Isaias Lijauco
The way you think can have a significant impact on how you live. Thus, you need to calibrate your mindset in such a way that you only entertain things that will help you grow. Now when it comes to money, many Filipinos maintain a poor mindset that have kept most of them in poverty. If you have the same thinking, better start reconditioning yourself. Below are some of the most well-known wrong money mindsets Pinoys have.
Live a Frugal Life
Everyone wants to buy things cheap. And living beneath your means can certainly help you improve your financial life. However, it’s not exactly right that you forgo quality just to get the things you need at a fraction of the cost. Plus, being too stingy could leave you spending more than you should. So before buying things on sale, make sure the merchandise is worth it.
Education is For the Rich Only
You’ve probably heard this a lot already, but a lot of poor people believe that only the well-off can enjoy the benefits a good education can bring. Nothing could be further from the truth! Education
is a great investment, and it serves as an equalizer for everyone. By taking advantage of it, you can improve your quality of life as well as your financial status.
Hard Work Can Make You a Millionaire
Sorry to burst your bubble, but no it won’t. Sure, you can work like a horse while running an ongoing business, but that’s not going to be enough. Hard work is very important if you want to get out of poverty, but you need to do other things if you want to become a millionaire. These things include educating yourself, building better financial habits, and working with the right people, among others.
Investing is Gambling
Many Pinoys also frown upon investing in stocks, bonds, and what-not, believing that doing so is tantamount to gambling. However, you need to realize that investing and gambling are two different things. While in gambling, you’re putting your money to chance, investing involves doing extensive research on a stock before you deposit your hard-earned cash in. Yes, there’s a risk factor involved; but through proper analysis, you can minimize it.
Change Your Mindset
By developing and maintaining these four toxic mindsets, you’ll condemn yourself to a life of poverty and pain. If you want better for yourself and your loved ones, then start unlearning such thinking and start building up better ones.