Mindfulness involves acceptance rather than judging something to be right or wrong.The ancient practice of mindfulness is gaining popularity as a means of reducing stress and anxiety in today's high-pressure environment.
Mindfulness means maintaining moment-by-moment awareness of our thoughts, feelings, and surrounding environment without judging them to be good or bad. Mindfulness involves acceptance rather than judging something to be right or wrong. It has been shown to be linked to happiness, health and psychological wellbeing.
The concept can be used to help make better money decisions. This involves understanding the thoughts and emotions that influence your decisions and learning how to manage them so they don't have a negative impact. For example, if you are feeling highly optimistic because everything seems to be going your way you may be tempted to take on more risks.
If you are motivated by a desire to be seen as successful by other people, you may be tempted to buy things you can't afford.
Reluctance to admit mistakes and fear of failure can lead people to hold on to poor performing investments that should be sold. Spending causes some people to get an emotional high which can lead to problems with managing debt. Reluctance to change can lead to the continuance of bad money habits.
