Limiting Beliefs or Excuses?

Limiting Beliefs or Excuses

Listen. I know that it sounds easy to accumulate wealth when you are a doctor. I know that growing up middle class doesn’t hurt either. There is no question that I have lived a privileged life. I don’t deny this. I don’t sprinkle my origin story with tales of woe and historic rises. I am who I am. So I try very hard not to be judgmental of those who struggle on the path to not only financial independence but also just plain old financial stability. But, I sometimes shake my head as I hear the stories of those who struggle. It is often hard to differentiate if it is all a case limiting beliefs or excuses.

The difference implies the cognitive awareness of what it takes to be a good steward of one’s finances.

Which do you think is more responsible for the abysmal state of our countries financial status?

Limiting Beliefs

For a certain percentage of the population, the idea of financial independence is ludicrous. Do you blame them? they have never had good financial behavior modeled for them. They have watched their family and friends struggle to just get by.

You might as well tell them that they are going to be a professional basketball player. They are just as likely to be 401K millionaire as they are to dunk from the free throw line. There is no basis in reality for either.

I don’t believe the ignorance is purposeful. It is often hard to grasp concepts that have never been witnessed or explained thoroughly. It’s just not even in the realm of consideration.

The question of whether it is limiting beliefs or excuses is obvious in this case.

Excuses

What I’m starting to realize, is that when you drill down further, many actually do understand the economic principals. They know that if they can save a certain percentage of their wages, invest, and cut back on expenses, that financial freedom is indeed possible.

But when you, as a concerned friend or family member start to advise them, there is always a reason why your suggestions won’t work. They can’t spend less because they have chosen to buy an overpriced house and then won’t be able to afford the mortgage. They can’t invest because the market is unstable and they might have to take a loan on the 401K to re do the basement to provide more space for the in home theater. They can’t go to the second hand store and buy used because what would the PTA parents say?

It is not a question of limiting beliefs or excuses. These are deliberate choices to be poor financial stewards because it is hard. Or uncomfortable. Or will cause them to lose face with their community.

More Excuses

But everyone else is doing it!

Keeping up with the Joneses rears its ugly head. Over and over again. There is a belief that we are entitled to a certain degree of luxury and comfort regardless of the basic affordability. Because the person down the street is making poor economic decisions, we should be able to also.

You only live once. Fear of missing out. Carpe Diem.

Yet when the neighbors down the street go into short sale or face bankruptcy do we see that we are equally at risk, or do we raise our noses up superiorly and assume that they must have made some unforgivable mistake?

Final Thoughts

Limiting beliefs or excuses?

I think limiting beliefs are excusable. We only know what we know. It can take yers to overcome such self doubt. But as I talk to more and more people who are making poor financial decisions, I realize that deep down they know exactly what they are doing. They are making excuses to take the easier path.

And it will eventually blow up in their faces.