Does how we feel about money play a role in our financial success? Yes, our beliefs, emotions, and experiences with money are a huge factor in how much money connects to us—and in which manner. Today, I want to get us mentally prepared to attract the money and life we deserve.
What are limiting beliefs? In my own words, limiting beliefs are ideas, feelings, emotions, experiences, etc., that prevent us from moving forward in the direction WE KNOW we ought to be moving.
One of the central limiting beliefs is the scarcity mindset. These beliefs tell us a million different things that stop us cold in our tracks on the path of life. For example, we know that we can help people learn the flute and want to start a YouTube channel, yet we tell ourselves that the market is already saturated with talented people.
The Passive Income Grind
Perfectionism is another limiting belief. In this belief, we fail to release a product, show our talents, or try something more complex because we want to “perfect” something first. Perfectionism may be the primary limiting belief that many people face.
Entrepreneurs have to get over perfectionism very fast. We (yes, I am an entrepreneur) have to release our products in the best state possible, given that moment in time. We will perfect our products over time and with feedback (or criticism) from our audience.
Our limiting beliefs about money are just as dangerous as those in other places in our lives. Money beliefs usually begin in our homes as we grow up. Our parents may be the number one deciding factor in how we feel about money.
I recently completed the book “Effortless Money.” The entire book explains how our feelings about money shape everything we do and what we receive in life. If you have been struggling with your thoughts about money, I highly recommend reading this book.
One of the ideas the author explains in the book is separating your bad luck from your money. Life tends to play tricks on us at its discretion. Many times we want to blame money for leaving us when we need it so bad. However, it’s not money’s fault; it is just life.
Understanding that things “just happen” in life is the first step in building a better relationship with money. Money wants us to be happy and have nice things. However, if we always attack it, it won’t want to come around anymore.
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You may laugh at how I am talking about money, but when your views about money change to being positive, good things start to happen much more often. About eight months ago, I wrote about how to get “lucky” with money.
That article explained that having the education to see opportunities and taking action will make you feel “lucky” with money. Let’s take a look at an example of how education and effort can lead to luck with money.
In our scenario, we follow the stock market every day. Part of our daily investing routine is to check various interest rates such as mortgage rates, the Federal Reserve rates, and the 10-Year Treasury.
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As I wrote yesterday in “Real Estate is a Mindset (Intermediate),(free pdf),” performing tasks as the big-time investors do will lead to similar results as them. We know that mortgage rates across the board are 3%. However, in a random ad, we see that a new bank is offering mortgage rates at 2%.
We usually wouldn’t act on this opportunity because it seems shady, so we do a little due diligence. The bank is new and is trying to gain market share—meaning they are willing to undercut the competition.
We jump on this mortgage rate and perform a cash-out refinance to the tune of gaining $50,000 in our pockets and still have a mortgage lower than our current payment. By reading Military Family Investing, we know how to invest our $50,000 into a dividend portfolio and earn $250/month for the rest of our lives. We just got lucky with money!
JOMO: The Joy of Missing Out
However, we actually fought back multiple limiting beliefs in this scenario.
- We read articles and news relating to investing, meaning we consider ourselves capable of understanding what the big boys understand.
- We thought the ad was shady, but we fought our negative viewpoint and did our due diligence.
- We performed a cash-out refinance instead of just trying to lower our monthly payment. That takes confidence in ourselves.
- We invested the money in the stock market ourselves. We did not believe that someone else was more capable of handling our money than us.
Each of these limiting beliefs could have held us back from achieving this impressive feat. To have a $50,000 dividend portfolio is a huge accomplishment. The first step to stopping limiting beliefs is understanding when they play a role in our decision-making.
The book “Think and Grow Rich” was first released in 1937, and people still read it today. This book lays out the groundwork to start changing our views about money. The book tells us to write down our money goals and read out loud multiple times a day. We are to dream of achieving the goals we set into motion.
Good Debt vs. Bad Debt
Do I believe in all this “magic?” Umm, yes, yes I do. I believe because it works. It has worked in my life. One of my favorite quotes is, “To have more, you need to become more.” So if we write down that we want to have $1 million in 10 years, the person who can achieve that is vastly different from the person who wrote the goal down.
In one of Robert Kiyosaki’s books, I believe “Retire Rich, Retire Young,” he goes to the top of a mountain with his wife and a friend. They are all broke but make a plan to retire in 10 years on passive income. In far less than ten years, he and his wife retire with $10,000/month of passive income.
One of my favorite quotes of his is, “I needed to retire to focus on becoming rich.” He did not know how to achieve his passive income goal before making it; he just had to work hard and make every opportunity count.
There are too many limiting beliefs about money to go over today, but here are a few and some remarks from me.
- “Rich people are bad.” How can you become wealthy if you think rich people are evil?
- “Only college people get good jobs.” Umm, electricians and plumbers are highly in demand.
- “I never have enough money.” Start budgeting and living below your means. Read my article “4 Steps to Become Rich.”
- “The government will take care of me.” They will until they won’t.
- “I cannot learn to invest my own money.” Learning to invest just takes a little effort.
- “I don’t get paid enough.” We get paid for the value we create. Create more value, see more money.
I can go on and on. Don’t let money-limiting beliefs hold you back from the life you want to live. I know that I will need at least $20,000/month in passive income when I retire. I am putting in the hard work here, even when I suffer some setbacks.
How Do You Define Being Rich?
Recently, Facebook deleted my private account, private group, and public page in one fell swoop. Luckily, I got everything back online, but it showed me not to depend on these corporations. Then yesterday, Amazon deleted my Amazon associates account that pertains to affiliate marketing. They said my content was not original. Interesting.
With these situations top of mind, I have decided to move my book business to my website. I will try to release 4-5 pdf books for free every week. I do not know how I will monetize this course of action, but I know I am trying to add a tremendous amount of value to my audience.
So please share my content and get the word out. It will be a considerable undertaking to produce this many pdfs books with cover art, articles, and artwork. But that is what adding value means. I foresee people downloading a pdf or two and reading at work or on their lunch break.
I am not going to let these corporations hold me back from providing value and growing my business. I know this way may take 2-3 years longer than going the Amazon route, but the rewards will be far superior in the end. Thanks for reading and being part of my growing audience. Download as many pdfs as you can fit on your hard drive, and bookmark the page here always to see the latest content. Enjoy and Share!
- Build Passive Income: 21 Passive Income Ideas (book)
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- Cryptocurrencies: My First Book on Cryptocurrencies (book)
- Real Estate: Financial Independence through Real Estate (book)
- Business: Retire Rich, Retire Comfortable with a Business (book)
- Everything!: The Biggest Book on Passive Income Ever! (book)(Web Edition)(Art Edition)
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- My first Children’s book: A Child’s First Book on Passive Income (book)
- Book Reviews: 54 Takeaways from 54 Books (book)
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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