The Mindset Block I Didn't Know Existed That Was Keeping Me In Debt | INVESTED MOM

When I started my wealth-building journey several years ago, I had no idea how much my thoughts and beliefs influenced my finances. I was a newly divorced single mom and knew I had to figure things out if I was going to provide for my kid and build generational wealth.

I had big financial goals, but could somehow never find the extra money to pay down my debt. I kept piling on more debt until I found myself in a financial hole - I had too much debt and even making minimum payments was hard.

It wasn't until I read an article on getting out of debt that I had this awakening of sorts. The article mentioned something that I never even realized was a mindset block for me:

The fear of having money.

It sounds crazy, but for me, being in debt was more comfortable than being in a place of abundance. I didn't know this mindset block existed until I read about it and then went down a deep, dark rabbit hole to understand what it meant to me in the context of my own life. Once I became aware of it, I could work on overcoming it.

As someone who's been working on my abundance mindset for a while now, I know that certain blocks can keep us stuck that are unique to us. Crafted for us, by us. If we're not careful, these blocks can prevent us from reaching our full potential. That's why I want to share with you some of the most common mindset blocks that might be holding you back.

When I learned that one of the most common mindset blocks that keep people stuck is the fear of having money, I had to figure out how to overcome this block and crush the myths I filled my subconscious with. This fear can manifest in several ways, such as refusing to get out of debt. Or avoidance to invest in assets that could generate income out of fear that I could lose everything, despite having the knowledge and doing all the in-depth research. What many people don't realize is that this fear is often rooted in a lack of trust. We don't trust ourselves to handle money responsibly, or we believe that having money will somehow make us bad people.

The truth is, money is just energy, it's neutral. It's a tool. It's neither good nor bad. What matters is how we use it, or what meaning we give it. If we can learn to view money as a tool to be used for good, then we can start to break through the barriers that are keeping us from creating wealth. Another common mindset block is the belief that:

We don't deserve to be wealthy.

This belief is usually based on feelings of unworthiness or shame. Maybe we think we're not smart enough or we didn't work hard enough, or that we need to work harder to "earn" the privilege of being wealthy only to realize that we'll never be able to work hard enough to meet the excruciating high bar we've set. And it's been deliberately set so high to be completely unachievable, to keep us in our comfort zone. This is called self-sabotaging behavior. And if you're saying "OMG YES that's ME!", then we are the same person.

I burnt myself out for years, maybe even my entire working life, reaching for something that I was never meant to have - or so I thought. My mind was playing tricks on me, and I believed it because I didn't feel worthy, "good enough". Another common mindset block is:

The belief that you need to get out of debt before you can start building wealth.

This belief is based on the false idea that debt is always bad. When it comes to building wealth, many people try to tackle their debt before they start investing and saving for the future. While this can seem like a logical approach, it is actually unnecessary and even counterproductive.

In reality, there are both good and bad types of debt. Good debt, for purchasing assets, can help you build your wealth and create passive income.

The fact is that you don't need to wait until you're debt-free before you start building your wealth. Investing while you still carry some (good) debt can actually be quite beneficial, as long as you do it responsibly. By making regular contributions to your retirement account or other investment vehicles, you can steadily accumulate wealth while still taking care of any outstanding debts. And when those debts are eventually paid off, your accumulated wealth will be there waiting for you, helping you to stay financially secure well into the future.

So if you're ready to start building your wealth today rather than waiting until tomorrow, don't let the presence of debt hold you back. Instead, get out there and start investing! You'll be glad that you did. The next mindset block came up for me after some reflection:

You might be afraid of becoming greedy or selfish if you have money.

It's interesting how we often associate having money with being greedy or selfish. Sometimes, even people who have a lot of money are afraid of being seen as greedy - there's a stigma. I think this fear comes from a place of insecurity. We worry that if we have money, people will think we don't care about anything or anyone else. But the truth is, you can have money and still be a good person. In fact, having money can actually help you be more giving and charitable. If you have the means to donate to causes you care about or give back to your community in some way, then you're in a position to make a real difference in the world. So don't let the fear of being perceived as greedy keep you from enjoying the financial success you deserve. Instead, use your money for good and know that you're making a positive impact on the world.

The mindset block could also be rooted in the fear that you won't be able to handle your money responsibly. If this fear is keeping you from pursuing financial abundance, it's important to get rid of it. Remember, having money doesn't make you a bad person. And if you're worried about mismanaging your money, simply take the time to learn about financial literacy and responsible spending.

You have to sacrifice your happiness in order to be successful.

This couldn't be further from the truth! In fact, most successful people will tell you that they love what they do. They're passionate about their work and they feel fulfilled by it. So, if you're not happy with your current situation, know that it's possible to change it. You don't have to settle for a life of misery just because you think it will make you more money. You CAN be happy and wealthy.

All of these mindset blocks are based on false beliefs that we've been fed since birth. It's no wonder so many people never achieve financial freedom! But now that you're aware of these blocks, you can start to break through them. Just remember, it takes time and practice to change your mindset. But if you're persistent and patient, you will get there. I believe in you!

Whatever the reason for our mindset blocks, they can keep us trapped in a cycle of poverty consciousness.

If we want to break free, we need to start practicing self-compassion and remind ourselves that we are worthy of abundance.

Once I started dealing with my mindset blocks, I could get out of debt faster. I started making extra payments with a repayment plan in place and found ways to make extra cash. I negotiated my payments and bills and paid my credit cards first. I started with minimum payments on my credit card, starting with just one payment at a time, and soon I was able to pay more.

I made all the necessary adjustments and even got a second job to pay off my debt. I had to increase my income, so a second job helped with monthly bills and credit cards. My financial situation started to change and a new focus started setting in.

I took a hard look at my expenses and savings and focused on getting out of bad debt. I audited my spending habits and made a budget. I flipped from being a mindless spender to what I now call values-based spending - spending only on things that align with my values and that brings me joy.

One example of a change I made was to stop spending on cheap, trendy fashion and instead only buy quality, classic pieces, that I could style in different ways to get more wear out of my wardrobe. At first, I stopped spending money on new clothes altogether and challenged myself to upstyle what I already owned. I went from spending hundreds of dollars a month to only a few items every few months that were aligned with my values, price-conscious, classic, and versatile.

Another example was to cancel the gym membership I got, that I never used. Every month I would pay for this membership that I wasn't even using adding up to $600 per year - how crazy is that?

After a few months, I was able to get rid of personal loans and credit card debt. I continued paying my mortgage and other loans while reducing my expenses. I looked at every loan with high-interest rates and negotiated a lower interest rate. I was turning into a debt-paying machine, from the highest interest rate to the next smallest debt, I wanted to be debt-free. I wanted to be debt-free of all the bad debt I had.

I still had a mortgage and continued with my monthly payment because mortgage loans, unlike car loans, are good debt. While I continued to pay my mortgage, I was also building home equity. Investing in an asset just makes sense. Thankfully I didn't have student debt in the form of student loans I had to pay.

I checked my credit report and was able to increase my credit score. Making regular, on-time payments to my credit card really helped.

If you want to start crushing your money mindset blocks, be sure to check out my free guide. It's packed with information and resources to help you start making positive changes in your life.

Trust me, you can do this! You are capable of creating the financial future you desire and living an abundant life. Just don't give up on yourself and keep moving forward. Remember, baby steps lead to big progress!

Stay Invested! xx