What if your thoughts were limiting you from making money and having it grow? What if what you were taught or what you grew up to see and eventually imbibed hinders you from excelling? What if your limiting money beliefs have kept you in a state of being unable to keep the money you make and making it grow? You thought all along that you were doing the right thing and avoided knowing something for yourself because other people said so.
Money has been and will continue to be the dominating topic of many discussions in many circles around the world. It may be hush-hush in some cultures but we are not afraid to talk about it in Nigeria. Money is often misunderstood as it is, rather it has taken on many negative adjectives because of how some people with a lot of it have become proud and egotistical and the length to which other people have gone to earn it.
The Bible says in 1 Timothy 6:10, For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows. Emphasis is on loving it not that money itself is evil. It is neutral, it only magnifies the weaknesses of the one who possesses it. Proverbs 23:7 says, For as he thinketh in his heart, so is he... (emphasis are mine).
How our money-limiting beliefs are formed
Sad to say, many women have been taught not to have a healthy relationship with money. Could it be from years of husbands and fathers being the sole providers at home? This trend is changing as more and more women have joined the workforce some as full-time, part-time, work-from-home or stay-at-home moms. Almost every mom is interested in having a side hustle but lacks the basic knowledge of how to manage money after earning it.
The money examples we grow up with can shape our money mindset and influence our money behaviours. We already established earlier that money takes on the persona of the individual who has it. If you grew up seeing your parents spend their every earning until the very last dime guess what you will do when you start earning money?
Things I wish my younger self knew about money
1.
Whether we are aware of it or not, we all have a relationship with money. This relationship is influenced by how our parents handled money and our ability to change the narrative if it was a negative one.
2.
Money has a multiplier effect if it is handled wisely. Holding on to money will not make it grow on its own.
3.
Money is not permanently domiciled with you, it can stay or leave depending on what you do with it.
4.
Don't trust just anyone with it, people can surprise you after the money has changed hands.
5.
Saving money is good, investing it is better. Find ways to make your money work for you.
6.
Start and have a thriving business before marriage. Responsibility increases after marriage especially when the kids come and you will have less time to focus on a growing business.
7.
You can make a lot of money online. Physical businesses are also good.
8.
Financial literacy is very important. We work hard, make money, spend too much too soon and lose everything.
9.
Spend within your budget and don't borrow from your savings. It almost always doesn't get paid back.
10.
Know how to budget and stick to it.
11.
Diversify your income stream. Do you know how they say don't put all your eggs in one basket?
12.
It is okay to invest as a woman. There is nothing a woman cannot do.
13.
14.
Learn a skill, it cannot be over-emphasised.
15.
You can monetise your skills and talents even as a child.
16.
You can make money from home.
17.
Start a business with what you have and don't spend more than what you earn.
18.
Money is in the hands of other people. If you can connect with them and give them value, they will gladly exchange their money for what you have.
19.
Students can invest too instead of waiting until they're done with school.
20.
It takes a product or service to make money.
21.
How money works and what you can do to increase its earnings.
22.
Parents should allow their kids to explore their earning potential instead of limiting them to studying and also
teach their kids about money.
23.
Financial freedom is possible.
24.
Pay less attention to spiritual protection.
25.
Having a degree is not enough.
26.
Make and execute viable investment decisions before other issues arise and claim the money lying idle.
27.
Imbibe a savings culture.
28.
Know that I deserve to have money too and I can pray about it without feeling like a fraud.
29.
I don't have to rescue everybody, it is just not possible.
30.
Don't be scared of handling large amounts of money.
31.
Customer service is key.
32.
Investing in parcels of land is a gold mine.
33.
Don't depend on your 9-5, it is never enough.
34.
Money follows value. The more value you create, the more money you have.
35.
Don't loan money you are not ready to let go.
36.
Avoid loans, you could get caught up in paying the interest and have nothing left for all your labour.
37.
Not all material things are assets.
38.
Family issues should not leave you broke.
39.
Have funds set aside for emergencies before investing.
Final thoughts
Having positive beliefs about money and empowering our children with the same can go a long way to change the norm for them. I hope to teach my kids about money much earlier in life and allow them to engage in activities that increase their financial understanding and if that is starting their own business, it would be a great idea. What do you wish you knew about money earlier than now?
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