How our beliefs about money, risk and self-worth shape our financial outcomes

As a CERTIFIED FINANCIAL PLANNER and Coach at The Richness Academy, I’ve guided hundreds of clients—working professionals, entrepreneurs, young couples, retired individuals, single mothers, and divorced women—on their path to financial freedom. Many of them came to me with solid qualifications, years of experience, and even substantial income. And yet, they were stuck—struggling financially, stressed about their future, and unsure of what steps to take next.

Over the years, I’ve uncovered one truth that keeps showing up like a pattern: it’s not how much you earn or what you know about money that determines your wealth.

It’s what you believe.

Your beliefs about money, risk, and your own self-worth play a far more significant role in shaping your financial reality than you may realise. Let me take you into the trenches—real stories, hard-earned wisdom, and simple mindset shifts that have helped people break free from limitations and build lasting financial success.

1. The Money Stories We Tell Ourselves

Growing up, we all inherit “money stories.” Some are spoken—like when your parents told you, “Money doesn’t grow on trees.” Others are absorbed silently, like watching relatives argue over loans or inheritance.

One of my clients, a senior IT professional from Gurugram, had never allowed himself to feel comfortable with wealth. He made good money but lived in guilt and anxiety over spending or investing. Deep down, he had internalised the belief that “having too much money makes you selfish.” As a result, he unconsciously sabotaged every financial opportunity that came his way.

We reframed that belief together: “Wealth can empower me to help others without draining myself.” That simple shift changed how he saved, invested, and planned for his family’s future.

If you believe that being rich is wrong, money is evil, or you’re not good with numbers, you’ll find ways to make those beliefs accurate—even when your reality could be different.

2. The Myth of Perfection: Why Action Always Wins

Waiting for the perfect time to start investing, waiting until you’ve read enough, waiting until you’re older, wiser, and more stable.

Does this sound familiar?

I coached a young entrepreneur who had the most detailed business plan I’ve ever seen—but it was still a plan after three years. He had no business, no clients, and no revenue. His need to get everything right before starting was holding him back.

Guess what happened when he finally launched with an imperfect version of his service? He failed. But he also learned. Within 8 months, he had five paying clients. Today, his business is profitable.

Wealthy people don’t wait for perfection. They take bold, imperfect action, then learn, adjust, and grow.

3. Intelligence is Overrated. Courage is Underrated.

Here’s something most people won’t tell you: The richest people aren’t always the smartest. But they are usually the boldest.

Many of my financially successful clients didn’t come from top colleges or hold prestigious degrees. What they had was courage—courage to ask uncomfortable questions, challenge norms, and start something new despite fear.

Take the case of a homemaker turned online tutor. She had no prior work experience but a deep desire to become financially independent after her divorce. She was terrified. But with some coaching and grit, she began teaching online. Today, she earns more than she ever dreamed of.

Even when afraid, the courage to act separates the financially free from the financially stuck.

4. Failure Isn’t the End. It’s a Financial Rite of Passage.

Failure scares us—especially in India, where financial missteps are often seen as shameful. But the truth is, every wealthy person I know has failed, usually multiple times.

A retired Army officer I worked with once tried to start a trading account with his gratuity money and lost a portion of it within the first year. He was devastated. But instead of quitting, we reviewed what went wrong and shifted to long-term mutual fund investments. Today, he’s comfortably beating inflation and enjoying his post-retirement years.

Failure isn’t final. It’s a signal to adapt. The financially free aren’t fearless—they’re resilient.

5. You Can’t Save Your Way to Wealth

One of the most common misconceptions I’ve encountered is that “if I just save enough, I’ll be rich.”

Wrong.

Savings are essential—but they alone won’t get you there. Inflation eats into savings. Opportunities get missed. Growth remains flat.

A young couple I coached had ₹10 lakhs sitting idle in a bank account. After understanding their goals, risk tolerance, and time horizon, we started a portfolio of equity mutual funds, PPF, and a small REIT. Today, they’re on track to hit ₹ one crore in 12 years.

True wealth-building comes from investing—wisely, consistently, and strategically.

6. Your Circle is Your Financial Ecosystem

You are the average of the five people you spend the most time with.

If your friends are constantly complaining about the economy, stuck in scarcity thinking, or mocking people who invest—they’re influencing you more than you think.

One of my clients, a marketing head in a large firm, made a conscious decision to surround himself with high achievers and investors. He joined a wealth mastermind, followed financial podcasts, and stopped engaging in negative money talk. Within a year, he tripled his investments, took a sabbatical, and began mentoring others.

Upgrade your environment, and your financial results will follow.

7. Comfort Zones Kill Financial Growth

Most people say they want to be rich but also want to feel safe. Unfortunately, both don’t always go hand in hand.

Building wealth often involves stepping outside your comfort zone—starting a side hustle, asking for a raise, switching to better investments, and attending financial seminars.

I had a client who was earning well but saving nothing. She was too comfortable with her lifestyle—frequent dining out, shopping, impulsive gifting. Once she realised this was costing her future peace, she committed to budgeting, tracking her expenses, and redirecting her surplus to SIPs. In two years, she saved more than she had in the previous ten combined.

You’re not ready to grow if you’re unwilling to be uncomfortable.

8. Anyone Can Rewrite Their Financial Story

You don’t have to be born into wealth to create it.

You need the willingness to rewrite your story. I’ve seen people from highly modest backgrounds become financially secure through discipline, learning, and consistent action.

A divorced mother of two came to me, worried about her future. She had no assets, no investments, and very little income. We worked on building her skills, growing her income, and managing her expenses. Three years later, she’s debt-free, has an emergency fund, and is saving for her children’s education.

It’s never too late to start. Your financial story isn’t over. You get to write the next chapter.

In Closing

You may have looked at others and thought, “Why are they rich and I’m not?”

The answer might not lie in your income or education but in your beliefs.

Your beliefs about money, risk, and self-worth either hold you back or propel you forward.

If you shift your mindset, your money will follow. I’ve seen it happen repeatedly—for people from every walk of life.

You are not stuck.

You are just one belief shift away from an entirely new financial reality.

Disclaimer & About the Author: This article is for informational purposes only. Readers should consult a qualified financial advisor before making decisions. Taresh Bhatia, CFP® and founder of The Richness Academy, empowers individuals to achieve financial freedom. Send queries to taresh@tareshbhatia.com or join his webinar: bit.ly/TRMC-wbnr