women struggling with money
Change, Strategies

How to overcome limiting beliefs about money

by Joey Ruffalo MBA-FP, J.R. Financial Coaching

Image by Gerd Altmann from Pixabay 

Limiting beliefs about money can be very detrimental to one’s success. These beliefs can hold you back from achieving your goals and reaching your full potential. To overcome these beliefs, it is first important to identify what they are. Once you know what your personal limiting beliefs about money are, you can begin to change them for the better. Staying motivated throughout this process is key, and there are a few strategies that can help. Finally, it is important to have a healthy relationship with money to experience financial freedom.

1. What limiting beliefs about money are and how they can hold you back

Everyone has different beliefs about money. Some people may see it as a source of fear or insecurity, while others may see it as a way to achieve their goals and dreams. However, if you have any limiting beliefs about money, they can definitely hold you back from achieving success.

Limiting beliefs are thoughts or ideas that keep us from reaching our full potential. They can be very harmful because they can prevent us from taking action and moving forward. In the context of money, these beliefs could be things like “I’m not good with numbers,” and “Money is the root of all evil.” “I would only be happy if I had all the money in the world” or “I don’t trust the stock market.” These are forms of financial anxiety.

If you have any limiting beliefs about money, they will likely manifest in your behavior. You may avoid dealing with money altogether, or you may make impulsive decisions without thinking about the long-term consequences. These behaviors can be very costly, and they can ultimately prevent you from achieving your financial goals.

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2. How to identify your personal limiting beliefs about money

The first step to overcoming your money-limiting beliefs is to identify what they are. Once you know what your beliefs are, you can begin to challenge them.

Create a list of all the things you believe about money. Once you have your list, take a close look at each belief. Are they based on fact or emotion? Do they empower you or hold you back? If any of your beliefs are based on fear or insecurity, it’s time to challenge them.

Once you have a list of your money-limiting beliefs, it’s time to start challenging them. For each belief, ask yourself if it is truly true. Ask yourself what money means to you? What brings you happiness in life? Is money really evil? Are you really bad with numbers? Do you have too much debt? Do you have enough money? What about retirement? If I don’t have enough money do I need some side income to help? When you start to question your beliefs, you may find that they are not as strong as you thought. Write down all of the negative thoughts that come to mind.

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3. How to change your limiting beliefs about money for the better

After you have identified your money-limiting beliefs, it’s time to start changing them for the better. This is not an overnight process, but it is important to start taking steps in the right direction.

One way to change your beliefs is to reframe them. For example, instead of believing “Money is the root of all evil,” you could believe “Money is a tool that can be used for good or evil.” This may seem like a small change, but it can make a big difference in your mindset.

It’s also important to start changing your behavior. If you have been avoiding money, start to take small steps towards dealing with it. Open a bank account, start budgeting, start investing some extra money and begin to educate yourself on personal finance. Learn about topics such as compound interest and passive income. Meet with and interview a financial advisor. As you start to take action, your beliefs will begin to change. Having a money mindset points you in the right direction towards building wealth and helps your break free from your self-limiting beliefs and starts you on a path towards financial freedom.

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4. Strategies for staying motivated to keep up with your new, positive beliefs about money

After you have identified your money-limiting beliefs and started to change them, it’s important to stay motivated. Again this is not a process that will happen overnight, and there will be setbacks along the way. However, if you keep up with your new, positive beliefs about money, you will eventually achieve success.

One way to stay motivated is to set small goals. For example, if your goal is to save $10,000 in one year, break it down into smaller monthly or weekly goals. This will help you stay on track and see progress over time in your bank account. Another goal designed to give a quick win is funding an emergency fund. This will give you a safety net for your financial situation and allow you to start to feel confident with money.

Another goal might be to pay off all your debt. You could use the snowball method which means paying off the smallest debt first, then using that payment plus any extra cash to pay off the next smallest debt as fast as you can, and so on until you are debt-free. No matter what your goals are it is important to focus on the specific situation and what you can control.

It’s also important to find a role model or mentor who can help you through this process. This could be a friend, a family member, or even a financial advisor. You could also work with a financial coach. A financial coach will help you identify your goals, outline your important decisions and help you decide if you can afford to spend, save or invest. They can also help you get to the root cause of your money anxiety to help you focus on your goals. Find someone who has overcome their money-limiting beliefs and achieved financial success. They can offer guidance and support when you are feeling discouraged.

Image by Mohamed Hassan from Pixabay 

5. The importance of having a healthy relationship with money

It’s important to have a healthy relationship with money because money is a tool that can help us achieve our goals. When we have a healthy relationship with money, we can use it as a tool to reach our full potential.

Money can make one feel overly stressed. Money can also provide an awesome feeling. Feeling good and understanding what financial freedom means is not just for rich people or those with a high income. It is not just an idea but something you deserve.

A healthy and good relationship with money starts with recognizing our own money-limiting beliefs. Once we identify these beliefs, we can start to change them for the better. This is not an easy process, but it is important to start taking steps in the right direction.

As we start to change our beliefs about money, we will also start to change our behavior. We may become more money-conscious and start to take steps towards financial success. Finally, we will find mentors and role models who can help us through this process. Having a healthy relationship with money is important because it allows us to use money as a tool to reach our full potential and maybe even be financially free.

If you want to achieve financial freedom, it’s important to start by recognizing and changing your money-limiting beliefs. This is not an easy process, but with the right tools and support, you can overcome any obstacle. Stay motivated by setting small goals and finding a role model or mentor who has achieved financial success. With time and effort, you can change your money mindset for the better and achieve all of your financial dreams!

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About the Author:

Joey Ruffalo is a Financial Coach and the founder of J.R. Financial Coaching. He was honored as the Best of the East Bay Financial Service Winner and selected into Marquis Who’s Who in America. Joey was also selected as a Marquis Top 100 Professionals as well as a Marquis Top Business 2021. Joey has paid off over $370,000 in debt. 

Through his own personal finance journey and by helping others define their purpose, Joey has developed a plan of action that is centered around building a successful and positive experience with finances. His passion is evident in his work, as he helps those struggling with money create lasting change.