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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.

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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.

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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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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