slip up along the way, it’s natural. However, if you find yourself slipping up frequently, it’s important to look at the mistakes you could be making.

Here, you’ll discover some of the most common traps you could be falling into that are compromising your money mindset.

Playing it safe

When you’re worried about money, it’s easy to play it safe. What if you invest in something and it doesn’t pay off? For example, you want to grow your business, but you’re worried putting more money into it will be a waste in case it goes wrong.

Playing it safe may allow you to hold onto the money you have. However, it’s not going to...