Success around money can sometimes feel taboo and as though it shouldn’t be spoken about. However, what you might not know is that not talking about money could be one of the reasons holding you back and keeping you ‘broke’. You might also have certain views on money that you didn’t realise are limiting you when it comes to financial freedom.
So, what are the 10 limiting beliefs about money that are keeping you broke?
- Lack of self-worth
- The scarcity mindset
- Lack of knowledge or capability
- Fear of loss or failure
- Your cultural and social beliefs
- Your dependency on others or circumstances
- Luck and wealth beliefs
- Difficulty acquiring money
- Fear of change
- Living in the now
If you’ve ever found yourself thinking like the above statements, or something similar, keep reading to find out how these 10 limiting money beliefs could be affecting your relationship with money.
Recognising Toxic Money Beliefs
The first step to releasing yourself from limiting financial beliefs is to recognise them. You might have some thoughts surrounding money that you didn’t even realise were the reason you were holding back. Below, we have explored the top limiting factors when it comes to money. Take a look to see if you align with any of them, and discover how these beliefs can impact your actions.
Self Worth
“I’m not good enough.”
“I don’t deserve success.”
Labelling yourself as unworthy of success is one of the main limiting beliefs on money. A mindset like this can develop from an early age and can undermine your sense of deservingness. This mindset can take many forms. Not only can you deem yourself unworthy, but you could also view wealth with negative connotations.
To begin to change this view of yourself and your financial situation, you should explore where this mindset came from. Once you recognise why you believe these things about yourself, you can start to change your outlook.
The Scarcity Mindset
“It’s too late to start now.”
“Money doesn’t grow on trees.”
Convincing yourself that you’ll never have enough time to become successful or that there will never be enough money to meet your needs can keep you trapped in a constant cycle of financial lack.
To combat the scarcity mindset, start by avoiding thinking about what you don’t have and focus on what you do have. It’s also a good idea to explore what ‘abundance’ might mean to you. Set a realistic, reachable goal to head towards that is based on your definition of abundance.
Knowledge Or Capability
“I’ll never be good with money.”
“I don’t have enough experience.”
“I’m not smart enough.”
Believing that you lack the skills or capabilities to manage and develop your own finances can really hold you back. Having financial confidence can be hard, but convincing yourself that you don’t and never will have the knowledge to further yourself can be detrimental.
Focus on boosting your confidence when it comes to your finances. Taking small courses or researching ways to help keep track of your spending could really help you further your knowledge. Things like budgeting apps can be super useful too!
Fear Of Loss Or Failure
“I’m afraid of failure.”
“I’m afraid to lose the money I might make.”
Fear and anxiety around money are one of the main limiting money beliefs that might be keeping you broke. You could be scared to lose money the second it hits your bank account, or maybe you’re scared of trying to improve your financial situation in case you ‘fail’.
Recognise and combat these beliefs by twisting the view on its head and seeing it as a learnable skill instead. Luckily, you can find loads of useful information and resources that can help you learn useful new skills and change your outlook.
Cultural And Social Beliefs
“Money is the root of all evil.”
“Rich people are greedy.”
You’ve more than likely heard the saying “money is the root of all evil” at least once in your lifetime. You might not have realised it, but this is a cultural and social belief that could have affected your outlook on wealth. By believing in these views, you might have limited your own financial aspirations and also might view wealth in a negative light.
You can change your outlook on this money belief by researching and talking to the people around you who might have shared the same views once, or even who have become financially successful themselves.
Dependency On Others And Circumstances
“I need to wait for the perfect moment.”
“I can’t be financially independent. I need someone else to help me.”
Waiting for the perfect moment (one that might never come) or relying on others to assist with your finances can result in your becoming stagnant when it comes to your financial situation. You might find yourself comfortable allowing others and circumstances to rule your financial life, and therefore will take fewer risks to better your situation.
Take small steps to combat this belief. Things like budgeting apps can slowly build your self-confidence and start to unlock your financial independence. Remembering that you are always in control of your actions and the choices you make can help you to seek out that perfect moment rather than waiting for it to drop out of the sky.
Luck And Wealth Beliefs
“People are born wealthy.”
“I’m not lucky when it comes to finances.”
This limiting belief on money can make you feel like financial freedom and success are completely out of your control. Luck can indeed contribute towards success; however, it isn’t the only route.
You should start focusing on things that you can control, rather than what you can’t. Think about your skills and the strengths you can use towards reaching your financial goals.
Difficulty Acquiring Money
“Making money is hard.”
“You have to sacrifice a lot to be rich.”
If you already have a negative view of what it will take to increase your finances, you’re going to find yourself less motivated to try to be successful. These views might make you think that the journey to making money won’t be worth the outcome.
To flip this view on its head, try not to think of the journey as something you’d have to ‘sacrifice’ but as a chance to learn something new about yourself and what you’re capable of. Try to keep your attention fixed on the outcome, too, so you are reminded why you are trying to better your financial situation.
Fear Of Change
“Money will change the way people see me.”
“Money will change the way I think.”
This view is a much more personal one and can be hard to shake, especially if you’ve viewed finances this way for a long time. You may think that having more money will change you as a person and alter how people see you. But that doesn’t need to be the case.
Personal growth doesn’t have to contradict your core values. You should keep this in mind to combat the fear of changing who you are as a person as you increase your financial freedom. As long as you remain the same and stick to your core values, the relationships around you shouldn’t alter either. People will value you, not your money.
Living In The Now
“Enjoying the present is more important than future financial stability.”
“What’s the point in saving when I have money to spend now?”
Living in the now is not a bad mindset to have, especially when you are young and wish to experience life. However, it can be a limiting money belief when it comes to savings and developing your financial future. If you have no interest in long-term financial security and prefer immediate gratification, chances are that you’ll stay ‘broke’.
Making small changes like signing up for a savings or budgeting app can help change your view on money. In the long term, you’ll thank yourself as you’ll have financial freedom and be able to enjoy more life experiences.
Rewriting Your Money Story For Success
Rewriting your limiting beliefs on money, especially ones you may not have realised you had, can be a daunting task. But once you have narrowed down what it is that is holding you back, you can start to work on changing your outlook. This can open up a world of possibilities and help you on your way to financial freedom and security. But why stop there?
Here at STARTrading, we help people work less, stress less, and have more fun when it comes to financial peace. We know that life shouldn’t be about fast, fancy cars and get-rich-quick schemes that take zero effort for, ultimately, a small reward. You want to feel connected to others, part of a community, and keep your own goals and values in mind. That’s why our trading mentorship programme helps our mentees to achieve their financial goals by using trading to make that happen.
Our Founder and CEO, Lewis, has nearly 10 years of experience trading the financial markets. He is a leading voice in the industry, teaching numerous people all over the world how to become successful through trading. That’s why he developed the STARTrading method: to help people like you discover financial freedom.If you think you’re ready to take the next step in your financial journey, contact us today for support and advice, or take a look at our upcoming events or eBook for more information.
