Money Beliefs That Sabotage Your Wealth

What we were told as kids have a huge influence on how we deal with money as adults.

Money isn't just about dollars and cents.

How we think about money — our "money beliefs"— profoundly impacts our financial success.

But where do these beliefs come from? More often than not, they're rooted in the lessons we learnt as children, especially from the ones closest to us.

What we were told as kids from our caregivers (eg. parents and teachers) would have created powerful imprints on our subconscious minds, shaping our attitudes and behaviours around money. It can take both the negative and positive forms.

The topic of money beliefs is something I hold dear. I wanted to shed light on some common money beliefs that originate in childhood, how unhelpful money beliefs can sabotage our wealth, and how we might be able to break free from the chain.

Common Money Beliefs Rooted in Childhood

Here are a couple of common things about money that we may have heard as kids and how they may affect us even as grown-ups:

• "Money is the root of all evil": Such a view can create discomfort with wealth. If we subconsciously believe that money is inherently bad, we may find it difficult to keep it or enjoy it.
  

• "Rich people are greedy and dishonest": This belief creates a negative association with wealth, potentially leading to self-sabotage if we start to become successful. We may feel guilty or undeserving of financial abundance.
  

• "We can't afford that": Growing up hearing this phrase can instil a scarcity mindset, leading to fear-based financial decisions and an inability to enjoy what we have. We may constantly worry about running out of money, even when our finances are stable.
  

• "Money doesn't grow on trees": This saying implies that money is hard to come by and should be guarded closely. While it's important to be responsible, this belief can lead to overworking, undervaluing ourselves, and difficulty investing for the future. We may even miss opportunities that are presented to us.
  

• "It's not polite to talk about money": Many families consider money a taboo topic, leading to discomfort with financial discussions. This lack of open communication can result in poor financial literacy and difficulty managing money effectively.
  

• "Save every cent": While saving is important, an extreme focus on frugality can prevent us from enjoying our money or making smart investments. This belief can lead to a life of deprivation and missed opportunities.

Of course, those who grew up in a household of abundance thinking (opposite of scarcity mindset) would have an entirely different set of money beliefs — the more empowering kind.

Installing New Money Beliefs

What our parents may have told us could be a result of their own upbringing and circumstances. So no one’s to blame here; what’s done is done.

Fortunately, we have the power to break free from these self-limiting beliefs and rewrite our financial narratives. This in turn can help us cultivate a healthier relationship with money.

Shifting our money beliefs first begins with awareness. By reflecting on our childhood experiences and the messages we received about money, we can identify the specific beliefs that hold us back.

Once we become aware of these limiting beliefs, we can challenge their validity. Are they based on facts or unfounded fears? Consciously reframing negative beliefs with positive affirmations is a powerful step towards change.

For instance, replacing "money is the root of all evil" with "money is a tool that can be used for good" can gradually shift our perspective.

Similarly, transforming "I can't afford it" into "I’m open to abundance and financial opportunities" can open us up to new possibilities.

We can even turn the closed statement of “I can’t afford it” into an empowering question:

Here are more examples of new, unshackling money beliefs you can install:

• “What I heard about money isn’t necessarily true. I choose to adopt new ways of thinking that support my happiness and success.”

• “I’m good with money.”

• “I can achieve my financial goals by handling money well.”

• “I think in abundance.”

• “Money buys me time freedom and allows me to do the things I want to do.” 

If you are a parent yourself, I strongly urge you to be more conscious about what you tell your kids about money. It can be challenging to undo years of learning, but it has to start somewhere.

The Power Is In Your Hands

Remember, your beliefs about money are not set in stone. By actively challenging and reshaping them, you can pave the way for a more prosperous and fulfilling financial future.

What are some money beliefs you grew up with? Have they served you well? What can you do to break free from them? Feel free to share in the comments section below.