Are your money beliefs holding you back? Almost everyone is uncomfortable talking about money. People have trouble talking about money without eliciting extreme human emotions. Guilt. Anger. Frustration. Joy. Happiness. Freedom. It’s sometimes easier for people to talk about sex than it is about their money situation.
At its core, money is about power. Whether you have it or you’re working towards it, money is ever so often a source of limiting beliefs.
The only thing that’s keeping you from getting what you want is the story you keep telling yourself. –Tony Robbins
Money usually represents much more than rands and cents. It’s tied up with our deepest emotional need for love, power, security, independence, control and self-worth. We are usually not aware that money carries this emotional load. So we fight over it without understanding what the fight is about or how to resolve it.
As we grow up few of us are provided with good examples of how to talk about money. Nor are we taught how to manage it wisely. Instead we are bombarded with adverts urging us to buy stuff we don’t really need. We live in a society of buy now pay later mentality.
Some of us overspend, then there are those who hoard money or worry about it incessantly.
Your relationship with money
Stop! Take a minute to think about your relationship with money. How would you describe your relationship with money? What feelings come for you? Do you feel anxious, guilt, anger, envy or shame?
Many of us have a relationship with money that is out of balance.
As a perfect example of someone being out of balance with money, look at Lottery winners. Research has shown that many who win large amounts in the lottery have spent in all within 2 years. And are somethings worse off than they were before.
If you are an over-spender, you’ll overspend even more. If you are a hoarder you will save more. An avoider will become even more reluctant to deal with money. A worrier will worry even more about money.
You can think and believe whatever you want about money. Your relationship to money is as unique as your finger print. It’s your relationship to either abuse and fight or to value, expand and understand.
Your relationship with money reflects your beliefs about money and wealth. Financial struggle or financial freedom is the result of this relationship.
If you are not where you want to be in relation to your money, it’s time to conquer you money Belief System!
A limiting belief is an idea, conscious or subconscious, that limits or holds you back in one or more aspects of your life.
Are your money beliefs holding you back? What are some limiting beliefs you could have around money?
“I’m just not good with money”
It’s hard to be good at something if you don’t have a strategy to improve. To win, you have to know the rules of the game. You need to learn the best strategies for success from those who have already mastered it. Success leaves clues. People who succeed at the money game are not lucky. They’re doing something differently to everyone else. To achieve financial success you need to start learning how to manage your money.
“Money is made to be spent“
According to a 2011 study, 50% of people would struggle to come up with R2,000 in a crisis. Such as an unexpected medical bill, legal cost or home or car repair. So while you may think that money is made to be spent, this belief could leave you desperate in a crisis.
Automate a specific percentage of your paycheck to go into savings to make sure that this will never happen to you. Think about it: it wouldn’t take a lot of focus or a lot of savings for you to be better off than most people.
Although you may think you cannot afford to save, the question is, can you afford not to save?
Money isn’t something you deserve or don’t deserve. Money is something you generate, create and expand. You might inherit it, marry into it or win it but I’ve found luck is a pretty poor wealth strategy. – Ann Wilson (The Wealth Chef)
Ditch the negative language
The real problem when you say, “I can’t afford something”, is you shut down your creativity. You shut down your unconscious’s ability to go, “how can I afford it?” This does not mean you whip out the credit card or go into debt saying, “to hell with it, I’m just going to have whatever I want now”.
That whole “buy now, pay later”, “you deserve it”, “because you’re worth it” – kind of mentality is a highway to poverty.
The question is then, not “can I afford it””, but “how can I afford it?”.
Change is possible
The good news is that you can rewrite these money beliefs. While money beliefs can be passed on from one generation to another, they do not have to be permanent. Once you’ve identified your patterns of thinking about money, you can begin to examine how changing those belief improve your financial situation. Then you will truly be ready to take mindful, deliberate steps to achieving financial success.