Please ensure Javascript is enabled for purposes of website accessibility

Step 1: Understanding and Identifying Limiting Beliefs

Everybody has money fears and limiting beliefs that stop them from attracting the abundance they desire. Even celebrities and millionaire business owners will tell you it wasn’t easy for them before reaching their success. Oprah Winfrey got her start at a radio station before she got her big break at the local television station. If Oprah was plagued with fear or if she let early criticism nestle in her head, she might have given up her dream of being on national television. If she had given in to these fears, we never would have seen the birth of The Oprah Winfrey Show or her OWN television network. Had she given up, Oprah would not have earned a net worth of $3 billion or become a generous philanthropist.

Every single person has a story to tell and just as every story is unique, so will be the journey to financial abundance. No two paths are the same; some will attain a breakthrough earlier than you and others will find success long after you find yours. The important thing to remember is to focus on YOUR journey and avoid comparisons. So long as you take action, you will find your abundance.

Have you heard the terms “limiting beliefs” or “fixed mindset” before? They mean the same thing and quite simply, these are beliefs, often established in early childhood which can become major stumbling blocks when trying to create a profitable, successful business. These beliefs “limit” our thinking of how much success we’re capable of achieving and how much money we “deserve” to earn. When we’re stuck in limiting beliefs, we put an invisible cap on our potential and unconsciously tell ourselves that nothing can change. When you believe this thinking, you end up settling in your life, whether it’s where you want to be or not.

The opposite of limiting beliefs is “growth beliefs” (or growth mindset). When you have a growth mindset, you understand that you have the power to change your life. You learn from past mistakes and you look forward to the future. You may not fully understand HOW to make life-altering changes yet, but you believe you can figure it out by asking questions and doing research. A growth mindset sparks excitement about what’s possible and that excitement spurs action to make your dreams and goals a reality.

One of the most well-known examples of a growth mindset is Jeff Bezos, CEO of Amazon. This “little” company got its start in 1994 as an online book seller. The internet was not as robust as it is today but that didn’t hinder Bezos to think far into the future to his company’s expansion. Today when you browse the Amazon website, you’ll see millions of products, of which books area small portion. You can order groceries or stream videos and music. Whether you’re looking for toilet bowl cleaner or a birthday gift for your child, Amazon will have many choices.

In 2017 Amazon also acquired Whole Foods. Did Bezos realize in 1994 he would delve into groceries and produce? Probably not but he’s had a growth mindset from Day 1 and encouraged his senior executives to develop a growth mindset as well. None of these people got discouraged and talked themselves out of expanding; instead, they pooled their ideas together, researched their options, and have expanded this company into a powerhouse.

Which type of beliefs would you rather have, limiting or growth? After completing all 4 lessons in this course, you’ll see a shift in your mindset. I sure hope that idea excites you!

You’re not alone in your limiting beliefs. Every person struggles with these although they are different “themes” for each person. Please don’t feel ashamed for having these limiting beliefs; a limiting belief is a belief that you’ve developed from observing your family, society, your environment, and from your own experiences that currently stops you from doing or having something you desire. You couldn’t have possibly avoided learning these lessons as a child, but you have the power as an adult to become empowered and kick those limiting beliefs to the curb! Whether you’re in your 20’s or 70’s, the power is in your hands.

Reflect right now about your personal limiting beliefs or fears about money. What does that look like? What do you tell yourself subconsciously that prevents you from making changes? Consider answering these questions in a journal so you can track your progress as you go through this course.

Limiting beliefs and/or fears around money might look like:

  • “You have to work really hard if you want to make good money.”
  • “If you get rich, everybody will want to borrow from you.”
  • “Rich people are jerks. If you get rich, you’ll become a jerk, too.”
  • “Money is the root of all evil. Better to be broke and humble, then rich and greedy.”
  • “I never have enough.”
  • “It doesn’t matter how much money I make. I’ll spend it all regardless.”
  • “I’m scared to even open my bills.”
  • “If I make more than someone else, I’m taking away from them.”

 

You’ll also likely have limiting beliefs specifically related to making money from your business. Answer the same questions as above but think about your business finances instead of personal.

Some limiting beliefs and/or fears surrounding your business might look like:

  • “I can’t charge that much!”
  • “There’s no way my business could ever bring in that much money per month.”
  • “I don’t understand how other coaches/entrepreneurs make so much money.”
  • “I’ll never have enough to do THAT.”

 

You might also have fears that aren’t specifically related to money, but still impede your ability to bring in cash. Self-doubt, lower self-esteem, or imposter syndrome all play a part in the vicious cycle of limiting beliefs.

Some examples might look like:

  • “I’m not an expert or authority.”
  • “No one cares what I have to say.”
  • “No one would pay me that much.”
  • “There’s no point in me doing [this-or-that]–somebody else has already done it and done it better.”

 

If you can relate to ANY of the above, don’t sweat it. We ALL have them! I bet if you ask your business mentors or peers if they suffer from limiting beliefs, you’ll get a wide array of stories! The good news is we also now have tools at our disposal to rewire these limiting beliefs and fears.

Grab your journal or notebook and let’s dig deep into what fears are holding you back from your desires. If you can identify your fears, start a brainstorm list, and get them out of your head. Even if a fear sounds silly or foolish to you, write it down; there’s a reason why it’s bothering you.

Why are we focusing on fears? Because in order to clear out those fears and limiting beliefs, we need to identify them. Be as specific as possible in your brainstorm list; that way you’ll be able to focus more intently on shifting that exact belief. If you’re having difficulty creating this first list of limiting beliefs, don’t worry; there are more exercises in Step Two.