5 Money Mindsets That Are Ruining Your Financial Goals, According to Tori Dunlap

MathewSci/Tech2025-07-223720

Creating a budget and saving money is only part of personal finance. Tori Dunlap, best-selling author and host of the Financial Feminist podcast, said people should also examine their money mindsets. A money mindset refers to how people perceive and feel about money. Dunlap said the beliefs people have about money can hold them back from pursuing wealth.

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Someone’s money mindset is essentially their thought patterns regarding their finances. Having harmful ones can turn into limiting beliefs, preventing people from succeeding at certain financial goals.

In a podcast episode, Dunlap outlined the below five examples of money mindsets that are delaying people’s financial progress.

‘That Could Never Be Me’

Dunlap begins her podcast episode by reminding her listeners that her first major financial goal was saving $100,000 by the time she was 25 years old. This is the goal that started her work in the personal finance space. However, Dunlap explained that this is also when she realized that many people looked at her goals and mentioned several reasons why they couldn’t do it, too.

Dunlap acknowledges that there are individuals who are more privileged than others, but she said when people believe they can’t accomplish a money goal, it’s a form of self-sabotage. Dunlap said that people should ask themselves what they can learn from others’ goals instead of immediately thinking they can’t achieve what someone else has.

Since nearly half of Gen Zs and millennials say they don’t feel financially secure, according to a survey from Deloitte, forming new money mindsets and developing new beliefs about what’s possible can be helpful.

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‘I’ll Always Be a Spender’

Dunlap takes issue with the fact that many people categorize themselves as either savers or spenders. She said that people who identify as spenders tend to believe they are bad with money and that spending is something bad.

However, Dunlap said everyone is a spender in one way or another in that we all have to spend money on our needs and survival. However, Dunlap cautions that if people believe they are bad with money, they can internalize that mindset, which can cause it to become a self-fulfilling prophecy.

‘Building Wealth Will Take Forever’

Dunlap explained that even if something will take a long time, the time will pass anyway. Sometimes people have money goals, but they feel discouraged because of how long it will take to achieve them. Dunlap explained that it can be discouraging to look at a long time horizon; however, taking the steps now will make people glad that they started several years from now.

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‘Wealthy People Are Bad’

Dunlap explained that many people villainize the rich. However, she notes that while some wealthy individuals hoard resources and exploit systems, being a millionaire today often means having money saved for retirement or owning a home in a high-cost-of-living area. In other words, many millionaires are average earners who have saved and invested over time to become financially secure.

Dunlap said that the key to building wealth is financial literacy and that becoming a millionaire doesn’t necessarily equate to being a bad person.

‘This Goal Is Impossibly Big’

Dunlap explained that she recently coached someone who had over $100,000 in student loans and, of course, this person was overwhelmed. Dunlap said that this is called the “Mount Everest” effect.

Sometimes, the goal seems so big that people get discouraged. Dunlap encouraged her listeners to, “Stop looking up” and “Start looking forward.” Being consistent, paying a little bit at a time and breaking down big goals into smaller steps can help people stay motivated to complete them.

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