Financial Roadblocks: Overcoming Limiting Beliefs
Visualize Yourself in a Better Financial Situation
“I’m not good with money.”
“There is NEVER enough money to take care of the things that I need to do, much less the things I want to do!”
“If I invest in the business that I always wanted to start, there may be a chance that I fail and I lose my hard-earned money.”
Have you ever said any of these statements in the past? As a first-generation Latina from a low-income home, I definitely said this and more! Limiting beliefs are thoughts or ideas that you may have that hold you back from something that you want. When you harbor negative beliefs about money, you create a barrier that prevents it from flowing into your life. Do you avoid looking at your bank account because you are scared of what you may see after you come back from vacation? YOLO! Maybe you feel like what you are earning now is probably the most you will ever earn.
More often than not, limiting beliefs about money start when you’re a kid. Some people grew up in homes listening to good conversations surrounding money, I wasn’t one of them. I grew up in a home with a single mom doing all she can, and the only conversation that I heard about money was her figuring out a way to make next month's rent. My childhood experience with money was scarce and of course I held on to that scarcity mindset as an adult. I thought that the only way to make money was to work really hard, not allowing the money to flow towards me in any other manner. I grew up with a fixed mindset feeling as if my financial situation was set and there was nothing that I could do to change it. Not anymore! I am working on letting go of any limiting beliefs that do not help feed my growth mindset. I will not let a financial setback define me. I will fail forward and take any lessons that come along with it.
You have to figure out what your feelings about money are. I knew that I deserved to have what people with money have and you do too! By figuring out your limiting beliefs about money, you can find out what is holding you back from having what I know you can achieve.
Once you figure out what your limiting beliefs are, find out why you have these beliefs. Do you have data-based facts that help support these thoughts or are you just assuming from what you have been told in the past? If you can’t find a reason to make your statement true, then start telling yourself statements that contradict the negative thoughts. It’s not that you are not good with money, but that you are just not experienced with money…YET. Go online or to your local library and educate yourself so that you start to learn to be good with money. There are so many free resources out there that can help you figure out money management.
Limit your time with anything or anyone that brings in negative vibes. You need positive energy around you in order to change the limiting beliefs that block you. Your subconscious mind absorbs these negative ideas and they become your beliefs. You then tend to make bad decisions from these beliefs. Treat yourself with kindness when something does not go as planned. When you fail there is a valuable lesson and growth that comes from it.
Create a financial plan and take intentional, consistent steps towards your financial future. Set achievable financial goals that are broken down into smaller, manageable steps. Make sure to address any financial challenges along the way. Avoiding them could only get you into more trouble. Remember to celebrate any wins, even the small ones! Be grateful for any progress that you make along the way.
I wanted to add a few journal prompts that helped me figure out some of my beliefs surrounding money. Use these example prompts to help guide you on what your beliefs about money are. Some of your answers may surprise you.
What was the first experience that I remember about money?
How do I feel when I think about money? Does it make me anxious or stressed?
What worries or fears do I have about money? Why is that?
Do I feel comfortable talking about money to others?
What do I believe is the relationship between hard work and financial success?
What role does societal or cultural expectations play in my beliefs about money?
Have any of my financial challenges or setbacks played a role in my beliefs about money?
What do I believe about my ability to manage money?
What are my thoughts about wealthy people?
What is my belief on the relationship between money and happiness?
In order to develop a growth mindset, you need to be open, resilient and you need to continue to learn. You are not going to just wake up one day and all your limiting beliefs are gone. It will be an ongoing process that will teach you things about yourself along the way. The more you work on it, you will reshape your mind about money and allow for new opportunities in your future.