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Money Thoughts That Are Keeping You Broke

Feb 04, 2021



Money Thoughts That Are Keeping You Broke



Mastermind your money mindset is just as important as learning the technical aspects of personal finance, so in this post, I want to inspire you to shift your mindset by sharing five money thoughts that are keeping you broke and the mindset shifts you can make to think differently about money. 


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I’m not good with money

This first one I hear from people, business owners, students, and clients alike. “I’m no good with money.”

Well, I wasn’t either and many people aren’t until they empower themselves to learn how to manage their money by gaining financial literacy. 

When you are born you don’t know how to walk, how to talk, how to do anything right? But, you show up, you learn, and over time you get better. The same goes for becoming skilled at personal finance and managing your money. 

So, if you find yourself saying you aren’t good with money, I want you to do two things:

First, I want you to flip the narrative:

1) I’m not good with money yet or I am learning to become better with money each day and

2) I want you to empower yourself to learn about personal finance and managing money by watching YouTube tutorials like this (Subscribe to my YouTube channel for more personal finance made simple content), reading books (You can get them for free from the library, on the Libby app, or I encourage you to check out My Bookshelf that will share some of my favorite Money reads to get started), checking out blogs on Pinterest about money, signing up for inexpensive workshops or classes online or through your local community college, or simply following people on different social media apps that inspire you about making money, saving money, budgeting, becoming financially free, and the like.

You are good with money, you just haven’t learned the skills to manage it yet.


I can’t afford that

This is one I hear people say all the time… and it’s one that you likely picked up from parents, other adults, and people who struggle with money.

But here’s the thing about saying, “I can’t afford that”, it’s defeatist. 

It has become so ingrained in our culture that people don’t even question it, and even still, sometimes I have to stop myself from having that thought -- that’s how permeated it is in our society. 

Or to stay it differently, it means you completely shut down a thought, idea, or opportunity without ever really questioning: How can I make this work? How can I afford this? Is there another way to be able to make this happen?

Again, instead of simply thinking, “I can’t afford this or that,” I want to challenge you to tweak the narrative and instead consider: “How else can I afford this or make this happen?”

If it’s something truly important to you or your family, there is always another option and another choice to be able to afford something.


I’ll always be broke / never have any money

For years, I thought and believed that I would always be broke, living up to my eyeballs in debt, and never have the kind of wealth that I wanted...

And boy was I wrong… A third generational thought pattern that gets passed down from our formative years that keeps us broke is generally, “I’ll always be broke or never have any money.” 

We see the people around us struggle with money, live paycheck to paycheck, never really amount to any kind of wealth or money comfort, and so, again, we pick up and experience many of the same money thoughts, behaviors, and speech of our parents, guardians, and other influential adults in our lives.

But, who says you have to always be broke? Going back to the first money thought that I shared, personal finance, money management, and making money are all skills.

If you want to stop being broke, the first step is learning how to manage your money. 

The second step would be to learn how to live within your means and stop hemorrhaging money. 

And the third step would be to find alternative ways to make money, make money work harder for you or diversify your income by creating multiple income streams, increase your income, or adding to your skill set, education, and value to make you more money. 

So, if you are reading this right now, you do not have to sit in the current financial state you are in.

Remember, there is always another option or choice, you simply have to choose differently. 

It’s really hard to make money

The fourth money thought I hear people say that is keeping you broke and living paycheck to paycheck is that it’s really hard to make money

Why is it hard to make money?
Do we make it hard?
Do we make it harder than it has to be?
As humans, do we create emotional attachments and negative thoughts surrounding money? Do we hoard money for fear of not having more? 

Yes, to all of those things!

Money is a construct designed by humans and therefore, money is simply paper.

It’s the negative associations, attachments, thoughts, and actions we take with money that make it hard to make because we develop beliefs and ideas about money based on how we learned to interact and talk about money.

Instead of thinking it’s really hard to make money, I want you instead to think two things:

1) How can I make money work harder for me through saving, investing, budgeting, scaling back spending, paying off debt, and the like, but also

2) How can I stop self-sabotaging my own earning power and find ways to increase or diversify my income?

Again, we have to look for the opportunities in order to remove the mindset that making money is hard by increasing our value and asking for a raise, gaining a new skill we can leveragel, starting a side hustle, starting a business, getting into investing, developing passive income, etc. 

In other words, there are multitudes upon multitudes of ways that you can remove making money so hard and make it easier for money to come into your life by simply looking for and embracing those opportunities. 


I’ll never have the money to do the things I want to do 

This last one is so detrimental to people and their money mindsets!

I hear people say, “I’ll never be able to do the things I want or I’ll never have the money to do the things I want to do.” 

One, what basis and evidence do you have for that thought?
Is that something someone told you?
Or are you looking at all of the evidence you have in your life surrounding that belief?

Well, of course, if you look for evidence and search out instances of never having the money to do the things you want to do, you will only focus on and find more of that type of circumstance in your life, right?

This means you continue to propagate that idea and don’t spend your time, energy, or thoughts looking for solutions.

So, this goes back to what I was saying earlier about shifting the perspective and saying, “Well, how can I increase my income and make my money work harder for me, so that I can make the money I want to make to have money to do the things I want to do?!”

Or “How can I be able to afford to do the things I want to do? What do I need to do to get there?”

So, guys, I hope the five money thoughts that I’ve shared that are keeping you broke inspire you to create awareness around your money thoughts, shift your money mindset when you are falling back into a negative money mindset, and give a new perspective to move forward in the world with when it comes to making money, saving money, and creating a healthier, more abundant financial legacy.

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