In this video, I explore the money beliefs that could be keeping you poor, the key to financial freedom according to the psychology of money.
Introduction
When discussing why we struggle financially, common reasons like low wages, lack of job opportunities, and the high cost of living often come up. While these are valid factors, there is another, less obvious reason which plays a crucial role in shaping our financial success: the psychology of money.
I want us to reflect on how we perceive money.
To illustrate, I'll share my own relationship with money, shaped by my attitudes and beliefs surrounding financial success. But first, I'd like to quote something I heard on a podcast while researching this topic.
The Psychology
Dr Brad Klontz, a financial psychologist, made an interesting observation: "The earliest money memories we have from childhood impact how we manage money as adults. We all have these early experiences around money—some are innocuous, like things your parents said, while others might be profound or even traumatic. But we all develop 'money scripts,' or beliefs about money, based on these early experiences."
My Early Experience With Money
After hearing this, I began to reflect on my own earliest experiences with money. Growing up, I believed that money was hard to come by and that it was something mysterious and fleeting—here today, gone tomorrow. I often saw money as something that would inevitably slip away, as if there was always some unforeseen expense that would take it away. These experiences influenced my orientation toward money.
Below Are the Money Beliefs Keeping You Poor According to The Psychology of Money:
Locus of Control
This mindset led me to believe that trying to accumulate wealth was futile. Why bother working hard to gain financial success if it would only be taken away? This belief system can create a sense of learned helplessness—a feeling that no matter what you do, financial success is out of reach. You start to think, "Why bother trying if I’m just going to lose it all?" This kind of thinking can keep us trapped in a cycle of poverty and financial instability.
Another belief that can hold us back is the notion that "no one in our family is rich, so why should I expect to be any different?" This mindset can erode our confidence and cause us to set up barriers for ourselves before we even face real obstacles. For example, I once had a conversation with someone who said, "It's difficult for us black people to get certain types of jobs, like becoming a doctor or lawyer." At the time, I agreed. But upon reflection, I realised that sometimes we are our own worst enemies, putting up barriers before we even try.
Learned Helplessness
This is often rooted in our experiences and upbringing. If you didn’t grow up seeing people who look like you in positions of financial success, you might start to believe that such success is not attainable for you. This can lead to feelings of helplessness, hopelessness, and disempowerment. Growing up in poverty can feel like enduring trauma after trauma, watching others who seem to have better lives, which only deepens these feelings.
Breaking Free From Limiting Beliefs
To break free from these limiting beliefs, we must dig into our history and examine it with a mature perspective. Unfortunately, many of these beliefs are ingrained from an early age, becoming chains that keep us stuck. We need to develop a positive mindset and believe that we can achieve financial success. There are countless tools and resources available; what we need is the right mindset to use them effectively.
Another belief I grew up with was that driving a flashy car or wearing designer clothes was a sign of wealth and financial success. I believed that to be accepted in society, you needed to have these things. Now, there's nothing wrong with owning a nice car or wearing designer clothes—there’s nothing wrong with wanting to be accepted. As social beings, we naturally seek acceptance. But when we equate material possessions with worth, we may end up living beyond our means, overspending to maintain an image.
This type of behaviour stems from our orientation and experiences with money. If we associate money with status and acceptance, we might prioritise appearances over financial stability. This is another reason why many of us struggle financially—we spend more than we can afford.
While I am not yet financially successful, I say "yet" because this message is about mindset, faith, and the belief that you can attract positive outcomes. It's about gratitude, which opens us up to abundance. We need to get into the right frame of mind first. This is what this message is about—rewiring our brains, shifting our psychology, and adopting the right attitude toward money and finances. With the right mindset and approach, I believe that anything is possible. We just need to get there psychologically.
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