A lot of people tend to have limiting beliefs about money. This is because working with money can be a challenging (and sometimes scary) situation when haven’t overcome your limiting beliefs about money yet. Not to mention all the stress surrounding finances. Getting a clear picture of where you stand with money might seem like an impossible feat, but once you understand what belief is holding you back, then you can take steps to overcome it.
Limiting beliefs about money are thoughts about money that prevent you from achieving financial success.
These beliefs can be damaging to your financial well-being, as they limit the amount of wealth you can generate.
Here are some of the most common limiting beliefs about money:
- Some people are lucky, and they are born with wealth.
Some people are fortunate to be born with wealth and financial freedom. They never have to worry about money because they come from wealthy families. Others have no choice but to work hard and be frugal in order to survive.
It’s not always easy for someone who has been raised in poverty to become wealthy later on in life. And it’s not always easy for someone who was born with money to become successful through hard work.
- You don’t deserve financial success
This belief might have come from your family, friends, or culture. It could even be something you’ve said to yourself over time. But whatever its origin, it will only hold you back when you try to achieve your financial goals. The solution? Get clear on what’s important to you, then start taking action on those things. For example, if making $100,000 a year would help pay down debt quickly, then focus on earning extra money through side hustles or starting a business
- You will settle for only what is realistic
It’s easy to get caught up in the idea that you won’t be able to achieve something because it’s too “out of reach.” The truth is, you can make anything happen if you put your mind to it — so don’t let a little doubt stop you! If there’s something you want, chase it till you get it!
- The fear of failure
It’s important to understand that the fear of failure is not rational but an emotional one. It’s something that you feel in your gut.
The fear of failure is why so many people never try to make more money or achieve financial independence. It’s why they do what they’re told rather than what they want to do with their lives.
If you want to overcome this fear, here are some things you can do:
Accept that your fears are irrational. The fear of failure is often based on irrational beliefs such as “I’m not good enough” or “I don’t deserve success.” These thoughts will hold you back from taking action and achieving your goals.
Examine where these thoughts came from and challenge them by asking yourself if they’re true or not, and aim to overcome them.
- Money cannot buy happiness.
If money is your only goal in life, then yes — having more of it will help bring about happiness. But money alone won’t make you happy; it takes other Factors such as family and friends too. So don’t wait for money before pursuing other aspects of life that are important to you.
- You believe you cannot handle money
This is a very common belief, especially for people who grew up in a low-income family or have been out of work for a long time.
The truth is that you can handle money. You might not be good at it yet, but you can learn with some guidance and practice. And if you do, then you’ll be able to feel more confident about your ability to handle money.
- There is not enough for everyone
There is a limited amount of money in the world. The abundant money you have, the less there is for others. This is a very limiting belief, and that is not true at all. The truth is that there are billions of dollars available to anyone who wants them. You can make money out of thin air, or you can use other people’s money to increase your wealth.
- Money is the cause of evil, and only bad people have more money
It’s easy to see a connection between money and power, but there’s nothing inherently evil about having more money than others. This belief makes you feel like you’re doing something wrong when you want to earn more income or even when you already have more than others. It doesn’t matter if you’re being generous with it or not — this belief will hold you back from taking steps towards getting what you want in life.
- Money is hard to earn.
We tend to see money as a reward for hard work and effort in our society. Many people believe that if you don’t have enough money, it’s because you haven’t worked hard enough or haven’t tried hard enough. The truth is that many people who don’t have much money work just as hard as those who do — often harder — but they don’t get paid well for it.
- I cannot save because I don’t have enough savings
This is a big one! Many people believe if they don’t have any savings, they can’t save anything. In fact, saving does not require having money saved already. You can start saving immediately even if you don’t have anything saved yet by taking advantage of opportunities such as bonuses, raises, and tax refunds.
Limiting beliefs about money doesn’t necessarily mean that you don’t have piles of cash—but rather, it’s your perception and picture of what wealth looks like and how to go about getting there. If you are failing to take action to get more money because of your limiting beliefs, then chances are your income is stagnant. Get rid of those limiting beliefs, and you’ll be able to move forward with achieving your financial goals.
Challenging limiting beliefs about money is not easy, but it can be done. If you are ready for change and willing to put in the effort, you can free yourself from emotional and practical shackles, gain financial security and reignite your ambition.
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