10 common limiting beliefs on money and how to change them

By July 28, 2017articles, making money
hacking beliefs around money

The different perspectives on money are astounding. It is one of those things that we have so many mixed beliefs around. On the one hand we want it, and lots of it! On the other we’ve somehow learned all kinds of negative things about money. So before we get into specific beliefs that may be holding you back from having more money in your life let’s just define what money is.

Money: Something generally accepted as a medium of exchange, a measure of value, or a means of payment:

Now let’s break this down: Money is a medium of exchange – it is a tool of commerce. If we went back to the days before money existed people used a barter system. Under the barter system often there was more time spent trying to trade the items that you produced than their was producing them. Everyone had to have sales and customer service skills.  So much time was wasted. By having currency humans improved the efficiency of all of commerce. It allowed us to go from huts to houses, it allowed us to jump from poverty to wealth. Having currency changed everything! It’s created opportunity for everyone.

Money is a measure of value. If money is a measure of value the more value you create – then the more money you should receive. However, it is up to you set your pricing and refuse to work for less than you are worth. If you can’t get paid what you think you are worth, then improve your skillset, output, productivity – learn how to create more value you will get paid for it.

Money is a means of payment. Money is a way for people to reward others for work done, risks taken and value added. It is a way to show appreciation of another’s aptitude.

Money itself is not good or bad – money does not pick up a gun and shoot someone nor does it call 911 when someone is having a heart attack. It is up to you to decide how to use money; for you to do what you think is right with it. That being said let’s look at 10 common limiting beliefs about money.

Now before we go any further if you’d rather watch this one video be sure to check out my facebook page where I do videos almost everyday on a variety of topics.

1. “Money is the root of all evil.”

This belief has been perpetuated because scripture has been taken out of context. It actually is “the love of money…” This is because people that are solely driven by the desire to have money often let their ego’s take control.  When the ego is in control they are more susceptible to making decisions that don’t take into account humanity. The ego is very individualistic and when it’s in the driver seat in regards to money it can be very selfish. This is also true for the ego in other areas of life.

When we look at media the news, movies, tv it often vilifies those with riches because it is written to appeal to the masses. The hero must be broke to do this.  In addition their are people out there who are being run by their egos. Those people often “step on the little guy” to get ahead. This is not always the case. People like Bill Gates, Barron Hilton, Larry Ellison & Carl Icahn have pledged to give away billions to those less fortunate. The truth is the only way to eradicate poverty is with money – and lots of it.

A more appropriate belief is that “money is a magnifier.” Having money makes you more of who you are. It allows you to do more of anything and everything. If you are the type of person who wants the best for mankind than it is very important for you to have as much money as possible. You’ll be able to give more.

Entrepreneurs create massive wealth for themselves and others. In fact by comparison in most incidences the entrepreneurs only keep a small fraction of the wealth that they generate. The money companies produce employees millions.  Those employees have families and friends that they use daily to put food on the table, to buy homes and spend on items that employ more people. Spending money is actually adding value to society.

Money as a medium of exchange facilitates progress towards goals. So when setting goals around making money have a charitable component, a reason larger than yourself to earn and you’ll be living a life where “Money is the tool that allows you to do good for humanity.”

Replace this belief with: “Money is the tool that allows me to do good for humanity.”

2. “Money is not that important. It’s only money.”

This belief is a common way for people to not take control of their destiny.  It’s much easier to state money is not important. The truth is money will allow you to live your fullest expression of life. Many people think about the things they can have with money – while this may be a fundamental motivator it is not enough to create wealth.  When you think about all the good that you can do for your family, friends and community it becomes much more palatable. It may mean you can help people with debt, access to better education or living circumstances. It may mean that you can provide experiences that bring joy, that allow people to expand their ability to create by believing more is possible. When you create wealth it shows others that they can too. When you have an abundance of money you can use money towards a cause that you feel is noble. It’s up to you to decide how you spend it. It can be a new or improved product or service or you can even donate it directly to a charity.

Replace this belief with something like: “With an abundance of money I can live a fuller expression of the life I want to live and I can help others in the process.”

3. “Money is there to be spent.”

This belief will make sure that you stay broke! Most people are trained to spend the money they have in trade for immediate gratification. This day in age the majority of people are living paycheck to paycheck working in jobs that they don’t love – therefore come the end of the week it is time to celebrate – this may mean going out to the bar, buying those new shoes, upgrading your vehicle or even just getting that morning latte on the way to work. While anyone of these things in casual doses is a great way to reward yourself for the hardwork and sacrifice you have made when they become habits it’ll make a huge dent in your financial situation.

If you save just $10 a day for 25 years you can turn that it into $1mm by leveraging compound interest. Take an audit of where you are spending your cash daily – eliminate the subscriptions, reduce your insurance expenses by shopping around, reduce your debts and put that money into an interest bearing account and you will surely be on your way to being a millionaire. This money saved does not need to be retirement – maybe you want to start a business and you can then become your own investor!

Replace this belief with: “The money I save today will allow me to live my dreams.”


4. “The rich get richer and the poor get poorer.”

People that believe this often have been misinformed by some authority that does not have any money. It’s much easier for us to be victims of circumstance than to take ownership of our own life. If this is your belief you will be better served by focusing on the millions of rags to riches stories. Make a commitment to write yours. I am one of those stories. How did I do it? It started by changing my belief to one of empowerment. When I decided to write down my goals and pursue them incessantly it only took a few months for the money to start rolling in. Yes there were several things that I tried first that put me in a bind but it was all part of the learning process. You didn’t learn to take your first step and fall down as a toddler only to decide you could crawl everywhere instead. You had to take a second step and a third and eventually you got the hang of it.  You may have fallen several times but learned what worked and what did not. Stay motivated by focusing on the wins and what you learned from each misstep along the way and you will quickly be on your way to getting richer.  


Change this belief to: “By focusing my thoughts and emotions on my goals I get richer.”


5. “I’m just not good with money.”

You may have had made some terrible decisions with money in the past – but that does not mean you will in the future. Carrying this belief will reinforce it so long as you are looking for evidence of how you could have better spent your money. Instead focus on the fact that you can always learn something new. When i bought my first condo it was the height of the market – the value dropped by 2/3rds and I lost over $200,000. It was a painful experience but well worth it because the next condo I purchased I made over $500,000 on. I learned how to navigate the market better, when to buy, where to buy and how to buy. You can learn how to be more efficient with your money. By reading this you’ve already taken a giant leap. If this is your concern start tracking your expenses and read a book on money management – you can even get great books for free on youtube. I highly recommend “Money Masters the Game” by Tony Robbins. He interviews the experts and you’ll walk learn exactly how you can turn your money management skills into dollars and cents. Listen to it while you drive to work and start implementing the steps.  You don’t even have to figure things out – it’s laid out right for you how to create tremendous wealth.

Change this belief to: “I always learn better ways to manage my money and therefore it grows.”

6. “My family has never been rich.”

I remember my Grandmother coming to my condo in Miami for the first time. She walked in slowly and took three steps before she could move further she topped to catch her breath. I waited for her to speak. I was really excited to finally have her in one of my homes – she never got to visit before. She looked at me and smiled. I looked back and smiled, with pressing eyes wanting to know what she thought. Nana looked up at me and said “So this is how the ‘other half’ live.”  She was so incredibly proud of me.  I am living proof that this belief is FALSE!

The source of people thinking wealth is in their DNA actually comes from either very misinformed or corrupt individuals. Back in the days of the feudal systems it was extremely difficult to move through the classes – where you were born is where you will die. However this is not the case in the 21st century. Just look at the thousands of rags to riches stories – or even look at those who started with money and squandered it. Accumulating wealth is a combination of two factors – How much value you create in the world & your ability to invest any riches you generate.

Fortunately, I was able to generate so much wealth that I gave my parents a huge sum of money that allowed them to retire 10 years early.  My parents started off broke but they made amazing decisions and created tons of value – they actually only use that money for investment and do not need to live off of it.  The ability to give back to my parents was one of the most rewarding moments of my life!

Change this belief to: “I create such an abundance of wealth I can change the life of anyone I choose.”

7. “Money is a limited resource.”

While technically speaking money is a finite resource – around $250 trillion – that would actually give every person on the earth about $35k.  However the really neat thing about money is that it is liquid – that means so long as it is circulated there is always enough to go around. If you had $35k everyday do you think you’d run out? How would you live differently if you knew that each day you could start with $35k?

The only thing that will ever end poverty is money and the circulation of it.  By you creating wealth for yourself and spending it on products and services you love you are actually doing good for mankind. Money is only a limited resource for those who do not understand this law of circulation. The more you give, the more you will get, unless of course you believe it is a limited resource because when you do you are creating resistance to seeing it show up!

Change this belief to: “There is more than enough money for me and everyone else to live a fulfilling life.”

8. “You have to work hard to get wealthy.”

When I was growing up my father worked multiple jobs to get by. I heard him say “You have to work hard to get rich.” thousands of times throughout my childhood. Do you know when you finally became wealthy? Shortly after he retired from his 9-5 at the railroad was when he actually had cash start rolling in. His hourly rate went up by 6x (I challenged him to 10x it and still believe he would have gotten paid.) He started doing some part time real estate and has had months where he’s made more than he made in his best year working fewer hours.

Here’s what happens when you carry this belief – you only look for jobs that require you to work hard. The reality is that there is something that you love to do, that you have the talent to do and there is someone out there willing to pay you handsomely for it. Rethink what you truly enjoy to do and see what the marketplace is for it. When you invest in yourself and what you are called to do, where you have natural talent and enjoy it – that is when you can get so good at it that you will make more than you ever thought possible – because you get so good at it! It may mean that you have to take a short term pay cut to go down this direction – but if you love it not only will it be worth it for your quality of life but before long the riches will come. Don’t let shortsightedness hold you back from living your dream life.

Change this belief to: “When I do what I love I create the most wealth.”


9. You are either rich or happy, healthy, kind, good parent, etc….

Many times we see rich people who have sacrificed another area of their life in order to create financial success. This out of balance view can happen in any category of your life if you are not 100% conscious how you are spending your time. It is so easy to hustle on things that do not have a large impact. If you want riches, healthy, happiness or any other feeling, experience or thing you must have a clear picture of what is important to you. Fuzzy Targets don’t get hit.

You can create a life of balance so long as you create an accurate picture of what is important to you. In fact having money can allow you to be: Happier – have experiences that are larger than we’ve ever imagined. Healthier – gym membership & personal trainers, higher quality food. Better parents – access to better education for ourselves and children, setting an example of how to create value and use money in a way that serves humanity.

Change this belief to: “I know what is important to me and having money helps me to get more of it.”

10. “It’s selfish to want a lot of money.”

As mentioned several times in this article, money comes as the result of adding value.  Directing your time and energy towards creating something of value deserves to be rewarded. The more value you add the more money you will receive. Having wealth is a direct result of creating value – it is a reflection of created value – this means that selfishness will actually repel money.

So many people are so proud of being poor, they are proud of their humility – which is anything but humble. There is no nobility in being poor – ask anyone who has been poor and rich and they will say being rich is hands down more enjoyable than being poor.

Change this belief to: “The more value I create in the world the more money I receive.” or “The wealth I have is a direct reflection of how much value I have created.”

There you have it.  Now it’s time for you to discover what other beliefs that may be helping you or limiting you in regards to money. If you have a limiting belief around money and are not sure how to rewrite or hack it be sure to write me on facebook!