We all have thoughts about money. Many of these thoughts are subconscious. Even when we are aware of our thoughts, we don’t always realize how toxic they can be. However, what we think truly does determine our reality. Therefore, our money thoughts can hold us back. Here are five common money thoughts that might limit your potential to earn the kind of income you want:
1. Money Is Evil
If you don’t like money, then you’re going to have trouble reconciling your desire to earn it. Many people believe that money is evil. Put more subtly; we believe that money causes us a lot of problems. In other words, we think it’s a “necessary evil.” We have to earn it to live in this world, but we hate that this is true. Therefore, we resent the money.
Even if you like your job, you’re going to feel negative about it if you resent the money you’re earning. There is no way that you can fulfill your economic potential if you believe that money is a negative thing. Start paying attention to what you say about money. This will show you what you think. If you frequently say negative things about money, it’s time to readjust your frame of mind.
2. My Value is Limited
Of course, most people don’t have this thought quite as directly as that. Nevertheless, a lot of people subconsciously believe that what they have to contribute doesn’t hold a lot of value. If you think that, then you’re never going to earn what you’re worth. The main reason is that you won’t ask for it. Even if you’re offered the high price, though, you might sabotage yourself because you don’t think you’re worth it. Make sure that you know your money worth. Nurture your self-esteem about the value of what you contribute.
3. I Don’t Understand Money
People use this excuse in so many different ways. Perhaps you don’t keep a budget because the thought of doing so is overwhelming. Maybe you earn a decent amount of money, but you don’t do any investing because you feel like you don’t know how. It’s easy to avoid making the most of your money if you think that you can’t understand it. Likewise, if you use the excuse “I don’t understand money,” then it’s easy not to deal with your finances. Don’t put your head in the sand. Read some books. Take some classes. You can understand the basics of earning, saving, spending and investing your money.
4. The Past Determines the Future
People often seem to think that whatever they’re already familiar with is what will continue to happen. For example, let’s say that you have a history of debt. You might mistakenly think that you will always have debt. If you grew up poor, you might believe deep down that you could never be rich. If you made a bad investment, you might never try again. Don’t make the mistake of believing that your financial past determines your money in the future. Take care of your finances starting today.
5. My Money Situation Will Be Better Someday
Wishful thinking is one of the most common ways people limit themselves financially. We avoid dealing with the reality of our finances by pretending they will magically be different in the future. Credit card debt is the most obvious example of this. However, people delude themselves in all sorts of ways. If you secretly hope to marry someone who will deal with your money for you, then you’re holding out for that “someday” money. If you plan to start worrying about retirement when you’ve got a good job, then you’re imagining someday.
Yes, the future can be different than today. However, it doesn’t happen by wishful thinking. It happens with active planning. You have to start where you are. Deal with what is true for your finances right now.