Harmful beliefs about money versus success

As Marcus Aurelius rightly noted: "Our life is what our thoughts make it." What we think and what we believe directly influences our emotions and actions. Beliefs are the opinions, ideas, and judgments we hold and consider to be true. Beliefs regarding the financial sphere can foster high earnings and sound financial management, or they can sabotage the achievement of financial security.

Which beliefs are self-destructive?

During the financial coaching sessions I conduct, it has repeatedly turned out that clients unconsciously hindered themselves from achieving their professional and financial goalsbecause they held harmful beliefs.

I will present 4 common beliefs and explain why they can be an obstacle.

1. "Money makes people selfish and materialistic." This assumption is characteristic of the type of psychological financial identity known as the "Ascetic." As I explained in the article Financial identity and its impact on life , an ascetic is a person who, consciously or unconsciously, associates money with something bad and immoral. They often focus only on meeting basic needs and do little to increase their earnings. They usually prefer to limit their needs rather than actively take steps to improve their financial situation.

I have helped clients who subconsciously sabotaged their ability to earn more. They lowered their salary expectations during job interviews or did not even try to apply for well-paying jobs. Some chose low-paying professions from the start or went years without asking for a raise. I have even encountered people who, as soon as they had a real chance for significantly higher income, unconsciously took actions that kept that prospect at bay. They had a deeply rooted belief that money changes people for the worse. And because they did not want to become immoral, they did not take advantage of the professional or financial opportunities that arose.

Some wealthy people are indeed unscrupulous egoists. They exploit others or judge them solely through the prism of money. However, a similar attitude can also be found among some poor people… It is not money itself that makes a person mean or lacking in empathy. If someone changed their values and behavior as soon as they started doing better, it means they were already like that deep down... Money simply made it easier for them to show their true colors, as they no longer had to pretend to be kind.

2. "Only very hard work makes people rich". A much more inspiring and, at the same time, more truthful saying is the English expression: Work smarter, not harder – work smarter, not harder. Working yourself to the bone from morning till night is no guarantee of success. Millions of people toil away exactly like that, yet they still earn very little. Worse still, they lose their health and are too exhausted to act creatively or develop skills in areas that are more highly valued in the market. On the other hand, many people have achieved success because they came up with a great business idea or focused on tasks that are high-margin or very well-compensated. This did not always mean working a dozen or more hours a day. It is true that we must put a lot of effort into any success. However, it is a trap to think that if we aren't collapsing from exhaustion after returning from work, we must not have tried hard enough... It is also a misconception that hard work will eventually be rewarded... We all know hardworking people whose bosses unfortunately do not appreciate them, as well as "smart alecks" who do little but are great at promoting themselves in the eyes of their superiors and earn disproportionately high amounts relative to the tasks they actually perform.
3. "Money can't buy happiness". Sometimes people interpret this saying in such an extreme way that they decide it is not worth striving for financial resources, as it won't help in achieving well-being. They won't look for opportunities to earn more or will squander money instead of managing it wisely. You cannot buy love, friendship, health, or happiness. However, it is a fact that if we have a reasonable approach to money and do not fall into selfishness, toxic materialism, or stinginess, money can greatly help us be happy. For example, we can pay for surgery or rehabilitation to save our health or that of our loved ones, leave a toxic job, or take care of proper nutrition and rest. I described this in more detail in the article How to spend money to truly feel happy?
4. "Other people's work won't make you rich" – meanwhile, if you want to run a business, you cannot do everything yourself. This is not only organizationally and cost-inefficient, but in the long run, it is also physically impossible. Even if you were able to learn everything—from accounting to marketing—you will earn more if you focus on what you are best at and what is key to your business, while delegating the rest to employees or external contractors, such as an accountant. By growing a business or being a passive shareholder, you naturally get rich off the work of others. If you act ethically, treat people with respect, and compensate them fairly, there is nothing wrong with that.

There are many more beliefs that can hinder the achievement of goals—including financial ones—and even the enjoyment of success and prosperity. Some beliefs are known to us. Others, unfortunately, we are not aware of, making them even harder to work on. The greatest influence comes from beliefs acquired in our family home, as children absorb everything like a sponge and, up to a certain age, are not even able to critically analyze beliefs, habits, or actions.

During a financial coaching session, an important element is examining limiting and empowering beliefs. It is worth making a list of both types of beliefs and reflecting on how they influence your emotions and actions. Perhaps it is time for a change?

You can find tips in my previous article Self-limiting beliefs - how to unlock your potential?