You may think that the only way to become wealthy is to work extremely hard, or be in the "right" career, or maybe be lucky enough to come into a large inheritance. Or maybe, a part of you thinks that you cannot control whether you become wealthy or not.
But in my 23 years as a financial advisor, I can tell you that the #1 thing that will determine your financial success in life is your mindset towards money. I have seen it with many of my clients over the years, and in myself, as I have learned and grown through my own financial journey.
Here is an intriguing tidbit: the most wealthy people in the world also have a healthy and respectful relationship to money. They realize that money is just one of the many resources we have to offer and share in this adventure called life. It is a neutral tool, not something to be feared, shamed, or avoided.
Do you ever feel like you self-sabotage when it comes to money?
Do you wonder if the way you were raised with money is holding you back?
Do you feel like, to be wealthy, you need to be born into a family of privilege?
If so, your money beliefs may be sabotaging even the best of your intentions around your financial health.
Most people are not aware of the self-defeating scripts that run on a constant loop in their minds. Most people also have instinctual, non-supportive, and fear-based beliefs about money, wealth, and success that were developed by influencers such as parents, friends, teachers, the media, and even the Internet and social media.
The good news is, your beliefs are neither right nor wrong - they are only beliefs - which means that you can change them if you want to. Your beliefs are not laws or rules that cannot be broken. If a belief is not serving you, simply replace it with one that does.
There are different cognitive behavior exercises that you can apply to your thinking of money to help shift your perspective and help you navigate to a mindset of abundance.
The first step for creating a more financially abundant lifestyle is to become aware of your non-supportive beliefs around money and wealth and change them into supportive ones.
If you are unsure what some of your financial beliefs are, try this exercise.
Complete these sentences:
Money is _________________. (Fill in the blank)
Money means for me _____________. (Fill in the blank)
Then, fill in the blanks to expose some ideas of what is holding you back:
I am not financially free, because ______________________.
I’d love to have more money, but ______________________.
In doing this exercise, some of your other limiting or dysfunctional beliefs may rise to the surface. I invite you to write them out and see if you can reframe it into a more positive and supportive affirmation for yourself.
If you get stuck, read on and see if you can identify with any of these fear-based financial beliefs that may be holding you back from creating a wealthy life.
- DYSFUNCTIONAL BELIEF: I am simply not good with money and never will be.
- REFRAME IT: Anyone can learn to handle their money, and I learn and use my knowledge about money every day.
- DYSFUNCTIONAL BELIEF: Money is the root of all evil.
- REFRAME IT: Money is a neutral medium that follows along with how you use it. It is my responsibility to make the most out of what I have.
- DYSFUNCTIONAL BELIEF: Money can’t buy me happiness.
- REFRAME IT: Money gives me the freedom to do things that improve the quality of my life.
- DYSFUNCTIONAL BELIEF: I never have any extra money!
- REFRAME IT: I choose to manage my money wisely because when I do, more money comes my way.
- DYSFUNCTIONAL BELIEF: I can either make lots of money, or do what I love, but I can’t do both.
- REFRAME IT: I don’t have to choose between making money and pursuing my passion. I can do both!
- DYSFUNCTIONAL BELIEF: The rich get richer, and the poor get poorer.
- REFRAME IT: My financial future is entirely up to me. Everything I need to create financial abundance is already inside of me.
- DYSFUNCTIONAL BELIEF: I’ve reached the level of wealth that I wanted; the hard work is done and now everything will be great.
- REFRAME IT: Life is a joyous and never-ending design project, and I can’t wait for my next adventure.
Once you have your reframed beliefs, I encourage you to post them where you can see them: in your bathroom, in your closet, or perhaps the inside of a drawer or as your phone wallpaper.
Try it, you will be surprised how you can train your beliefs on money to a path of one that will view wealth and financial opportunities as part of your current and future. Change your mind and you can change your future and this is definitely true about your relationship with money.
Your beliefs truly shape the outcome of your life. Don’t be a passive participant in your own life. By working to actively reframe the things that are holding you back, you can work to design the life you deserve - and that includes your finances!
Remember: it’s not about having money. There is a vast difference between being rich and wealthy: being rich is having money, but being wealthy is having more time and more freedom to live the life you have always wanted.
If you’re looking for help with becoming more active in achieving financial freedom, schedule a free call with us today.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
All investing involves risk including loss of principal. No strategy assures success or protects against loss.