20 Toxic Limiting Beliefs About Money That Are Holding You Back

Too often, people are saddled with limiting beliefs about money that trap them in a scarcity mindset rather than an abundance mindset. The most common limiting beliefs about money are often well-intentioned, and there are always examples to support them, but in general, they simply aren’t true.

Escaping this negativity can help reframe one’s outlook on financial matters and establish a positive money mindset that can help pave the way to financial success.

Money Is the Root of All Evil.

Woman throwing money
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This well-known expression misses the mark. Yes, greed is usually a bad thing, and people have done terrible things out of a desire for money. However, the desire to obtain money, even a lot of it, is not by itself a bad thing or the root cause of all that’s bad.

I’ll Never Be Wealthy.

Stressed man being confused about his empty wallet sitting at bed
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Negative thoughts like this can lead to self-sabotage. Develop a positive money mindset and create a plan to reach your financial goals. With a strong work ethic, smart money habits, and, yes, some good breaks, you can become wealthy.

Rich People Are Greedy and Selfish.

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This common belief often comes from envy. Sure, some rich people are greedy and selfish, but such people exist at all socioeconomic levels. And many wealthy people have given millions, even billions, to charity.

I Don’t Deserve To Have a Lot of Money.

throw money in trash.
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Who told you so? Your worthiness to lead a good life, even your dream life, is inherent. Make this empowering belief part of your mindset.

Money Is Hard To Come By.

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If you’re waiting to win the lottery, then money might seem like a limited resource that’s hard to obtain. However, you’ll get different results if you work hard and make sound financial decisions.

I’ll Never Get Out of Debt.

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When you’re burdened with debt, things can seem hopeless, but you can still get out of it. If you need help, see a financial advisor who can provide guidance on ways to reduce and eliminate debt. Be patient and keep the end in mind.

Pursuing Money Means Sacrificing My Values.

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To repeat, many people have done bad things or become bad people to get a lot of money. However, there are plenty of wealthy people who did not cut corners, break laws, or mistreat others to get there. Don’t associate money or the pursuit of it with illegal activities and poor ethics.

It’s Too Late for Me To Achieve Financial Success.

Upset girl sitting at table with laptop, looking at papers.
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No, it isn’t! People from every stage of life achieve financial success. For example, some work for years and years and then decide to start their own business that takes off.

Money Will Solve All My Problems.

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With enough money, you can afford plenty of material possessions and expensive vacations, easily manage your expenses, and live largely without money worries. However, it doesn’t fix what’s already broken, so to speak. Just like everyone else, rich people deal with depression, stress, anxiety, substance abuse, and so on.

I’m Not Smart Enough To Manage Money.

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But you are! Financial literacy is something everyone can learn. Many get it from parents or teachers in childhood, but as an adult, you can work with a financial coach to develop this.

Wealth Is Only for Lucky People.

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People born into wealth or who hit the jackpot are certainly lucky, but most people who attain wealth do it through hard work and good decisions. Don’t let this belief lurk in your subconscious mind or your conscious one; it’s another of the many limiting beliefs about money.

I Shouldn’t Talk About Money; It’s Impolite.

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As Americans, we consider it rude to ask people about their salaries, but it’s not generally wrong to talk about money matters. Actually, learning from others’ own experience and talking with peers and people who know a lot about finances can help you plan and meet your own goals.

Money Only Brings Stress and Complications.

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The problem here is only. Even wealthy people can experience stress and complications related to money, but it can bring a lot of good as well. Limiting beliefs about money like this one create excuses not to work for it.

I’ll Always Struggle To Make Ends Meet.

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Good financial management and sounding spending decisions will help you make ends meet. If you need some extra money, in either the short or long term, consider something like a side hustle.

I’m Destined to Repeat My Family’s Financial Mistakes.’


Portrait of red straight-haired attractive cute nice scared worried young girl, biting nails. Isolated over bright vivid yellow background.
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No one is destined to repeat anyone else’s mistakes. In fact, your family’s financial mistakes are something you can learn from so that you can make better choices.

I Can’t Save Money; There’s Always Something That Comes Up.

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If you’re having trouble saving money, consult an advisor who can assess your financial situation and make recommendations. This person can give advice from a perspective of expertise.

I’m Not Meant To Enjoy a Comfortable Lifestyle.

Young curly brunette woman sits stressed at the table, feeling apathy and depression from overwork at work. Burnout from the modern world.
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Why not? This is another limiting belief that creates an excuse structure. Instead of letting such negative money beliefs sink in, accept that you are absolutely worthy of money and the lifestyle you want.

I’ll Never Be Able To Retire Comfortably.

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Many people fret about not being able to save enough for retirement. Again, meet with an advisor to create a retirement plan. Part of it may be an investment account that grows tax-free during your working years.

Money Is a Limited Resource; There’s Not Enough for Everyone.

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This one can also become a self-defeating excuse. There is a lot of money out there for those dedicated to earning it. A common path is to channel your inner entrepreneur and grow a successful business. Bonus: business owners get to be their own boss.

Only a High-Paying Job Can Lead to Financial Security.

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A big paycheck certainly makes things easier, but many people who aren’t top earners achieve financial security. Remember, financial abundance is about planning, making good decisions, and making the most of opportunities.


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Hi! I am a millennial mom with a passion for personal finance. I have always been “into” personal finance but got inspired to start my blog after a period of extended unemployment. That experience really changed the way I viewed my relationship with money and the importance of accessible personal finance education.