Jefanie Genilla
Experts say one’s disposition toward money, wealth and spending affects one’s financial wellness. One concept that relates to this is the Poverty Mindset, wherein individuals often get trapped in their attitude toward money. Instead of attracting wealth, those with poor mindset are actually setting themselves up for a lifetime of poverty, although they’re not totally broke.
Financial Profiling 102: Here’s How You Set Yourself Up for a Lifetime of Poverty!
So what’s the harsh truth about poverty? It is a mindset as much as a reality. That is, many people feel that they’re poor and in need of money without knowing that they already have what they need. For instance, we at Loansolutions PH usually hear the following self-destructing comments from clients as they come to us for loan solutions:
- “I just can’t make ends meet without borrowing money”
- “I’ve always struggled about money almost my entire life; I’ve grown used to this.”
- “The rich sucks up all the money; I hate them.”
- “I’m afraid I’d lose all of my cash or savings.”
As advocates of financial awareness, we’re pleased to present this list of tips consumers can apply to change their mindset about money, poverty and wealth – these tips are based on success stories from our clients, surveys and expert tips:
- Create a list of your assets and liabilities. Then, find ways to leverage your strengths. For instance, if you have a house but you’re not using some its room, you can rent it out.
- Reduce your expenses. It helps to reconsider spending habits. Have you been paying more credit cards, auto repairs, home renovations and whatnots lately? Are you a regular spender on specialty coffee and restaurants? If you do, find ways to cut down on these expenses. But if you’re already just living on the basics but are still unable to make ends meet, it’s probably high time to increase your net worth. On such cases, you might consider taking on freelance projects to get another income stream.
- Set priorities and goals, both long and short term. If you have credit cards and loans to pay, it helps to consolidate all these in one loan and set a specific date to pay this off. Once you’re free from debt, you can then start your investment portfolio.
- Explore more options and choose financial products wisely. It’s a fact that loans can cause you additional financial burden each month. However, not all loans count as a liability, if you just know how to choose the right one. For instance, if sending a child to school is way over your monthly paycheck, you better get a student’s loan or other alternatives. We at Loansolutions PH can help you find a perfect provider offering the best rates and perks. Just complete our 3-Step Online Application Process so that we can review your documents.
The Poverty Mindset is one of the self-destructing believes many Filipinos have. But if we are to start on the journey to wealth, we must get over this emotional dilemma by picking up the tips above.
