Many people struggle with limiting beliefs around money. This feeling of being stuck can be disheartening and make it difficult to imagine a brighter financial future.
The root cause of these feelings often lies in limiting beliefs around money. These beliefs are often based on financial misconceptions and can hold us back from achieving our financial goals.
The good news is, you have the power to change both your financial situation and your limiting beliefs. This guide will show you exactly how!
Identifying Your Money Beliefs
Before we dive into changing your mindset, let’s recognise the limiting beliefs that might be holding you back. These are the ideas you hold about money, your relationship with it, and your ability to achieve financial security.
Crucially, these restrictive views are often based on opinion rather than fact. They’re fuelled by emotions rather than logic, which can make them feel stronger over time.
There’s no need to feel ashamed about limiting beliefs around money – we all have them! These beliefs are often ingrained so deeply that we might not even realise we hold them. So, where do they come from?
The Roots of Money Beliefs
Our attitudes towards money are shaped by a combination of factors throughout our lives. Here are some common influences:
- Family and Friends: The way your family talks about money can have a lasting impact.
- Social Norms: Societal attitudes towards wealth and spending can influence your beliefs.
- Cultural Traditions: Traditions around money management within your culture can play a role.
- Personal Experiences: Specific financial experiences you’ve had can shape your beliefs.
- Media Exposure: Messages about money from social media, the internet, and advertising can all play a part.
This mix of influences creates your unique set of money beliefs.
While our limiting beliefs around money often operate subconsciously, they can have a powerful effect on our reality. If left unchecked, these beliefs can negatively impact your life and financial well-being.
One common example of a limiting belief is the idea that you need a traditional office job to make good money. If you hold this belief, you might be holding yourself back from exploring entrepreneurial opportunities.
Whether conscious or unconscious, limiting beliefs around money can trap you in a financial rut.
How to Overcome Limiting Beliefs Around Money
Your financial success is heavily influenced by your attitude towards money. That’s why cultivating a positive mindset of financial abundance is key. This will allow you to see money and wealth in a new light, setting you on the path to financial well-being.
The first step to changing your money mindset is recognising your limiting beliefs. Once you acknowledge their existence and understand what they are, you can develop strategies to overcome them.
Here are some common examples:
- “I can’t afford that.” This belief can hold you back from exploring new opportunities or creating a budget that works for you.
- “Rich people are greedy.” This creates a negative association with wealth, making it harder to achieve financial goals.
- “Money doesn’t buy happiness.” While true to an extent, financial security can reduce stress and open doors to new experiences.
- “I’m not good with money.” This belief can become a self-fulfilling prophecy.
Do any of these resonate with you? That’s okay! The good news is, by recognising these limiting beliefs, you can start to challenge them and move towards financial well-being.
1. I Can Either Do What I Love or Make Money
This age-old dilemma – earn a living or pursue your passion – might be familiar. Remember the starving artist trope in films or the advice from parents and careers advisors? You might have resigned yourself to the idea that following your passion won’t pay the bills.
But what if we flipped the script? Here’s your new mantra: “I can make money doing what I love.”
In fact, passion can be a powerful profit driver. When you’re truly engaged with your work, it fuels creativity, focus, and enthusiasm. These qualities translate to increased productivity and ultimately, higher earning potential.
2. Money Doesn’t Buy Happiness
The idea that money equals misery is a common trope in films, literature, and even some spiritual beliefs (think Ebenezer Scrooge in A Christmas Carol). However, here’s a fresh perspective: “Money can buy the things that contribute to my well-being.”
While money can’t buy emotions directly, it can provide the resources to pursue the things that bring you joy. This could be anything from a musical instrument to a photography course to a dream holiday.
3. I Need Money to Make Money
The idea that you need a chunk amount of cash to get started can be a real barrier to achieving your financial goals. Dreams of launching your own business or opening an investment account might seem out of reach. But this limiting belief can stop people from ever getting started.
Let’s rewrite the story: “I can start from where I am.”
The good news is, you really can begin with little or nothing. Even if you’ve never invested before, you can start small. Consider a side hustle to bring in extra income. And if you want to save more, there are ways to create a budget that works for you.
4. Saving Is Impossible For Me
Sometimes, it can feel like everyone around you is smashing their financial goals, while you’re stuck in the savings starting blocks. Seeing friends save for dream holidays, houses, or weddings can be disheartening. But here’s the good news: you can absolutely do this!
Shifting Your Mindset: “I’m Learning Every Day”
The truth is, nobody’s born with financial mastery. Saving is a skill, just like learning to play the piano or sew. Once you dedicate yourself to learning and developing smart saving habits, you’ll be surprised how quickly things can change.
Start by diving into personal finance resources – books, articles, online courses. The more you learn about managing your money, the more confident you’ll feel about saving for the future. Make financial literacy a lifelong journey, not a chore!
5. My Family isn’t Wealthy
Some families are fortunate to have wealth passed down through generations, providing a head start on financial security. It can feel unfair if you don’t have that kind of family support. But remember: “I can forge my own financial future.”
Regardless of your family background, you have the power to build your own financial independence and well-being. The first step is creating a financial plan that includes budgeting, saving, debt management (if applicable), and potentially, investing. This plan will be your roadmap to financial success.
6. I Am Feeling Broke All the Time
Many people feel like they’re constantly living paycheck to paycheck. While occasional stress is normal, it shouldn’t be your permanent state.
Shifting Your Mindset: “This is Temporary”
Perhaps you’re carrying debt, or maybe you struggle to save enough at the end of the month. But remember, feeling broke doesn’t have to be your reality. You can improve your financial situation, one step at a time.
7. Money is the Root of All Evil
This is another common money myth, perpetuated by popular culture. There’s a misconception that wealthy people are greedy and selfish. However, let’s reframe this: “Money is a tool that can be used for good.”
Money itself is neutral, neither inherently good nor bad. It’s how we use it that matters. You have the power to make a positive impact with your money. For example, you could use your financial security to support charities, set up a scholarship fund, or help your loved ones.
8. I Don’t Believe I Can Be Wealthy
The belief that you’re not talented or deserving enough to be financially secure can be a significant barrier to achieving your goals. This self-limiting view is often rooted in past financial experiences, where you might blame yourself for setbacks. Remember, everyone makes mistakes.
Here’s a new mantra: “I am worthy of financial well-being.”
Prosperity is something everyone deserves, regardless of background. Financial security allows you to live a fulfilling life on your terms. While money isn’t everything, it can certainly open doors and reduce stress, allowing you to focus on what truly matters.
9. I Can’t Get Out of Debt
Staring down a mountain of debt can be disheartening, especially if you’re only making minimum payments and watching the interest eat away at your savings. But here’s the good news: “I can develop a plan to tackle my debt.”
Debt isn’t a life sentence. It might take time, especially for larger amounts, but you can absolutely create a debt repayment strategy that works for you. Even small changes can make a big difference in your financial situation.
10. It’s Too Late to Change My Financial Future
This feeling of being stuck financially is perhaps the most limiting belief of all. Do any of these sound familiar?
- “I’ve missed the boat on investing.”
- “My career path doesn’t offer enough financial security.”
- “I’m too old to start over.”
Here’s the truth: “It’s never too late to make a change.” No matter where you are on your financial journey, today can always be the first day of a brighter future. You have the power to take control of your finances and build the life you deserve.
Breaking Free from Limiting Beliefs
It’s easy to get stuck in a rut with limiting beliefs around money. But the good news is, it’s never too late to break free! Take the first step today:
Educate yourself: Learn about investment basics, explore ways to increase your income, research business growth strategies, or discover high-paying career paths.
Shift your mindset: Challenge your negative money beliefs. Realise that financial freedom is achievable. By changing your perspective, you open doors to growth, learning, and building wealth.
Start your journey today! Resources on budgeting, investing, and financial literacy are readily available online and in libraries, go out there, get them to equip yourself.
