Updated: Jan 6
There are three typical limiting beliefs about money that could be affecting your ability to generate and keep more of your money. Let’s talk about these three limiting beliefs about money, and you can determine if you have this belief even slightly and then follow the tip to end the problem.
Money is a Limited Resource
This is something you’ve been taught since you were little – not only by your parents but also by your school and society. Money is treated as if it’s a finite source. But it isn’t. Especially now, money is not backed by the “gold” standard and instead is just a made-up figment of your imagination. When they need more money, they can print more.
Think of this. When a bank loans out money, it’s creating new money out of thin air. If you put 100 dollars in savings, the bank can now loan out 80 dollars of that money (and remember you still have your 100 dollars that you can spend if you want to). They’ll collect interest payments on which earns the bank money.
So, the bank creates the 80 dollars plus the interest out of thin air. The only reason this is possible is that we can print more money to cover it without having to back it with gold. Think about payment processing companies. They also generate money out of thin air. Consider that when you pay for something with PayPal to Amazon, they pay a fee that PayPal earns. This fee is arbitrary since once the technology was created, there aren’t many added costs no matter how many people use PayPal.
Money is the Root of All Evil
Our entire lives, we’ve been taught through popular literature, books, movies, and education that money is the root of all evil. Rich people are often portrayed as selfish and evil people who want to take from others and never do anything to help anyone.
First, this is a misquote from the bible. The actual bible quote states that it’s the love of money that’s the root of all evil. There are certainly some examples we could throw around showing that the love of money is the root of evil, but it’s not money. The truth is, money is just a tool.
In our world, at this present time, it’s money we use to trade with others to get what we want, whether it’s physical property or some form of mental and spiritual experience. It’s how we pay for some important stuff like a roof over our heads, food in our tummy, and medical care. For this reason, we put so much importance on the idea of money.
Because if you don’t have enough money to pay for the basics of life, everything can feel dismal and evil. The truth is, you’re not evil. Money is not going to make you evil. It’s impossible. But, with the right thoughts, money can become a fantastic tool that you can use to make your life and those lives around you just a little better.
It’s Selfish to Want a Lot of Money
Many people feel as if they’re selfish and somehow wrong for wanting more money. This attitude plays into service provider and product pricing issues. If you ever feel as if you’re asking for too much or asking for too little and resent your clients, you may want to figure out if you have this limiting belief that it’s selfish to want a lot of money.
It’s not selfish. Money is how we do things right now in this world. We use it to buy a roof, food, medical care, education, everything. Even going to church takes some measure of money to do it because you must find a way to get there, get dressed to get there, and you may even be asked to join and financially support a church.
Money is a tool. If you misuse it, it can make you seem like an evil person. But it’s the person, not the money, that makes them that way. But remember, it’s also not evil to get paid for your time or your property. Taking money for your work is natural, normal, and expected. If you feel funny about it, examine your issues surrounding this and try to accept that this is how the world works right now. We trade something for money, which we trade for other things. Use the tool wisely, and it will pay off.