Overcoming Limiting Beliefs and Creating a Positive Mindset

In our journey towards financial freedom, it's not just about knowing what steps to take but also about having the right mindset to stay on track. Many of us harbor limiting beliefs about money, such as not having enough time, lacking financial skills, or never being taught how to manage money effectively. In this blog post, we will explore the power of reframing these thoughts and how they play a crucial role in our financial success.

Limiting Belief #1 - I Don’t Have Enough Time

A common belief that holds many back from taking control of their finances is the notion that they don't have enough time. Let's debunk this myth:

We are all busy so first we need to prioritize and commit to managing your money. In an earlier blog post, we talked about creating a vision. Remembering this vision helps us to prioritize and commit.?

Initially, there might be a learning curve and the amount of time needed will be greater than further on the journey. It's about front-loading the effort for long-term gain.

Don’t think you need to spend hours and hours, determine what you are able to commit, realistically and then create a plan to effectively use that time. Is it for learning a specific topic already pre-decided? Is it for reviewing the current spending and what the next week looks like? Knowing what to do best with your time will help you move ahead.

Limiting Belief #2 It’s too hard” or “I’m not good with money"

Another limiting belief revolves around the perception that managing money is complicated. Or that you are not naturally good with finances. Let's reframe this mindset:

As mentioned above, knowing what you will work on during your time can also help support this mindset shift. Break down the process into manageable chunks. Begin with understanding income and expenses before delving into more complex aspects like taxes, investing, or insurance. This step-by-step approach helps in building financial knowledge gradually.

It’s important to understand that being good with money is a continuous learning process. Start where you’re comfortable and build from there. This isn’t a race. Learning the concept and being able to apply if before extending yourself beyond that is key to success and being good with money. As you grow in knowledge, your confidence in managing money will follow suit.

Defining Your Reframe:

Regardless of the limiting belief, the key is to define your reframe. This involves finding positive affirmations that counteract negative thoughts. Some examples include:

Positive Affirmations:

• "I can learn new things."
• "I can enjoy managing my money."
• "I want to be better for [fill in the blank]."
• "I deserve to feel at peace with my money situation."

Once you have a statement that flips your negative thought(s), tie it to your financial vision. For example, “I can learn new things so I can [financial vision statement]. This helps to create a powerful mental link between your actions and your aspirations.

Conclusion:

Mastering your money mindset is a transformative journey. By reframing limiting beliefs and defining positive affirmations, you can overcome obstacles and achieve financial success. Remember, it's not just about the numbers; it's about the mindset that propels you toward a future of financial empowerment and fulfillment.

To learn more on this topic, listen to Episode 039 of the Wealthy After 40 Podcast. If you found this helpful, please share with someone you know would benefit from the information as well.