Podcast Ep. 5: Limiting Beliefs
Invest In Your Life Podcast
Episode 5: Limiting Beliefs
Are your beliefs and attitudes about money holding you back? How can you tell if you have limiting money beliefs? In this episode, I walk you though one way to figure out what your limiting beliefs around money are. I also talk about some common limiting money beliefs.
Money is... the root of all evil? Not really. Letting go of these limiting beliefs can take your finances to a new level.
Full Episode Transcription:
00:00 Okay, welcome to the Invest In Your Life Podcast, the show where we explore the connection between personal growth and personal finance. My name is Patrick King, and in each episode we'll talk about what you can do to live a life that's truly rich. Don't take this the wrong way, but I am not giving you advice. I only give advice to clients who have hired me to be their fiduciary financial advisor. If you're not one of those folks, then just consider this to be helpful tips and information and be sure to consult with your financial advisor, your attorney, your CPA, your witch doctor, or your mom before you try this at home.
01:02 Welcome people. Thank you for joining me today. I've got a great episode for you today. We're going to talk limiting beliefs around money. And don't worry if you don't know what your limiting beliefs are. We've got a way to kind of figure some of those out. So stay tuned for that. No need to panic just yet. Um, but yeah, let's get into it. But first, have some gratitude. Hey, gratitude and why do I do this gratitude thing? I, you know, uh, it's gratitude. A gratitude practice has been scientifically proven, uh, to actually make you happier. So I want to not lose sight of that and share that with you and, um, and get that involved in this process. And hopefully you have that as, as a process or as part of your daily routine, uh, that, that gratitude practice. I don't know if, if you follow a lot of these, uh, entrepreneurs, you know, you get your Tim Ferriss and, and such a part of their, they're big on daily routines, morning routines, especially in and having a gratitude practices is part of that for some of these high performing entrepreneurs and business leaders.
02:22 So, uh, it's something that I've incorporated into my routine and, and if you want more information on resources on actually how to do a gratitude practice, there's a book called the tools by Michaels and Stutz and they have a process called the grateful flow where you get into a flow and it's almost like a meditation of, of things that you're thankful for. So, uh, so yeah, try it out. And so for me this week, my gratitude is, is towards the advisor coaching program that I'm in. I'm in this Program called the Limitless Advisor coaching program. And it's run by some of the most amazing people in the world and, uh, and just highly known industry experts. And so it's, it's crazy. I've, uh, you know, recently updated my website and got some feedback from them on, you know, different ways to phrase things and, and how to position myself.
03:23 And it's just so cool. It just had this moment where I'm like, wow, I'm getting great feedback from, you know, consultants that, you know, people in these large firm pay, you know, tens of thousands of dollars just to talk to. And I've got him in my corner. And, and also, uh, the other advisors in the program, it's a small program. So we've all gotten to know each other really well and we support each other. And these are some of the best advisers in the world. And our last retreat, we had these, uh, gratitude cards. Everyone had an envelope and you'd write out something. If someone that you knew, uh, did something that, that you appreciate it or you just wanted to give him some love and, and some way you just kind of wrote some gratitudes, some appreciation on one of these little cards. It's probably like a two inch by three inch cards, stuck it in there and below. And so, uh, so I've been going through some of those cards that I got at the last retreat. So feeling the love, feeling a really grateful to have the support of so many amazing people as I built this, built this firm. So, okay, that's for gratitude today.
04:35 Alright, the topic does your limiting beliefs. This is the juicy one. So let's, uh, let's, let's just jump in. So if you don't know what your limiting beliefs around money are, I've got a couple of questions for you. So fill in the blank when it, when it comes to these phrases, money is blank. Money is blank to you. Think about that. The next one for me. Money means blank for me. Money means blank. What did you sick in those blanks? You know, quite often you know how you're answering those questions. Concerned Show where you're holding yourself back financially. And if you phrase it right, you could put change money and put life. Okay. Ah, that's an interesting one to get into. So yeah, so if you said, you know, something to the effect of, you know, money is the root of all evil. It's a whole lot for a second there. You know, a fact money has no real, you know, moral value. It's just a neutral thing, you know? And the Buddhist perspective, it has no value. It just is. So, you know, money, it's a resource. You can use it for good or for evil. So it all depends on who, how's it? Right. So a, so check yourself if that's what you're saying. If you're saying that money is hard earned, maybe that's some scarcity mentality.
06:24 Does it have to be hard earned? There are plenty of people out there who aren't working really hard, earn a lot of money. I know, you know I'm too. So we can all, we all have the, the ability to create value that can be traded for money at a fair price. All of us have that and it doesn't have to be one of those situations where you necessarily trade time for money. Your time is certainly valuable. But when I'm talking about creating value, that value doesn't necessarily have to be a one to one correlation with the amount of time that was put in. And a lot of times the people who pay you are the ones that determine the value, not you. Sometimes you've got to try to put a price tag on it so they could say yes or no. But yeah, it's not always you that determines what the value is.
07:21 Now back to our fill in the blank questions. You know, when we're talking about money limiting beliefs, you do you believe that money to have it means that you're going to have to make a trade-off between money and health or money and happiness. Is that what comes up for you? And we talk about this, these limiting beliefs because those, you know, money and health or money and happiness, you know, health and happiness aren't the same, aren't the, the different side of the same coin as money. So that's a, you can have a both. And in that situation, um, do you believe that money makes you selfish?
08:08 I don't think so. I believe that being selfish makes you selfish. And if, uh, you know, and we're going to get into a couple of these where if, if these come up for you, there's probably a story there. So think about what experiences that you've had in your past that might make you think that having money makes you selfish, um, are when you think of money, do you feel, hey, I'm not good with money?
08:38 Well guess what folks, they don't teach this shit in school. And were you good at riding a bicycle the first time you got on it? Probably not. And if no one taught you how to be good with money, does it make any sense that you would be good with money unless you started to learn? I'm not good at playing a clarinet. I've never tried to learn it. So there you go. Right. I don't know where clarinet came from. Alright. If, oh, here's a good one. Do you feel like the money is spent before it ever comes in? And this is, this is a common one. It no matter what your income level is, I've worked with people who made, you know, five, six, $700,000 a year who felt this way. You know, this is, it all goes back to Parkinson's law and it's like, I guess the financial version of Parkinson's law that, you know, instead of matter expands to fill the space allotted for it. It's a, it's your expenses expands to fill the income if, unless you plan for it. So, yeah. What, uh, if the money spent, what makes you feel like you have to spend it? Was there something, you know, an experience in your childhood may be that, that made you say, Oh wow, I better spin this or something's going to happen to it. What was that story
10:15 coming back? Is money something that you feel needs to be hoarded? Money is scarce. Money is money is my safety. I have to cling to it. What's the story there? You know, there's gotta be a story there for sure. Uh, and then if that's why you feel, do you feel bad using money for yourself? Do you treat yourself as the parks and rec? I love that every once in a while and you don't have to go hog wild, but you know, money's a resource.
10:56 It's a bunch there. That's what I've got today for limiting beliefs around money. I'd love to hear what your limiting beliefs are. Send me those Patrick at invest in your life, podcast.com or check out the website, invest in your life, podcast.com and send me a message there. What are your limiting beliefs might be holding you back. All right. Ordering off the menu this week. Yes, something I did something and it, it was a little edgy for me. Um, you know, going back I asked, you know, some of the coaches in my coaching program to help me with the website texts that I've got. So I also, I asked a friend of mine who's just good at this shit. I said, hey look, will you check out my website and give me some pointers? Helped me with like fucking tight. Oh, I'm sorry. I don't know. You know what?
11:53 Gosh, I keep struggling with this cousin thing, but I just kind of do it occasionally. So there you go. It's cousin. Anyway, I struggle with the topography. You know, I never thought I'd worry about typography, right? Like what fonts and sizes and shit like that. But it's so frustrating and I've got so, so many important things to do, but, but fonts or what's like jacking everything up. Right. And I know I got to let that shit go, but it felt edgy to act. Ask My friend to do this. And you know what? She was like a heck yeah, I'd love to help you. Here's what I see. So, uh, it felt like that was ordering off the menu just to, to ask someone and, and kind of put it out there. And you know, I was afraid to look stupid and a lot of ways, but then I got offer from us. Yeah, I kind of feel like it looks stupid on a lot of occasions but also kind of take a lot of chances and do new things too. So, um, so there you go. That's ordering off the menu.
12:57 All right, Q and a time. Send in your questions. All this is uh, you know, still new podcast recording this kind of all at once to get some episodes in the, in the hopper. So haven't had any questions, uh, since the shit ain't been out there. Send me your questions. What do you like, what do you, what do you not like? Hit me up Patrick at invest in your life, podcast.com and the website is invest in your pocket or fast in your podcast. Damn, I keep doing that. Invest In Your Life Podcast. Huck, look forward to hearing from you.
13:40 All right. For our Pura Vida section this week, my fat loss up date. You know, I told you all of that. I'm working on trimming down after all the excess of the end of the year last year. Uh, so yeah, after two weeks I'm down 10 pounds, so I'm pretty, I'm pretty pumped about that actually. So, uh, it's been a noticeable difference. I've got gained a belt loop, which is I guess an inch off my waist, which is nice. I probably got about 10 more to go to get to a nice and comfortable healthy place without being gaunt. So I'm excited. So that's what's up.
14:23 Okay folks, thank you so much for listening to that is the podcast limiting beliefs. Hit me up with those. Uh, I would love to hear what you've got going on. Thanks again for listening. Uh, I'm uh, I'm Patrick King. This is the Invest In Your Life Podcast and I will talk soon. Take care. Thank you for joining me
14:52 today to find out more and get access to my free financial resources visit, invest in your life, podcast.com the thoughts and opinions expressed here are my own and or for general information only. They are not intended to be recommendations or specific advice for anybody. I'm not a doctor or a licensed therapist, so please consult with your healthcare provider if you had any issues regarding your physical or mental health. Any investment performance that's referenced here is historical and of course has no guarantee of future results. Last but not least, the Easter Bunny isn’t real.