What’s Holding You Back from Financial Success?

by RJ

in Psychology

It was long overdue, but for the first time Monday, I talked about the limited beliefs that hold us back. If you haven’t read that post, read it now to make sense of today’s.

The purpose of today’s post is to dig deeper into this discussion of limited beliefs. More specifically to talk not only about what beliefs hold us back from investing, but the beliefs that are holding us back from financial success.

Every few days, I get 500-plus word email from a loyal reader of Gen Y Wealth who just seems in a bind.

The first one or two emails I got, I was flattered. Someone trusted me. After a few more, I saw a pattern. The person emailing knew exactly what they needed to do on their own, often answering their own question in the email. However, they just couldn’t get themselves to take action.

For example, a typical email I get from a reader starts out asking me what I think they should do if they’re $10,000 in credit card debt.

To me, the answer is obvious. You need to pay that debt off as soon as possible. The best way to do this is to save more and make more. Use every penny left over, to pay off as much debt as you can.

Obviously, I’m not the only person that knows this. The person, who is $10,000 in debt, is smart enough to realize the same.

So then why don’t they get started? Well because the next 475 words of the email, they would give me a list of reasons as to why they are not able to pay off this debt. Something along the lines of…

  • I’m not capable of managing my money, starting a budget, paying off debt, etc…
  • Making money is extremely hard work. I’m fine with a “simpler” life.
  • I don’t deserve wealth.
  • I wasn’t born in a wealthy family.
  • I’m not smart enough.
  • I don’t have the time to manage my money.

How Our Beliefs Hold Us Back

You can know exactly what to do, but if beliefs are in the way, you won’t do it. This is why I said on Monday’s post, that more information doesn’t get you to take action.

For example, say you hold the belief that making money is extremely hard, and that in order to avoid this hard work, you’re fine with just living a “simpler life.” Well if you really think making money is going to be hard, guess what? Making money will then be extremely hard for you.

In comparison, imagine someone who had the belief that making money was easy. That they could support themselves with just a few hours of work each day.

If You Changed Your Beliefs, How Would Your Life Change?

If you eliminated each negative belief you held about money, how would that change your financial situation?

Remember, a belief isn’t necessarily a fact. The definition of a belief is, “The psychological state in which an individual holds a proposition or premise to be true.”

If you can alter your beliefs, or these statements that you think are true, you can begin to alter the world in which you live in.

The reality in which you live in now, has limits. You imposed those limits on yourself with your beliefs. Once you start to eliminate what you believe can and can’t be done, there are no limits to what really can be done.

Financially, your goal is to eliminate any negative beliefs you hold about money. The absence of these negative beliefs will then create a positive environment for acquiring and saving money. In turn, once you create this atmosphere, you will have no problem taking action towards your financial goals.

In Friday’s post, I’m going to dig a lot deeper into this discussion and offer a solution to anyone who holds these negative beliefs.

See you then. (:

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