I recently had the privilege of working with a group of women during my Meaningful Money Mindset workshop where we discussed goals and created simple plans to start moving in the right direction.
At the beginning of the first meeting I asked each woman what brought them to the workshop and several of them had the same answer.
Their limiting beliefs about money.
What is a Limiting Belief?
The website Asana defines a limiting belief as the following: A limiting belief is a state of mind or belief about yourself that restricts you in some way.
Many of us experience limiting beliefs in different areas of life – and I’m no different. While my mom was my constant cheerleader, my dad often told me that I would never be enough…and that message could have had the power to control my future.
We all have messages that others have told us and some that we tell ourselves and it can be difficult to sift through those messages and find the truth. In my case, finding my dream job in the financial industry and surrounding myself with positive support made all the difference.
How Limiting Beliefs Can Affect Your Finances
Limiting beliefs can be a very powerful undercurrent in the wave of your financial life. It has been my experience that people will earn as high or as low as their beliefs take them.
Simply put, no matter what business you are in, if your inner voice is continually saying to you that you only deserve x or you cannot possibly earn x, this will become your reality.
Here are 3 thoughts on limiting beliefs and how to work through them:
Begin by identifying the roots of your limiting beliefs. This might even show up in your life as imposter syndrome, something we’ve all experienced at one time or another.
If the phrase “I’m not worthy” is something you’ve thought, it’s time to quiet that voice; we all deserve the opportunity to work toward and achieve our goals. Whether we are limited due to lack of education, lack of money in the bank, a job that doesn’t pay enough to support a certain lifestyle…pick an area to improve upon and work at this one day at a time. In my case, as a 25-year-old, simply signing up for the 403(b) Retirement Savings plan through payroll deduction was the start to an “I am worthy” mindset.
Money is scarce: Haven’t we all felt like this at some point? If you are feeling this way, set some time aside to face this limiting belief head on. Talk with a trusted friend, someone who will help you progress from scarcity to abundance! I will tell you that if you simply make a few adjustments to your current financial scenario, you can improve this situation and this belief, dramatically, over time.
Making small changes can affect your bank account AND your mindset; I always encourage people as young as 25 to start investing, even during a time when money seems tight. Putting $25-$50 into an investment account might sound like a challenge, but it will not only build your savings…it will build your confidence.
Even if you feel like you’re behind in your savings, don’t believe that you’ll never catch up – or chances are, you won’t. Talk to someone who can advise you and be your biggest cheerleader as you start working toward your goals. CLICK HERE to make an appointment.