Money Mindset | Growth vs Fixed #148

The Military Money Manual Podcast

• "I'll always be broke."
• "I can't build wealth with this salary."
• "I'm just a spender- I can't help it."

In this episode, Jamie and Spencer discuss how adopting a growth mindset versus a fixed mindset can transform your approach to personal finance.

Drawing from Carol Dweck's book "Mindset: The New Psychology of Success," they explore how changing your perspective from "I'm not good with money" to "I'm not good with money yet" can open up opportunities for financial growth and learning.

Main Topics Covered: • Definition and differences between fixed mindset and growth mindset • How mindset affects financial behavior and decision-making • The power of labels in personal development • Common financial mindset traps in the military community • Ways to develop a growth mindset with money • The impact of mindset on relationships and money management

Links We Discussed Today:

• Look for personal finance books on the Libby App (using free DOD MWR library)
• Carol Dweck's "Mindset" book
  • See quick book summary on fs.blog or her TED talk
• "I Will Teach You to be Rich" by Ramit Sethi
• "The Simple Path to Wealth" by JL Collins
• "The Psychology of Money" by Morgan Housel
• "Rich Dad Poor Dad" by Robert Kiyosaki
• Military One Source
• Personal Finance Club

For a limited time, Spencer is offering one-on-one Military Money Mentor sessions! Get your personal military money and investing questions answered in a confidential coaching call.

Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!

If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [e-mail].

If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.

I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.