Limiting beliefs around money
Sit back and consider what beliefs you have around money that are stopping you from getting what you want.
Research in the US indicates we are no happier after we earn $60,000 (€55,000). By that I mean that happiness plateaus at this level of earning and does not go up as we earn more after that.
Below this is where a lot of people sit, looking and wishing to earn more to end the constant struggle with the cost of their lives. Getting to this point and beyond is often hampered by our own belief system, developed from upbringing, experiences, culture, friends and family.
Below are four limiting beliefs I hear a lot from clients that stop them earning more: I can’t earn more I am no good with money More money makes you mean/ bad person, and I am a spender, not a saver. You might believe these things, so you act accordingly, letting yourself off the hook when your habits or actions lead you to make mistakes, waste or do stupid things with money.
But this belief system needs to be analysed and challenged. It doesn’t have to be this way.
Money is just information and the more you know about it, the less mistakes you make and the more of your goals you achieve. So if you have some beliefs holding you back about money, challenge yourself to change.
Name the belief: Is it one of the above or is it something else that is holding you back? Write it down on a blank page and then ask how did this belief arise and what you do to keep it going?
Is there a positive belief that, if you lived by it, would make a financial difference? How does “I can and will earn more money” sound and make you feel or act?
What is the one small thing you can do today to change and encourage this new belief? Is it a conversation or an action? (eg research, take out your bills and organise them, set up a budget) Just start with something that supports your new belief.
Once you finish this one action, name another to continue on your path. By achieving the smaller steps, you will build confidence and motivation, and will be a little further along the road to your financial goals.