How is money related to the big picture of wealth? When someone is wealthy, it does not just mean that he or she is loaded with tons of cash. In simple terms, what it actually means is a person must be entirely stable in his or her finances, and not have to work extremely long and hard just to afford a modest meal or live by paycheck to paycheck.
In addition, being wealthy means you must be in total control of your money and not allow your money to control you instead. But before you can control your money and wealth, it is wise to first be clear about the destructive self limiting beliefs about money, and how damaging they can be to your financial success. So here are the numerous detrimental self limiting beliefs about money that you should be aware of.
Money is evil
When we use money to buy our food supply, clothes, toiletries and other essential commodities, we say that money is good. But when we spend money on drugs, alcohol, cigarettes, gambling, weapons and other harmful substances / activities, we might say that money is bad. And worse still when money is used to bribe corrupt individuals in the business and political world, to finance criminal activities, weapons of mass destruction and wars, we immediately say that money is downright evil.
However, what you must understand here is that money is perceived as good when it is used for good purposes. Conversely, money is perceived as evil only when it is used for evil purposes. So actually, money itself is neither good nor evil. It is how you use and manipulate it that will determine whether the outcome will be good or evil.
There is never enough money to go around
We personally believe this belief (pardon the pun) should belong to the stone ages. Remember, money is not intrinsic value. It is printed or minted – seemingly without limit, we might add – in order to represent value. So why then do we still have nations whose populations still live in extreme poverty? There are numerous factors that can contribute to this but a severe lack of money-printing or minting facilities is not one of them.
It is impossible (for me) to attain and manage money
Allow us to illustrate a simple analogy before we tackle this self limiting belief. Let’s say you want to buy a car worth $3,000, a computer worth $1,000, an radio worth $100 and a television set worth $900. So this means you will need a total of $5,000 to buy all the items.
However, you only have $1,000 now. So what do you do next to get the additional $4,000? The easiest way will simply be to forget about the items and give up. Or you can pursue your desire to get these items by finding means and ways to obtain the extra cash. So, if you brainstorm, the following methods should surface:
- Ask someone to give or lend you the extra cash .
- Get a salary-paying job.
- Do some freelance work and get paid for it.
- Sell a product or service for cash.
- Invest part or all of your current $1,000 to earn interest.
In short, there is actually no way you can say that it is impossible to obtain money. It is completely up to you to decide which method you wish to use when obtaining it.
But what about managing the money once you have obtained it? Well, this is where simple financial planning comes in. Financial planning is not just about saving your money in a piggy bank. It is a holistic approach towards managing your cash flow, expenditure, savings, income streams, planning for your financial future and emergencies, and most importantly letting your money grow exponentially. You can plan one for yourself or get a financial planner to do it for you. The simplest way is to start with a cash flow sheet that you can prepare to monitor your income and expenditure.
Saving money is extremely hard or downright impossible
If we get a penny every time we hear someone saying this, we’d probably be billionaires by now. There are numerous ways to save your money. Anyway, the simplest way to save money is to first pay yourself before paying for your other needs and wants. What we mean is that you must first set aside a portion of your earnings/profits/income for saving before you pay your bills, buy stuff, et cetera.
And the best way to pay yourself is by making the process automatic. Get your bank or prepare a program to automatically set aside a portion of your earnings into a savings or investment account periodically to save you the hassle of having to do it yourself. That way you won’t have to constantly worry about having to set aside a portion of your earnings manually as it has been automatically done for you.
There is no way I can have money and free time
Everyone is given the same 24 hours a day. So why is it then that only 10% of the world’s population control 90% of the wealth? This is because they are firstly able to control and optimise the single, most important free resource that is their time.
Time optimisation is not just about dividing your time according to your various activities. More importantly, it is about fully utilising, managing and optimising your time and resources so as to churn out the best and most efficient results especially when it has to do with your wealth.
I have to perform a lot of things I despise to get money
This is a virtually no-brainer self limiting belief. If you do not like doing something, then don’t do it. Instead, do the things that you like in order to earn money. Take up a career that matches your interest. Or find alternative ways to earn money than the conventional monthly check-paying job like starting a business based on your interests that earns you revenue and profits. You will be paid to do what you enjoy doing.
Money makes my life unhappy & spoils me
Money doesn’t do both. Money is a non-living thing that doesn’t have the capacity to think, act or feel. But you can. You have a mind, emotions and body parts to decide, feel and act for yourself. So how you manage your money and yourself will determine your happiness and your character.
I sincerely hope that you are now aware of some of the most detrimental self limiting beliefs about money. Only when you know and get rid of these self limiting beliefs, will you be able to set your mind to attract more wealth and generate better streams of income.