Twelve common Wealth Limiting Beliefs which keeps you Broke!
Do you have wealth limiting beliefs which are holding you back from prosperity?
We all have opinions about money but when we have a closer look at those opinions, what are they based on and are they actually serving us or hindering us?
Broadly there are 2 ways of looking at money in terms of availability:
Abundance and Scarcity.
If you have an abundance mindset, you believe there is plenty of money to go around and it’s easy to get hold off.
With a scarcity mindset however, you believe that there is NOT ENOUGH money to go around and we all have to fight over it to get any. Or you resign to the fact you won’t ever have enough to live the life you dream of.
The reason why many people believe in scarcity rather than abundance has to do with both our society and our upbringing.
Our Economy for example is based on scarcity rather than abundance.
And your view on money is developed in the early years of your development, your early childhood. How your parents viewed money when you were growing up, is likely how you view money now.
- Did your parents talk about money positively or negatively. Was there enough money to pay the bills, the mortgage, to go on holiday?
- Did your parent say things like “you have to work hard for money” or “money doesn’t grow on trees”?
Unless you come from a wealthy background, it’s very likely you have been brought up with some variant of the above.
And it has been stuck in your subconscious mind ever since.
Unless you take action and actively change your money mindset, wealth and prosperity will be hard to get and once achieved hard to keep hold of.
So what are these money mindsets which keep us broke and living in scarcity rather than abundance?
I have created a list of twelve common limiting beliefs about money.
Tell me in the comments below if any are holding you back right now and lets talk about how you can change them!
Twelve Wealth Limiting Beliefs which holds you back and keeps you broke:
Money is the root of all evil.
Funnily enough the whole saying is ‘the love of money is the root of all evil’ which gives this common saying a whole new meaning!
There is nothing wrong with money itself.
It’s worshipping money (and with that doing anything for money) which leads to all kinds of problems!
Money is for spending.
Wealthy people don’t just spend their money. You’ll find they are actually quite frugal and would rather spend money on investments (a classic car, paintings etc) than simply spending.
Wealthy people are born into wealth
Actually, there are far more self made millionaires than ever before and current projections are that 1700 millionaires are made every day in the USA.
On top of that, Fidelity’s ‘Millionaire Outlook Survey’ showed 86% of millionaires said they made their own wealth, they didn’t inherit it!
I’ll never be rich
Why not? Why hold yourself back?
If you have built castles in the air, don’t worry. Your work need not be lost. That is where they should be. Now put the foundations under them.
The rich get richer and the poor get poorer
While there is a large divide between rich and poor, and a small group of people hold the largest amount of wealth in the world, this doesn’t mean you can’t be financially successful.
Is success for you being a billionaire? Why? If you’re a multimillionaire at this minute, then yes, that would make sense as the next achievable goal.
But if you are still working a day job, then surely creating an independent income would be more successful then where you are, at this moment in time?
There is no scarcity, there is plenty of money to go around. You need to believe you deserve to prosper and learn how to achieve this.
My family has never had any money, why should I be any different?
Maybe your family never has any money.
There are plenty of examples of people coming from very disadvantaged backgrounds and making it to the top of their chosen field.
You are not your family. You can choose to change your mindset and to learn new skills which set you apart from others.
Your past does not define you. The power of change is in the moment.
Your future depends on what you think and decide at this precise moment. And every moment after this.
Don’t have any ideas above your station
Hahaha this one is hilarious! Don’t let anyone ever put themselves above you. You are you, with your own thoughts and ambitions.
You shape these thoughts and the sky is the limit.
Class systems only exist if you are willing to keep them alive.
Go after your dreams with all your heart.
Mistakes are learning curves, not failures. If you don’t make it the first time, pick yourself up, analyse where you went wrong and start again.
Until you do succeed!
Rich people are horrible people
Some rich people will for sure be horrible, sadistic pieces of you know what. So will some poor people. And some not so rich or poor people.
Point is, you can decide to be horrible or loving.
What do you think?
You will all of a sudden be a horrible person for having money? Or would you just hang out with horrible people? Surely you can hang out with whoever you want? Would you drop your current friends just because you have money?
What a strange way of thinking!
If you had money, think about all the people you could help with this new found wealth? How does that make you horrible?
Don’t be fooled. There are horrible people in every walk of life. Luckily there are more friendly and loving people around. Make sure you are one of them.
Money doesn’t make you happy
Eh…. and poverty does? Just being able to pay your bills, or hanging on to a job because you can’t afford to lose it will make you happy?
Maybe we need to define happiness first. As with success, happiness is also subjective.
So You define it in your world.
Of course money does not stop your loved ones from dying. It also doesn’t mean you will never have any problems in your life.
But having no money worries will increase your peace of mind. Which leaves time and space to do things you want to focus on. Like spending time with your loved ones, investing in yourself, having time and money to relax and to do things which make you happy.
It’s a no brainer, surely?
Money is not important
Well, if it wasn’t important, then why are you working?
How are you going to pay the bills without money? Buy food and clothes?
We don’t live in a society where we can barter, so money is sort of important. Like very important.
And the more of it you have, the easier your live becomes.
You have to work really hard for money
Maybe. Though I often hear people say, “I work sooooo hard!’ while in reality they have been shuffling paper around most of the day.
Don’t work harder. Work smarter.
Invest in yourself. Focus on what is important and work towards being able to outsource a lot of the “work’.
Like your employer does.
You can’t chase money and be happy
Who says you need to ‘chase’ money? Generating a generous income for yourself and your family does not mean you need to chase money all day and do whatever it takes to acquire it!
There are many ways of earning a living and well beyond that. Find something you can share with others. Something which makes other people’s lives better, or solves a problem for them.
Find a way to create an income from your passion. You will never work another day in your life!
If you truly believe the above statement, then I sincerely hope you absolutely love your job so this loves spills over in other areas of your life!
This list is really not exhaustive and there are many many more reasons people tell themselves everyday which keep them broke.
And even when they succed to acquire money, they find it often hard to keep hold of it.
The missing ingredient here is often purely mindset. The belief that you deserve to be financially successful, however you decide to define ‘successful’.
Read this on how to change your mindset to be open to receive the gift of prosperity. It is out there for everyone. There is no such thing as scarcity!
Live a life of abundance instead!
Download our workbook to help you let go of these disabling beliefs and start on your journey to financial success right now!
A bitcoin exchange-traded fund (ETF) gets exposure to Bitcoin via traditional stock markets, without needing to directly buy or sell the digital...
Do you have to pay taxes on cryptocurrency UK? Yes, you do. If you reside in the UK and hold cryptoassets they will be taxed if you make a profit...
Will The FCA’s Campaign to Warn ‘Younger Investors’ of Cryptos and other high risk assets work? Possibly, but it may be too little far too late....
Is the new $600 dollar US reporting requirement an invasion of privacy. Yes, it is. How else can you look at it? Under the proposals financial...
You’d be foolish to think you’ll escape crypto asset taxation unless you were a very earlier adopter that was set up in a foreign place. But the...
What happens when Furlough Ends? The government support scheme called Furlough ends in September 2021. It has provided a lifeline of support for...
It takes tremendous courage to jump into any ring, let alone a cage to fight. It won't be for you if you get claustrophobic or prefer to run rather...
Can You Spot a Tax Dodging Landlord? Depending on which side of the fence you're on you will either support landlords and their tax evasion...
At last there's a joined up global initiative following closely on the tax capture of cryptoassets. It's been on the cards for some time, let's be...
Boom Time for UK Borrowers with 40% to Put Down on Property!! If you have the cash, maybe stashed away from months of Furlough Freebies then rates...
Have you heard about it? Is it the next big thing? Are you going to miss out? Do you want to get in early? So there I was on an early summer evening...
It's not every day you get a piece of fine coastal property in Florida such as this in the Mediterranean themed community, Coral Gables. In case you...
There are some legends out there and far more 'scaredy cats.' Scared of risk, scared of losing, scared of being wrong, scared of the unknown, scared...
It's no secret that by offering and conducting trading in non-deliverable forwards (for speculation) Goldman Sachs are turning to ripe 'money...
Capital Gains Tax (CGT) is payable on...capital gains – profit after costs. In the US, part of President Biden’s proposal for his American Family...
Are Cryptocurrencies an Investment? Do you feel like you've missed out on a once in a lifetime opportunity? Or are you 'sitting pretty' with your...
Educational wealth is plain for all of us to see. The well-educated in any society propel innovation, improve prosperity and make the difference...
Children's health is always important and has become a hot topic post 2020 pandemic time. The coronavirus pandemic has led to significant (and...