5 Embarrassing Mindsets That Kept Me Poor

5 Embarrassing Mindsets That are Keeping You Poor

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How you perceive money and what it can do to your life will have a lot of impact to your financial standing. If you’re always poor or unable to move forward, you might be suffering from these five financial mindsets.

Your financial mindset is a crucial part of your financial success. A lot of financial experts say that personal finance is more on perspective than numbers, so if you have a healthy mental conditioning on your finances, you are in a better position to move forward financially. But, if you constantly find yourself in financial struggles despite your best efforts, your perspectives may be holding you back.

Today, let me share with you five of my most embarrassing mindsets that kept me poor.

1. I only live once.

This was my very convenient excuse each time I had money. So every time I received my small paycheck, I would crazily sweep through the clothing stores to buy what my money could afford.

There’s nothing wrong if you want to do the things you want to do today, but don’t do it at the expense of your future. You can still enjoy life by striking a balance somewhere between a meaningful present and secured future.

2.I need money to keep up with the Joneses.

I admit, I had this kind of mindset 10 years ago, back when I was 22. If my friends had this stuff, I felt like I need it, too!

Keeping up with the Joneses is a good way to deplete your savings and get into debt. In fact, it is a sign of insecurity which isn’t just financial in nature. Instead of focusing what others think about you, focus on your own needs and what’s valuable to you.

Related Post:

How Minimalism Can Change Your Life and Finances

Financial Freedom Checklist: How to Start Your Financial Journey

3). I can never get out of debt.

I no longer have debts (not a single cent) but I used to have some and for a long time, I thought I could never get out of them. I didn’t try harder so I got stuck at them and ended up paying more interest.  

If you say you can’t get out of debt even without trying, then you’ve already lost half of the battle. Sometimes debt can feel insurmountable that you’d rather incur more, ignore them and never make the effort of digging your way out. Instead of looking at it as a mountain, focus on the smaller hills first. Getting through your smaller debts will give you the mental fuel to tackle the bigger ones.

4. I don’t need to save for retirement now.

I had this mentality and it is now one of my regrets. Come to think of it, if you save $1000 a year, you will have $10,000 in 10 years plus the compounding interest.

You might think that retirement is not in your immediate need, especially when you’re still young and has just started your career. But the truth is, there is no better time to plan for retirement than when you’re still young because you have the power of compounding interest on your side.

Automate your retirement savings and contribute to it regularly to enjoy a financially secured life in the future.

What if you don’t have extra money to save? Read this post on How to Save Money When You Don’t Have Extra Money.

Related Financial Books I Highly Recommend:

The Total Money Make Over by Dave Ramsey
Dave Ramsey's Complete Guide to Money
The Millionaire Next Door

5.Money can buy happiness and is meant to be spent.

True, money can afford you things and experiences that can make you happy, but it’s so wrong to anchor your happiness to what your money can buy. If you believe that you need money to “buy happiness” , then you’re seeing money as something to be spent, instead of something to keep. And sadly, when you are vacuumed into that habit of spending for empty happiness, it can be quite hard to get out of it.

Do you have any of these mindsets?  If you look at money this very same way, it’s about time to turn your mindsets around!


5 Mindsets that Kept Me Poor

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Hi! My name is Jane, the mama behind this blog. I am blogging my journey to financial freedom and into meaningful living off a small and unstable freelancing income, $0 in personal savings and with less than a year old baby. Join me on this journey!


  1. Great advice, girl!
    I can totally relate to the feeling of I don’t need to save, or “I only live once”
    Ugh. SUCH a convenient justification! haha

    1. Jane

      I know right! 🙂 thanks for stopping by

  2. This was like reading through my own mind! I’ve cut down spending significantly since going more minimalist, but I agree – money can definitely buy you happiness!

  3. Great advice! I totally agree with all of it especially money cant actually buy you happiness as the poorest people Ive met have been the happiest! I cant get my head to stop thinking you only live once though and I very much live for today financially!

    1. jane

      I so agree with you. And many rich people (and famous) aren’t really happy. Thank you for reading!

  4. I feel like we all can be susceptible to these mindsets! I am trying to get my money in better order now and its actually alot harder than it seems!

  5. Shell

    These are not good mindsets to have… Its never to early to think of your future and be prepared… My 21 year old son has put a portion of his income towards savings and investments for his future since he was 19…

    1. jane

      Wow that’s reAlly good! I didn’t have that concept of saving at 19.

  6. You are so right about this! Especially the YOLO mindset, which I have really badly…Well, time to start changing right now:) Thanks for sharing!

  7. I think at some point in life you are effected by too many things around you and having these thoughts sometimes make you feel protected, which turns out to be a lie in future. The more you experience this life the better it gets but having a same mind set through out the life will not let you progress. So I totally agree with you on all those points you have talked above. Thank you for sharing with us! Very well written 🙂

  8. I’m a victim of the first one, really really made me spend like a fool. Lol!

  9. I commend you for learning these lessons so young and then passing them on to some of us older folks who SHOULD have realized these earlier in life! I do regret not learning these valuable lessons many years ago, because hubby and I would be doing much better now. Downloading your checklist – thanks!

    1. jane

      Thank you! I wouldn’t think about these had I not experienced real financial struggles. I realized I had to get rid of bad financial habits.. Thank you for downloading the checklist and hope it will help you!

  10. Rosey

    These are all good tips. I love the one about tackling small debt and that giving you confidence to tackle the bigger debt.

    1. jane

      Thanks Rosey!

  11. I love all these tips! I am a person that knows how to budget money but i am a person that dont know how to save. lol!

  12. Nice article thanx for sharing this article.
    Keep up the good work.

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