Common limiting money beliefs that are holding you back

Money is something we all have a relationship with. Whether you love it, despise it, or try to ignore it, the truth is that having money is essential. Yet money is also a highly taboo topic. It can be viewed as rude to share specific numbers, too. There are certain stigmas around being wealthy just as there are about needing money. In fact, a recent survey shows that most people are more comfortable talking about addiction, race, sex, marital problems, and politics than money. And for entrepreneurs, there can be limiting beliefs about money that may actually hold you back.

Money matters

If you want your money situation to play out in a different or more expansive way, then it goes beyond investing and conferring with a financial advisor or money coach—although those components are important too.

To really open yourself up to financial abundance, you need to look at the beliefs and mindset you have about money. Without doing this, you can learn all you want about Roth IRAs and money market accounts, but there will still be a piece of the puzzle missing that will hold you back from earning the right way.

The first step is to acknowledge those limiting beliefs. Especially considering the common hush-hush mentality when it comes to money, this is a great opportunity for you to examine your beliefs around money. Read on to see if you relate with these common beliefs and how you can shift your mindset into one that’s prepped and primed for making more. 

Common limiting money beliefs

1. Money is “hard” to obtain

This is probably one of the most common beliefs about money that’s neatly encapsulated by the saying we’ve all heard: “Money doesn’t grow on trees.” If you believe the idea that making money is challenging, then it will be. As with many limiting beliefs, this can quickly become a self-fulfilling prophecy. 

Part of this is how we critique money influx. It’s common to only think of your paycheck when considering the money you make—instead of acknowledging and being grateful for all the money that flows your way. An effective way of shifting this is by tracking every single cent that enters your bank account. Paychecks, bonuses, birthday money, a credit from a store—keep track of it all, no matter how small of an amount or where it came from. You can also pair this with the mantra, “Money flows to me with ease,” to help shift your mindset. You might be surprised over time at all the ways money finds its way to you. 

2. You need to be frugal to have more

For many big purchases, you might assess what you already have and plan for how you can save. However, you can also reframe the question, “How will I save this much?” to “How can I make this much?” Perhaps that’s by offering coaching services along with your course or using order bumps to garner some extra revenue. You can even poll your audience to see what they want and then create based on that. 

Another reason to reframe this common misconception is because it might have you pinching pennies, which will put you in a scarcity mindset rather than an abundance mindset. Lack creates more lack, so if you’re focused on what you don’t have, (or the need to tightly hold onto what you do have), then you’re going to be more likely to overlook ways to make money. You can also use the mantra, “There’s more where that came from,” every time you make a purchase as a reminder that money comes and goes—what you spend will come back to you, if you’re open to it.

3. You’re selfish if you want to make a lot of money

There can be a lot of stigma around the desire to get rich—especially if your motivating factor for creating is money. And the truth is, that’s perfectly OK if you want to make money. It doesn’t mean that you’re greedy, selfish, or creating your course for the wrong reason. Shift away from labels and get curious about why you want to make a lot of money, instead. 

One helpful way of diving into this is to journal. If a million dollars hit your bank account today, what would you do with it? Go into detail here—write about what you would buy and from where, what you would save, and what would be spent on others.

In fact, a lot of what you do could have a positive ripple effect—buying clothes from a small business boutique, investing in your own business so you can offer more to your audience, or getting a better studio for your team. Wanting to make more doesn’t mean you’re selfish. It means there’s the possibility of expanding your reach in a positive way.