15 Limiting Beliefs About Money and How to Overcome Them

When it comes to personal finance, limiting beliefs about money often act like invisible barriers keeping you from reaching your financial goals. Understanding and overcoming these limiting beliefs is key for anyone wanting to change their financial situation and achieve lasting abundance.

Imagine growing up hearing phrases like “Money doesn’t grow on trees” or “Rich people are greedy.” These sayings might seem harmless, but they can form beliefs around money that make us think wealth is either out of reach or undesirable.

These phrases become “money scripts” that play over and over in our brains. Once a belief turns into a script, it can hold you back, making it tough to see opportunities for growth and success.

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15 Common Limiting Beliefs About Money

Here are 15 common limiting beliefs about money that might be holding you back from financial freedom.

1.  Money is the Root of All Evil

Growing up, going to private school, I heard this one a lot. This belief suggests that having money inherently leads to unethical behavior and moral corruption. It can make people feel guilty about wanting or having wealth.

2. Rich People Are Greedy

This stereotype can make you resent the wealthy. It can discourage you from aspiring to financial success, as you may assume that wealth is only achieved through selfishness.

3. I Don’t Deserve to Be Wealthy

Feelings of unworthiness or a lack of confidence in your abilities can create a mental barrier to achieving financial abundance.

4. Making Money Is Hard

Believing that earning money is always a struggle can discourage you from going after opportunities that could improve your financial situation.

5. You Have to Sacrifice to Be Rich

This belief wrongly suggests that you must choose between being happy and becoming wealthy, implying that you can’t have both.

6. Money Doesn’t Grow on Trees

A common phrase many of us were told by our parents. This can give us the idea that money is scarce and difficult to obtain, leading to a scarcity mindset.

7. Only Lucky People Get Rich

Believing that wealth is solely a matter of luck can make you feel powerless to change your financial situation.

8. I’m Just Not Good with Money

Thinking that you inherently lack financial skills can prevent you from learning how to improve your financial habits.

9. It’s Too Late for Me to Start Saving

Believing that it’s too late to start saving or investing can lead to continued financial insecurity and missed opportunities for growth.

10. Money Will Change Me for the Worse

Fearing that being rich will lead to negative personal changes can stop you from seeking financial success.

11. I’ll Never Get Out of Debt

This belief can create a sense of hopelessness and prevent you from taking proactive steps to manage and reduce your debt. 

12. Wealthy People Don’t Have Real Problems

This one has a bit of an “entitlement” feel to it. This limiting belief about money ignores the challenges and responsibilities that come with managing wealth, creating an unrealistic view of financial success.

13. I Need to Spend Money to Show I’m Successful

Believing that spending money on luxury items is necessary to prove your success can lead to poor financial choices and excessive debt.

14. Saving Money Is Selfish

Thinking that saving money is a selfish act can prevent you from building financial security for yourself and your family.

15. I Can’t Make Money Doing What I Love

I held this limiting belief for a long time (and still struggle with it from time to time). Believing that you can’t make money from what you love to do can stop you from pursuing careers that are both enjoyable and profitable.

new mindset equals new results

Recognizing these limiting beliefs about money is the first step toward changing them. By challenging and reframing these thoughts you can develop a more positive and empowering money mindset, opening the door to financial abundance and success.

how do you overcome a negative money mindset?

Overcoming a negative money mindset isn’t easy. It involves recognizing and challenging your limiting beliefs about money and replacing them with positive and empowering thoughts. Here are 10 strategies to help you shift from a scarcity mindset to an abundance mindset.

1. Identify Your Limiting Beliefs 

The first step is to identify the specific negative beliefs you hold about money.

Reflect on your thoughts and attitudes toward money. Write them down and consider where they come from. Are they beliefs passed down from your parents? Influences from society or your social circle?

Understanding the origin of these beliefs can help you challenge their validity.

2. Challenge and Reframe Negative Beliefs 

Once you’ve identified your limiting beliefs, challenge them. Ask yourself if these beliefs are objectively true or if they’re simply perceptions you’ve adopted. 

For example, if you believe that “money is the root of all evil,” consider examples of how wealth can be used for good, such as charitable giving and community investments. Replace these negative beliefs with positive affirmations, like “money can be a force for good in my life.”

3. Educate Yourself About Money 

Financial literacy is a powerful tool for overcoming a negative money mindset. Educate yourself about personal finance topics such as budgeting, saving, investing, and managing debt. 

The more you know about money, the more confident you’ll feel in making financial decisions. There are numerous resources available, including books, online courses, and workshops, to help you build your financial knowledge.

4. Set Clear Financial Goals 

Setting specific, measurable, achievable, relevant, and time-bound (SMART) financial goals can provide direction and motivation. Break down your goals into smaller, manageable steps. 

For example, if your goal is to save for a down payment on a house, determine how much you need to save each month to reach your goal within your desired timeframe. Having clear goals can help you stay focused and track your progress.

5. Practice Positive Affirmations 

Positive affirmations are statements that can help reprogram your subconscious mind and reinforce a positive money mindset. Repeat affirmations such as “I am capable of managing my money well,” “I deserve financial success,” and “There are abundant opportunities for me to earn and grow my wealth.”

Over time, these affirmations can help shift your mindset from scarcity to abundance.

coffee mug with napkin stating "I attract all good things."

6. Visualize Financial Success 

Visualization involves imagining yourself achieving your financial goals. Take time each day to visualize what financial success looks and feels like for you. Imagine paying off your debt, building your savings, or achieving financial independence. 

Visualization can boost your confidence and motivation, making it easier to take the necessary steps toward your goals.

7. Surround Yourself with Positive Influences 

The people you spend time with can significantly impact your money mindset. Surround yourself with individuals who have a positive attitude toward money and financial success. 

Seek out mentors, join financial literacy groups, or connect with like-minded individuals who can offer support and encouragement. Positive influences can help reinforce your new money mindset and provide valuable insights.

8. Seek Professional Guidance 

If you’re struggling to overcome your negative money mindset on your own, consider seeking professional guidance. A financial coach or advisor can help you develop a personalized plan to achieve your financial goals. They can provide objective advice, support, and accountability as you work to change your money mindset.

9. Practice Gratitude and Generosity 

Cultivating gratitude and generosity can help shift your focus from scarcity to abundance. Regularly take time to acknowledge and appreciate the financial resources you have, no matter how small.

Practice generosity by giving to others, whether through donations, volunteering, or helping friends and family. These practices can create a sense of fulfillment and reinforce the belief that there is enough to go around.

10. Track Your Progress and Celebrate Milestones 

Keep track of your financial progress and celebrate your achievements, no matter how small. Recognizing and celebrating your milestones can help you stay motivated and build confidence in your ability to manage your finances. 

Whether it’s paying off a credit card, reaching a savings goal, or sticking to your budget for a month, acknowledging your progress can reinforce your positive money mindset.

paper with progress over perfection written on it

Overcoming a negative money mindset requires intentional effort and practice. By identifying and challenging your limiting beliefs about money, educating yourself, setting clear goals, and surrounding yourself with positive influences, you can shift from a scarcity mindset to an abundance mindset.

Embracing a positive money mindset opens up new possibilities for financial growth, stability, and success.

If you’re looking for more help with changing your mindset, check out Finding Your Flow: 9 Steps To Unlocking Your Inner Potential.

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