Breaking Down the Walls: How to Stop Sabotaging Your Wealth-Building Goals | INVESTEDMOM
You've heard it before: money can't buy happiness. But, let's face it, wealth has its perks. From giving you the freedom to pursue your dreams, to providing you with security, and even supporting a healthy lifestyle, there are many benefits to building wealth.
One common obstacle that holds people back from achieving their financial goals is self-sabotage.
A study by the National Endowment for Financial Education found that "70% of lottery winners go bankrupt within a few years." This highlights the impact of self-sabotage on wealth-building, as sudden wealth can trigger impulsive spending and poor financial planning.
Self-sabotaging behavior can manifest in a variety of ways, such as procrastination, impulsive spending, lack of financial planning, fear of failure, and negative self-talk. These behaviors can prevent you from building wealth and enjoying the benefits that come with it.
So, what causes self-sabotage? It can stem from a variety of factors, such as fear, negative self-talk, past traumas or wounds, and conflicting beliefs or values. But the good news is that self-sabotage is not an insurmountable obstacle. With self-awareness, self-compassion, and a little effort, you can break down those walls and start building wealth.
Here are five tips to help you overcome self-sabotage and start building wealth:
Practice Self-Awareness: Reflect on your behavior and identify the root causes of your self-sabotaging tendencies. This can help you better understand your triggers and develop new habits that support wealth building.
Develop a Financial Plan: Set financial goals, create a budget, and establish a plan for saving and investing your money. This can help you stay on track and avoid impulsive spending or procrastination.
Challenge Your Negative Self-Talk: Replace negative thoughts with positive affirmations that support your financial goals. Remind yourself of your worth and capabilities.
Surround Yourself with Positive Influences: Surround yourself with people who support your financial goals and encourage you to succeed. This can help you stay motivated and inspired to continue working towards your financial goals.
Take Action: Start small and take consistent steps towards building wealth. Don't let fear or self-sabotage hold you back. Celebrate your successes along the way.
Wealth is a positive force in the world that can bring freedom, security, and opportunities to pursue our dreams. But self-sabotage can hold us back from achieving our financial goals.
By developing self-awareness, creating a financial plan, challenging negative self-talk, surrounding yourself with positive influences, and taking action, you can overcome self-sabotage and start building wealth. Remember, wealth is a tool that can help you make a positive impact on your life and the lives of others. Use it wisely.
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Stay Invested xx
Meet the Author:
Inge was born and raised in Cape Town, South Africa, and moved to Canada in 2010 looking for a better life. She always had an entrepreneurial spirit and started her first side hustle when she was 9 years old – selling fudge at school during lunch breaks.
It wasn’t until much later that she realized that saving isn’t enough to get ahead. She was always very interested in real estate, but saving up for a down payment was grueling and slow, and the demands of life kept getting in the way.
She started investing in herself and upgrading her skills while learning how to invest. She quickly became debt free and compounded her money at a staggering rate.
It wasn’t until she became a coach that she realized how significant an impact she can make in people’s lives by sharing her journey, learnings, and processes.
So here she is, advocating for everyone who is invested and wants to build their wealth, especially the mommas!