Advertising
Advertising

7 Faulty Money Beliefs Keeping You Poor

7 Faulty Money Beliefs Keeping You Poor

Chances are you have faulty beliefs about money, which keep you from coming into it. Here are 7 faulty beliefs you might have and what to do about it.

The first thing to get straight is this: Money serves you. You are it’s master and it is your faithful servant. Never get this the other way around. Money serves two purposes: It allows us to live comfortably. It is also a vehicle that lets us do good in this world. Let money serve you.

Money Isn’t Everything

Some people believe that money can’t buy happiness. They pretty much choose poverty over prosperity, thinking that happiness comes with scarcity. Yet, part of having an abundance mindset means the best of both worlds. After all, money is just an indicator of success. Poor and unsuccessful people have made it a habit to avoid doing things that improve their skills and this guarantees failure.

Advertising

On the other hand, successful people have a habit of doing things that help them progressively realize their goals and dreams. While you may want to remain static, the truth is you either create or disintegrate.

You Don’t Know How to Receive

How many of us know how to ask for money or negotiate salaries? How many of us know our true worth in the value we can provide? I sure didn’t. I had helped my friend remove malware from her shop’s computer. It took me less than an hour, and she wanted to pay me for my time. Yet, because I didn’t know how to ask for money or the worth of the knowledge I possess, I stupidly refused the money.

Luckily for me, my friend insisted. More importantly, she helped me realize that my knowledge and experience are not just for my employer. I can also help other people, and I should be bold enough to ask for money. After all, while it may have taken less than an hour to remove that malware, it’s taken me twenty years of constant study in front of the computer to build up that knowledge base and expertise.

Advertising

You Lack Gratitude for the Money You Do Have

Just as we don’t know how to receive, when we do receive, we don’t know how to express gratitude. Start off simple and express gratitude, when you find a dime on your garage floor or a dollar bill in your laundry.

Gratitude is a re-framing of our minds, which opens us to receiving and expands our awareness to possibilities. Possibilities increase our chances of success.

You Have a Poor Self-Image

You can only grow as far as your self-image will allow. If you ever want to make six-figures at your next job, then you have to first believe you can. Your bad self image makes you believe that you are undeserving and a fraud. Mainly, it’s been poisoned by other people’s beliefs.

Advertising

Once you believe you bring a unique value to this world that you alone can provide, you become aware that you deserve an abundance of happiness, health, and wealth. This accomplishment is something greater yet as it is an expansion of your awareness and true self-growth. Only when you are able to see yourself worthy and deserving of a six-figure salary, will your future employer see it too.

Money Tore Your Family Apart

If your parents worked many hours to make ends meet and lived from paycheck to paycheck, chances are you hardly ever saw them or spent time with them. Consequently, your relationship with them may be estranged.

Its likely that you subconsciously blamed money for creating a rift in your family. Because of this, you may be pushing money away without even knowing it, all in the name of “choosing family over money.” To change this harmful belief and be welcoming of money, start adopting the beliefs in this article.

Advertising

You Know Nothing

Our educational system fails us in a big way. It trains us to be good employees and help makes our employers dreams come true, jeopardizing our own dreams. It fails to teach us how to create wealth, how money really works, how to run a business and how to chase after what really matters. Too often, we’re told in school, “Stop daydreaming! Be realistic. Learn a trade and you’ll have the security of a decent living. ” Decent may be good, but great is even better.

So, it’s up to you to educate yourself in these areas. Make it a point to read at least one book on money a year. When you start digging deeper, you’ll quickly discover that most books about making money have nothing to do with actually making money. It first starts with changing your beliefs about money. These books are often a journey in self-improvement. In short, your success and wealth can only grow as fast as your willingness to improve.

It Starts With You

One of the common threads running through the 7 false beliefs has to do with blame and your willingness to take responsibility for your current results. Unsuccessful people blame their circumstances or other people. On the contrary, successful people accept their circumstances and take the initiative to improve what they can. Even if the problems seem insurmountable, they start acting from where they can.

To bring more money and success into your life, first make a decision to throw out these faulty beliefs. Be willing to accept new beliefs that are conducive to your goals. When we start educating ourselves, we also start expanding our awareness to what’s possible.

In the end, the decision to come into an abundance of wealth and success has more to do with setting goals and growing, than it is about the money. As you embark on this journey, kindly remind yourself from time to time that goals aren’t about getting. They are about growing.

More by this author

Benson Wong

Benson aspires to help people shift their paradigms and live a more fulfilling life.

11 Things to Do to Start Being Happy Today 7 Faulty Money Beliefs Keeping You Poor

Trending in Money

1 Life Insurance: A Secure Way To Protect Your Future. 2 How To Save Money On Groceries: 13 Quick Tips 3 10 Investment Tips For Beginners 4 Top 6 Hacks on How To Build Credit Fast 5 Want to Get Free Product Samples Like Bloggers and Beauty Gurus Do? Read This.

Read Next

Advertising
Advertising
Advertising

Last Updated on March 29, 2021

Life Insurance: A Secure Way To Protect Your Future.

Life Insurance: A Secure Way To Protect Your Future.

Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

Importance of getting a life insurance

No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

Advertising

On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

Choosing the right insurance plan

If you’re about to select an insurance plan, you should consider some important factors:

Advertising

  • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
  • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
  • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

Differences between life insurance plans

Here’s a short brief of some plan categories you can choose according to your needs:

Advertising

  • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
  • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
  • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
  • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
  • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

So what are you waiting for? Plan for your future and live a happier and carefree life today.

Advertising

Featured photo credit: aryehsampson.com via aryehsampson.com

Read Next