How To Overcome Money-Limiting Beliefs as a First Gen 

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Female thinking about money

Imagine being so stressed at work that you want to quit but you really can’t because your parents sacrificed so much so you could have endless opportunities. Can you relate? Maybe your money-limiting belief may look a little different. Maybe you are so anxious to buy a home because your family once told you success comes from homeownership. Or maybe you find yourself constantly fighting imposter syndrome because society always told us that we needed a degree to get ahead in life but you didn’t graduate. It’s time to put an end to those money-limiting beliefs.  

What are money-limiting beliefs? 

Money-limiting beliefs are crippling mindsets [about money and finances] that have been ingrained in our mind through our culture, our society, and yes, even our families. For those that grew up in Latinx homes, mind-limiting beliefs can come from both the culture we were born into and the culture we are currently active in. Patricia Diaz from Latinos Empowered spoke about the importance of detaching from negative limiting beliefs that can block us from achieving our financial dreams. For Patricia, the money-limiting beliefs she dealt with had much to do with how she grew up and seeing her parents struggle. She believed that she had to work as hard to earn money. Some of our parents had to work long hours and more than one job only to earn a very low wage. So when we fail to “hustle” as much as they did, guilt and shame are emotions we may feel if we feel we aren’t doing as much as they once did. Other common money-limiting beliefs for Latinxs can come from the lack of access to resources, networks and opportunities our communities have experienced disproportionately. 

What are some common money-limiting beliefs?

“ I need to work just as hard as my parents to make decent money.” 

Money is hard to earn.”

“You are selfish if you are going to ask for a raise that big.” 

“I don’t think I could increase my prices. My clients would leave me.” 

“You need money to make money.” 

“I’m not good with money” 

“Money is evil.” 

How can I get rid of beliefs that limit my ability to achieve financial success? 

 A negative money mindset can bring up feelings of fear and intimidation, whereas a positive mindset can bring feelings of clarity, peace, and determination. What does it take? It takes for you to sit and “identify your triggers and create affirmations around them”, says Patricia. It takes being intentional with your goals. Create affirmations that are specific and powerful. Write them down in a journal. Feel free to jot down any other limiting-belief that prevents you from feeling limitless, because the reality is that you are limitless. 

Like Steffa from Money Tamer said, “Recognize that money has no moral value. It’s not good or bad, it just exists. We are the ones who decide what money does.” 

What is a positive mindset? 

A positive mindset is simply the state of embracing abundance. It’s allowing yourself the opportunity for wealth in all aspects. A positive mindset lets you see the problem as “fixable” like Consolidated Credit explains. A positive mindset comes from being knowledgeable. Know how money works and make informed decisions. Begin to have conversations with others about money trauma. The first step to healing a trauma is to talk about it.

What if I need help identifying my money-limiting beliefs? 

Luzy at Viva La Budget & Finance does an amazing job at providing financial education from a holistic standpoint. Luzy’s approach begins with the internal work. She personally works with you to point out those beliefs that prevent you from making financial decisions with flexibility and courage. Luzy has helped hundreds of women to overcome their fears and money-limiting beliefs and become investors.


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