5 Entrepreneurial Mindset Principles That Empower Financial Literacy

Adopting the right mindset is key to financial literacy. Follow these five guiding principles to enhance your understanding of wealth creation and growth.

Federal and provincial governments in Canada spending on business subsidies hit $52 billion in 2022. Shutterstock

By Ben Sever

An entrepreneurial mindset encourages individuals to view their personal finances as an opportunity for wealth creation and growth. This mindset emphasizes the importance of investing, whether in stocks, real estate, or other assets, to generate passive income and build wealth over time. That being said, developing your own foundational belief systems around your relationship with money is just as important as the financial vehicles themselves.

One should remember that financial literacy is a journey, and it requires consistent effort, practice and application of these foundational principles to enhance your understanding and improve your financial wellbeing. When it comes to money, adopting certain mindset philosophies can help shape your relationship with wealth creation and guide your decision-making. Here are five imperative viewpoints to consider:

1. View Money as You Would View a Current

While the term “currency” is derived from the Latin word “currere,” which means “to run” or “to flow,” the concept of money flowing like a current is metaphorical rather than a literal representation. The term “currency” primarily refers to a system of money that is used as a medium of exchange for goods and services.