6 Mental Money Traps to Break Through

If you were brought up in the middle class, you may be affected by your parents’ mindsets when it came to money. Banish these common mental money traps in order to create a better financial future.

1. I just want enough money to be comfortable.

All too often, people think of “comfort” as their highest money goal. This doesn’t often allow for true financial freedom, though. If you only make enough money to comfortably get by, you may not be putting enough away for retirement.

2. More money means more problems.

This tends to be a common idea among people who don’t have a lot of money and who don’t want to push themselves to work harder. Having more money doesn’t cause problems, problems cause problems. Used the right way, making more money can alleviate a lot of your problems.

3. It takes money to make money.

According to Entrepreneur.com, 75% of today’s millionaires are first-generation millionaires. That means that they didn't have rich parents to put up endless amounts of cash while they got a business off the ground. Not every type of start up requires a ton of overhead.

4. Money doesn’t grow on trees.

Of course money doesn’t actually grow on trees, but people who say this imply that money is scarce. In truth, it isn’t. There are trillions of dollars in the world and there’s a ton of money to be had by people who are wiling to work for it.

5. Another day, another dollar.

This common phrase doesn’t put value on time. When you work, whether it’s for a boss or for yourself, you’re trading your time for money. How valuable is your time? By demanding that you make more for your effort, you can increase your income without increasing your work output.

6. A penny saved is a penny earned.

There’s nothing wrong with having a growing savings account, but if you stash all your money away, you miss the chance of turning it into more money. Putting some money safely away in a bank account is fine, but people should leverage the rest whether through starting up a small company or investing. If you have concern about your assets, speak to a local insurance agent.

Making more money, either for the goal of being wealthy or simply being able to afford the things you want, isn’t designated for only certain people. Break through these mental money barriers to get on the road to financial freedom.

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