Common Cultural Beliefs That Keep You From Financial Freedom
These cultural beliefs often influence spending habits, investment decisions, and financial planning negatively leading to a long term decline in wealth. Here are some really common cultural beliefs that contribute to increasing poverty, and simple steps you can take to overcome them:
You may have grown up hearing things like “wealth is dangerous” or that “rich people are corrupt”, “people can't be extremely rich unless they get their hands dirty”, “be comfortable with your income, trying to earn more money is greed”, “stop thinking about money”, and the most destructive “Manage! Manage! Manage!”.
This belief actually just discourages people from subconsciously pursuing financial success, making them feel guilty for wanting more. So they make enough to barely survive and that’s it for them.
2. The ‘Big Man’ Syndrome
In many Nigerian communities, a person who becomes wealthy is expected to take care of extended family members, invest in his community and members of the community even to the point of their own financial ruin. This culture of “obligatory giving” prevents wealth building.
This is very different from helping your community at your own freedom. If you are insulted, gossiped or treated differently anytime you decline to give financial aid but praised and put on a pedestal when you do, this should tell you that they don't care about your financial well-being and clearly —they just want your money (learn more on financial leaches)
3. “Children Are the Best Investment for Old Age”
Prioritizing having many children with the expectation that they will provide for you when you’re old is a belief that makes one neglect financial planning, waste retirement savings, and become over-reliant on their children.
Even if it is something they want, maybe their life's goal, most don't plan to make enough so their numerous children could have a far better chance at fulfilling their expectations. These types of people set their children up for failure and blame them for not meeting their expectations. Often leading to pent up resentment between parents and their kids.
And if these kids do meet their expectations of being able to provide for them? Most parents take advantage of this, guilting or bullying them to provide for their every need forgetting that it's their choice. E.g some mother says “i carried you for 9 months, anything I ask for you must give me”, or “Your own mother is asking you for money and you're saying you don't have?”, “it's not your money, it's our money”... Etc. Some parents even use Bible verses to bill their kids🤦🏼♀️.
4. “Spending to Show Off Wealth” (Owambe & Lavish Lifestyle)
Many people feel pressured to spend on extravagant parties, weddings, and funerals to maintain their social status. This often leads to going broke fast, going into debt,etc which hinders wealth building.
Some don't spend out of pressure but our of financial ignorance which in this case is thinking they have enough to spend and still pay for their expenses. They don't have a budget and don't know what a financial statement is.(learn more on budgeting). They usually go broke shortly after, waiting for their next payday because they don't think past a day or two(short-term).
While others spend or overspend because it gives them dopamine, acts as a stress relief, are impulse spenders, emotional spenders, lack financial discipline, etc. people with this habit usually make excuses like; “I've worked too hard not to enjoy myself“, “i'll spend the money abeg, more will still come”, “after all I do for..... I deserve to spoil myself”, “it was at a discount, I saved money”, “Na who dey enjoy dey live”, “let me spoil myself first, I'll plan my life later”, “I can't come and kill myself”, “God will provide”, “I can always borrow and pay back”.... And so on.
5. “A Degree Is the Only Path to Wealth”
It’s a known fact that A university degree does not guarantee financial success in this day and age(learn more). While education is valuable, relying solely on formal education without financial skills, entrepreneurship, or multiple income streams can lead to unemployment and poverty.
Many parents play a major role in actively closing or restricting their children from pursuing any other alternatives asides getting a degree. Now you're probably thinking that many parents tell their children to find a skill “handwork”.
Yes but it usually is minimum wage job, tailoring, hair dressing, fixing computers or becoming a mechanic, etc skills that are outdated, too time consuming and oversaturated. They hold the belief that you cannot become rich with your phone unless it's internet fraud. This backwards belief being enforced keep their kids stuck in the rat race.
6. “Luck & Prayers Are the Key to Financial Success”
The mindset that wealth comes mainly from divine blessings or luck, rather than strategic planning and hard work leads to gambling, reliance on miracles, and a lack of financial discipline.
People will often say; “God will provide”, “don't worry about tomorrow”, “tomorrow will take care of itself”, “why are you thinking that far”, “leave everything for God”, “if I go to church everyday God will bless me”, “as long as I believe in God I will make money”...etc
They often forget that they play a role in their lives as well. Luck & prayers are important factors but their not the only factor. If you don't develop yourself in the process or prepare yourself for these opportunities; you'll often miss them without knowing or because you were unprepared, leading to a series of disappointment. (Learn more)
MINDSET SHIFTS:
1. Understand that money itself only reflects the character of the person who has it.
2. Learn to say no when financial assistance threatens your stability.
3. Instead of expecting your children to provide for you, teach them financial literacy so they can support themselves.
4. See success as financial stability, investments, and debt-free living not luxury spending.
5. Beyond a degree, acquire other marketable, wealth building skills.
6. Prayers should be combined with smart financial decisions, budgeting, and investment. Don’t rely only on luck.
Culture is powerful, but it should not be a barrier to your financial success. When you start questioning outdated beliefs, adopting a growth mindset, and making better financial decisions, you can break free from cultural limitations and build lasting wealth.
The key to overcoming these financial barriers is awareness, education, a burning desire and constant action.
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