Episode #11- Identify Your Money Blocks

Wealth Decisions Podcast Transcript for Episode #11- Identify Your Money Blocks

Listen to this episode on Apple Podcasts or Spotify

You know, I've always loved the quote from Napoleon Hill's book, Think and Grow Rich.

He said, “there is a difference between wishing for a thing and being ready to receive it.

No one is ready for a thing until he believes he can acquire it.

The state of mind must be belief, not mere hope or wish.

Open-mindedness is essential for belief.”

He also said, “there are no limitations to the mind, except those that we acknowledge.”

You know, there's something that's getting in your way with building your wealth.

And it has to do with what you believe, think and expect when it comes to money.

One of the major blocks to financial freedom is our money mindset.

And when we release those money blocks and become self-aware about our own personal relationship with money, we can begin to rewrite our own personal money story.

In today's episode, we're going to be talking about identifying your money blocks.

You know, identifying some of these money blocks is a crucial step on your path toward financial security and success.

Some of these obstacles, they may arise from limiting beliefs.

They may arise from a fear of failure, or they may arise from past financial hardships.

And they can really hinder your ability to thrive financially.

You know, money blocks are a real obstacle, and some of us have faced them in the past.

Some of us are facing them right now, and we don't even realize it.

And it can be difficult to recognize, you know, that a money block is the root cause of some of your financial issues.

What I hope you'll get from this podcast is maybe an aha moment after listening and realize that your money block is what's been keeping you from reaching financial success.

You know, most people believe that, you know, merely changing their financial habits is enough to stop from being broke, but that isn't always the case.

So what is a money block?

You know, money block is a series of thoughts.

It's a mindset or feeling that gets in the way of you accomplishing financial success.

It could be getting out of debt.

It could be preventing you from saving money.

It could be preventing you from getting a better job that has a higher income or affording, you know, the lifestyle of your dreams.

There's techniques like financial therapy, mindset coaching, and maybe just even establishing some realistic financial objectives that can really empower you to conquer some of these money blocks.

You know, by actively addressing these money blocks and shifting your mindset regarding money, you have the opportunity to change your financial life for the better.

You know, this is not something that we all think about very often and how important our thoughts are when it comes to everything in our life, our personal relationships, our family life, our success at work, but they're very important also when it comes to money.

Have you ever considered, you know, the immense power of our thoughts on our financial resources?

The power of thought and money really reminds us of the incredible impact we can have on our lives and really the world around us.

You know, Napoleon Hill also said in his book Think and Grow Rich, you know, more gold has been mined from the mind of men than the earth itself.

Think about all of the products and ideas and things that have come about in our life, all that started in someone's mind.

Your patterns of thought shape your beliefs, your attitudes, and ultimately your actions.

When you constantly think negative thoughts, you might find that you're more prone to negative experiences as your mind has become attuned to focusing on the negative aspects of a situation.

We all know those people that are always negative, and they always seem to have something bad going on in their life.

Yes, there's circumstances, there's bad things that happen to good people, but a lot of times our thoughts are really creating some of those bad experiences in our life, including when it comes to money.

And on the other end of the spectrum, we know those people that are always positive.

They always seem to be having great things going on in their life, and they never seem to complain about where they are financially, or their job, or their personal relationships.

So we're going to talk a little bit about what I believe are five steps to overcome some of your money blocks.

Step one is to first identify that you indeed have some type of money block.

Take time to reflect on the money beliefs you hold, and some of those beliefs are not really yours.

You didn't create those.

Those were created early in your childhood, either from a parent or a teacher or someone of influence.

And those attitudes and beliefs often ingrain from your childhood and past experiences.

They really shape your attitude towards money, and they influence a lot of the financial decisions that you're making today.

So I want you to take some time to reflect on your beliefs surrounding money and ask yourself, are they serving you well?

Do they align with your financial goals?

And so by identifying and examining some of these money beliefs, you can make really intentional changes to cultivate, you know, a more positive and prosperous relationship with money.

And step two is to look at challenging those negative beliefs.

You know, once you've identified some of those negative money beliefs, those money blocks, I want you to challenge them.

Are they based on facts or are they based on irrational fears?

So let's just talk about some of the common money blocks that you might have thought yourself or you've heard someone else say.

I've often heard people say, I just can't seem to make enough or I just make enough to pay the bills or I can't afford that or there's no way I can save all that money.

I just can't seem to get out of debt.

And then you might have heard other people say things like, money doesn't grow on trees, greed is bad, money is the root of all evil.

Or you just might say something as simple as, I never have any money.

I remember reading in some self-development books a ways back where someone said if your goal is just to make enough to pay the bills, that is exactly what you'll get.

Just enough to pay the bills.

Those are just some of the money blocks that we've had since childhood, like I previously mentioned.

And believe it or not, we have hundreds of them running through our minds every single day.

To combat some of these past money blocks or negative thoughts, it's important just to be aware of them and then try to change them.

And over time, this process will become automatic.

Instead of focusing on what you can't do, you're going to shift your mindset more to abundance and focus on what you can do.

So instead of saying, I can't afford that, say, how can I afford that?

I can afford that and I'm going to figure out a way to make it happen.

Instead of saying, I just can't seem to get ahead, say something like, I have the education skills and tools to get a better job, to save more money and find financial success.

Instead of saying, I just make enough to pay the bills, reframe that and say, I can create opportunities and I'll find ways to make more money on top of my bills so I can save for the future.

Instead of saying, I lost so much money investing in stocks before, reframe that and say, I've learned from my mistakes and I have more tools and more education and more skills to become a better investor.

Instead of saying that saving and money is the root of all evil, flip that and look at all the good things that you could do with money in your life, whether that's donating to charity or saving for the future or helping your kids or grandkids with college.

Sometimes our relationship with money is just all about how we talk about it.

My good friend, Sean Carlin, he has an X page.

It used to be the former Twitter where he talks about mindset.

It's called The Mind Maven and you can find him at Sean Carlin 5.

He posted something the other day that really hit me.

He said, Why don't you and money get along?

Your wealth is suffering because of it.

Your money blocks are making you pissed at anyone that has money and at the same time, keeping you from attaining it.

The key to your money abundance is to heal your relationship with money.

When I saw that post from Sean on his X page, it brought me back to my 20s when I was struggling to build a financial practice from scratch and I was making a small commission check.

And I'd see other friends that had gotten jobs out of college that were doing much better than me.

And I wasn't pissed at my friends, but I looked around and saw other people that appeared to be more successful.

And it really got to me and it probably prevented me from achieving some success at the time.

And some of these money blocks sometimes can just be related to not having specific goals.

That could be related to just not forgiving yourself for maybe some past money mistakes.

But also can be from just avoiding finances in general.

Sometimes people that don't want to deal with money or they say something like, I'm just not good with money.

They avoid their finances and they never seem to find a way to get ahead.

You know, avoiding your finances is the worst thing that you can possibly do.

You need to get in the habit of constantly checking in with your money and creating a net worth report and following your net worth.

If you haven't started saving for the future, it's going to take time and that compound effect to really start seeing the results.

It's a lot like working out.

If you go to the gym for three months, you might not see a ton of progress.

And most people quit before they actually see the progress that that hard work can do for them.

It's the same with money.

If you haven't started saving as much as you'd like to, it takes time to build that.

But you need to check in with your money and create some goals.

So set some financial goals.

That's step three.

You know, identify some of your objectives.

Assess your current situation.

Create a budget that balances living for today with saving for the future.

Establish an emergency fund account.

And educate yourself before you invest.

And then monitor your progress and adjust things as you go along.

So what I want you to do over the next week before the next episode comes out, I want you to think about maybe what some of your money blocks may be.

What some of your past limiting beliefs may be about money.

And by taking control of your finances, I really think you can overcome some of that money avoidance behavior maybe that you've had in the past or some of these money blocks that are in your way to create financial freedom.

Listen to this episode on Apple Podcasts or Spotify


-Brian D. Muller, AAMS® Founder, Wealth Advisor

Momentous Wealth Advisors in a fee-only fiduciary advisory firm

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