FIXED VS. GROWTH MINDSET IN MONEY AND LIFE
- Derek Hagen
- 6 days ago
- 2 min read
❝Talent is a pursued interest. Anything you're willing to practice, you can do.❞ -Bob Ross
Fixed mindset says, "I can't." Growth mindset says, "I can't... yet."
WHEN MINDSET HOLDS US BACK
In school, some things came easily to me. I didn’t have to study much to do well. But when I ran into subjects that didn’t click right away, I took that as a sign to move on rather than a challenge to figure out.
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That’s the tricky thing about mindset. We all carry both fixed and growth tendencies, and the fixed side often shows up when things feel uncomfortable. The good news is that a growth mindset is something you can build.
FIXED MINDSET VS. GROWTH MINDSET
A fixed mindset assumes you are who you are and that’s that. It sounds like:
“I’m just not good with money.”
“People like me can’t do that.”
“I’ll never understand this stuff.”
A fixed mindset gives up when things get hard.
It’s like leaning only on nature, assuming you were born a certain way and nothing can change that.
A growth mindset, on the other hand, believes you can learn, adapt, and grow. Your starting point matters, but so does what you choose to do from here. It sounds like:
“I don’t get this yet.”
“I can learn.”
“I can change.”
Growth mindset meets challenges with curiosity:
“I wonder why this feels so hard.”
“What can I try next?”
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The Meaning in Life Questionnaire assesses two dimensions of meaning in life, the presence of and search for meaning. Presence measures how full you feel your life is of meaning. Search measures how engaged and motivated you are in efforts to find meaning in your life. |
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APPLYING GROWTH MINDSET TO MONEY
Mindset matters just as much with money as it does anywhere else.
Fixed mindset sounds like:
“I’m terrible with money, so what’s the point in trying?”
“I’ll never be able to save enough.”
Growth mindset reframes it as:
“I don’t understand this yet, but I can learn.”
“I haven’t saved much before, but I can start small and grow.”
When you notice effort—your own or someone else’s—you reinforce the idea that progress comes through practice. It’s not about being perfect from the start.
A growth mindset doesn’t mean you have to learn everything about money. It simply means you can improve...and each step adds up.
You get one life; live intentionally.
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REFERENCES AND INFLUENCES
Adams, Scott: How to Fail at Almost Everything and Still Win Big
Boniwell, Ilona: Positive Psychology in a Nutshell
Dweck, Carol: Mindset
Gladwell, Malcolm: Outliers
Hefferon, Kate & Ilona Boniwell: Positive Psychology
Ivtzan, Itai, Tim Lomas, Kate Hefferon & Piers Worth: Second Wave Positive Psychology
Klontz, Brad, Rick Kahler & Ted Klontz: Facilitating Financial Health
Seligman, Martin: Authentic Happiness
Seligman, Martin: Flourish
