Recently a bunch of friends got together and the term victim mentality came up. Victim mentality is a tendency to blame external or uncontrollable factors, instead of focusing on internal or controllable factors for things that go wrong. Among other negatives, victim mentality is detrimental for your financial health.
Photo by Gipics via Flickr
Victim mentality stops you from finding a solution to your problems. When you blame external or uncontrollable factors, you put yourself in a mindset that there is nothing you can do to eliminate or reduce the problem. It just becomes a status quo — a monkey that stays or your back forever.
Here’s a story of a couple that I know. They got married out of high school, had several kids together, and live in poverty for the past two decades. To them, there was nothing they could’ve done to improve their finances. They felt that was the hand they were dealt. Looking from outside in, there are many things they could’ve done to improve their situation.
Note: Just to clarify, I am not saying that all SAHMs do noting (I know quite a few great ones), but in this case, this lady in the story really didn’t do much.
The example above may be a little extreme, but it does a good job of demonstrating my point — victim mentality is detrimental for your financial health.
Are you facing a problem right now? What are you doing about it?