5 limiting money beliefs (and how to overcome them)
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What are the five limiting money beliefs discussed in this episode?
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This podcast contains general financial advice only. That means it's not specific to you, your needs, goals or objectives so don't act on the information until you've spoken with your financial advisor. You'll find our full disclosure, disclaimer and link to our financial services guide in the show notes.
Owen, welcome back to the podcast.
Yeah, Kate, it's great to be with you today. There's three of us in the studio today.
Yes, friend of the podcast, Tash is back with us in person in our Melbourne studio.
Woohoo, keen to be here.
And we're talking limiting money beliefs, which is something we've been discussing a lot in the office recently.
Yes, we have. And we talked about it last week in an event as well. What holds people back? Tash, what is a limiting money belief?
Oh, what is that definition? Well, God, I don't know. How do I summarize that nicely? Pass it on to you, please.
Something that holds you back from moving forwards to your financial goals. Maybe it's mindset. Would you say it's a mindset?
Yeah, definitely. Well, things or reasons for stopping you from doing something, I guess. There's many of them. We all have our reasons for not wanting to do things in general, like holding us back from exercising or any kind of healthy habits or limiting money beliefs. Those that hold us back from improving our finances. Yeah.
Yeah, we've talked about things like behavioral psychology on the show before and the little quirks of our mind and how they play tricks on us. We've talked about how mental accounting is one thing where if you get money from two different sources, you treat it differently. For example, if you have $10 and you earn $10, how do you feel about that versus if you spend $10? There's exactly the same amount of money, but we feel differently about those two things. So there's many different ways our mind plays tricks on us, I guess. And today we're going to talk about some of the primary reasons people don't do something about their money. This is delving into psychology. We talked recently about this as well on the show.
Kate, did you have any limiting money beliefs growing up?
I think growing up, I don't know, money was weird growing up because it was something you needed for things with friends and family. You're always comparing yourself to your friends based off if you could buy this item or if your parents gave you some lunch money. theirs didn't or vice versa. I just remember those situations growing up or some friends got more Christmas presents than you and you didn't. That's probably how I saw money growing up. I mean, I didn't think about it too often apart from that small amount of pocket money.
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Sounds like good money advice... But is it?