Have you ever thought about where you picked up your beliefs on money? Was it from your parents or your friends or some movies you grew up watching? It’s interesting how each one of them can influence the way you look at money in your adult life. Given the power of such experiences, it can be very hard to pause for a moment and question these beliefs.
If you haven’t already done this before, take a moment to question the beliefs you carry about money. You might be surprised to discover that they might be the real culprit keeping you from building wealth.
Here are the top money beliefs that could be keeping you from building wealth.
1. Victim Mentality
It’s very important how you talk to yourself and the language you use to communicate with your inner self. Is it positive in nature? or is it reinforcing a victim-hood mindset? If you often find yourself sympathizing your situations and blaming everyone but yourself, you might be looking at the wrong person to fix your money problems. Change your mindset from victim-hood to victor. You’ll be surprised how this simple mindset shift can help you turn around your personal finances. The secret to this change is, once you give up being a victim, you take back control of your life. When you take control of your life, you choose who you want to be.
2. You Only Live Once (YOLO)
We live in the age of instant gratification where your friends and co-workers often share their curated life, making you feel FOMO (Fear Of Missing Out) is real. If you confuse the perfectly curated life of your friends or colleagues on Instagram or Facebook as their real life, you might have fallen pray to this epidemic called YOLO. The fear is so real, it makes you question your sanity.
The next time you find yourself feeling jealous about your friend or colleague that posted those breath taking photos of Maui or Swiss Alps, know that it’s not their whole life but just a part of it. The truth is, you don’t know their life and have no idea of their personal finances. So stick to your plan and ignore the rest. Check out Rachael Cruze‘s book – Love Your Life Not Theirs for a more comprehensive write up on this topic.
3. You Must Inherit Money To Become Wealthy
It’s one of the most widely perpetuated myths in popular culture today and unfortunately the one that has been widely accepted too. Most of the movies and media paint a very bad picture of the wealthy. They portray all of them as evil and crooked. They became wealthy because they inherited money and deserve nothing but our hatred. The truth is far from it.
A recent study conducted by the Chris Hogan and his team throws this myth out of the window. Check out his book – Everyday Millionaires – How Ordinary People Built Extraordinary Wealth—and How You Can Too by Chris Hogan . It is one of the largest study of millionaires in America and shows how these first generation millionaires are actually ordinary people like you and me. The american dream is still kicking and alive.
4. All Wealthy People Are Evil
You mind has a built in mechanism to keep you from doing things you hate. Pick any habit like smoking or alcoholism or what have you; if your mind believes it’s not a good thing to do, it subconsciously discourages you to do it. Your belief about wealth and wealthy people can also be something similar. If your mind believes they are evil, it will simply keeping you from becoming one. It’s a good time to stop and dig deep to find out where you picked up this belief from? Once you address it’s root cause, you should be able to shed that myth and move on.
5. I Am Not Good With Money
If you happen to find yourself repeating this often, treat this as an excuse to not educating yourself. Like a lot of other skills in life, learning how to handle money is also a very acquirable skill. Wherever you are with your personal finances, remember you can do this. All it takes is a willingness to learn and be patient. Like all other worthwhile pursuits, being good with money is more of a behavioral change than learning a bunch of tools. So focus on building good money habits and you’ll see significant improvements in your personal finances.
If you are clueless as to where you should begin reading on the topic of personal finance, I have just the right set of books for you to get started. Check out recommended reading page for all the amazing books about personal finance and investing.
Good luck to you on your wealth building journey!