I struggled with money for a long time; I was in debt all the time, and I did not know how to get out of that cycle.
I was speaking to someone about my issue, and they said to me that I had a limiting belief about money. I wanted to be wealthy on the surface, but deep down, I believed the opposite; that is the reason why I could not keep the money.
So I started tracking my own beliefs about money and fixed those bad beliefs, and worked my way out of them. Here is what worked for me.
How to Identify and Overcome Limiting Beliefs About Money
Your relationship with money is deeply influenced by your subconscious beliefs. Many people struggle with financial success not because of external factors, but due to limiting beliefs about money, deep-rooted ideas that sabotage wealth-building efforts.
These negative money beliefs often stem from childhood, family, culture, or society, creating a scarcity mindset that keeps you stuck.
The good news? You can identify and overcome these limiting beliefs to develop an abundance mindset and a true millionaire mindset.
Breaking free from these mental blocks opens the door to better financial decisions, increased income, and lasting wealth.
In this comprehensive guide, we’ll walk you through a practical, step-by-step process to recognize, reframe, and replace your limiting money beliefs.
Whether you’re dealing with debt, low savings, or fear of investing, shifting your money mindset can transform your financial future.
Step 1: Recognize Common Limiting Beliefs About Money
The journey to financial freedom starts with awareness. Many of us carry hidden beliefs that silently hold us back. Here are some of the most common limiting beliefs about money, along with empowering truths to counter them:
Money is the root of all evil
Truth: This is a common misquote; the actual phrase is “the love of money is the root of all evil.” Money itself is neutral.
It’s a tool that amplifies your intentions. Generous people use wealth to fund charities, support families, and create positive change.
Rich people are greedy, selfish, or dishonest
Truth: While some may fit this stereotype, countless wealthy individuals are ethical and philanthropic. Examples include Warren Buffett (who pledged 99% of his wealth to charity), Bill Gates (through the Gates Foundation), and MacKenzie Scott (donating billions anonymously).
I’m just not good with money
Truth: Financial literacy is a learned skill, not an innate talent. Anyone can master budgeting, investing, and wealth-building with education and practice.
Money doesn’t grow on trees; it’s hard to make
Truth: While effort is required, wealth often comes from smart strategies like investments, passive income, and scalable businesses, not just endless hard work.
I don’t deserve to be wealthy,” or I’ll never be rich
Truth: Worthiness isn’t tied to money. You’re capable of building wealth through consistent actions and learning.
More money means more problems, or if I get rich, I’ll lose friends/family
Truth: True relationships support your growth. Wealth can reduce stress by providing security and freedom.
Action Step: Grab a journal and list any limiting beliefs that resonate with you. Be honest, this awareness is the foundation for change.
Step 2: Identify the Source of Your Limiting Money Beliefs
Once you’ve spotted your beliefs, dig deeper: Where did they originate?
Common sources include:
- Childhood phrases like “We can’t afford that” or “Money doesn’t grow on trees,” which instill scarcity.
- Cultural or religious teachings that view wealth as sinful or unattainable.
- Media portrayals of rich people as villains.
- Personal experiences, such as financial struggles in your family.
Reflecting on origins helps you realize these aren’t universal truths—they’re inherited patterns that no longer serve you.
Action Step: For each limiting belief, write down its likely source and how it’s influenced your choices (e.g., avoiding investments or underselling your skills). This separation creates space for new perspectives.
Step 3: Reframe Limiting Beliefs into Empowering Ones
Reframing is where transformation happens. Turn negative thoughts into positive affirmations that support an abundance mindset.
Here are examples:
- Limiting: “Money is the root of all evil.” Empowering: “Money is a powerful tool for good—I use it to create freedom and help others.”
- Limiting: “Rich people are greedy.” Empowering: “Wealthy people can be generous; abundance allows me to give more and live fully.”
- Limiting: “I’m not good with money.” Empowering: “I’m continually improving my financial skills and making smart money decisions.”
- Limiting: “Making money is hard.” Empowering: “I attract opportunities to earn and grow wealth effortlessly through value and strategy.”
- Limiting: “I don’t deserve wealth.” Empowering: “I am worthy of financial abundance and success—it’s my right to thrive.”
Action Step: Write 3–5 of your personal limiting beliefs, then reframe them positively. Read or say these new affirmations daily—out loud if possible. Repetition rewires your brain over time.
Step 4: Take Consistent Action to Reinforce Your New Money Mindset
Mindset shifts need action to stick. Align your behaviors with your empowering beliefs.
Surround yourself with positive influences
Join communities of ambitious people, find mentors, or follow successful entrepreneurs on social media. You can start by joining my newsletter, where I share tips and resources you can use to build generational wealth.
Educate yourself continuously
Read timeless books on wealth mindset, such as
- Think and Grow Rich by Napoleon Hill
- Rich Dad Poor Dad by Robert Kiyosaki
- Secrets of the Millionaire Mind by T. Harv Eker
- The Psychology of Money by Morgan Housel
- The Millionaire Next Door by Thomas J. Stanley
Practice abundance daily
Change your language: From “I can’t afford it” to “How can I afford it?” Track gratitude for what you already have.
Celebrate small wins
Saved $50 this week? Invested in a stock? Paid off a debt? Acknowledge progress to build momentum.
Start building wealth habits
Track expenses, create a budget, explore side hustles, or invest consistently (even small amounts compound over time).
Consistency turns your new mindset into reality, leading to better opportunities and financial growth.
Final Thoughts: Embrace an Abundance Mindset for Lasting Wealth
Overcoming limiting beliefs about money isn’t a one-time event. It’s a lifelong practice. By identifying, reframing, and acting on new beliefs, you’ll cultivate a millionaire mindset that attracts wealth naturally.
Your thoughts shape your financial reality. Choose empowerment over scarcity, and watch as doors to abundance open. Start today: Journal your beliefs, reframe them, and take one small action. Your future self will thank you.
Next Steps:
- List and reframe your top limiting beliefs.
- Read one recommended book this month.
- Commit to daily affirmations and one wealth-building habit.
You’re capable of extraordinary financial success, believe it, and make it happen.
FAQ: How to Identify and Overcome Limiting Beliefs About Money
What are limiting beliefs about money?
Limiting beliefs are subconscious negative thoughts about wealth, like “money is evil” or “I’ll never get rich,” that create self-sabotage and a scarcity mindset.
How do limiting beliefs affect my finances?
They lead to poor decisions, like avoiding risks, underspending on growth, or staying in low-paying jobs, perpetuating financial struggles.
Can anyone overcome limiting money beliefs?
Yes! With awareness, reflection, reframing, and action, anyone can shift to an abundance mindset. It’s a skill, not a fixed trait.
How long does it take to change money beliefs?
It varies, but consistent daily practice (affirmations, reading, actions) can show results in weeks to months. Patience and repetition are key.
What if old beliefs keep coming back?
That’s normal. Notice them without judgment, reframe immediately, and reinforce with positive actions. Over time, they fade.
Are there tools to help overcome these beliefs?
Yes, journaling, affirmations, meditation, EFT tapping, or working with a coach. Books like Secrets of the Millionaire Mind provide proven strategies.
