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5 Money Beliefs That Are Making You Poor

Your mindset can make or break your financial situation.

1. “Money is evil.”  

People think that wanting money automatically makes a person greedy. But money is not inherently good or evil. It's just a tool, a means to an end. It can be used for a good purpose or for a criminal intent. If you think about it, charities and syndicates both have money but the former helps the needy, and the latter victimizes innocent people. It’s how you use the money that counts.    

2.  “I can’t save because I don’t make enough money.”

Most people think that savings and emergency funds are only reserved for those with fat paychecks. After all, with so many bills and day-to-day expenses, it’s nearly impossible to save any money. But if you’re always operating on this mode, you will never reach financial independence. No matter how much you’re earning, learn to set aside money for savings. It doesn’t matter if it’s P2,000 or just P20; just save what you can and do it consistently. Over time, the small amounts will accumulate and grow into something significant. 


3. “Money is a limited resource. If I have more, others will have less.”

This money belief demonstrates a fixed-pie mentality. You think that there’s only a finite amount of money in the world and that you’re taking away other people’s share when you get more of the pie. But the truth is that there is enough money to go around for everyone. Instead of thinking that money is scarce, cultivate an abundance mindset. It’s entirely possible to become well-off without putting others at a disadvantage. In fact, being in a place of financial freedom will make you more capable of helping others achieve the same thing.

4. “Debt is just a normal part of life.”  

Your parents have it; your friends and colleagues have a lot of it, so it’s perfectly okay to have debt, right? Wrong. Debt is not compulsory, and you can actually live life without owing anyone money. However, a lot of people get into unnecessary debt because they have no control over their spending habits and think that it’s okay to spend money that they don’t have (using credit cards or loans). This kind of reckless attitude can lead to a downward financial spiral. Learn to manage your money so that you don’t ever get into debt, unless absolutely necessary.

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5. “What’s the point of money if you’re not going to spend it?” 

Yes, you’ve worked hard to earn your money and you deserve a reward for all the blood, sweat, and tears you poured on your work. But that doesn’t give you the license to spend thoughtlessly. A little treat here and there is okay, but don’t blow off your entire pay in just one go. Always try to spend within your means to avoid incurring any (additional) debt. Also, getting a raise or a higher salary doesn’t mean that you should upgrade your lifestyle. Stick with what works for you and channel the extra money to savings.

For more beliefs about money that are making you poor, check out!

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