Out With the Old in With the New, Replacing Limiting Financial Beliefs


Beliefs are powerful and so pervasive that we don’t even realize that we have them.  Even worse is that we don’t believe we can be free of them. Elephants that perform at the circus are a good example of how beliefs determine what actions we take in life.   These huge elephants are tied with a rope or a chain to small pole and even though they can easy break free, they don’t.  The reason is that they were conditioned into believing that they can’t break free. When the elephant is just a calf they tie him to a pole with rope or a chain and no matter how hard he tries to escape, he can’t escape. He eventually gives up trying. Even after he has grown up and can easily break free, he still believes he cannot escape and stays tied to the pole.

Many of our money beliefs are the same, it is easy to break free of them, but we have been conditioned to believe we can’t. There are many limiting beliefs about money that exists. I have selected what I consider the top six most common limiting financial beliefs and will suggest replacing them with more empowering beliefs.  It is easier to replace an old belief rather than try to delete it. This can be likened to the story of the two dogs. “Inside you are two dogs.  One is evil, the other is good.  The mean dog fights the good dog all the time.” “Which one wins?” “Whichever one you feed the most.” Let’s replace the old belief (evil dog) with the new empowering belief (good dog). It’s easier to feed to the good dog rather than try to obliterate the evil one.


The first most common limiting money belief is “Money is the root of all evil.”  Replace this with “Money is a tool to help me live the life I want”.

Intrinsically money has no value. Those notes and coins are only valuable because we have all agreed to accept them as a medium of exchange.  It is a stand in for value. Money itself is neutral how you choose to use it is up to you. You can use it for good or bad. Not every business or wealthy person is a cheat or a scoundrel.  To further replace this limiting belief research stories about people who have succeeded and are doing really good things for others. This will help to disassociate the notion that money is the root of all evil.

The second common limiting belief is “To be wealthy means that I will have to work all the time.” Replace this with “Wealth allows me freedom to explore my dreams.”

The goal of all wealth accumulation is financial freedom; this is the stage where work is for pleasure and is not a compulsion. Being wealthy really means that you will be able to have more time to pursue your true desires, whatever they may be. When you have achieved financial freedom, you will have learned how to leverage your own money to work for you and not the other way around.

The third common limiting belief is “I am not good with money, I am not smart enough.” Replace it with “I can learn all I need to know to navigate my financial life.”

No one starts off being an expert. Also, you don’t have to know everything in finance to manage your own money. There are numerous sources of information out there and once you get started you will soon realize that it’s not as complicated as you first thought. You will never know what you can do if you don’t try.

The fourth common limiting belief is “The rich get richer and the poor get poorer.” Replace it with “I am totally responsible for my financial status.”

As I alluded to in the last post, there is a lot of evidence there that the rich are in fact getting richer and the poor is getting poorer. The truth, however, this is really an excuse for us not taking action. When we believe this, we give all our power and responsibility away. We need to reclaim that and change our mindset to one that empowers us to create our own financial abundance. The alternative is powerlessness and poverty.

The fifth common limiting belief is “I can only get rich by winning the lottery.”  Replace it with “I will take the necessary action each day to make myself financially abundant.”

This might seem like a weird financial belief, but many people see the lottery as the only way they can become rich. This belief is very debilitating because it prevents them from taking action that will help them grow wealth. This belief keeps them in dreamland.  When Napoleon Hill wrote the book “Think and Grow Rich” nowhere did it mention, daydreaming about winning the lottery.

Wishing will not bring riches,” Hill writes. “But desiring riches with a state of mind that becomes an obsession, then planning definite ways and means to acquire riches, and backing those plans with persistence which does not recognize failure, will bring riches.” “When riches take the place of poverty, the change is usually brought about through well-conceived and carefully executed plans.”

When we have a well-conceived plan, we can take concerted action each day to achieve wealth it moves us closer to our plan for financial abundance; simply dreaming about it does not.

The sixth common limiting belief “It’s selfish to want a lot of money.” Replace it with “It is my duty to take care of myself financially so as to be of service to others.”

There is nothing selfish about wanting lots of money. You can’t help the starving if you are starving too. You are not less of a person when you want to ensure you have financial abundance. It is only when you have this abundance can you be of service to others. The reality is that money is crucial to our physical survival. We need it to feed, clothed and shelter ourselves. Without money we will not be able to enjoy the basic necessities of life, much less be able to pursue our passion.  Money facilitates the practical aspects of living and the more of it we have, the more able we are to innovate, share and grow.

How much money needed to consider ourselves financially abundant is different for everyone. How much is enough will depend on what your goals in life are. Regardless of how much money we want, we must have the underlying belief that it is possible for us to have it, that we are capable of achieving it and that we are worthy of having this abundance. Replacing limiting beliefs about money with empowering and motivating beliefs about money is the first step on the road to financial abundance.

What are your limiting money beliefs? Do you know what they are? What action(s) have you taken or are planning to take to turn around your current money beliefs?

Dr. M


Published by Dr. M Finance Blog


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