Let me show you how I found and identified my big money limiting belief.
As you know, I was raised in poverty, and I was not a person who got used to money.
When my personal development business skyrocketed in 2013 and money flowed to me in abundance, I wasn’t ready for it. I didn’t withdraw money from my bank accounts because I was afraid of cash.
- I thought that I would lose money
- I was afraid to spend money if I had them in cash
- Somebody would steal money from me
(These were my limiting beliefs about money)
I stored money in our national currency. I had roughly the equivalent of $150’000 in my personal and corporate bank accounts!!!
When the financial crisis hit at the end of 2013, the national currency quickly started to lose its value against the dollar.
During the year 2014, the national currency devalued against the dollar three-fold! Before $1 = 8 Ukrainian Hryvnas, and after $1 = 23 Ukrainian Hryvnas.
Why didn’t I quickly convert the national currency to dollars?
Firstly, I encountered such a situation for the first time in my life. I didn’t know what to do. I thought it was a temporary drop, and it would return back to normal shortly.
Secondly, there were bank restrictions on currency exchange and money withdrawal. So, I was trapped with my money in my bank accounts. I couldn’t exchange them, and I couldn’t quickly withdraw them.
Thirdly, I didn’t want to lose 50% (Ukrainian hryvnia devalued against the dollar from $1 = 8 hrn to $1 = 12 hrn) of my money by changing them to dollars for an awful exchange rate. So, I decided to wait, hoping that it was a temporary drop and it would go back.
While I waited, the national currency dropped another 30% against the dollar.
To make a long story short, I lost approximately $51’500!
I was depressed! I couldn’t understand why it had happened!
Shortly I got the insight – “You were afraid of money! You were afraid to withdraw money. You thought that you would lose money”.
And really, it seemed like I hid money from myself in bank accounts. Because of that fear, I lost spectacular money!
Since then, I have never saved money in the local currency. Once money comes in, I rapidly convert them to dollars. Later that strategy paid off.
How to identify negative and limiting money beliefs?
- Watch for your negative feelings toward money.
- What are you afraid of in terms of money?
- What are you worried about in terms of money?
- Did you have a negative experience connected with money? What was it? (e.g., loss of money, you’ve been scammed, failures)
- Did you have arguments about money with your spouse or kids?
All negative money experiences created limiting beliefs. The more negative money situations people have, the more limiting beliefs are there in their minds.
You will identify them by the problems you get with money in your life. If you don’t want to wait for problems, it would be better to work with a money-coach.
Lots of my clients hired me as a coach when
- They lost money
- Debts were growing, and they couldn’t pay it anymore
- Suddenly, they lost clients or clients refused to pay and canceled an agreement
- For years, they haven’t gotten a raise in income
- Business declined significantly
- Income dropped
- They expected money to come, but it didn’t happen
- They came across unforeseen circumstances
The rule is simple: don’t feel negative towards money in any case. Money doesn’t do any harm. It doesn’t do anything at all. They just exist. It’s the people who have raised money into a god. It’s people who watch other wealthier people and envy them.
Be grateful for money regardless of how much you have!