Millionaire Mindset

Do you have a millionaire mindset or a poor man’s mindset?

– I am a Filipino.  I am programmed to be poor.  How can I be rich? –

How Filipinos are ‘programmed’ to be poor

What do Filipino parents usually tell their kids to do, especially when their child is already in college? If you are a typical Filipino, the obvious answer would be “Anak, magaral ka nang mabuti para pagkagraduate mo, makahanap ka ng magandang… trabaho” (My child, study hard so that after you graduate, you can get a good, stable job).

I think it’s a risky advice these days. We all know people who already graduated but couldn’t get a well-paying job related to their course, so they just settle for whatever is available.

There are those who do land a job in their field but later quit their line of work to again study another course to seek greener pastures (even doctors ‘quit’ to become nurses abroad!).

I learned from Robert Kiyosaki that there are Three (3) Basic Types Of Education:

Scholastic or academic education is where you and I are taught how to read, how to write (and probably also sing) ABC, how to count, how to add and divide, etc. You have to go through this type of education to go to the next.

Professional education is where you and I are taught how to become professionals and/or skilled workers, you know, how to be a nurse, doctor, engineer, lawyer, accountant, pilot, programmer, mechanic, chef, architect, teacher, etc.  Some pursue further studies to become more employable.

Professional education is the education taught in most universities and colleges, and this is also the education Filipino parents insist their children to complete, i.e. if you are privileged to do so.

Haven’t you noticed that the richest people in the Philippines (and in the world) are not employees?  That’s right, they’re not.  They are entrepreneurs, business owners, and investors.

If your goal is to be just ‘comfortable’ in life, I think that could be achieved working for someone else, but if your goal is to be financially free, have quality time to spend with dear people in your life, and help make a richer Philippines, you should develop a business mindset.  Start minding your own business!

Failed advice

I don’t blame our parents, by the way, because our parents’ parents just gave them the same advice.  “Study hard, get good grades, and find a good company to work for” advice might have worked for previous generations but in this day and age, the Information Age, there are way better options!

There is nothing wrong with getting a professional education.  What I think is wrong is that most Filipinos think that their education stops after school and that a high-paying job will solve their financial worries (you may find out later that it’s more often the opposite).

If you followed the usual advice and got yourself a ‘stable’ job, EVEN if you are working abroad, does it or did it guarantee you freedom from financial worries (utility bills, rent, kids’ growing tuition fees, credit card debt, medical expenses, loans, etc)?

Changing your way of thinking

The third type of education that is often completely neglected is financial education.

Financial education is NOT taught in our schools that is why most Filipinos are financially challenged.  Cashflow, dividends, passive income, leverage, investing…were these taught to us?

Reality check… if it took you AT LEAST 14 years of studying (6 years in elementary school, 4 years in high school, and at least 4 years in college) and some experience to get you to your current income level, it will also take time and effort to reprogram your mind from the employee mindset to the millionaire mindset.

You will have to unlearn some stuff that you grew up with, and you have to get financial education if you want to free yourself from a 9-to-5 job to enjoy both time and financial freedom with loved ones.

The good news is that getting financial education today is not as expensive as what our parents paid for for our professional education.  The bad news is, financial ignorance is a million times more expensive if you don’t get yourself educated in this arena.

“Formal education will make you a living; self-education will make you a fortune.” – Jim Rohn

The crossing from employee mindset to millionaire mindset is a journey full of twists and turns but to me, it is the road less traveled that is worth taking.