You have a limiting financial belief if you’re earning less than you’d prefer. It’s that simple. Limiting financial beliefs restrict your ability to create and maintain wealth. Addressing your beliefs is a good first step if your financial situation is less than amazing. Changing your beliefs allows your true potential to be utilized.
Here are a few of the more common limiting beliefs regarding money:
- Rich people are bad in some way. You may have the belief that rich people are greedy, selfish, or duplicitous. It’s easy to talk yourself out of wealth when you believe these things.
- Belief that your earning capability is limited. You may believe that the lack of a degree or the right connections places a ceiling on your earning potential. This ceiling can be challenging to overcome.
- Making a lot of money requires a lot of risk and time. Do you believe that making a lot of money will require too much time away from your family or force you to risk everything you already have?
- “I’m not good with money.” Such a definitive statement can limit your ability to earn and retain money.
These are just a few examples. Any belief that limits your ability to earn more and grow your wealth is a limiting belief. Make a list of your beliefs that limit your financial resources.
Change your limiting beliefs about money with this strategy:
- Recognize that beliefs aren’t reality. They’re your belief about reality. There’s a huge difference. Your past experiences may not have been representative of how things normally work. You may have been given poor advice. You may have come to faulty conclusions. Your beliefs can be deceiving.
- Choose an alternative belief. You might believe that rich people are greedy. An alternative belief could be, “Rich people have more opportunities and resources to help others. I could do more for others if I had more money.”
- Examine why you hold your current negative belief. Maybe your mom told you that rich people are greedy. Maybe you also saw a TV special that highlighted rich people that swindled their way to wealth. Understand why you have the belief in the first place. What is the root of the belief?
- Challenge the belief. You notice that your mom has never been wealthy. Neither has anyone in her family. And none of her friends are rich. You conclude that she’s probably not a good source of information on the topic.
- You also conclude that there are greedy teachers, police officers, mail carriers, managers, and musicians. Maybe it’s not the type of job or the level of wealth that determines greed. Maybe it’s the individual person. And TV shows tend to lean toward negative news. It draws more people.
- Find information to support your new belief. You find a list of wealthy people that were also well-known as philanthropists. You even check a couple of their biographies out of the library and spend 15 minutes reading before bed each night.
- Monitor yourself. Notice when the limiting belief occurs. Quickly remind yourself of your new belief. Remind yourself of why the old belief is wrong and the new belief is correct. With enough evidence to support your new belief, you’ll soon have a new mindset about the topic.
Are your beliefs limiting your wealth? Of course! Even if you’re a billionaire, there’s a reason why you don’t have $100 billion. But billionaires still have more effective beliefs than someone struggling to make ends meet. Address your beliefs around money and wealth if you want to see a real change in your finances.