Broke But Working Hard? These 5 Money Beliefs Might Be Holding You Back

 

These 5 toxic money beliefs keep Nigerians broke. It’s time to unlearn them and build smarter financial habits.

We all know that one friend who works two jobs, runs a side hustle, and still can’t seem to save. Maybe that friend is you. 

Our problem isn’t always a lack of money but the deep-rooted money beliefs most of us grew up with. We were raised on sayings like “Money is the root of all evil.” “Children bring wealth.” “When you help your parents, you’ll become richer.”

Those beliefs might sound moral or cultural, yet they’re quietly sabotaging your

finances. If 2025 is truly your year of “soft life”, it’s time to unlearn wrong money beliefs that keep you working hard but not as smart.

1. “Money Is Evil” 

This religious money belief keeps you comfortable with a lack. For years, many Nigerians have linked money with sin, greed, or pride. Some of us grew up hearing pastors warn about “the love of money”.

This financial mindset traps people in a cycle where they want money but also feel guilty for having it or think it’s out of their reach. It’s why some people reject good opportunities or act like being broke makes them humble.

But money isn’t evil. Just like fire can cook food or burn a house, money amplifies who you are. A kind person with money can do good; a greedy person just becomes greedier. 

2. “Children Bring Wealth”

Firstly, I blame this on Nollywood. This cultural money belief makes people see children as a form of insurance or future investment. Some even have more kids than they can afford, hoping “God will provide.”

But in a country where school fees and living costs keep rising, that belief can bury you in debt and regret. Children are blessings, but they don’t bring wealth by default. You create the wealth that sustains them.

What to do instead: Plan family finances before expanding. Save for your kids’ education, teach them money values early, and stop banking your retirement on them.

3. “Helping Your Parents Will Make You Rich”

There’s a subtle belief that if you “honour your parents financially”, your life will open up, and when it doesn’t, you feel cursed. This is low-key influenced and backed up with Bible verses like Ephesians 6:1-3. 

Truth is, honouring your parents doesn’t mean overextending yourself. Giving beyond your capacity doesn’t make you rich, but resentful.

It’s okay to help, but it’s also okay to say, “I can’t right now.”  If ‘it didn’t dey, it didn’t dey’. (If you don’t have it, then you don’t have it.)  Set a monthly “family support budget”. Communicate your limits respectfully and consistently.

4. “Once I Earn More, I’ll Save More” 

Truthfully, I believe we’ve all fallen for this one. You think, “Once I start earning 500k monthly, I’ll start saving.” Then your salary increases, but somehow, the account still empties before month-end.

That’s the income illusion. It’s the false belief that higher income means better money habits. In reality, if you don’t manage ₦100k well, ₦1 million won’t save you either.

What to do: Automate savings using apps like PiggyVest, Cowrywise, or Kuda. The goal isn’t to earn more before saving but to save better at any income level.

5. “Hustle Now, Enjoy Later” — The Lie That’s Draining You

We’ve been raised in hustle culture where work-life balance becomes an illusion. “Sleep is for the weak.” “No food for lazy man.” “Work now, enjoy later.”

But many Nigerians are realising that “later” never comes. You hustle in your 20s, struggle in your 30s, and before you blink, you’re burnt out with no peace and money to show for it.

Hustling nonstop without a strategy isn’t ambition. The goal isn’t to work till you collapse; it’s to earn smart, invest in assets, rest well, and enjoy your life while you still have energy. Learn skills that make money while you sleep.

In Closing

2025 doesn’t need to be another year of “God abeg” (God, please). It can be the year you take charge of your money story. If you start now, you will be far ahead of your peers in 2026. 

Your beliefs shape your financial habits, and your habits shape your future. Unlearn wrong beliefs and adopt effective financial strategies.