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7 Faulty Money Beliefs Keeping You Poor

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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.

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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.

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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.

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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.

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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.

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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.

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Published on November 8, 2021

How To Achieve Financial Freedom With the Right Mindset

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How To Achieve Financial Freedom With the Right Mindset

What would being financially free mean to you? Have you made the mistake of thinking that financial freedom requires millions of dollars and decades of hard work? When it comes to our relationship to money, the answers really lie in our mindset. Change your mindset around money and your entire financial outlook will change with it.

And no: we’re not talking about putting a check for a million dollars under your pillow at night. This is about you becoming a financially free person, in whatever capacity you choose. And that’s really the key: it needs to be defined by you. So many people outsource this responsibility to society/celebrities/the government etc… and as a result never achieve it.

What if you could identify what financial freedom looks like for you, realize that it is possible to get there in a matter of a few months and then build a road map to do just that?

Read on, because that’s what we’re going to open you up to. This isn’t about giving you specific strategies “guaranteed to work in five minutes or your money back…blah blah.” This is about awakening you to just how powerful you are, where your blocks lie and how to smash through them effectively.

Financial Freedom – What is it?

Well like I said: I’m not going to define this for you. That misses the whole point of this article, but let’s lay out some ideas to get you started.

Typically, when we talk about financial freedom in the west, we really mean: freedom from needing to work, in order to meet financial obligations. We know that there has been a rise in depression amongst nine-to-fivers, 62% as a matter of fact between 2019 and 2020 in the USA.[1] It’s therefore no wonder that there has been correlative uptick in the search for alternative solutions to finances.

This depression is largely as a result of feeling trapped, unable to realize potential and being denied opportunity. It is also likely that, thanks to a more global world and social media: we see just how abundant life can be for some; like a carrot dangled tantalisingly close, but just out of reach. We yearn for more meaning in our lives, more excitement and to be able to live on our terms.

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Finances are (as we see it) the stumbling block and the preserve of the chosen few…not us.

So to start building an accurate picture of what financial freedom would be for you, begin with what your life would look like if you didn’t have to worry about money. How would you feel if you didn’t have to consider your monthly budget, when putting your hand in your pocket to pay for lunch?

The point is that a lot of the stress and resulting depression that comes from feeling like a ‘wage-slave’ is down to our lack of clarity on what we actually want. We get caught, focussing on what we lack and that perpetuates a mindset of lack that very quickly is reflected in our reality. We are allowing our subconscious, emotional mind to be bombarded with imagery every day that reenforces a sense that we aren’t good enough. That we do not have what it takes.

That wouldn’t happen though if we had done the work of pinning down exactly what we wanted in the first place.

Does Financial Freedom Come at Extreme Levels of Net Worth?

There is a tendency, thanks again largely to how we are conditioned through media, to think that financial freedom only comes at extreme levels of net worth. What if I told you that is completely ill-founded and untrue?

Using the standard/assumed definition of financial freedom for a moment; this means that you need enough capital to generate a return that is greater than, or equal to your monthly expenditure. That doesn’t necessarily tell the full picture, but nevertheless; it’s is a good place to start.

If your monthly outgoings (mortgage, bills etc…) come to $3,000 for argument’s sake, you can achieve that with as little as $108,000 invested over three years.[2]

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Hardly the millions you had probably envisioned is it?

Remember: we’re not talking about you living a lavish lifestyle necessarily. If that is what you want; fantastic, it’s certainly achievable, but what we’re getting at here is your ability to meet all of your financial obligations without having to work.

I’m sure you’re unlikely to find $108,000 down the back of your couch, but it is a figure that is well within reach of most working adults. A $36,000 salary opens you up to borrowing that kind of money, and even if you have to continue working in the short term in order to service the debt and keep up with your bills; you’ll have a clear end goal in sight.

And you’ll have doubled your income in the meantime, for the same amount of work!

How To Achieve Financial Freedom With the Right Mindset

As we touched on earlier, coming at your life from a space of ‘lack’ simply perpetuates more of the same. As I always say: your environment doesn’t lie. Look around you, if you’re dissatisfied with any aspect of your life, you first need to accept responsibility for it. If you don’t, you’re abdicating your power to make new choices.

You may well have been the victim of circumstance in the past, but how you respond and what you do with that experience is up to you. If you choose to look for the positive, however minor it might be in any given situation – your experience of life will begin to change.

This is, in essence, what The Law of Attraction is all about. What lies behind it is your reticular activating system (RAS). The part of your brain designed to filter out the (as it sees it) unless information, highlight the important information and prioritize your safety. Thanks to it being part of your primeval/‘lizard’ brain however, it predates the conscious mind, intellect and reason.

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The issue for a lot of us is that we haven’t understood how to communicate in a way that our RAS understands. We can’t translate our conscious desires and are therefore caught in a loop between two incongruous forces.

Our subconscious wants us to be alive and it bases its criteria for this, largely on the principal of: same = safe. Meanwhile, your quality of life, passive income, work/life balance etc… are inconsequential. That part of your mind doesn’t give a hoot about the utility bill or being able to afford a holiday.

It is perfectly possible to show you subconscious/RAS the benefits of financial freedom though, or indeed any other outcome you’d like to see in your life. You just have to speak its language. Becoming debt free and financially free is actually one of the easiest things you can communicate to your subconscious, because you have so much ‘real-world’ experience with money.

Here’s how:

  1. Start by clearing your mind and being present – find a meditation, visualization or breathing exercise that calms your mind, allows you to focus on the present moment and become an observer of your surroundings. The point of this is to stop all of those thoughts buzzing around in your head that are pulling you back to the past, or projecting you into an imagined future.
  2. Then build a mental movie or slideshow of what your average day would look like, were you to achieve financial freedom. We’re not talking about big occasions, huge wins or events; just an average day.
  3. From your position of present observer – start to observe the feelings that arise as you go about this average day in your new life. Do you feel your shoulders relax and drop? Have you got excited ‘butterflies’ in your stomach? Are you smiling more?

Learn to recall these feelings at will – this will connect the dots for your RAS and you will soon start noticing a shift. Think of it as connecting with your desired future and pulling it into/towards your present.

Bonus Hack – Practice Gratitude

We’ve already discussed how you can start attracting/observing the opportunities that will enable you to achieve financial freedom. This involves a lot of work in order to finesse, but the principals are easy enough to understand. Something that we can all do, no matter what we’re trying to achieve, is practice gratitude.

Using the same principals that I’ve outlined above: something of a ‘catch-all’ that we can train our minds to produce more of, is gratitude. If we can shift our mindset so that the next time some negative, external and unforeseen event occurs, we are still able to be grateful for it; your entire experience will shift.

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Not only will you observe more to be grateful for all around you on a daily basis, but you will shift out of a mindset of ‘lack’. All of the barriers that stood in your way before (not enough capital, stuck in a job I hate etc…) they will shift to becoming things that support your desires and goals.

For example:

The job you hate, when reframed as the means to support a transitional stage of your life (i.e. enabling you to borrow money to invest) suddenly gives you a resource to be grateful for.

The added beauty of this is that your RAS doesn’t know the difference between a big win and a small win. You being truly, deeply grateful for your socks (for example) carries the same weight as being grateful for your health, or your spouse. This is why I say “practice” gratitude. You can start whenever you want!

Look around you right now and find something that you really are grateful for, no matter how small and seemingly inconsequential.

Practicing this will create a snowball effect. Much quicker than you might think: you’ll be overwhelmed with gratitude for your life and all that’s in it.

In Summary

Financial freedom is more within your reach than you probably think or feel. Understand that the limits you’re assuming to be there are largely a product of your subconscious mind, having been drip-fed evidence of that over the course of your lifetime. Changing that might take a lot of effort in the short-term, like cranking over an old car, but the effects will begin to build up quickly and self-perpetuate.

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Apply this mindset to your financial situation and you will find that it too will begin to ‘snowball’. Financial freedom is closer than you think, so start looking for it today!

Featured photo credit: Pepi Stojanovski via unsplash.com

Reference

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