Overcoming limiting Money beliefs
We all see life through a set of colored lenses. Our experiences and influences have made us who we are. They have impacted everything we believe about ourselves and the world.
Good or bad, what we believe is our reality.
The fantastic news about this?
We can change our reality!
I knew that when I started telling myself “I can’t be a good mom and build a business too.” it was time to take a deeper look. Once I challenged this limiting money belief, I realized that I don’t have to be overwhelmed all the time.
What I needed were stronger boundaries with my family, and to challenge the notion that women shouldn’t get help. Each time I overcome this belief, my business goes crazy and I’m a much happier (and better) mom too. It’s a win-win.
But unfortunately, it’s not the only limiting money belief that holds us back.
Today, challenge your assumptions. Shift your mindset and open yourself up to new possibilities. Whether you are trying to get out of debt, build wealth, or improve your life, becoming aware of and then overcoming limiting money beliefs is crucial to your success.
What are limiting beliefs?
They are the thoughts that hold you back in life. They don’t serve you, but you keep thinking them anyway.
In this article, we will go through a simple process for overcoming your limiting beliefs about money:
- Find those beliefs that hold you back
- Challenge them. Is this really true?
- Replace them with better thoughts
Why Do We Have Limiting Money Beliefs?
Our daily world is made up of the influences around us. And while people mean well, they often transfer their limiting beliefs to you. You may have picked up these thoughts from:
- Family members
- Social media
- Books, podcasts, and online articles
Be careful where you spend your time. Your influences make up your thoughts and determine what you believe you can do!
How to Identify Your Limiting Money Beliefs
You might be wondering how a person even knows if they have these beliefs. Here’s how you find them. Then, keep reading for specific limiting money belief examples to look for.
- Journal about your money experiences.
- Think of your past. Pinpoint areas of discomfort, embarrassment, or shame.
- Are you keeping something from others? Are you not telling them because of their limiting money belief or yours?
- When you read the list below, ask yourself which of these thoughts sound familiar. Where did they come from? And how do the thoughts affect your life?
List of Limiting Beliefs About Money
Let’s dig in and challenge these common limitations.
1. Money is the root of all evil
Money is not bad or dirty.
It is a tool that can be used for good. Or it can be used for evil. But that is up to the person, not the money itself.
Warren Buffett is set to give away billions of dollars to charity. Is this evil? Of course not! And millions of dollars are donated by other wealthy individuals to better society all the time.
Money is a tool I can use to do good for my family and the world.
2. I could Never Do That. I need to be practical.
But I’ve heard countless people use this as an excuse to never go after their dreams. You get one life on this earth. Don’t let “practical” stop you from taking a risk.
Let yourself dream big. You can be practical and start a side hustle, read books on finance, or invest. Start small. You don’t have to know the whole picture to start.
I can be practical AND build the life of my dreams.
3. Money can’t buy happiness
Yes, the best things in life are free. And money is not your ticket to happiness.
But if you use this statement as a limiting money belief, you are letting it become an excuse. Money can still pay for beautiful experiences with your loved ones, contributions to society, education, and things or activities that make you happy.
Money is a tool that can be used to build a beautiful life.
4. I’ll never be rich (or wealthy)
Do you look at someone and think “I’ll never be that _______”?
It’s time to challenge that assumption. Yes, you can be that wealthy. Yes, you can be that fit. Yes, you can.
It just takes a different set of thoughts. And a different set of actions. But these are all things that you can accomplish if you take it one step at a time.
And there are many examples of people who came from poverty and transcended into wealth. (Oprah Winfrey, Kevin Hart, J.K. Rowling to name a few)
*Did you know there is a difference between rich and wealthy?
I am taking steps daily to become wealthier.
5. Money is hard to come by
If you have ever said “Money doesn’t grow on trees!” this might be a limiting money belief that you have. But money does not have to be hard to obtain.
Building passive income, asking for a raise, learning, and networking are all ways that you can accelerate your success without working 90 hour weeks for the rest of your life.
I look for opportunities to work smarter, not harder.
6. I don’t know enough to Do That.
I hear this often from women, and it drives me bonkers. You don’t have to know it all to start!
All you need is to be able to learn it. Yes, you might look stupid. (I have many, many times.) But you can not let a lack of confidence stop you. Because you are smart and you can figure it out as you go.
Repeat after me:
- It is ok to be a beginner.
- It is ok to ask questions. (Even dumb ones!)
- It is ok to not know everything.
I am a great learner, and I will figure it out.
7. All Debt is bad.
This belief served me well during early adulthood. But once I explored real estate investing, I realized that it is not true. There are millions of wealthy real estate investors who would strongly disagree with all debt being “bad.”
And what about other things?
- Is it “bad” to go into debt because you want to better yourself or get into a higher-paying job?
- Is it “bad” to live in a home with a mortgage?
If you are living below your means and making informed decisions, the answer is no. The smart use of debt can open opportunities that you wouldn’t otherwise have.
I use debt strategically if it makes sense.
8. I’m not good with money
Throw this limiting belief about money in the trash!
You are not good with money ONLY if you say you are. How do you get good at money?
- Learn about money and how to build wealth
- Work on your daily habits
- Make more money (odd right? But making more money means you won’t beat yourself up over small spending things)
Seriously, do these things and you will be a financial pro in no time.
I am learning to be good with money every day.
9. Pinching pennies is the only way to wealth
It’s not the only way. And in most cases, it’s also not the fastest way. Always focusing on saving can put you in a mindset of “lack” instead of financial abundance. Make more money as well.
Which is faster? An hour of digging for the best deal to save $10 or an hour of earning that could net you $15-$300?
Building wealth is a balance between earning, saving, and investing.
10. It’s too hard to learn about money
Fancy spreadsheets and day trading will make you believe this. But good investing statistics show that you don’t have to play the complicated money game. You can keep it simple and still do well.
Learning about money is fun and easy.
11. It’s too late. I’m too old.
This is complete rubbish. Age is only a number.
I can make my dreams come true at any age.
12. money is selfish and greedy
In many environments, ambition is looked down upon. But creating a beautiful life for yourself and those around you is beautiful. And giving back to our world is commendable.
So, ditch the labels and realize that wanting more money is not a bad thing.
Money allows me to build an extraordinary life and serve my family, business, and community better.
13. Women Should Do It All
There is a common assumption in our society that women should be doing it all. And that asking or paying for help is bad.
- Raise the kids
- Make money (whether it is through side income or full-time)
- Do all the housework and laundry
- Schedule and coordinate everything for your family
But this notion is handcuffing women financially (and in other ways). It is impossible to do this much, and still do it all well.
- What if your partner and kids did more?
- What if you paid for a housecleaner or business assistant?
You could spend this freed-up time caring for yourself or making far more money through work and investments.
I invest in myself and our future regularly.
14. Money equals success
Americans are obsessed with money as the indicator for success.
But your value comes from the inside, not from the amount of money in your bank account.
Financial success without deep relationships, soulfulness, and health is a hollow triumph.
I define my own success and happiness.
15. I am always _______ broke. In debt. strapped for cash.
Your past experiences do not have to be repeated in the future. Learn from your mistakes and make small changes every day.
This is temporary. I am working towards a bright future.
Related: Why You Can’t Save Money
16. I don’t deserve wealth.
A person becomes wealthy from a set of actions. Yes, you need a good self-worth (and that is what you should be working on).
But no, you don’t have to deserve wealth any more than you have to deserve self-care or self-love. These are basic things that everyone can (and should) have.
I am worthy of an amazing life. My actions align with my goals.
17. I Have To Have A Lot of Money To Make Money
You don’t have to have a lot of money to make more of it.
I built a six-figure business from an initial $500 investment. And there are other ways to build wealth in small increments. Again, the many famous people who rose from poverty will prove this belief wrong.
I can start small and build over time.
Victim Speak: How to Overcome It
This is similar to your limiting beliefs about money, but they are excuses that can be worded in a number of ways. Victim mode blames everyone else for the reason you are not reaching your goals.
It is the government’s fault, society’s fault, your mother’s fault, etc.
You are giving up your power. So, when you feel yourself dropping, dust yourself off and take 100% responsibility. Only you are the captain of your own ship.
- Turn “I have to” into “I get to”
I have to do the budget.
I get to do the budget and see the progress we’re making towards….
- If you hear yourself say “I can’t” ask “how can I”
I can’t buy that house.
How can I buy that house?
- If you say “but” switch it to “and”
I want to invest but I’m strapped for cash.
I want to invest and I’m strapped for cash. (Again it switches you to think how you can make it happen.)
Related: Money Mindset Journal Prompts
How Limiting Money Beliefs Affect Your Life & Success
Above all, limiting belief examples about money prevent you from reaching your full potential. When you believe these thoughts, you
- sabotage your money goals
- make bad decisions
- overspend (because you feel bad about yourself)
- and never take risks that can lead to amazing opportunities
Plus, they stress you out too!
How to Remove Limiting Beliefs About Money
How do you change negative beliefs about money? Now that you have identified your beliefs, challenged them, and taken back 100% responsibility for your actions….
Replace them with positive affirmations
Swap them out with more empowering thoughts! Use the chart and free printable (coming soon!) below to help you find a powerful money affirmation to replace.
Challenge Your Limiting Money Beliefs: Activities
Keep at it to see lasting results. You can also:
- See a financial advisor to build your money confidence
- Read great money mindset books.
- Say positive wealth affirmations or confidence-building boss lady quotes
- Take small baby steps to improve your financial situation. Each action step you take reinforces your new affirmation.
- Track your progress. (Use the free printables in the resource library) Show yourself the evidence of your new belief.
Over time, you will rewire your brain and change your life.
Free pdf of Limiting and New Money Beliefs
Remember: Thoughts become words. Words become actions.
Why do the rich stay rich and the poor stay poor?
It is all about the rich vs poor mindset tips! The rich overcome their limiting beliefs about money to get where they are today. And you can too.