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Wealthy Thoughts, Issue #005 -- What limiting beliefs do you have
May 28, 2010

"A belief is not an idea held by the mind,
it is an idea that holds the mind"

- Elly Roselle


Table of Contents


What limiting beliefs do you have?

Limiting beliefs have so far in my life been much of a theoretical concept. Sure, I know I wasn't perfect, but I've never come face to face with one of my own limiting beliefs. Never had it pointed out to me. Until Wednesday. My business coach was a sounding board for an important decision I had to make in my business. And that is when it became clear that I was faced with a limiting belief of my own.

Identifying a limiting belief

It was through a simple exercise of listing pros and cons of the decision that it came to the fore. Listed in the cons was an item dubbed 'Expertise'. I didn't belief I had the expertise to make the project a success. That was even though I've done work for the client before and it is based on that that they've asked me to do some new work for them. The problem wasn't that I didn't have the expertise. It was that I believed I didn't have the expertise.

To identify a limiting belief of your own, think of an important decision you have to make. List the pros and cons of going with it, and then of going against it. Then look at the list of cons really closely. What are the reasoning behind listing that as a con? Could it perhaps be a limiting belief?

Identifying the supports of the belief

A belief isn't based on nothing. It is usually supported by experiences and points of view that have been interpreted into supporting the belief. The question to ask yourself is 'Why do I belief this con to be true?'

It was through this questioning of my reasons for believing I didn't have the expertise, that I fully came to realise that it was a limiting belief. The 'supports' for the belief were rooted in an experience I had back when I was in my first job in industry. I had built a software tool for the company only to later hear that they had brought someone else in to redo the tool. I interpreted this as a failure and incompetence on my part when it comes to technical solutions.

There were other supports as well to this limiting belief. And through delving deeper into them, I realized each of them were a little shaky. Which leads to my next point of how to shake the belief.

Shaking off the limiting belief

Each limiting belief is based on a system of supports like the legs supporting a table. If you start tackling and removing the supports, the table will crumble, and so will your limiting belief.

We looked at all the different experiences that supported this belief I had. Delving deeper into each of them and asking whether it could be interpreted differently really broke down the system of supports. For example, the experience of a 'failed software tool' that I had, could also mean that they were actually using the tool in business and got someone to improve and enhance it even further. Thus, reframing the support from a hearsay argument, to one that is more empowering and equally possible, helped shaking off that limiting belief.

Doing this in-depth questioning of the things that support your beliefs can really shake up what you've held to be true. So if you identify a belief that is holding you back, do this exercise and shake it off.

It is also a good idea to have someone as a sounding board who can help you work through this exercise. It is often only when we hear it from someone else that we realise how ridiculous our own reasoning sounds.

So if there is a belief that is limiting your ability to live the life you want, get a someone as a sounding board and really investigate why you belief what you do. Shake it up and shake it off. And you might just find yourself a little lighter.


"One must learn by doing the thing, for though you think you know it, you have no certainty until you try."
- Aristotle


Wealthy thoughts:
Work to Learn Not to Earn - Inspired by Robert Kiyosaki

Back when I first read Robert Kiyosaki's book, Rich Dad Poor Dad, I had just gotten my first job. And when I read that one of the things the rich learn is that you have to work to learn, and not learn to work.

What this means is that you have to look ahead to what you want to do further down the road. Think running or owning your own business. Then ask what skills you would need to do that. And when you are starting out, seek jobs and opportunities that will teach you these skills.

It is so tempting to go for the high paying jobs, yet that is exactly what he is warning us against. If you are not going to learn something that you will use for your dream, then you'll become just like a little rat on a wheel – not going anywhere.

In the coming month I'm taking a trip back to my old place of employment. This time it's not as an employee, but as a contractor. I've framed it as an opportunity to learn how to delegate and how to focus my attention on the things that need to be solved. Two skills that I'll definitely need to run my own business.

There are many areas of traditional jobs that can come in handy in running your own business. A job in sales will teach you essential selling skills. Working for an accounting practice will teach you bookkeeping and accounting skills. Doing web design and coding will help you if that is the type of business that you want to own and run in the future.

Another thing that traditional jobs can teach is time management. If you are a busy employee, you'd often have to learn how to manage your time to actually get anything done. In your own business, you realise just how important a skill that is.

Identifying the tasks that are priorities, and delegating what you don't have the time for are also critical skills. Even in management, you learn skills like dealing with employees, team building and group co-ordination.

It can sometimes feel like those with a job are looked down upon by those who run their own businesses. Yet, if you are there to learn, not just to earn, then you can gain the critical skills necessary to own and run your own successful business down the line. With the right mindset, and the willingness to learn, any job can be a boon to your future.


Money Tips

  1. Take care of the small things. Look after the small things that make a difference to you financially big things will start to happen.
  2. Don't scrimp on health. Don't chase money at the expense of your health. You'll enjoy it more if you are healthy.
  3. Shop around. Identify exactly what you are looking for and shop around for the best value. Consistently doing this will make a difference in the short and long run.

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