Do Traditional Beliefs Shape Your Money Habits For Better or Worse

 

         Not everything the elders said about money is true. For example, Being the firstborn doesn’t mean carrying the whole family on your back— teach them to fish instead of feeding them forever. Times have changed and so should your mindset.

Nigeria is a country rich in culture, tradition, and deeply rooted beliefs that shape various aspects of life, including money management. Many of them influence how Nigerians earn, spend, save, and invest money—most times negatively, and often in ways that hinder financial growth.

 To the point where children will be expected to suffer the same struggles their parents experienced in order to get ahead. Struggles that are easily avoidable in our modern age. There are beliefs like;

1. The “Money Comes from the Spirit World” Belief

Many Nigerians think wealth is either a divine blessing or a result of occult practices, rather than financial discipline or strategic planning. This makes people to wait for spiritual intervention instead of working hard or investing wisely.

2. The “Money Is Meant to Be Spent” Mentality

Some Nigerians believe that money is meant to be enjoyed as soon as it is received. This leads to reckless spending, especially when people get unexpected money (e.g., salary bonuses, business profits, inheritance).

Many Nigerians living paycheck to paycheck, with little or no emergency savings still engage in lavish celebrations (e.g., weddings, burials) even when they can’t afford them, just to maintain social status.

3. The “First Son Must Carry the Family” Tradition

In many Nigerian cultures, the firstborn son is obligated to take care of the extended family, regardless of his financial capacity. This often includes paying school fees, rent, medical bills, and other expenses for younger siblings and relatives. 

This Puts immense financial pressure on firstborns, forcing them to prioritize family obligations over their personal finances. Making it difficult to save or invest, as most of the money goes to solving family problems.

To make matters worse extended families feel entitled to the firstborn’s money instead of working for their own (learn more on extended families).

4. The “Money Rituals and Quick Wealth” Myth

There is a widespread belief in money rituals (blood money, juju, or voodoo) as a shortcut to riches. Many young people believe that wealth is obtained through sacrifices, secret cults, or supernatural powers rather than through hard work and investment. Which Promotes get-rich-quick mentality instead of patient wealth-building strategies.

Many youths avoid legitimate careers or skill-building and indulge in fraudulent activities such as Yahoo-Yahoo (internet fraud), Ponzi schemes, and illegal businesses because they believe in overnight success.

5. The “Big Celebrations Even in Debt” Mentality

In Nigerian culture, weddings, burials, and other ceremonies must be grand and extravagant, even if it means borrowing money to fund them. Many people believe that social status is more important than financial stability. Which Leads to unnecessary debt and financial stress making people spend years repaying loans taken for one-day events.

It also Encourages the culture of spending to impress, rather than investing for long-term financial stability.

6. The “Having Money Means Helping Everyone” Belief

When someone becomes successful, they are expected to financially support extended family, friends, and even the community. Wealthy individuals are often pressured to give out money freely, even at the cost of their financial stability.

 Making it difficult for successful people to build sustainable wealth. It also Creates financial parasites “extended families” who depend on others instead of working for themselves.

          This shows that Traditional beliefs play a major role in how Nigerians handle money. While some traditions promote community support and generosity, others encourage financial recklessness, dependency, and short-term thinking. 

Your beliefs about money shape your financial reality. If your culture or tradition teaches you to fear, misuse, or misunderstand money, here are practical steps you can use to identify and challenge those beliefs:

1. Write down everything you've been taught or told about money

2. Study people who made their wealth legitimately (Robert Kiyosaki, Jeffrey Benson,  Grey BTC, School Of Hard Knocks, etc)

3. Compare their beliefs about money with what you have been told.

4. Highlight those beliefs that don't align with the belief of the people you've studied

5. Ask yourself; which beliefs would help me to achieve my goals 

6. Once you have your answer, Limit interactions with the beliefs that don't align with your goals(people, movies, books)

7. Increase interactions with beliefs that align with your goals (videos, posts, people, books).

8. Simply studying is not enough. Practice, in your personal life and business.

   Financial success is not about luck, rituals, or outdated customs—it’s about smart decisions, discipline, and knowledge. Don't forget to follow Us for more posts like this!😍