Limiting Money Beliefs

Money is something we all have a relationship with. Whether you love it, despise it, or try to ignore it, the truth is that having money is essential. Yet money is also a highly taboo topic, especially in our part of the world. Among best friends, relationship partners and family, we cannot fully and confidently share how much we earn or have in our accounts. It can be viewed as being either proud or having an ulterior motive to share specific numbers. There are certain stigmas around being wealthy just as there are about needing money. In fact, a recent survey shows that most people are more comfortable talking about addiction, race, sex, marital problems, and politics than money.

In your opinion, what do you think are the reasons most people are uncomfortable taking about their money into details? Are you one of such people? lol

If you want your money situation to play out in a different or more expansive way, then it goes beyond investing and conferring with a financial advisor or money coach—although those components are important too.

To really open yourself up to financial abundance, you need to look at the beliefs and mindset you have about money. Without doing this, you can learn all you want about money, but there will still be a piece of the puzzle missing that will hold you back from earning the right way.

Today we will look at some common limiting money beliefs. Do a self-introspection and check whether you hold any of these beliefs. This is the first step.

1. You need to be frugal to have more: One reason to reframe this common misconception is because it might have you pinching pennies, which will put you in a scarcity mindset rather than an abundance mindset. Lack creates more lack, so if you’re focused on what you don’t have, (or the need to tightly hold onto what you do have), then you’re going to be more likely to overlook ways to make money. You can also use the mantra, “There’s more where that came from,” every time you make a purchase as a reminder that money comes and goes—what you spend will come back to you, if you’re open to it. This is not an excuse to live lavishly and beyond your means though. You've got to figure out the line between living within your means and just being frugal.

2. You’re selfish if you want to make a lot of money: There can be a lot of stigma around the desire to get rich—especially if your motivating factor for creating is money. And the truth is, that’s perfectly OK if you want to make money. It doesn’t mean that you’re greedy, selfish, or creating your course for the wrong reason. Shift away from labels and get curious about why you want to make a lot of money, instead. One helpful way of diving into this is to journal. If a million dollars hit your bank account today, what would you do with it? Go into detail here—write about what you would buy and from where, what you would save, and what would be spent on others.

3. Money determines success—or failure: This is simply not true. There are so many factors that contribute to success. While cashflow is one of them, it’s not as simple as money equating to success or a lack of money equating to failure. Failure is a very tainted concept that links to self worth. Observe carefully to see if this is a belief that you hold. And reframe it when it shows up. The number in your bank account has no bearing on who you are as a person.

4. Money is the Root of All Evil: While money, or the pursuit of it, can certainly cause some people to cheat or do other bad things, it can also be a tool for good. People can be evil with or without money. Being responsible with your money—paying your bills on time, prudent saving, charitable contributions—is not evil. Money does not create the evil in any way. Actually, the lack of money can lead to more evil than having money; for example, being dishonest, stealing, or feeling you have to hold on too tightly to your money.

Share with us what you think are some common beliefs that are limiting us. Kindly share. Let's have an awesome weekend!