10 Things You Don’t Want to Tell Yourself About Money


When it comes to money, mindset really matters. What you tell yourself over and over again becomes what you do — over and over again. Well done, if you’re giving yourself the right speech. If not, now you know what’s standing between you and wealth.

“The masses love the lottery because deep down, they believe it is their only chance to get rich,” says Steve Siebold, author of How Rich People Think. “The fact is, they’re probably right. Not because they aren’t capable, but because they don’t have faith in their own abilities, and their beliefs about money limit their financial success.”

Simply put, says Siebold, “Beliefs dictate behavior and behavior dictates results.” Translation: Stinking thinking gets in the way of financial success.

Here are 10 thoughts that will get you in long-term financial trouble.

1. What if I die tomorrow? And I could have spent my money instead of saving it? “This will prevent you from ever really saving for the future,” says certified financial planner Karen Lee of Karen Lee and Associates. “Your chances of dying prematurely are minuscule [compared] to the probability of living to old age.”

Don’t give yourself a poor excuse not to save. “Replace that thought with, if I do without this one purchase today, I won’t have to worry about money tomorrow, or when I get older,” says Lee.

2. I can always figure out how to pay for it later. This deadly idea encourages you to spend money that you don’t have. “Ask yourself, if I don’t have the money to pay for this today, why do I think I will have it down the road?” asks Lee. Instead, wait until you’ve saved up the money for purchases. Practice delayed gratification. “You will actually enjoy the purchase more if you make yourself wait, as you build up anticipation along the way,” she adds.

3. It’s a good investment. “That’s what millions of Americans told themselves in the mid-2000s about houses that were beyond their reach — and look how that turned out,” notes Lee. Overreaching financially sometimes can work out, but usually, it’s a recipe for disaster. “Tell yourself that when you are financially sound, you can have the house of your dreams, the Mac Daddy theater system, the renovated kitchen,” she adds.

4. I can do it, just watch me. Confidence is a good thing. Overconfidence that you can control your spending can be the

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