5 powerful steps to overcoming your limiting beliefs about money

Limiting beliefs can be severely hinding your financial progress without you even realising. Here are some powerful steps you can use to release them.

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If you have subconscious limiting beliefs about money, they will be holding you back.

If you deep down suspect money is evil, hard to come by, not destined to be yours, or that you’re not worthy of money — opportunities to access it will not arrive for you. This is something a financial advisor can’t help with. The only option is to unpack and overcome your limiting beliefs.

If you say you want to make money but your heart doesn’t agree, it's time to get aligned to make wealth creation happen.

Shinobu Hindert believes that creating and sustaining wealth is impossible if you think about and approach money matters in a suboptimal way, led by fear or secret loathing. As founder of the Empowered Planning Academy, a financial literacy platform, as well as fractional CFO for several 8-figure entrepreneurs in San Diego, Hindert is on a mission to help ambitious business owners free their minds from the mental money walls they have built.

Starting her career at Fidelity Investments and Mercer Advisors, where she oversaw over $350 million in assets, Hindert has since helped hundreds of business owners shift from simply getting by to building life-changing wealth.

I asked Hindert how entrepreneurs can overcome their limiting beliefs, to transform how they perceive making, saving, spending, and investing money. 

1. Examine your childhood money culture

“Reflecting on your childhood money culture without judgment is a valuable exercise that helps evaluate your current relationship with money,” says Hindert. “By doing this, you can objectively observe the patterns and behaviors that shaped your beliefs and attitudes about money without putting yourself on trial.”

This self-awareness can help you identify negative money scripts that may be preventing you from achieving your financial goals. “Once you acknowledge your experiences and beliefs, you can move forward with healthier habits and views on how to use money as a wealth-building resource.”

Digging deep brings self-awareness. “Every family has their unique money culture, which includes their attitudes towards money, how they spend, save, and invest, and the language they use to talk about money,” said Hindert.

Understanding your family’s money culture isn’t just about weeding out any negative behaviours or limiting beliefs, it can also help you identify the positive behaviours and attitudes it gave you.

Ultimately, it can help you notice when old thought patterns crop up, creating space between you and them and allowing the space to be filled with more useful money beliefs.

For example, your childhood may have taught you that, “money doesn’t grow on trees,” but you could retrain your mind to believe that, “what I sow, I will also reap.”

2. Uncouple your emotions

Emotions play a significant role in financial decision-making, often influencing choices more than you realise. “Fear, greed and anxiety can cloud our judgement and lead us to make impulsive or irrational financial decisions,” said Hindert, who used the fear of missing out (FOMO) as an example.

“FOMO can cause entrepreneurs to make hasty investment decisions without proper research or due diligence.” Similarly, anxiety and stress can lead entrepreneurs to overspend or make purchases that they don't really need.

Your past money experiences also play a role in your emotions towards money. “If you were raised in a family that valued material possessions as a sign of status, you’re probably more likely to spend impulsively to keep up with your peers or maintain a certain lifestyle.”

Uncouple possessions from ego, uncouple financial success from superiority, and have an abundant attitude towards what you give and receive. “Emotions can be powerful motivators that drive your financial decisions, but they can also cloud your judgement and lead to poor choices,” said Hindert. 

3. Remove money blind spots

“You have to get rid of money blind spots that obstruct how you view money in your life,” said Hindert. “Fear of failure is a money blind spot, as is low confidence or self-doubt.” These feelings can lead to self-sabotage and limit your earning potential because you may avoid taking risks that could lead to greater financial rewards. 

Identifying your money blind spots will help cultivate a more positive and abundant mindset. You can shift toward a more optimistic and growth-oriented mindset by recognising and challenging negative thoughts and beliefs.

“If you have a limiting belief that you are not worthy of making a lot of money, you may unconsciously hold yourself back from opportunities that could lead to financial success, and the belief becomes a self-fulfilling prophecy.” What do you believe about what is possible, and how might that help you going forward?

4. Rewrite your story

Humans tell themselves stories on repeat, and they don’t question whether or not they are true. One such story is, “I need more money to plan the future I really want,” explained Hindert.

You can see how this would hold someone back from making money, because they aren’t clear on why they want it.

“A pessimistic mindset, governed by limiting beliefs and unhelpful stories, is what convinces entrepreneurs that attaining wealth is something they cannot do right now.” But they can do it right now.

“You have to reframe your thinking,” said Hindert. Tell yourself better stories. Your new stories can be, “I have enough money to begin planning for my future,” and, “I have all the ingredients to create huge financial success.”

Even, “if anyone can do it, I can.”

Be your own cheerleader, and repeat the new stories until you believe them, then watch them come true.

“This will maintain your motivation and focus even in the face of challenges,” added Hindert. “It also helps you to be more open-minded, curious, and creative, which can lead to innovative ideas and new sources of income.

Conversely, a negative mindset or a sense of scarcity, you may unintentionally push away opportunities for financial success.”

5. Deploy realistic solutions

Create accountability for taking action towards achieving your financial goals.

“Add calendar reminders to check bank accounts and spreadsheets, partner with a professional, start a money mastermind support group, or link metrics in your business to specific success checkpoints that you celebrate.”

Make money your focus on the basis that you can and will find opportunities to make more. Remind yourself that if other people are finding a way, you will too. 

“Realistic solutions to overcoming limiting beliefs about money involve a combination of self-awareness, practical actions, and patience,” said Hindert.

Just as important as what you do is what you don’t do. “Don’t let your family of origin or your emotional triggers leave you stuck in a scarcity mindset, unable to achieve the wealth level you dream of every day.”

Don’t listen to naysayers, the negative media or people who have given up on their own financial dreams. Hang out with people who are finding ways forward, and know that you will too.

Final thoughts

Overcome your limiting beliefs around money to exceed the income of your dreams with mental and emotional freedom.

Revisit your past to find the root cause of your beliefs, then notice the triggers, uncouple from unhelpful emotions and remove your money blind spots.

Next, rewrite your stories and deploy realistic and practical solutions. Go on a journey of intentionally changing how you think about what you are capable of earning, spending, keeping and investing.

Mid shot of Jodie Cook freelance journalist.
Jodie Cook - Business Journalist

Jodie Cook started her first business at 22, straight after completing a business management degree and one-year graduate scheme. As she built her social media agency over a ten year period, she started writing for Forbes on the topic of entrepreneurs. In 2021 Jodie sold the agency for seven figures. Since selling, Jodie has written a book, “Ten Year Career”, created courses for entrepreneurs, and mentored start up business owners on accelerator programs. In 2023 she founded Coachvox AI – a platform for creating AI coaches, where you can train an AI version of you to coach, mentor and answer questions just like you would.

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