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8 Limiting Money Beliefs That You Need to Get Rid Of

8 Limiting Money Beliefs That You Need to Get Rid Of
Jordana Bozhinova

Jordana Bozhinova

Last updated - February 4, 2024

No one feels cozy when crunched like a ranch pretzel between the claws of their beliefs. And yet, when Black Friday rings on your doorbell, you loosen up and buy what you need, don’t need, and need not need. Because you’re 100% positive that it’s a federal crime to have money lingering in your pocket for more than a day. 

But when Christmas comes to town, everyone thinks you’re the Grinch because gifts for folks are out of the question. How can you afford them when pinching pennies? If only you had invested, but then, that’s for rich people only, right? And the vicious cycle of limiting money beliefs continues because…

… whoever’s fallen victim to grim convictions about cash like these has seen themselves continuously getting ranch-pretzel-level salty at the sight or thought of cash. These opinions dictate your relationship with money and whether, deep inside, you feel capable of using it wisely and consider yourself worthy of multiplying your wealth. Read on to snap out of everything blocking your financial progress — and holiday joy — once and for all.

Where Do Limiting Money Beliefs Come From?

We usually develop wrong ideas about money in five different ways. They can be a product of bad money-related experiences, but family, friends, culture, and social norms can also facilitate their internalization.

Challenging financial situations, like the loss of a job, can contribute to a negative attitude towards money, and so can the exposure to the poor financial habits of parental figures at a young age. Furthermore, the restricting beliefs our friends hold can shape ours as well. Finally, our relationship with money also depends on the cultural and societal approaches to cash. 

So, which flawed money ideas are most common, and, more importantly, how does one escort them to the gates of their mind and wave them the waviest of goodbyes? If you believe you aren’t a baked, crispy delight but still feel the pretzel analogy from earlier at your young heart, please scroll down and join us in our attempt to crush the eight most limiting money beliefs.

1. “I must choose between a career I love and simply making money.”

This one viciously torments wealth seekers in the making, especially those transitioning from studenthood to workinghood, meaning high school and college graduates. If the classroom is still your nook, chances are you’ve seen traces of that money mindset in your closest ones’ advice. In fact, everyone aware of the value of a comfortable living ponders on this restricting idea.

However, YOLO. Chasing cold cash isn’t a virtue if it has you running towards a life stripped of fulfillment. And in today’s world, a global village with inclusivity on its emblem, you have many possibilities. Online or offline, at home or abroad, if the profession you love is cherished somewhere, carefully exploring your options alongside family, teachers, and friends will help you find out where that is.

2. “Money is evil and the reason for everything bad in the world.”

It’s easy to encapsulate yourself in a belief this disabling because of the stereotypes about wealthy people being mean and greedy, which might as well predate the Big Bang. And more than a one-dimensional idea, it seems like this is a flawed life philosophy deeply woven in the structure of society. But that’s understandable, Money can back up wrongfulness of grand proportions, which makes it believable that it’s inherently corrupted.

However, cash is not a demon that’s taken the form of paper. It’s rather the persons who handle it and where it comes from that can pollute its adiaphorous nature. So, if you have a good sense of right and wrong, you can create and keep to a solid income-generating strategy as a force of goodness.

3. “Only rich people can invest.”

The financial beliefs we’re attacking seem to carve together a humongous lie worth the LOLs: that the rich are born and remain rich, and the poor are born and stay poor. And the third one on our list is a significant source of the investment scare that’s turned the stock market into the Voldemort of financial doom. With Wall Street being the epitome of concrete jungle prosperity,  thinking otherwise is hard.

But, our rationale points to a different truth. Starting small is an option, and so is (automatically) drip-feeding some cash into an investment account monthly. Little investments can neutralize the effects of market fluctuations, keeping your profits healthy over time. We recommend you start by buying lower-priced shares and see whether you can “wield” them as an instrument to earn.

4. “Spending all the money I have is fine – that’s what it’s for.”

Is it? Some peeps choose to immerse themselves in the pleasurable thoughts this conviction stirs. A life of abundance is, after all, super appealing. And if money can build a bridge between them and said abundance, splurging becomes more tolerable. Also, the belief takes off the stress of harnessing your skills for saving cash when necessary, so it’s a win-win. That’s how some folks think.

If you agree with them, we must tell you we’re ready to meet you halfway. Striving to celebrate the gift of being alive by living better is a beautiful thing. However, tossing your last nickel into a cashier’s till can pull you away from the bright future you want to build. How can you sustain yourself financially with nothing but lint in your pockets? So, save some and spend some — financial empowerment and balance go hand in hand.

5. “I will be happy only when I have money.”

Okay, let’s dissect this nonsense. Happiness is, for a lot of us, tied to feats that we undertake to achieve things we lack. Some of these aren’t the type money can buy, but others need the charms of it to be in our reach. Or, at least, that’s what we think — non-extreme cheapskating might be something to consider occasionally.

Here’s the catch: you might need to tuck some bucks under your pillow for the execution of parts of but not your entire plan. Therefore, it’ll be beneficial to identify the core of your goal and tend to the details “stemming” from it. This way, you can figure out the most effective way to achieve it. Finally, the “enjoy the process” is a cliche of value, as is the “focus on your present the most” one.

6. “It’s more important to make cash than have time for other things.”

Limiting money beliefs can be detrimental to your financial success. However, this one can turn your life in a vacuum, with all joie de vivre sucked out of it. When did it become normal to look up to the potency of cash while falling oblivious to life’s wonders? We believe some view the hour spent working as a little leap towards the lap of luxury, while others seek the thrill of profiting.

And the river of time never stands still. You can kayak on it, stopping for a bath in countless splendors you come across with. Its currents won’t drag you to your final destination — it’s slow-flowing. But you will eventually beach, and it’ll be profoundly saddening to have no memories of your journey other than those of making money. So, give life a chance — it’s called “living,” not “money-ing” for a reason.

7. “I don’t deserve to be wealthy.”

You do deserve it. We know that considerable money mistakes that you feel have stained your past can deprive you of self-trust. It could also be that your young age has you see-sawing on the financial confidence plank. In either case, fear and disappointment aren’t always easy to overcome, so it’s understandable that you might feel incapable of doing that. In fact, it’s often hard to even face and deal with them.

If you feel unworthy of treasures and riches, a wealth mindset shift can help you embrace a more hopeful outlook on things. However, such change in perspectives takes time. You could try analyzing the issue to better familiarize yourself with it. Then, you could strategically tackle it from bottom to top, starting from the least challenging subproblems. And remember, you can always ask for support.

8. “I don’t come from a rich family.”

Here’s one of the worst money-related misconceptions you could be spinning in your head. It makes sense, though, like most limiting money beliefs on our list. If you weren’t born with a silver spoon in your mouth, how can you slurp on life delights with one? And who in your family can teach you the craft of using one if silverware was never part of your financial utensils?

However, as long as you live and breathe, you can try to grow out of financial misfortune. Read on the matter! Opt for tons of good courses on finances! Use your wits to overcome the challenges on your way to financial freedom! The more you try, the more opportunities that can help you be richer you can encounter. And finally, your past and family don’t completely define you, so succeeding is possible.

“I have financial faith – the world is my golden goose.”

We hope we succeeded in inspiring you to challenge some beliefs about cash that might as well be the root cause of your financial self-sabotage. Although flicking them off your mind won’t be easy, thinking about doing that is an excellent place to start. And a little financial warm-up with a good passive income app could be beneficial. can help you open up to healthier perspectives on how you can grow your wealth. Our app lets you earn by solving paid surveys and sharing your unused bandwidth. It’s perfect for approaching faulty beliefs about money at your own pace. Check it out, and see your faith in your great financial future get restored a buck a day.

Jordana Bozhinova

Jordana Bozhinova


Once an eighth-grade chemistry whiz, Jordana is now a BA in Psychology, hoping to one day tread through the fine weave of the psyche professionally. Chemistry still excites her, but not more than physics or music. Personal growth and authenticity are always on her to-do list, and she'd like to see the world's pendulum swing in that direction, too. A fan of creativity and innovation, Jordana enjoys learning, understanding, and chic clothes. Who says self-exploration can't be fabulous?

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