Limiting money beliefs are subconsciously imprinted in your brain through watching how our parents/guardians interacted with money during your childhood.
Did you grow up in an environment where money was a source of conflict? Were your parents were always stressing the cost of your shoes, clothes, toys etc? Did you grow up listening to adults referring to wealthy people as greedy or mean? As you grow older, these old beliefs become limiting.
In order to create wealth, you need to identify and get rid of the limiting beliefs you have about money and wealth. You have the power to clear money blocks that are affecting your finances.
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Money is the root of evil
There is a myth that’s been going on forever that people “change” for the worse when they get a lot of money. This is more of a personality type. There are a lot of down to earth people with lots of money, I bet you know many of them.
Money is not the most important thing in the world, but Zig Ziglar said that money ranks up there with oxygen.
We all need money to pay hospital bills, afford a nice place to stay, afford quality education for the children in school/college. Money can open doors for you, you concentrate on other meaningful goals in your life when you take the money equation out the way.
Greed and stepping on other people’s toes is what ruins relationships/family, not the money itself. Money is “supposed” to be your servant, NOT your master. They say, money doesn’t buy you happiness, neither does poverty.
I am not good with numbers
The real issue behind this excuse is that you do not know how much you have or don’t have. You do not want to face the uncomfortable truth about your finances.
Avoiding the truth never solves anything. Not knowing your financial status is a sign of bad money management. Check your checking account often, open all the mail and do NOT ignore any bills.
Automate all your savings and bills, this will reduce the anxiety of sorting through bills and “seeing” how much you need to part with.
There are three general money rules; Spendless than you make, save and make your money work for you. In order for you to do this, you need to learn how to track every dollar that goes out of your account. This will show you areas where you need to cut back. Pay off your debts as soon as you can.
There is a lot of information and tools that will help you organize and gain control over your money. There are also countless tools about how to make extra money from home, away from home and online. Think about the freedom you will get when you create more wealth.
Alexa Von Tobel Founder and CEO of Learnvest summed it up “Automating some of your finances can be incredibly convenient and is a great way to save time, but automating everything makes it too easy to go on autopilot and forget to pay attention to your personal finances.”
No one in my family ever got wealthy
That may be true, but you are not responsible for the choices your family members made or did not. You are in charge of your destiny, you can change your family tree.
There are countless stories of people who came from poverty and became wealthy through their own effort.
Subscribing to past beliefs prolongs your distress. Instead, create new beliefs like: “ I am responsible for and will create my own financial blueprint.
Only people in certain professions make money.
There was a time this was true. Doctors, lawyers, engineers in private practice, oil tycoons, wholesale and retail businessmen to name a few, made a lot of money.
Today the sky is literally the limit with what you can do to create wealth. In the last 15 years, the internet exploded a lot of unbelievable big money making opportunities, and many who took advantage are doing really well.
Everything starts with adjusting your mindset, investing in yourself, taking a class, to improve your skills. Leverage the skills you already have, chances are, there is someone out there looking for someone to teach them what you know.
People are making extra money from breaking down WordPress, Excel, Access and Adobe classes to those who find those programs overwhelming. It all starts with you, the desire to change, when you have had enough.
You have to work really hard to accumulate wealth
Yes- initially you have to put in the hard work, but if you follow the above money rules, spendless, save and make your money work for you. Use your savings to create passive income streams. I believe it is called working smarter. There is a saying that the average millionaire has seven streams of income.
Women are bad with money
In the last century, in many households, the men handled the finances. There is a shame and guilt around money. Women and girl children were told it wasn’t nice to talk about money, it was a subject for men. In actual sense, men are equally bad with finances.
However as time went on, this belief slowly started to change, women found the importance of having a financial identity. Among other things, It provides self protection incase of disasters like the death of a spouse or divorce. Money in your names signifies that you are an adult.
Many women are uncomfortable with conversations that revolve around money. There are some people who flaunt their money/wealth, but there are many wealthy people who are laid back, are willing to teach you a thing or two about money and wealth.
Start with reading books written by known wealthy people about how they accumulated their wealth.
At the end of the day, it all starts with your desire to change your current situation. You can always seek the services of a qualified Behavioral Therapist to help you identify the source of those limiting money beliefs and help you develop better coping tools to help you achieve financial freedom.