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5 Self-Limiting Beliefs That Stop You From Building Wealth

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5 Self-Limiting Beliefs That Stop You From Building Wealth

We all have dreams of being a billionaire – the good life, financial independence, a huge mansion, or maybe even a small island. Yet, every time we think of that fantasy we treat it as just that –  a fantasy. Fantasies tend to carry with them this stigma that they “could never happen.” Because of this stigma our dreams remain fantasies and not realities. So, I’d like to ask you why they couldn’t be a reality?

“I’m no stock broker or tech startup genius,” you might say. “I wouldn’t know where to begin!” Well, the first place to begin is to stop making excuses.

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1. “It’s too late to get started!”

Is it? People used to say the same thing about going to school, but you are likely to see teenagers going to college just as much as you are senior citizens these days. The same is true when it comes to achieving your financial goals. With the rise of technology, researching and learning your way around stocks (as I did with INDX.guru at the age of 31!), investing, saving, and earning more money has never been more accessible.

No matter your age, you can always put in a little time to research how people have gained financial independence, and became millionaires at varying ages. Timothy Sykes made his fortune through penny-stocks and by teaching others to utilize the same resources. Starting out as a philosophy major, he learned about penny-stocks and his life took an entirely different turn. Nothing is set in stone. No matter your age, major, or place in life, it is never too late to learn.

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2. “This isn’t the same financial wisdom that everyone else has taught me!”

No, it sure isn’t, and there’s a good reason why. With the IRA and 401k programs losing over a trillion dollars in the last few years, it might be worth it to ask, “Have I been taught wrong?” Unfortunately, that may very well be the case. Expecting financial secrets to stay the same for decades is like expecting people to still be using beepers in massive quantities in 2015. The tried and true methods either need to change with the times or undergo something called second-order change. This change typically refers to a company or management reshuffle when the old ways aren’t working.

It is change born out of necessity. As time carries on, nothing is every really safe from change. Improving on those old methods is something to start with, but the tried and true just isn’t working any more. It’s time to go back to the drawing-board.

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3. “I’m not smart enough to get to millionaire status!”

Believe it or not, being a genius programmer, a celebrity, or an inventor isn’t necessary to achieve alchemist gold. It also isn’t necessary to be a stock genius or investing master to get into investing or stocks. A little research can go miles for every interest or hobby. The mentality of being too out of the know to reach a goal is a self-defeating mentality, no matter which way it’s looked at. The truth is, there are plenty of ways out there to climb the proverbial ladder. The internet has opened up the world to learning essentially anything that they please without having to take years of university for tens of thousands of dollars (seems a bit counter-intuitive anyways, right?).

If you have no idea where to begin, look up some key phrases like: “beginner tips to investing and stocks” or “financial independence”. Mint.com is a fantastic resource as well, helping you keep track of your finances. In essence, there are plenty of places to get started. You just have to take that first step.

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4. “I wasn’t born with a silver spoon in my mouth!”

Well, a lot of people aren’t. That doesn’t mean that they can’t climb their way to the top. In fact, has there ever been a movie where a rich person has gotten even richer and has been the protagonist? Probably. The point is, there are more movies out there about the underdog finding their way to riches than Hollywood can produce at a given time. Find a way to turn your interests, hobbies, and talents into something that can get you closer to the financial plateau. Good old Mark Zuckerberg is a famous case. This Facebook founder even has a movie about how he climbed up from basically nothing to become one of the most wealthiest people recognized worldwide. A fairy tale doesn’t happen outside of a story book, folks. You have to make your own dreams come true!

5. “I wouldn’t even know where to start!”

A lot of people don’t. Here’s a little tip: look at the person you most admire, perhaps the person who got you into the idea of wanting to aspire to better financial goals. What is it that they did to get where they are now? There’s no need to go tracking down directly in their footprints – but a little inspiration is great. Even better, they are likely to have inspiration of their own and numerous other paths to other success stories for you to follow. Take their tips and tricks to heart (though with a grain of salt from some). Most of the time, that uncertainty is terrifying, but it is also just an excuse to never get started. Nothing will ever get done while the future is being stared at idly – you know it deep down already.

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Conclusion

These five mindsets really can hinder you with long-term or short-term goals towards wealth. A negative mindset can hinder numerous aspects of life, really. However, the responsibility of shifting up those mindsets ultimately falls to the individual. The truth is, in most cases, you are the one holding yourself back. You don’t need to be a genius, born in splendor, or even have a direct business plan to achieve goals of wealth. You just need some research, dedication and confidence.

Featured photo credit: jacme31 via flickr.com

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