Money Myths Entrepreneurs Secretly Believe (And How They Sabotage Growth)
- Kimberly DeShields-Spencer
- Oct 1
- 6 min read
I used to have a client, an incredibly talented freelance writer, who was constantly busy but always broke. Her calendar was booked solid with projects, yet she couldn’t afford to take a vacation or hire help. I watched her work 80-hour weeks, fueled by caffeine and the belief that she had to say yes to every single gig. When I asked her why she didn't just raise her rates, she’d get defensive. "I can't,” she’d say, "The market won't bear it," or “I’ll lose clients.”
What she was really saying, without realizing it, was, "I am not worth more than this."
Her problem wasn't a lack of work. It was a deeply ingrained, subconscious money myth that dictated her worth and sabotaged her growth. She believed that her value was tied to the number of hours she worked, not the quality of her output. She believed that raising her prices was an act of greed, not a necessary step toward building a sustainable business.
These hidden beliefs about money are far more common than we think. We all carry them, often picked up from childhood, from our families, or from the pervasive “hustle culture” that surrounds us. They are the silent saboteurs that keep us from charging what we're worth, from investing in our businesses, and from building true, sustainable wealth. They whisper things like, "If I charge too much, people will hate me," or "Money is the root of all evil."
It’s time to stop letting these myths dictate our professional lives. It’s time to bring these beliefs out of the shadows and replace them with a healthier, more empowering perspective on money and worth. Because until we fix our relationship with money, we will always be working against ourselves.
Myth #1: My Pricing Must Be Fair to Everyone
This is one of the most pervasive myths, and it's a direct result of a false belief that your worth is tied to your affordability. We feel a moral obligation to make our services accessible to everyone, which often means setting prices so low that our business becomes unsustainable. We worry that if we raise our prices, we will be seen as greedy or selfish, and we’ll lose the respect of our clients and peers.
The truth is, your pricing has nothing to do with fairness. It has everything to do with value. You are not a charity. Your business is not a public service. You have a unique skill set, expertise, and a finite amount of time. Your prices should reflect the value you deliver, the problem you solve, and the expertise you have accumulated over years of hard work.
By underpricing yourself, you not only harm your own business but also signal to your clients that your work is not as valuable as it truly is. This can lead to a vicious cycle where clients who pay very little are also the most demanding and least respectful of your time.
Suggestion: Conduct a "value audit." Instead of asking what your competitors are charging, ask yourself this: What is the monetary and emotional value of the problem I solve for my clients? Does my service save them time? Does it increase their revenue? Does it reduce their stress? Once you have a clear understanding of your value, set your prices accordingly. Don’t just raise your rates; raise them with confidence, backed by a clear understanding of the value you provide. Remember, the right clients will be happy to pay for the results you deliver.
Myth #2: It’s a Bad Idea to Talk About Money
We’ve been conditioned to believe that money is a taboo subject. This creates a culture of avoidance, where we refuse to discuss our pricing, budgets, or financial goals with our clients or partners. We send proposals with vague pricing, hoping the client will accept them without question. We avoid requesting a down payment or establishing clear payment terms. This silence creates confusion, mistrust, and an enormous amount of stress.
Openly and confidently discussing money is not an act of aggression; it's an act of professionalism. It demonstrates that you are a serious business owner who values your work and respects your clients enough to be transparent. It also sets clear boundaries and expectations from the very beginning, preventing misunderstandings and financial disputes down the line.
When you avoid talking about money, you allow fear and assumptions to fill the void. A client might assume your service is significantly cheaper than it actually is, leading to an awkward conversation later. You might assume the client has a lower budget than they actually do, which can cause you to underbid a project. An open conversation about money is a sign of a healthy, respectful business relationship.
Suggestion: Create a clear, transparent pricing page on your website or in your proposal documents. Get comfortable stating your prices directly and with confidence during a sales call. Practice saying phrases like, "The investment for this project is X," or "My rate for this service is Y." Don't just talk about the number; talk about the value that number represents. When a client brings up price, instead of getting defensive, use it as an opportunity to reinforce the value of your work.
Myth #3: I Have to Work Hard for My Money
The "hustle culture" has sold us on the idea that success is a direct result of grinding. This myth leads us to equate our worth with the number of hours we work. We often feel guilty for taking a day off, delegating a task, or having a passive income stream. We believe that if money comes too easily, it’s not truly earned.
This myth is a direct path to burnout. It prevents us from building a business that works for us, instead of us constantly working for it. A truly successful business is one that is not dependent on your personal, hourly output. It’s one that has systems, processes, and people in place that can generate income even when you’re not actively working.
Sustainable wealth isn't a result of relentless effort; it's a result of smart systems and strategic thinking. It’s about building assets—such as a strong brand, intellectual property, or automated processes—that generate income long after the initial work is completed. It’s about leveraging your time, not trading it.
Suggestion: Shift your mindset from an "hours-for-dollars" model to a "value-for-dollars" model. Begin by considering how you can create more leverage in your business. Can you create a template or digital product that can be sold multiple times? Can you automate your client onboarding process? Can you train a virtual assistant to handle administrative tasks? Start with one small area of your business and ask, “How can I make this work for me, instead of me working for it?” This small shift in perspective is the first step toward building a business that is not just profitable, but also freeing.
Redefine Your Relationship with Money
My client, the freelance writer, eventually started to challenge her beliefs. She read books on money mindset, hired a coach, and slowly started raising her rates. The first time she quoted a price that made her uncomfortable, she was sure the client would walk away. But they didn’t. In fact, they were more respectful and professional than her previous low-paying clients.
She learned that the market would bear it. She learned that her value was not tied to her affordability. She learned that her relationship with money was a reflection of her relationship with herself. As her prices went up, her income grew, her workload became more manageable, and she finally had the time and money to do the things she had been putting off—like taking a vacation.
These money myths are powerful because they are often unconscious. They are the stories we tell ourselves without even realizing it. But once you bring them to the light, once you challenge them, you can start to replace them with a new narrative—one where you are worthy of your success, where money is a tool for impact and freedom, and where your business is a vehicle for a life of purpose, not just a life of constant work.
Don't let these silent saboteurs hold you back. Start today by challenging one of your own money beliefs, and take one small, confident step toward a healthier, more prosperous future.
--------------
We rise better together.
Behind Her Brand IG
Behind Her Brand
BHB YouTube Channel
Comments