Many Filipino money beliefs are one of the main cause of poverty in the Philippines. Whether we like it or not, it’s the “mindset” that stopping us from being one of the richest countries in Asia and in the world.
Most of us think that having more money and becoming rich is a sin. It looks like if you have more money and you’re rich, you’re a bad and greedy individual. That’s what most of us think. But in reality, those are just one of the many “Filipino money beliefs” that burned deep in our mind and in the culture of many Filipino families.
Here are some of the Filipino money beliefs that causing most of us became poorer and stopping them from achieving financial independence.
If you have any of these, it’s time to let them go and shift your mindset to achieve financial abundance for you and your family. Here they are.
15 False Filipino money beliefs
1. Money is the root of all evil
Many Filipino believe that money is the root of all evil and aiming to have more money will not do anything good in your life. This is completely false. Money is not evil and not the root of all evil. It’s how you do and how you use money that will dictate and provide results of how you think and see the money.
If you use it to hurt people, if you use it to punish people or if you use it to kill people that are evil. But it’s not the money that causes those evil things, it is your act and means of using the money.
On the other hand, if you use the money to help other people, to bless others, to inspire your family and other people that will produce better results than the previous. You see, it’s the use of money that dictates its meaning. Money is just a paper, it’s how we use them that dictates its value.
2. One-day millionaire
Filipino has this one-day millionaire mindset that makes them poor. It’s something like they splurge left and right thinking that their money is unlimited. They’re only thinking the present time and not planning ahead.
If you have this kind of mindset, let it go. This will not help you achieve financial abundance.
3. Get-rich-quick mindset
Many Filipinos fall into different financial scams because of their get-rich-quick mindset. They want to be rich but they want to have it ASAP. As a result, they tend to fall into trap of scammers and swindlers offering them high returns or “double your money” investments only to realize they’ll lose it all in the end.
Getting rich and achieving financial freedom is not a sprint, it’s a marathon. Forget the get-rich-quick mindset. Be patient, committed and focus working on your financial goals. Be informed. Be financially literate. These are the sure ball ways to financial freedom.
4. I came from a poor family
Another limiting money beliefs that stopping many of the Filipinos are the “false mindset of association“. What does it mean? It simply means that their mindset and thinking are tied on where they are associated.
As an example, “if you came from a poor family you cannot be rich“. Or if you are poor, you can’t finish college. Or own a business or invest. These Filipino money beliefs still stick to many Filipino minds even though many have proven it wrong.
If you want to have breaks and if you’re really committed to achieving your dreams, let go of these mindsets and start thinking positive. Your situation must not be a hindrance on what you want to achieve in life. As the old saying goes, “if there’s a will there’s a way“.
5. I’ll lose my friends and family
Nah, forget this belief! True friends stay whatever happens. And sure your family too.
Again, money is not evil. It’s how you use them. Having more money means more opportunity to help friends and family in needs. That should how you look at.
6. I can’t go to heaven if I have more money
Another Filipino misconception when having more money is contradicting to what the bible or religion says. In most cases, many religions preach that having more money will stop you from being good and will prevent you from being saved by your Savior. That’s not true. Again, it will lead down to how you use your money.
Money is just a tool. A tool to help and inspire others. Use it that way and for sure you’ll be saved.
7. More money more problems
More money, more problems? Not true. It depends on how you acquire your money. If you acquired wealth thru bad means, more likely that you’ll be going to have more problems. But if you gain wealth through providing value and solving other people problems, having more money means you helped more people.
Additionally, having more money requires financial intelligence to keep and manage them properly. If you’re financially educated, having more money will be an easy task.
8. They’re just lucky
Luck is one of the many money beliefs that could stop you from being rich. Smart and working hard people gets more luck. What does it mean? The smart and hard you work, the more opportunity came in.
You should never rely on fortune teller or horoscope about your future. Work hard and work smart!
9. YOLO (You Only Live Once)
Millennials have this kind of mindset that you only live once why not do all things you can do today? Sure thing that’s true. But keeping that mindset and applying it without due diligence, with out planning and without carefully balancing your decision will surely cripple your way to success.
Why? Because thinking like YOLO is not smart. You need to have plans, goals and careful decision in life to get better opportunities.
Don’t just let life happen, make the life you want to happen!
10. I don’t have money
The mindset of “I don’t have money” has a big impact on our lives. That’s a negative affirmation that pushes our subconscious mind not to have money. Why? Because we affirm to ourselves that we don’t have money.
Be positive. If opportunity knocks and you don’t have money at that moment, be resourceful. Find ways. If there’s a will, there’s a way.
11. It takes money to make money
Creating money doesn’t necessarily mean you need to have money. An idea can become a million of dollar if properly executed and offered to the right people without spending any single dime. That’s true. It’s not the money that creates money, it’s the mind!
Remember that ideas, creativeness, guts and skills make money even without spending a dime.
12. Investing is only for the rich
Many Filipino thought that investing is only for the rich. They don’t allow themselves to discover new opportunities to grow their money because they have their fixed mindset that they cannot invest or start a business. 100% not true. Anyone can invest!
Remember the best investment that gives you more than 1000% return? That’s one of the fundamentals you need to realize and apply to feed your hungry mind. Anyone can invest. And investing in yourself is the best thing to start.
Investing in stock market, mutual fund, UITF is available at a very minimal cost of P5,000. Everyone just has to be aware. Anyone can invest. Anyone can become rich!
13. There’s always next time
Many Filipino are leaving lots of opportunities behind. When door of opportunities open for them we tend to rationalize and find more reasons and excuses to not take the risk taking that opportunity.
We always say that there is always next time leaving us empty handed and regretting after that the opportunity passes.
Why not take some risks if you’re seeing an opportunity right now? Maybe a good business idea, an investment or anything you think that can change your life for better. There might be no next time!
14. Becoming OFW is the answer
This Filipino money belief is burned deep in our culture. Many Pinoys think that the only answer to poverty is going abroad and working as an OFW.
There are so many ways you can have a better life here in the Philippines without leaving your family and without sacrificing being away with them. You just need to find ways and become resourceful.
My mom worked as an OFW before when I was in college. My brother is working abroad right now. I knew how it feels to miss someone and how it affects the family life. It’s hard!
Try to stay here as much as you can. If salary is the issue, invest in yourself and learn new skills to increase your value. If you want to earn dollars, learn how to freelance or work online. All these things are possible now because of the internet.
Don’t get it wrong my friend. I understand that there are other opportunities that really worth but I should say it really depends on the belief and situation of an individual. What do you think?
15. This is our destiny
Thinking that where you are right now will be forever is a big mistake especially in financial terms.
No matter how poor, how hard or how-whatever it is, there is always a way.
Knowing that you still alive, breathing and able to think you can still make it. Remember the common secrets of successful people I shared? KFC boomed when Colonel Sanders where 62, Thomas Edison failed 10,000x etc. These are just proven examples that you can still find ways.
In the Philippines, we have the couple who started their P20 ice candy business and became a millionaire and the story of the lumpia queen. I just shared a few, there are thousands of them.
Remember that your past doesn’t dictate your future. It is what you think and does today that will shape your tomorrow.
And here’s my favorite, remember this – you create your own destiny.
These are some of the Filipino money beliefs that can stop you from achieving financial abundance. These are toxic and you must let them go.
Freeing your mind with these false money beliefs will surely open more opportunities for you ahead. Again, becoming rich starts with how you think and see things. Think rich and grow rich!
I have to admit, I used to think the same way before. I always thought that having more money is bad and rich people are greedy. Not only after I discovered my passion in personal finance and personal development, reading personal finance related blogs, personal finance books, attending seminars and other financial literacy related things and activities.
Today, my mindset was shifted. I think and see things in a different way now than I used to. I’m glad I learned early and was able to let go those false Filipino money beliefs that pulling me back to achieve financial freedom. I’m on my way to financial independence. Hope you’re the same. Cheers!
I learned a lot of what.is. positive and negative
Jose FD Bautista says
except for the “money begets money” thing, the article is a good reminder of the things most filipinos already know…
Why some people in the Philippines is easy to give up if they struggle Obstacles in there way…Unlike in another country they finish their Works even if it is difficult?