Excerpt from: Consumerism Commentary (click for full article)
People hold firmly onto limiting beliefs — these psychological barriers — that may be wrong. Why? It’s natural to protect oneself from failure, if failure is seen as a negative outcome. Limiting beliefs protect people from failure.
An excellent article by James M. Olson, PhD, published in the Canadian Family Physician, looks at psychological barriers as they prevent personal behavioral change pertaining to healthier lifestyles. The concepts form an excellent basis for financial change, as well. The psychological barriers are broken down into three categories: barriers to admission of a problem, barriers to initial steps, and barriers to long-term change.
In personal finance, coming to terms with the existence of a money problem can be difficult, but admission is essential before anything else.
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