Self-Made Millionaire Highlights 3 Money Beliefs That Hinder Income Growth
Many Americans aspire to boost their earnings, with nearly half stating they need an income of at least $100,000 to feel financially secure, according to a June 2025 Bankrate survey. Yet, with the median household income around $84,000 per the latest Census Bureau data, achieving this threshold demands significant income growth for most. While options like negotiating raises, seeking higher-paying roles, or launching side hustles exist, the critical challenge lies in taking the first step. Ramit Sethi, a self-made millionaire and personal finance author, emphasizes in a recent newsletter that most people never even begin this journey—not due to laziness or lack of intelligence, but because of underlying limiting beliefs.
Belief 1: “You Should Know How to Do This by Now”
Sethi points out that effective money management and income-boosting strategies are learned skills—not innate talents. Many feel embarrassed admitting they lack knowledge on how to increase their earnings beyond a paycheck, especially if they have been recognized as capable or intelligent in other areas.
“If you’re good at your job, if you’ve always been praised for being smart or capable, it can feel embarrassing to admit you don’t know how to make more money outside of a paycheck,” Sethi wrote.
Acknowledging the need for guidance, whether through training, mentorship, or self-education, is essential. For example, salary negotiation is a skill that can significantly increase income but requires deliberate learning and practice.
Belief 2: “Your Talent Should Make Achieving Your Goal Easy”
Despite possessing skills and talent, many expect swift success due to cultural narratives celebrating overnight achievements. Sethi warns this mindset undermines the need for patience and consistent effort.
“Growing your income, especially if that involves adding a second income stream, takes more than talent. It takes systems. It takes patience. It takes smart, repeated action.”
Trial and error are often part of the process, whether finding the right side hustle or marketing a business. Investments of time and money are usually necessary before seeing substantial returns. Letting go of the expectation for ease enables progress.
Belief 3: “You Can Start Later”
Life’s unexpected expenses and obligations can delay financial goals, but postponing action with the mindset of “later” can become a permanent roadblock.
“Putting off your goals until ‘Later’ is how entire decades disappear,” Sethi cautions.
He stresses that waiting for perfect timing is a myth. Instead, breaking down goals into manageable steps and beginning immediately, even in small ways, is crucial for long-term success.
FinOracleAI — Market View
Ramit Sethi’s insights highlight the psychological barriers that inhibit many Americans from increasing their earnings. Overcoming these limiting beliefs could unlock significant economic mobility and personal financial growth.
- Opportunities: Encouraging proactive financial education and skill development; promoting realistic expectations around income growth; fostering early and consistent action toward financial goals.
- Risks: Persistent procrastination and self-doubt may continue to suppress income potential; systemic barriers remain for those lacking access to resources or networks.
Impact: Addressing and reshaping money beliefs can empower individuals to pursue higher earnings actively, driving improved financial security and broader economic benefits.
