Self-Made Millionaire Explains 5 Lies People Believe To Be True That Keep Them From Getting Rich

misconceptions about money


One of the most important factors in becoming successful is having the right mindset.

For some, focusing on the task of making more out of their lives is easy, but for millions of people, years of negative thinking and self-talk prevent them from reaching their true potential.

Steve Siebold, author of How Money Works, and a self-made multi-millionaire who has interviewed more than 1,300 of the world’s wealthiest people over the past 35 years, says there are several limiting beliefs that most people struggling with money have.

Here are the five limiting beliefs that people need to stop thinking about themselves, their personal lives, and the world.

‘I’m not smart enough.’

We all have a voice inside our head, and more often than not, that voice is doing everything possible to sabotage our success and happiness. The voice sometimes isn’t even our own but a person from the past saying we’re not good enough – or smart enough – to succeed.

“Most people believe formal education is the only education that will help them become more successful,” explains Siebold. “The wealthy respect formal education, but they tap any form of education available to make their dreams a reality, whether that’s interviewing very successful people and learning from them, reading, listening to audio programs, and attending seminars.”

It’s going to get better when…’

“The middle class lives in a perpetual waiting game for outside forces to come to their aid and grant their every wish. The hero you are waiting for – be it God, the Government, their spouse, boss, or someone else – is not coming to the rescue.”

Instead of waiting for help that’s never going to come, create a daily plan of action that will move you closer to building financial independence.

I’ll have to sacrifice my family life.’

It’s possible to be happy and successful and find the proper work/life balance.

“Most people believe it’s an either/or equation, and they’ll have to choose between world-class success and a happy family life,” Siebold explained. “Instead of using your family as an excuse, use them as your primary motivation for making it happen.”

Set career and financial goals that will benefit not only you and your family but generations of your family to come.

‘I’m afraid I’ll fail’

Said Siebold, “Most people believe failure is painful and should be avoided in order to maintain a sense of pride and dignity. In an effort to protect their egos, they attempt only those things they know they can do. The truth is that failure is a necessary building block of mega-success, and should be treated as a teacher.”

Instead of thinking about the “what if”, focus on learning, growing, and becoming successful.

“Every self-made millionaire has failed multiple times.  That’s why they’re so successful.”

‘Money is stressful’

The average person would rather think about anything other than money because of the negative feelings they associate with it. Siebold explains that the only way to stop stressing over money is to stop looking at it negatively.

“Stop seeing money as a never-ending necessary evil that must be endured as part of life. Start seeing money as the great liberator that will help you purchase financial peace of mind.”

For more advice from Steve, check out his website