3 Money Myths That are Holding You Back (and How to Bust them) - Your Peak State

3 Money Myths That are Holding You Back (and How to Bust them)

Julie Ann Cairns
Written By: Julie Ann Cairns posted September 24, 2015

Money Myths are beliefs about wealth, work, and money that have been presented to us in many ways throughout our lives—reinforced by family members, friends, the education system, employers and the media—and that’s why so many of us have come to accept them at the subconscious level. They have become a part of the way we view the world, and we have taken them on hook, line, and sinker. 

The myths may vary slightly for each of us depending on our social, cultural, and religious backgrounds. But in the working and middle classes of Western societies, many of these beliefs are widespread. 

Money Myths are beliefs that have been passed down from generation to generation in the working and middle classes. They are so pervasive that they’ve become part of most people’s subconscious programming. 

The Myth of Scarcity

Fears of scarcity are often rooted in sayings such as “money doesn’t grow on trees” that have been passed down over the generations and shape our thinking.  The idea is that there isn’t enough to go around, everything is scarce, resources are limited, and we need to compete for our share of the pie.

A lot of people will say, “Hey, wait a minute! That’s not a myth. That’s true.”

But is it? 

A lot of our perceptions of limitation come from the idea that we have limited energy resources. But if you want to know about abundance look at the sun. 

Our sun shines approximately 5000 times more energy down on us everyday than we currently use. So the limitation is not in the availability of energy, it’s in our ability to unlock it. And that limitation is quickly being addressed through technological innovation. Soon we’ll have access to virtually unlimited solar energy. And that’s not even counting the energy we could harness from the winds, or the tides, or thermal energy from the earth.

The limitations exist only in our minds.

Yet, limiting beliefs can drive us to behave in ways that sabotage our best efforts financially and actually stop us from attaining wealth. If we don’t believe in abundance, then we don’t focus as much attention on finding innovative solutions. Instead we focus on problems, fighting over perceived scarcity, and creating damaging conflicts. 

Wouldn’t it be stupid if we blew ourselves up fighting over a perceived problem of scarcity, when if we just joined forces to solve the problem we could achieve abundance in a jiffy… and I mean abundance for everyone?

Busting the myth of scarcity begins with becoming aware of our belief in it, and recognizing how that affects our choices and behavior.

The Myth That Time is Money

If the only way you know how to get money into your life is to exchange your time for it, then that is going to place a real limit on your ability to generate wealth. Because there are only 24 hours in a day. That’s not a belief, that’s a fact.

But what is a false belief, is the idea that the easiest way to get money is to exchange your time for it. The easiest way to get money, or perhaps the laziest way, is actually to get your money to make you more money. Leverage your money… get it producing an income that does not depend on your time or effort. 

A really simple example of this is a term deposit. Once you set it up, it delivers a rate of return (the interest) that requires no additional effort on your part. And if you take that interest, and rather than spending it, you reinvest it (meaning you add it back in to your total investment pool) then that return can compound. That means, it will eventually start to snowball. 

So even by setting a small amount of money aside each month, and putting it into a snowballing investment (also known as compounding returns) you can really accelerate your wealth. It is said that Einstein called compounding returns “the eight wonder of the world”, because compounding exposes you (and your money) to the power of exponential growth.  

Money, wealth and success

The Myth of Easy Come, Easy Go

A myth I held onto for far too long is the belief in “easy come, easy go.” 

I stared down the barrel of bankruptcy as an adult, in an eerie repetition of events I’d experienced as a child. I’d had an incredibly luxurious childhood, but it all fell apart when I was 11, when my parents lost all their wealth through a series of bad choices. I coded that experience into a solid internal belief that whatever comes, also goes… and so as an adult I experienced an exhausting and repetitive cycle, a roller coaster ride of money ups and downs. It took me coming to the brink of bankruptcy before I finally recognized the pattern for what it was: my outer experiences were being driven by an unhelpful inner belief. 

And if you think I’m the only one who ever had this belief, then why are there so many lottery winners who end up bankrupt? And why is it such a common saying?

Once I saw that I had this belief on board, I was able to reprogram my internal hard drive to free myself of it.  I changed it from “easy come, easy go” to “easy come, easy GROW.” Boom. No more rollercoaster. Now my paradigm is more like a climb, where the view just keeps on getting better and better.

How did I do that? Well, belief change is actually pretty easy once you have identified a) the beliefs that are holding you back, b) why you chose to take on those beliefs in the first place, and c) what beliefs would serve you better now…

The heavy lifting is part is in identifying the beliefs that hold you back. If these beliefs are subconscious, then they are below your conscious awareness by definition. So how do you track them down? 

One way is to notice what comes out of your mouth. What are some of the common sayings that you say about money, wealth and success? Do you say things like: “money doesn’t grow on trees” or “money won’t make you happy”, or “money in, money out”?  Start noticing what you habitually say, and start asking yourself whether that is a belief statement that really supports what you want to achieve in life. If it doesn’t, then what new belief would support your goals? Write yourself a new belief, and start saying that instead!

Another way, is to have someone guide you through the process. I’ve done a lot of research into this topic, and I’ve found there are actually 7 core limiting beliefs about abundance that hold most people back. I call these the 7 Money Myths. I’ve gone through 3 of them here, but there are 4 more which I discuss in my book The Abundance Code: How to Bust the 7 Money Myths for a Rich Life Now.

You probably have some, if not all, of the 7 Money Myths rattling around in your subconscious mind. They were installed there before you even really knew what was going on. And they are probably still lurking there like some kind of computer virus, stopping you from attaining the very things you most desire.

Once you know what they are it’s actually not that hard to over-write them, and I go through a bunch of easy belief change processes in my book that anyone can do.

It’s a bit like the 80/20 rule, a well-known maxim which says that you’ll usually get 80% of the impact from 20% of the effort. The big question is always, which 20%? Where should I focus my efforts? When it comes to abundance, I’ve found that knocking over the 7 Money Myths is high impact stuff – it’s the kind of small but targeted change that gets a really big result. 


Julie Ann Cairns,

About the author:

Julie Ann Cairns is the author of The Abundance Code – How to Bust the 7 Money Myths for a Rich Life Now

Share this post