Do you believe that having too much money is bad or even worse evil? If so, have you ever stopped to think about where those beliefs came from?
In teaching students to trade stocks, I have discovered that many hold limiting beliefs around money. These beliefs prevent them from creating the wealth they truly desire. That’s because our money beliefs subconsciously influence the decisions we make around money each and every day. When an opportunity to make money presents itself, such as trading, real estate, or an online business many people fail to take action. Why? For many, it is because they hold limiting money beliefs. Deep down they also fear being judged by family and friends for wanting more money.
The good news is that you have the power to change your beliefs.
So where do they come from?
Belief Origins
You were not born with your beliefs. They were formed based on your external environment. They are inherited as a child from our parents, religious teaching, and life events we have been through growing up. As we grow older, they shape how we experience and view life.
Take personal relationships as an example. Your beliefs are often formed based on our own past relationships and watching your own parent’s relationship growing up. After a painful breakup or divorce, did you ever say to yourself, I’m never getting into another relationship? If yes, than that’s probably your subconscious mind trying to protect you from further painful experiences.
How Limiting Money Beliefs Impact You
When you have limiting beliefs around money, you will struggle to hold on to money. Many children are taught by their parents that you should only have a certain amount of money, beyond that, you are seen to be “GREEDY”, or worse “FILTHY RICH”. And these children will grow up with these views lodged in their subconscious minds. This is why so many lottery winners lose their entire winnings in such a short period of time. In T Harv Eker's book, "Secrets of the Millionaire Mind" he calls this your Wealth Thermostat.
In trading, if you believe that having money is “Bad or Evil”, you will subconsciously sabotage your results. By doing so, you will remain congruent with your deeply held money beliefs. If you’ve ever avoided placing a trade when your strategy indicates an entry, risked more than 1% of your account on a trade, or placed an impulsive trade that loses money, it is likely because of your limiting money beliefs.
Holding on to limiting money beliefs, or resenting wealthy and successful people will rule your life and limit your potential if you let them. But is that the life you want?
Making small tweaks in this area will have a huge impact on both your quality of life and your investing results.
Having Money is Not Bad
Here’s the reality.
Making money and creating wealth may not solve every problem, but it sure does cure a lot of them. Conversely, not having money causes more stress in people’s lives and is a leading cause of divorce and mental health issues in society today.
"When you have money, your problems go away"
One of my first mentors taught me, “when you have money, your problems go away”.
When you stop worrying about money, secure your family finances, and have enough set aside for your future, you’re free to be your best self. By shifting your beliefs around money and feeling grateful for what you already have, you will begin to attract more abundance and prosperity into your life.
Wealth has a Purpose
I believe that “Wealth has a Purpose” and what you do with your wealth has the potential to impact your family and the lives of others. Having this bigger “WHY” motivates me to trade far more than materialistic goals. I’m not saying don’t have materialistic trading goals. They are useful in creating an intense emotional desire within, which leads us to take action. When mixed with a desire to give back to others, will be far more satisfying for you in the long run. This bigger vision will also motivate you to push through setbacks in life.
Money earned ethically also allows you to do incredible things for the world. Billionaires are often criticised, particularly by the mainstream media. But many of them have and continue to make a massive impact on the world. They employ people, deliver water to places that don’t have it, create anonymous charities and help fund them. Often without seeking public recognition. Bill Gates, has donated 32% or $27billion to charitable causes so far. He’s not alone. Warren Buffett and Walmart’s Walton Family have all used their wealth to benefit others.
So, don’t be ashamed to take charge of your money and start building wealth. Secure your family finances first and watch how much good you can do in the world.
The Beliefs you hold are a choice
The beliefs you hold are a choice. You alone have the power to change them.
I encourage you to take some time to write down all your beliefs around money and ask yourself where they came from. Then consider what they have cost you until now.
Make it a daily habit to practice gratitude for everything you have now. Commit to building your emotional muscles around money in the same way you build muscle at the gym. By continuing to lift more and pushing through the pain, you will finally be able to break through your limitations. I also recommend adopting these 5 Money Habits into your life.
Take Action
My goal is to help you transform your trading and investing results. Our Learn to Trade program includes key modules on Trader Mindset and Beliefs where you can learn more about how to overcome your limiting money beliefs.
Want to learn more?
Here's What to Do Next
I’ve created some free stockmarket training for you and I’d like you to have it.
This will allow you to learn more about investing in the Stockmarket and our online Learn to Trade Programme. This is designed for people who want to take charge of their finances, invest for the long-term, earn more, and become financially secure.
Here’s what you will learn in this training:
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How to reduce risk and invest in Stocks in a safe and steady way
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How using options will allow you to create an additional monthly income and boost your returns in only a few hours per month
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How you can protect yourself from the Next Stock Market Crash, so you can worry less and focus on the things you enjoy