4 Reasons Why You’re Not Rich

Why aren’t you rich? It may not be what you think (you’re too young; you’re just starting out, you have little income, etc.). There are reasons much deeper than that. Think about lottery winners. They win big and then they lose it all. Now think about people like Donald Trump, who get rich, lose it all, and then make it all back. Why are some people destined to be rich while others are not?

Here is a list of obstacles to wealth that could be hindering you from achieving financial success.

1. Poor Money Mindset

In general, poor people have a completely different mindset regarding money than wealthy people do. Poor people believe money doesn’t matter. Rich people value money and know it matters. A way to overcome this is to start thinking like rich people.
Rich people think that they create their life while poor people believe life happens to them. Rich people take charge of their situation and take responsibility for both their successes and failures. while poor people blame anyone and everyone for why they don’t have what they want.

Money Girl Philippines - Rich Money Mindset

Solution: Learn how the rich think and change that money mindset.

2. Lack of Personal Finance Knowledge

Put simply – Poor people are STUPID when it comes to money. They don’t know how money works or how to grow it. How to Manage Your Money isn’t exactly taught at school. Unless you took finance in college, or were taught the basics at home, you’ve had to rely on yourself.

Money Girl Philippines - Financial Literacy

Solution: Read and learn as much as you can about building wealth. Read personal finance articles and blogs (like Money Girl Philippines). *Coming soon, my post on some of my book recommendations.

3. Your Habits

Do your habits promote success and wealth? Consider the habit of saving money. Are you a saver or a spender? If you’re a spender, consider completing one task every week to change your habit of spending (e.g.: say “no” to yourself once a day).

Money Girl Philippines - Poor Habits and Rich Habits

Solution: Try learning the habits of rich people, and do what they do.

4. No Money Plans or Goals

The biggest reason people stay poor is not having a plan for their money. They don’t set goals to inspire themselves to continue working towards it. They would just hope that there is money for their daily living expenses and have left over at the end of the month.


Solution: Set your financial goals, make them a priority and make that action plan.

Feel Good About Yourself!

There is no reason to feel ashamed or afraid about being successful or wanting to be rich. With money, you can choose your own destiny, help others, and live life to the fullest.

Money Girl Philippines - While money is not going to make you happy, lack of money will definitely make you unhappy.

Anyways, it’s never too late to become rich as long as you choose to make the change NOW! Feeling good about your life, your decisions, and your finances is hugely important to overcoming obstacles to wealth. Start by addressing yourself and the money will follow.

Related Post: Beginner’s Guide to Becoming Rich

6 thoughts on “4 Reasons Why You’re Not Rich

  1. Hi,

    This is actually related to your other article. I just want to know how and where to open a money market account? Are you referring to a mutual fund?

    Please advise. Thanks.

    1. hi myco!

      there are actually money market mutual funds and money market UITFs. Both products are generally invested in similar types of assets, but are managed by different entities. for mutual funds, its usually managed by investment companies while UITFs are managed by banks. So, for me personally, it doesn’t really matter between mutual funds and UITFs because they work the same way.

      You can open a money market account with banks like BPI, BDO or Metro Bank OR with Investment companies like AFLM, Phil Equity and Sunlife.

      I personally opened a money market account with BPI, but AFLM manages the investment product. All I needed was a BPI account, valid IDs and TIN number. I just filled out some forms and started out with the minimum requirement of Php 10,000. I find it easier to open one with the bank because I could just easily subscribe (aka purchase units of the fund) with online money transfers from my bank account. And I could easily monitor how my investment is doing via the online BPI banking.

      (FYI, for mutual funds, the minimum is usually php 5,000)

      1. Hi Christine,

        Thanks a lot for your response. I’ll take your advice.

        I have a BPI account right now and opening a money market UITF would be more convenient then. I have an equity mutual fund with Sun Life. But it’s not that convenient because I still have to contact my advisor. Do you know if it can be done online?

        I’m planning to make the money market UITF as my emergency fund than on a savings account but there would be charges upon redemption, right?

        1. Hi Myco!

          On the question about adding to your investment with Sunlife. Yes, you can do it online if you have a SunLink Account (aka the Sunlife online portal). You just need to do a bank deposit/transfer to Sunlife’s Bank Account, then via your SunLink Online Portal, just send them a copy of the deposit transaction. You can ask for the Sunlife Account Number via the SunLink Online Portal as well.

          On the question on UITFs, I do think there may be charges. So, I think it’s better to ask your the bank directly about that.

    Don’t understand how money works
    Earn low rates of return and pay too much tax
    live from paycheck to paycheck
    live on the edge
    Spend not save
    caught in the high interest debt trap
    retire in poverty

    Plans for future
    Put their money to work for them
    have their money professionally manage
    have emergency fund to shield from financial storm


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