Debunking 5 Common Limiting Beliefs About Money To Boost Your Income14 min read

I think it’s safe to say we all want to make more money. Our dreams of freedom and fulfillment are made possible by money: the overseas trips, the dream homes, the early retirements depend on us making enough money to achieve them. Even the goals that aren’t driven by money, like working less and spending more time with your kids, still need your bank account to balance. 

I’ve noticed over the years of coaching clients that it’s often this group of heart-centered and purpose-driven entrepreneurs that runs straight into common limiting beliefs about money which keep them from making the money they want to live their dreams.

Because they’re not thinking about the money as much as they are about their customers and the impact they’re having, they’re often not noticing the limiting beliefs they have that are sabotaging their success.

In this article, I’m going to share the top 5 common limiting beliefs about money that I see in ambitious entrepreneurs so that you can identify whether these beliefs are holding you back. I’ll also share some tips for how you can start thinking differently in order to step into your full income-earning potential. 

common limiting beliefs about money

Limiting beliefs are like old, worn-out scripts that play in the back of your mind. They are assumptions you make about yourself, others, or the world, that aren’t necessarily ‘prove-it-in-the-court-of-law-true’. They are picked up over time and often go unnoticed, like background noise, until someone points them out. They’re ‘limiting’ because they affect your decisions and actions in a negative way. 

An entrepreneur with a limiting belief about money might subconsciously sabotage the success of their business by procrastinating pitching to potential clients, not showing up fully for a launch, avoiding looking at their bank accounts, delaying decisions about investments, working way too many hours and burning out, all because deep down they have an assumption or belief about money that is causing this behavior. 

They spend hours trying to find a better business growth strategy, or firing & rehiring team members, or starting/stopping a bunch of new projects, to try to fix the issue with why their business isn’t growing. When, what’s really stopping them, is their fears and limiting beliefs about money.

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In this article I’m going to share the 5 most common limiting beliefs about money so that you can identify the money blocks that are holding you back and hit your next level in business.

common limiting beliefs about money

Some of the following common limiting beliefs about money may resonate deeply with you, and some may not. The key is to recognize that they exist so that you can start to work through them yourself.

5 Most Common Limiting Beliefs About Money

When I started my business, I had no idea how easy it could be to make money. I had worked grueling 60 hour weeks in consulting my entire career and made only a modest income, which taught me that money is just really freakin’ hard to earn. (That wasn’t a fact though, it was just a limiting belief I had about money.)

This belief stayed with me as I became an entrepreneur. I assumed that money was really hard to make and so I made it really hard.

  • I threw myself into all sorts of marketing projects because I didn’t think just one strategy would work. 
  • I gave thousand dollar discounts because I didn’t believe people would easily say yes. 

This common limiting belief about money sounds like this:

  • “It’s not easy to make lots of money”
  • “You have to work really hard to make a lot of money”
  • “You have to sacrifice everything to be rich”
  • “Money doesn’t grow on trees”

By the way – if you’re not sure where to focus to grow your business to the next level, take this quiz to find out! 

You’ll receive a personalized report highlighting the biggest opportunities for growth in your business so that you can hit that next level this year!

If these thoughts resonate with you, take note of this limiting belief. Start to see how and when it pops up in your business. Start to poke holes in this belief by looking for examples of people who have made a lot of money without sacrificing the things that were important to them. Look for evidence that money is all around you. Remember a time when money came easily to you. 

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I once had a client who didn’t look at his business’ financial statements because they felt too complicated to understand. He didn’t know how much money he earned until tax season came around and his accountants made him pull out the numbers. We worked together to simplify the metrics he was looking at and the information he was seeing so that he could make sense of it. We incorporated regular monthly financial reviews that were simple and enjoyable so that he always knew where his business stood. And we found SO many opportunities to grow his business when we dug into the numbers. 

The belief that finances are too complicated makes you feel inadequate. It prevents you from trusting that you have what it takes to be responsible with money. And because you believe it’s too complicated for you, you don’t even try to give yourself the tools, guidance, and support you need to learn successfully. 

  • “Having a lot of money is complicated. I won’t be able to understand all the taxes and investment stuff”
  • “I’m just not good with money

The truth is, money management is a skill, not an innate talent. Like any skill, it can be learned with time. 

As Marie Forleo likes to say “everything is figure-out-able!” Trust yourself to learn what you need to learn in order to be a good steward of your money. Ask yourself what support or tools you want to have to make the process of managing your finances easier? Do you need an app? An advisor? A book? A podcast? What can you do to simplify your finances and equip yourself with the tools to make good financial decisions?

Another coaching client of mine was so not used to making money in her business that she felt the need to spend it all as soon as it came in. Because she didn’t often have an abundance of money, as soon as she did she wanted to use it “before it all disappeared.”

  • “If I make money I’ll probably lose it
  • “There’s never enough money”
  • “It’s all going to disappear so what’s the point in making more?”
  • “The more I make the more the government takes”

You can counteract this by deciding a minimum amount of money you will keep in your bank account and keeping it there for a few months. Whether it’s $50 or $5,000, watch that money sit there until you can trust that your money will stay where you put it. 

I hear some version of this all the time from new entrepreneurs. They are often the first entrepreneurs in their families. They’ve created businesses and wealth that their friends and families never have in the past. They don’t have examples of wealthy people doing great things because all they see is what’s portrayed in the media. They resist making a lot of money and leveling up because it feels like they’re selling their souls.

  • “More money, more problems
  • “Making too much money is selfish and greedy”
  • “More for me means less for them”
  • “I’m not in it for the money”
  • Rich people are snobs
  • “Money is the root of all evil”

The money is neutral. It amplifies the intentions of its holder. 

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If you are not evil, money won’t make you evil. It will allow you to more fully express who you are. Your 50 cent tip at the coffee shop can turn into a $5 tip. Your $100 donation at the end of the year can turn into a $1,000 donation. 

If you believe money is evil or rich people are snobs, look for evidence that counteracts that belief. Who are some wealthy people you look up to for the positive impact they’ve had? 

life and business coach ana mcrae looking at mountain

I had a coaching client whose business was growing rapidly and she wasn’t used to the level of financial abundance she was now experiencing. None of her peers or friends were able to afford their dream homes, and yet she was a few weeks away from buying something that she never imagined she could have.

With that up level in lifestyle came a real fear that money would create rifts in friendships and significantly alter her relationships. 

Let’s normalize this! It’s normal to fear that all of your relationships will be different if you make a significant change in your financial situation. Our brains are extra sensitive to this fear because for so long, we have survived by being part of a pack. That pack mentality makes it extra scary when it comes time to do anything differently than the pack. 

This common limiting belief about money sounds like this:

  • “People will only like me for my money. It will change my relationships.”
  • “If I make too much I’ll be disconnected from reality and alienated by my friends.

Remember that you can’t control how other people feel. Falling short of your potential as an entrepreneur just to keep other people happy is a silly way to live, don’t you think?

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You can combat this limiting belief by focusing on the positive changes you’ll be able to bring to your relationships as a result of the money. Perhaps the bigger home will allow you to host more dinners with friends and connect more regularly. Perhaps the bigger paycheck will allow you to get people really nice gifts that you couldn’t afford in the past. Focus on the positive aspects of your increase in wealth instead of spiraling out about how others may or may not perceive you.

Working through your limiting beliefs about money is a process. It doesn’t happen overnight. These are beliefs you’ve picked up over a lifetime, and they will take time to shift. 

I have an entire article on how to overcome your mindset blocks here, which walks you through my step by step framework for shifting negative beliefs to positive beliefs. 

common limiting beliefs about money

Here are some simple money mindset affirmations you can start practicing in order to change your relationship with money.

  • I can create money with ease
  • I trust myself to be a good steward of my money. I trust myself to learn what I need to know.
  • It’s safe for my money to stay with me now
  • Money is a tool to help me do incredible things in the world
  • Money makes me more of who I am

Entrepreneurship offers limitless potential. If you’re ready to break through the financial barriers holding you back, consider how changing your narrative around money could not only boost your income but also your impact. 

Ready for a transformation? Let’s talk about whether 1:1 coaching can help you.

For the past 6 years and counting I’ve helped small business owners set goals, build strategies, streamline operations, and master their mindset so that they can scale to multi-6 figures and beyond.

Book a discovery call today and start your journey towards financial freedom and fulfillment.

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