Limiting Money Beliefs – The 7 Biggest Lies Commonly Told About Money

The clue to one of the biggest reasons people fail when it comes to money can be found in what they believe to be facts about money.

Some of the most widely held beliefs about money are usually peddled by people with little or no financial education.

In this article, I want to take some of the confusion away by examining 7 of the biggest lies that are commonly told about money.

Lie #1 Don’t concern yourself with money

This lie presupposes that wealth creation is a result of random actions, and if you leave the topic of money alone, your cash will sort itself out and everything will work out fine.

If this were true, almost everybody would be shocked to suddenly find themselves involuntarily wealthy without a clue of how they got there.

Money does NOT take care of itself. You have to make a deliberate conscious effort to attract, control and multiply it.

Lie #2 Money doesn’t buy happiness

Unfortunately, neither does poverty.

So if neither money nor poverty buys happiness, we should de-link wealth (or a lack of it) from happiness as this is akin to comparing apples to oranges.

True happiness comes from within, making happiness a mental state.

If you are an unhappy person by choice, it is very likely that you will continue to be unhappy no matter how much money you accumulate.

Lie #3 Money is evil

The extent to which you believe this lie speaks volumes about your current level of financial success.

Money has been defined as a medium of exchange, a store of value or a unit of account.

It is hard to point out exactly what about money is evil, other than the love for it.

Money is simply a tool that can be used for good or evil.

Lie #4 Money changes people

This particular lie prevents many people from accumulating wealth because at a subconscious level they are scared of becoming somebody who they do not want to be.

Money does not change people but only amplifies their character.

Most people reveal their true character when they acquire large unexpected sums of money over a short period of time.

Lie #5 Money is the safest investment

Money is NOT an investment, as it loses value over time. It is only a tool that can be used to acquire investments.

People who are scared of investing are the biggest proponents of this lie.

Money can also be converted into assets like loans that can generate more cash, although it is not an investment in itself.

Lie #6 You can spend your way to wealth

Borrowing money to buy consumer goods is the shortest path to severe financial problems.

I know people who justify this habit, explaining that using other people’s money is a good practice.

What they fail to understand is that there is a difference between investing other people’s money and consuming other people’s money.

Lie #7 Money is hard to come by

If you believe this lie, you create a self-fulfilling prophecy. Money is earned when products or services are traded.

The amount of money you earn is therefore determined by the quality and quantity of the product or service you deliver.

This partly explains why two people in the same town or city and in the same line of business will experience different results with one being a success and the other a failure.

Most people who are facing financial difficulties and are looking for a good excuse, find comfort in these lies, some of which they hold sacred.

Fortunately, all these limiting money beliefs can be overcome.

Can you identify with any of these lies about money?