Imagine for a moment that your business just hit a million dollars. But something terrible is starting to happen…now the nightmares and the warnings from family won’t stop. Right now, at this moment, negative thoughts about money – that clients will stop paying, that you’re becoming one of the evil rich – are holding you back in business.
Think about it: if you don’t think you deserve to be financially successful, you won’t be. If your clients think they’re too broke to pay, if your employees believe making you money is wrong… then your business will struggle. So what can you do to prevent these negative money beliefs from holding you and your business back from the wealth you deserve?
First, you need to identify the four money beliefs that could hold you back from making more money, so let’s start with the first inner conflict.
Watch this video about the four money beliefs that are holding you back.
Do you want to know how millionaires actually think? Click here to learn more about developing the millionaire mindset.
1. Negative Associations With Money And Wealth
When you were growing up, what were some of the negative associations and statements that you heard?
“Money can’t buy happiness.”
“Money doesn’t grow on trees.”
“Rich people are evil.”
What were some of the positive statements you heard?
“Money is freedom.”
“Lack of money is the root of all evil.”
“Money helps you to help others.”
Some of these positive and negative statements are the beliefs of the same people! They hate the rich but desire to become rich. The reason for this is it’s easier to change our beliefs about money than to change our financial status. This type of thinking has many implications.
If we believe that wealthy people are less desirable, we can feel better about not being a member of the uber rich. In a study of the effect of money beliefs on financial behaviors, researchers noticed that people who avoided money tended to have less money and lower net worth.
They tended to work excessive hours, buy compulsively, and avoided sticking to a budget. At the same time, they believe that having more money could solve their low income and credit card problems. Because of this, they tend to overspend in their attempt to buy happiness. They think, one day, they will have more money. The reality is, they will be struggling financially for a long time.
Now if these people are your clients, what implications does this have on your business? And if this type of thinking describes you, how will it affect how much money you make?
Your answers depend on your beliefs. Some believe that if you truly wanted to help others, you wouldn’t want to profit from it. Another belief is if you love what you do, if you want to help others, you shouldn’t make money from it. I disagree.
My belief is you should love what you do so much that it’s the only way you make money.
Where are your negative associations with money coming from? Society, parents, experiences, friends, school, media, and your surroundings. Ask yourself if these beliefs are coming from the 5% or the 95%?
These negative associations with money are the belief systems of the 95% of our society. If you want to become the 5%, you want to do the opposite. You cannot afford to have these negative associations, like money doesn’t buy happiness or you won’t be able to help your clients. You shouldn’t think that money’s not that important.
In fact, you need to stop thinking things like, my father was not rich. If I’m rich, then I’m greedy. This also happened in my family. My granddad, who ran a restaurant in Hong Kong, made congee to feed the poor. He used to worry that if he was rich, he would be a disgrace to the family.
It’s this tremendous fear of becoming hated that people fear success. I guaranteed you, there will be people who hate you if you’re wealthy. However, it’s important to understand the reason for their hate.
2. The Belief That Wealth Will Make More People Hate You
Sensitivity to what other people think of you is another money belief that can hold you back. You think if you’re successful, people will criticize you and attack you for no reason.
The truth is, they’ll attack you even if they don’t know you because they have a perception of what you’re about.
The other day I uploaded a video on my YouTube channel and this guy criticized me even though he didn’t seem to have any idea who I was. The video is free to watch, so what was there to complain about?
To understand this, we need to look deeper into what’s happening in our world. Before social media and TV, our world was our family, friends, coworkers, and neighbors. When our friend or our neighbour got a shiny new car or kitchen appliance, it wasn’t necessarily something we had at home, but it was something we could buy if we wanted it.
The people we knew were all within the same social circles and lived similar lives. But when social media came along, we became inundated with pictures and videos of happy people traveling to places we’d never been, living in mansions with hired help that we can’t afford.
We went from a small world of slightly wealthier neighbours and relatives to a larger world of strangers with riches far beyond our reach. Many people became envious. They are particularly envious of broke people who became rich because someone like them was no longer like them.
This envy was also coming from a deeper fear. What if we also found success, like they did… but we lose all our money someday?
3. Fear That Wealth Will Affect Your Success
You fear that you’re not worthy of wealth. You think you would look stupid if you become successful and then lost it all. You’ve heard many stories about lottery winners who became rich overnight and then fell so far into debt they had to get a job again.
You may have attained a little bit of success so you don’t strive for more because you fear change. You don’t want to aim for a higher level of wealth because staying where you are is comfortable and safe. What is wrong with this type of thinking?
As a business owner or entrepreneur, you will struggle with reaching the next level of success. If your clients are thinking this way, then you will struggle to keep them as clients because people don’t like to leave their financial comfort zone.
It’s an invisible boundary they have set for themselves. If your client moves beyond it, or if you move beyond it, you will feel stress because you’re leaving what’s comfortable for your social economic group.
You want to stay financially close to the same income level as your friends and family. If you leave that comfort zone, you’ll subconsciously commit self sabotage. You’ll sell investments at the wrong time. Make business mistakes. Spend money you can’t afford to give away.
Your self destructive behaviors will prevent you from reaching the next level of financial success, so you don’t become a member of the ultra rich.
4. Belief That You Can Become Rich and Be the Same Person
Your unwillingness to pay the price of financial success equally dominates your unwillingness to admit your realization. You don’t want to admit that to be a six or seven figure earner you need to change. Deep down, you don’t believe you need to pay a price.
Success has its price and its a price you prepay in advance. There is no installment plan, no easy payments. When you’ve accomplished your goal, you’ve paid enough. So it depends on your goal. Chances are, the price is higher than you think.
To use a business example, most people underestimate how much it takes to build a company. It’s double or triple what they expected. That includes working on your mindset and skill set. The effort is high to succeed in business. More difficult today than ever. You cannot be the same person and climb to the next income level.
In his book, Release Your Brakes, Jim Newman says that we operate like we’re driving, working hard, setting goals, pushing on the accelerator. Were not going as fast as we want because we don’t know we have the emergency brake on.
You can’t make six or seven figures with high levels of unresolved negativity. If you want to become a millionaire and live the high-ticket lifestyle, you need to overcome the four money beliefs that could be holding you back.
Do you want to know how millionaires actually think? Click here to learn about Dan On Demand where I reveal the secrets to developing the millionaire mindset.