Finance

Why Self-Limiting Beliefs are Holding You Back from Acquiring the Wealth You Deserve

Marcus de Maria | 28 March 2022 | 2 years ago

acquiring wealth

We all have a relationship with money, usually shaped from our childhood. Whether our parents were good with money, understood the financial world or whether we grew up in an environment where money was tight, we are exposed to other people’s ideas of money and our own worth from a young age.

As we progress through life this mindset gets embedded in our everyday lives, from feeling we can’t get involved in stocks and shares as we are not from that world to being held back from sound investment deals because we have been taught that anything that involves risk is bad.

To fully grow wealth and reach the place we want to be financially, both personally and in business, we need to address these self-limiting beliefs and reset our relationship with money.

Money gives us choices and freedom. It allows us to choose where we want to live, where our children will go to school, how we live our lives and what we spend our time doing. The system the majority of people live and work in is designed to keep us working 9-5, chained to paying our mortgage and bills and using what’s left to feel we have the freedom to go on holiday and give our children, partners and family an enriched and enjoyable life.

But what if there was another way, a way to break free and have greater financial freedom, by building another pillar of wealth to transform the future?

What, then, would be the key to reaching this financial fitness, to growing wealth?

Many things hold people back from taking the first steps to taking control of their finances, but when we explore the reasons why it usually comes down to people feeling they are not good enough or they are harbouring huge self-doubt. Many people will hide behind other reasons, such as they don’t have the knowledge or they don’t have the time, but these are usually just excuses and the real reason is they don’t believe they are worthy.

Knowledge can be gained, and time can be made for anything we want to prioritize. Once we start to understand these excuses aren’t the real reason for lack of action, and that the self-limiting beliefs are the real reason, mindset can start to be changed.

Self-fulfilling prophecies are so common for people with self-limiting beliefs. They won’t apply for the high-paid job as they don’t think they are worthy. Instead, they apply for the job they feel worthy of and then when they get it, this limiting belief is reaffirmed; they feel their belief has been validated.

My argument is – if you never try, you will never know. It’s the same with finances.

80% of success is all down to mindset. Once our relationship with money has been reset, the next steps are relatively simple to follow; they include having a good clear vision and solid strategy for growing your wealth.  Understanding the ‘why’ behind your desire to be wealthy is also important. Your ‘why’ is the motivation and the drive that will help achieve your goal.  This is a huge factor in helping you get where you want to go. Whether it is a more comfortable life, to make your children’s future brighter or you just want the freedom that comes with money, be clear on your ‘why’ and reflect on it often to keep yourself driven.

Another factor not always understood about wealth, is that we all have an urge to spend money. Rather than spending it, you should be making it work harder. Investments that offer a good return will mean your capital is untouched, while you see an increase in wealth each year which allows your finances to grow. Being wealthy is about being smart with money and ensuring you keep your nest-egg working hard while you accumulate more every year.

Wealth is not a spectator sport; you have to get out there and get involved.

Topic

Finance

Related Topics

Financial Planning for Small Business Owners
11 September 2023

Financial Planning for Small Business Owners

Read More →
Navigating Financial Challenges: 5 Tips for SMEs
17 August 2023

Navigating Financial Challenges: 5 Tips for SMEs

Read More →
What is Debt Financing?
14 August 2023

What is Debt Financing?

Read More →
What is Straight Line Depreciation and Why is it Important?
11 August 2023

What is Straight Line Depreciation and Why is it Important?

Read More →
Understanding VAT
3 August 2023

Understanding VAT

Read More →
Financial Planning for Small Businesses
2 August 2023

Financial Planning for Small Businesses

Read More →

If you enjoy reading our articles,
why not sign up for our newsletter?

We commit to just delivering high-quality material that is specially crafted for our audience.

Join Our Newsletter