Breaking Free from Your Limiting Money Beliefs
Study after study has shown that our personal beliefs have a direct effect on
our financial behaviour. Managing your own behaviour is the hardest part of
life. It’s also arguably the biggest determinant of success, in life in
general, but certainly in your personal finances. Just because we know what to
do – spend less than we earn, eliminate debt, eat at home, etc. – our natural
behavior tendencies lead us astray.
Don’t get me wrong … I am not one of these gurus that think if you believe you
can be wealthy, it will automatically happen. Building wealth may be simple,
but it’s not that easy. Believe me when I say your beliefs impact the
decisions you make in how you manage money. It reminds me of Henry Ford’s
famous quote “Whether you think you can or can’t, you are right.” The mind is
very powerful. It operates at both the conscious and the unconscious
levels.
You probably have heard the statement “I’m not in it for the money” from many
women—or you may have uttered it yourself. And you probably said it because
you believed it, or, because for whatever reason, you thought someone else
needed to hear it.
One of the dilemma or conflict surrounding this statement occurs when women
believe they are not in careers for the money, yet life circumstances and
economic realities require money in order to make a living. That is a
difficult space to hold, and it creates a strong internal conflict.
Beliefs can be created in childhood (through family traditions, conversations,
and actions), associated with religion, and driven by society. Further, most
beliefs are formed and solidified unconsciously.
Take for instance the nurturing you received during childhood about money
and values, and the way you organise this information in your mind. The way you
processes and organises money messages and also the ways wherein you model money
behaviors is unique. Even individuals who are raised in the same household don’t
necessarily have the same opinion on money or relations with money.
Limiting beliefs may include but are not limited to:
- Success is for other people;
- Money does not grow on trees; and
- People with money are greedy.
How often have you tested your assumptions or questioned your
beliefs?
Why focus on beliefs? While changing beliefs might not necessarily be easy, it offers a good starting point. Our beliefs shape so much of our lives, from how we view ourselves and others, how we function in daily life, how we deal with life's challenges, and how we forge connections with other people. If we can create real change in our beliefs, it is something that might have a resounding effect on our behaviors and possibly on certain aspects of our personality.
The problem with these collective assumptions and continuing to believe them without consciously testing them is where you might be in your current stage of life. Especially if it’s not your truth where you are in your life currently.
Your belief is your self-fulfilling prophecy. If you believe that you will never be financially comfortable then you never will be. If you believe that you can achieve financial freedom then the possibilities are wide open
The beautiful thing about beliefs is that we can change them in favour of
ones that better serve us. While it may not be easy, it's possible. It is
only by knowing and understanding the thoughts and emotions on money and
what money represents to you, that you’ll be in the position to develop a
healthy relationship with it for the future. There’s a saying: “We don’t see
the world as it is. We only see the world as we are.” It's about understanding who you are, how you can get where you want to go and having a plan to get there.
Remember, words and thoughts are powerful; what you say and think about, you
bring about. Bring into your life a healthier understanding and relationship
with money. Transitioning to self-empowering money beliefs, and
sustaining this habit, is what triggers true change—and this is what
ultimately grows wealth. Teaming up with an advisor builds in a layer of
accountability, making you much more likely to stick with it. It also means
having a rational person in your corner who can help rein you back in during
periods of anxiety or uncertainty.
How is Your Money Story Holding You Back?
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