Kendra had spent years telling herself that she was bad with money. Because of this, she didn’t even try to manage her finances. Instead, she’d check her bank account and if there was money in it, she’d spend it.
Unfortunately, this bad habit followed Kendra as she started her own business. It seemed she was always running short on cash and for a long time, she blamed herself for being “bad”.
But a friend challenged her to take radical responsibility for her money. He encouraged her to track her spending daily and figure out where all her money was going.
This was a game changer for Kendra. Suddenly, she saw how her choices one week were affecting her choices the next week. She let go of the idea that she was bad with money and chose to embrace learning about money instead.
Kendra isn’t alone. Many people have false beliefs around money. These false beliefs are sometimes referred to as “money blocks”. A money block is a mindset issue that’s holding you back from reaching your financial goals.
Today, let’s examine eight money blocks. We’ll also dive deep into how entrepreneurs like you and Kendra can overcome them…
Money Is a Limited Resource
A common money block is the belief that money is a limited resource. This type of belief happens when income is variable or when there are periods without enough money to cover the bills.
When you have variable income or earn less than you need, it’s often a struggle to overcome a scarcity mindset. You can fall into the trap of believing that when money comes in, it needs to be used up because you don’t know when it’ll come around again.
You Can Make More Money
If this sounds familiar, it’s time for a new perspective. What you need to understand is that you can always make more money. There will always be numerous opportunities as well as resources that you can turn to.
But when you live from a place of abundant thinking, your actions begin to flow in alignment with these thoughts. Instead of hoarding every penny that comes in and living fearfully, you’ll see the value in investing in yourself and your business.
As you do this, you’ll make more money because you’re taking action steps with your money so that it begins to multiply.
You Can Let Money Flow to You
If you’re worried about how you’re going to make ends meet and all you can see in your mind’s eye is unmet needs, it can be hard to think positive about your situation. But worrying about your finances won’t change the matter.
Instead, change your focus. Stop directing your attention toward all the things that currently beyond your ability to do anything about. You may not be able to change anything about your finances overnight, but you can develop a positive mindset that helps you see solutions.
When you look at what’s within your ability to change, the energy of your situation is altered. You’ll see what you are capable of and what your money is able to do in the moment.
Put aside the scarcity mindset and instead embrace positive energy. This releases you from your money block and gives you a renewed perspective.
You Don’t Have to Work Harder
Sometimes, this money block creates a false belief in your head. You think that if you just work hard, you’re going to make all the money that you need. If you don’t have enough money to make ends meet, then it means you have to try harder.
This belief keeps many entrepreneurs stuck on a cycle of working longer hours, taking on part time jobs and facing a serious case of burnout. In the end, you still don’t have enough.
Hustle isn’t a bad thing. But working hard when it’s not getting you where you want to be is. Remember that being a successful entrepreneur who makes abundant money isn’t just about the work you put in. It’s about having a strategy, so the seasons of hustle grow your business long-term.
Journaling Questions
In what ways is a scarcity mindset holding you back?
Do you believe that you can always make more money?
Have you ever experienced the essence of having money simply “flow” to you?
When are you tempted to fall into the trap of simply working harder?
What could you do differently in your next season of hustle?
I’m Not Worthy of Money
It can be tempting to tie your sense of self-worth up in money. You might believe that you don’t deserve money because of a traumatic childhood, a poverty mentality, or self-esteem issues.
When you allow yourself to believe that you’re not worthy of money, you create a negative mindset that affects every area of your business. You begin to believe you’ll never earn enough because you can’t measure up.
Money Does Not Give Worth
Your money situation is not a reflection on your value as a human being. However, you may feel this isn’t true and that’s because there’s an underlying root belief that you need to address.
Sometimes, it could be that you experienced financial uncertainty in your childhood. Children that heard parents arguing over a lack of money can develop fearfulness and believe that like their parents, they won’t have the money to provide what they need.
Or, you may have grown up in a wealthy household and the focus on money was that each family member’s self-worth was tied in with financial achievements.
It could be that you had a controlling spouse who financially abused you. If you were made to feel like you couldn’t handle money, this can create a sense that you’re not worthy. Maybe you were made to feel like you had to account for every penny and that you couldn’t be trusted financially.
Money Might Be Tied to Shame in Your Mind
Sometimes a money block occurs due to shame. If you’re someone who made financial mistakes in the past, it can be easy to link the past with money. You give yourself a label that sticks with you and creates a false inner narrative that you’re not worthy of money because you “blew it” before.
Another reason that some people experience shame around money is simply not having the financial education necessary to make wise money choices. This leads you to believe that money is shameful or that you’re not good with it.
You Are More Than Your Money Story
To overcome this belief, you need to address your inner shame. By addressing it, you can heal yourself and release this money block.
Healing yourself can involve various steps such as choosing to love yourself and acknowledging past mistakes. Change your inner narrative so that it’s positive and affirms your belief that you are worthy of good things and you are worthy of money.
Journaling Questions
How often do you find yourself feeling unworthy of money?
What situations around money trigger feelings of unworthiness?
Why do you feel ashamed or unworthy of money?
What if you spoke love over yourself regarding money? What might you say?
Money Is the Root of All Evil
A money block that’s ingrained in some people is the idea that money is the root of all evil. This belief can make you afraid to make money or to hold onto it.
As a result, you either don’t take steps toward growing your business or you spend every dime as soon as you get it. Doing these two things keeps you broke and, in your mind, you believe you’re not “evil” because you don’t have money.
Game Changer: What If Money Is a Tool?
What if you thought of money as simply a tool? It’s not good and it’s not bad. It just exists to serve your needs. What you decide to do with money is what has the potential to change everything.
Do Good with Your Money
You can decide that you’re going to use your money to bring good to your life and to the lives of others. For example, you might decide that you’re going to use your money to donate to a third world organization that builds orphanages for children in need.
Then your money is being used not only for good but also as a way to change lives and give back to those who may not have the same opportunities that you have.
Or you can use your money to donate to people who are struggling to get by. You can use it to help the homeless. To pay a struggling college student’s tuition bill.
Care for Your Family with Your Money
You might use your money in your life to pay your bills, to put food on the table and to take care of your family. All of those are good things and certainly not evil.
Some entrepreneurs use money to care for aging parents, give their kids educational opportunities they never received, or help a spouse who’s going through a job loss. These are beautiful examples of using money for good!
Invest in Yourself with Your Money
This is a tricky issue for some people. If you’ve been raised to believe that money is evil then you might think that investing in yourself is selfish or unkind. But the opposite is actually true.
The more you invest in yourself, the more you have to give back to others. That’s what Tanya discovered when she decided to invest in yourself by purchasing a pricey coaching program that helped entrepreneurs become more confident.
The more her confidence increased, the more she was able to show up in her business and better serve her clients. This led to even more money and allowed Tanya to help her sister pay off her student loans and start pursuing her passion.
Money Reveals the Heart
The truth is that money doesn’t change you. It doesn’t turn a good person into an evil one. Money only reveals what’s in your heart. How you use money will point out what you believe and what your values are.
Spend some time today considering your values. Then list three ways you can use money to manifest that value in your life and the lives of those around you. For example, Tanya decided she values creativity. Her list looked like this:
Self: Take art classes
Family: Help sister pay off student loans and start her photography business
Community: Buy art supplies for a retirement home
As you can see, Tanya highlighted three ways that she could use money to express her values in a positive way. You can do the same exercise to see the good that you can create with your money!
Journaling Questions:
In what ways do you believe money is evil?
How would your life and business change if you believed money is simply a tool?
How would you like to use money to invest in yourself this month?
What is your highest value? What’s the most important thing for you?
How can you use money to reveal this value?
I’m Not in It for the Money
Some entrepreneurs struggle with a money block because they believe they’re not working for a profit. This is a common money issue for those who come from a ministry background or non-profit work.
It could be that somewhere along the line, you encountered a narrative that made you feel like you should only focus on the giving side of what you’re doing. You may feel like not making money means you’re doing the “right” thing.
You Can Give and Make Money
While it’s great to be someone who gives, you can do that and still make money. Earning money enables you to joyfully serve your customers.
When you’re earning a living from your services or products, you can show up as the best version of yourself. That’s because you’re not worried about how you’ll pay your light bill or what you’ll eat tomorrow. Instead, you’re able to be fully present with your clients and customers.
Your Energy Is Valuable
Not only do your service or products take time away from you, they also consume your energy. You only have a limited amount of energy to give and it’s more than fair to be expected to receive compensation for it.
Maybe you’ve had someone take you out for coffee to pick your brain for five minutes and the next thing you know, it turned into a 3-hour review of their entire business model. Your time isn’t the only thing you gave. You also gave precious mental energy to this other person, reviewing their business and giving them suggestions for improvement.
You Can Choose When to Give
Giving doesn’t have to be an “all or nothing” situation. You can give some of the time but still make money the rest of the time. You can set boundaries on your giving, so it honors both you and the receiver.
For example, if your passion is helping young entrepreneurs, you might set aside one hour each week to mentor another entrepreneur. If your passion is bringing art to underprivileged children, then you might set aside 10% of your earnings to donate to your favorite art program.
Choosing when to give allows you to protect your resources like your time and energy while still providing you with the chance to help others.
Journaling Questions:
When are you tempted to believe you’re not in it for the money?
Do you truly believe you can give and still make money?
Why do you think your energy and expertise are less valuable than someone else’s?
What ways would you like to give back that still honor your time and energy?
Money Fixes Everything
Some people mistakenly believe that money fixes everything. Whatever is wrong in your life, you may think that you’ll be OK if you can just get some money to fix it.
It’s tempting to equate money with power. While money does give you options in life, it’s not a solution. In fact, money is rarely the solution to any problem.
What Money Can’t Do
Money doesn’t have the power to fix relationship issues. No amount of money can mend fractures between a couple. It can’t heal emotional wounds between parents and children or between friends. It can’t restore feelings or solve relationship problems that stem from a lack of communication.
Money can’t make you feel better about yourself no matter how much of it you get or spend. When you have self-esteem issues, having money won’t change that. It might be able to mask the feelings of low self-worth, but it won’t make them go away. Whatever you quiet with money always comes roaring back.
Maybe you think because you’re in business, it’s a different story. If you’re struggling with business problems, you might have the money to hire a coach to help you with the issue, but you still have to act on their advice.
Money won’t do the hard work for you. If you listen to the advice but continue on your path as if you never heard the words you needed to hear, nothing will change.
Get to the Root of the Money Issue
Throwing money at a problem is never the answer. That’s because there’s always a root cause whenever there’s not enough money. Maybe it’s being spent unwisely, or it’s not budgeted correctly. Perhaps you overspend by a thousand dollars a month.
When you have money problems, practice self-evaluation. Often, you’ll discover that the issue lies within your mindset. If you have a scarcity mindset, this frequently leads to inaction so you can better yourself.
Don’t Use Money as A Bandage
It’s tempting sometimes to use money to put a bandage over a bleeding wound. For example, your taxes are due. You run a big sale and bring in more than enough to cover what’s due.
But you fail to make a plan to prevent the same situation from happening. Next year, you’re right back in the same position. You used money as a bandage, rather than looking for the permanent solution.
Realize that money will only do what you tell it to do. If you struggle with negative thoughts about your business, money can get you a fancy social media campaign. But it can’t fix your mindset. Only by addressing your money mindset will you find the strength to embrace change.
Journaling Questions:
What have you tried to fix with more money? How did it work out?
What’s a problem you’re facing right now? Would money solve it?
Looking at the problem you’re facing right now, what could you do to solve it?
When have you used money as a bandage? What do you really need instead?
I’m Not Good with Money
Having the false belief that you’re not good with money can create a money block that will keep you from achieving your financial goals. This will keep you stuck in the same rut for months or years to come.
Address Your Lack of Confidence
Thinking that you’re not good with money can be caused by a lack of confidence. There can be lots of reasons for this. It could be caused because someone told you that you weren’t good with money and you took that to heart and made it your reality even if it wasn’t true.
Having a lack of confidence could be caused by your financial picture. You’ve examined your finances and don’t like what you see.
Maybe you’re someone who doesn’t have a budget. When you see articles on how important one is, this can make you believe, you’re just not good with money. Otherwise, you think you would have a budget.
But it could be that you don’t have a budget because you haven’t found a program that works for you. You tried one and because it was too complicated, you gave up. That doesn’t mean you’re not good with money.
An Income Ceiling Could Be the Problem
Maybe you’re in a situation where your finances are the same year after year. Your income never goes up and you begin to doubt that you’re handling your money correctly.
It could be that the type of work you’re in has an income ceiling and you’ve simply hit it. This means it’s time to try another avenue or go after another stream of income to achieve your financial goals.
Failing to Plan for the Future Creates Financial Stress
A lack of planning for the future can make you think that you’re not good with money. This occurs when you don’t have an emergency fund or any type of long-term savings plan that lets you budget for annual expenses.
The reason you don’t plan for the future could be because you fear the future or dealing with money brings up insecurities.
For example, if you went through a nasty divorce two years ago then dealing with long-term money plans might make you afraid of being alone for the rest of your life. But avoiding thoughts of the future only creates financial stress.
Getting clear on why you don’t believe you’re good with money is important. You can’t heal your relationship with money until you understand what caused the wound in the first place.
Journaling Questions:
What situations make you feel as if you’re not good with money?
Where does this belief stem from?
What can you do to overcome this belief?
Who do you know that you could talk about your money issues with?
Money Determines My Level of Success
A common money block is the thinking that money determines your level of success. You might believe if you have plenty of money that you’re doing great in business and are a successful person.
This means that you might also believe if you don’t have much money then you’re a failure. But that line of thinking is placing the value of your self-worth on something that can fluctuate rapidly.
Money Isn’t A Measuring Tool
Money is simply an outward sign of the value you’re bringing. The greater the value you’re offering, the greater the dollars you’ll have. When you have a resource that people need, the value goes up. It’s not a reflection of success. It’s a reflection of a need that’s being met.
Stop Chasing Success
If you’ve been chasing success for as long as you can remember and it seems to continually elude you, then the problem is usually centered around a money block. Chasing success is the wrong mentality.
Instead, choose to chase value. Keep your focus on giving more value to customers or clients. When you do that, the money will naturally flow. When you have a service or a product that people need and you have a reputation for giving value, it creates a powerful energy that draws people toward you.
Determine What Success Looks Like to You
Success is something that can be measured in many different ways. For some entrepreneurs, success is having enough money to be able to feed their families and pay all their bills. For others, they might define it as being able to go on lavish vacations repeatedly throughout the year.
It’s important that you take time and examine what you believe success looks like. Keep in mind that there’s no right or wrong answer here.
Release Money from Its Role as Validator
It can be harmful to associate money with your self-esteem. If you do that, you’ll feel great when the money is flowing and bad when it’s not. Never let your happiness be measured with dollar signs.
Instead, get clear on what you think success means for your life outside of money. When you determine that, you’ll understand that whether you have money or not, you’ll still be happy.
Journaling Questions:
What makes you feel successful?
Do you believe that money is a reflection of the value you bring? Why or why not?
Have you ever found yourself chasing success? What happened?
When have you allowed money to validate you?
I Can't Have Money & Do What I Love
There’s a common money block that involves enjoying what you do and making money. For many people, they believe they can’t do what they love and earn a good income. This misconception is rooted in common myths about work and money.
You Don’t Have to Be Miserable
Some people have the limiting belief that to make money you must be miserable. This mindset is a foundation that’s usually laid out in childhood.
You may have had a parent who worked at a job that were unhappy with. Maybe they constantly complained about their job and dreaded getting up in the morning and going to work. This creates a belief that working equals misery.
Perhaps it wasn’t a parent. Maybe you were the one mistreated by a boss. As a result, you began to associate being miserable with making money and you’ve always thought this is just how life is.
Hit Reset
If this sounds like you, then it’s time to hit the reset button. You need to realize that it’s OK to do what you love. You can be happy with your work. You can look forward to what you do.
Some people believe that doing what you love to make money means you’re selfish. But keep in mind that your happiness makes the world a better place. It’s better for your family because happier people can have stronger relationships.
Charge What You’re Worth
Boldly charge what you’re worth. Ask for the value that you bring to the table and trust that those who truly want to partner with you will joyfully meet your asking price. If you bring your clients $50K in results from your expertise, then it’s more than fair to charge $20K for your services.
Always charge the full value of what you do and don’t underestimate the worth of your expertise, time, and energy. Don’t make the mistake of underestimating what you bring to the table and are able to do for your customers.
Not only does charging what you’re worth allow you to show up for your customers, it also ensures you’re more likely to enjoy the work. It makes you happier and that in turn has a ripple effect across your life and the lives of those around you.
Journaling Questions:
When are you tempted to believe that you have to be miserable to make money?
Do you believe you can work from a place of joy and abundance?
Are you happy with the money you’re making right now? Why or why not?
Money Blocks Can Be Overcome
Regardless of which money block you’re facing, hold tight to this truth: any money block can be overcome. It might take time, patience, and working with a smart money coach. But it is possible.
Imagine how good you’ll feel when you’ve finally overcome your money block and you can joyfully earn more and create a business that lights you up and makes the world a better place!