Leila Dorari
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8 Limiting Beliefs About Money – And How To Overcome Them

Leila Dorari

June 06, 2019

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Most of us struggle with money at some point in our lives. Only a handful of people on Earth have been born rich, not having to fight like the rest of us. However, some people manage to overcome and become richer, while others fail to do so. Why is that? You’d be surprised at how much this has to do with having a proper mindset for getting wealthy. Many people carry some prejudice about money which often prevents and limits them from being more successful.  Here are the 8 most common limiting beliefs about money and how to overcome them:

Money is not  important

One of the most things to achieving something is having a positive and proactive mindset. So, naturally, saying that having money and being financially successful is not essential, will leave you in a bad situation. So, in a way, if you do not need money, money won’t need you! The key is in changing your mentality. You need to start focusing on the good things that money brings with itself, and start making it one of your priorities.

Why make money if you don’t spend it

Technically, it is true that there is no point in making money or getting rich if you are not going to spend it on something that you and your close ones like or need. However, there’s a fine line between spending some money and being reckless. It is easy to get trapped in this neverending circle. It is common knowledge that money is made only with saving and investing. So, if you spend all of your money at once, you will never be able to reach the financial potential you otherwise could. Therefore, the key lies in moderation, like spending some money on yourself, while simultaneously making it a habit to save or invest a part of it.

You do not come from a wealthy background

An assumption that only people who come from already wealthy families can make money is one of the main factors why most of us do not succeed financially. Having such an attitude from the get-go can really limit your chances of getting richer. For inspiration, you might read up on life stories of many famous people, in recent or distant history, who were impoverished before making it big. Charlie Chaplin, Harry Houdini, Ella Fitzgerald, Halle Berry or Dr.Phil, all lived on the street at one point of their lives. Or, if you’ve seen the movie “The pursuit of happiness,” you probably know the story about Chris Gardner, who became a millionaire, even though he was a homeless single father, who, nevertheless, managed to make a career and wealth in the finance world. The biggest takeaway here is that it is necessary to have an attitude that everything is up to you and that no hurdle is big enough. Relying on your potentials and never giving up is the way to financial success, no matter what your background is.

Having money means paying more taxes

Successful individuals do not look at it this way. Having more taxes to pay means that there was more money gathered in the process. Also, paying taxes is a way of helping society and the overall stability of your country. Any thoughtful and diligent business owner would hire an accountant to help them through this process. A reliable personal accountant can help you rightfully manage your finances, and be satisfied in the end. So, the best way to ditch the thought of how having money and paying lots of taxes is bad is by being aware that you need to do whatever it takes to be wealthy. That means that sometimes you will have sacrifice and do things you do not enjoy!

Money is the root of all evil

This saying is most often heard coming from people who do not possess much wealth. They are driven to this attitude that having money is wrong and that it makes people bad, or even worse evil. However, their opinion is not formed without reason. Many of us have met or had some not so pleasant experiences with rich people during our lifetimes,  making us more inclined to believe that all wealthy people are or could be like this. However, as in any other case, generalization is bad. Not every person is the same. They all had different motives and ways to obtain that wealth, and you shouldn’t judge before knowing the whole story. Try changing your outlook towards an attitude that there’s nothing wrong about having money. There are still many wealthy people who try to make this world a better place. So, although money can be used for good and bad things equally, look at it as a way of changing the world for the better.

To have money you need to be dishonest

It is wrong to estimate that all people who accumulated wealth had to be immoral and corrupt to get there. Although we are often flooded with news about people, getting arrested for wrongfully appropriating money, there are still many wealthy individuals who have gained their riches through legal ways. As mentioned before, it is not ok to generalize. Some rich people steal, some poor people steal. If we were to look at it that way, we wouldn’t trust anybody around us. It is no shame to admit that people who are more successful than we are have gotten there by working hard and by offering others products or services that were in demand. So, it’s a good thing to try to look up to these people and to emulate their course of action. Therefore, if you feel that all wealthy people are dishonest, it might discourage you from trying getting rich in the first place.

To have money, you need to be lucky

It’s easy to fall into the trap of believing that the money just fell from the sky to those who have it. However, we do not and did not see the whole journey that it took to get there all the sacrifice and dedication. People who got lucky and got their money out of the blue (like lottery winners) usually end up losing all their money, and even going into debt afterwards. Why is that? It’s because they were not ready for success, they didn’t work hard to get that money, and subsequently, they didn’t make a plan on how to wisely spend and invest it. So, it is safe to say that luck doesn’t have anything to do with wealth.

Follow your passion and the money will come

People often use this mantra to prove that the most crucial thing in getting richer and being successful is doing the things you are passionate about. However, this doesn’t have to be the case. Although, technically, to be successful on the market you need to be passionate, not every passion will turn out to be lucrative. If you cannot see a way to monetize, passion just won’t be sufficient to earn enough. So, the best approach is to offer the products or services that are in demand on the market and to be passionate about the whole process. Your passion should focus on solving problems and acquiring knowledge in the process. Therefore, to earn more, it is best to have a balance between a passion for the job and personal interests.

Sometimes it is tough to admit it to yourself that you are the main reason for your failures. However, in this case, it often proves to be true. Your attitude toward money is likely to shape your reality and motivate you or demotivate you to go and get it. Therefore, the essential thing is to start being aware of your limiting beliefs, and shifting your mindset towards trying to change them. Only then you’ll actually be ready to have more money!


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