5 Steps to Enlarge your Psychological Wallet

This site contains affiliate links to products. We may receive a commission for purchases made through these links. Most of the articles and posts I have read concerning “psychological wallet” have cited Bo Sanchez’s book 8 Secrets of the Truly Rich. Actually, I have not yet gotten my hands on that book. I do not have a lengthy financial background either. I mean, I have zero expertise on it. Thus, I am exploring the topic as much as I can during my free time (like now). Among the materials I have perused, a psychological wallet is a belief system, an attitude, or a relationship towards money. I like how Arvin Orubia puts it like a kind of money “comfort zone.” So, if you do not know what your psychological wallet IS right now, consider how much money you are comfortable carrying around without itching to spend. 

Looking back, during the entirety of my 20s, that would be 0.00 PHP or just having enough to get by month after month.

Psychological Wallet -Empty
Improve your Psychological Wallet
Image by Andrew Khoroshavin from Pixabay

As I understand it, a psychological wallet is a person’s subconscious “wealth limit.”

Here are the 5 steps I used to improve mine.

1. Mindset Change: Think, feel, and act like you deserve more

Some people would make you believe that you can only achieve or amount to a certain level throughout life. Try to identify these people and what they have told you. Debunk limiting beliefs. People can change and achieve more if we put our minds on it and act.

You need to be brutally honest with yourself first to change your mindset. Looking at the mirror, how would you describe yourself as a person?

Try to describe yourself in a notebook or a recorder -physical features, career, finances, relationships. List your strengths, weaknesses, fears, and achievements. Based on these, ask yourself what do you deserve? How much salary? Which lifestyle? What kind of products should you have? Objectively speaking, what kind of job or career should you pursue? Also, what kind of people should you spend time with? Note that “You’re the average of the five people you spend the most time with -Jim Rohn”

Yes. Mindset change requires you to know yourself first.

If you want to deserve or go to the next level, then you need to know where you are -only then can you start to change.

2. Understand Wealth: Explore the boundaries of your limit.

Increasing your “wealth limit” will require a reevaluation and an overhaul of what you consider as “wealth.”

Consider questions such as:

What is the status of your current finances? What are the things that you can live without? Do you consider yourself financially secured? How many months will you survive without income based on your current savings and expenses? If you cannot answer these questions, perhaps you need to gain more financial knowledge first.

Luckily, several ways and materials are available online to help you explore and evaluate the “wealth” you currently have. Arvin Orubia’s vlog and Bo Sanchez’s book are a good start for Filipinos.

Remember: money is not wealth.

3. Define Your Priorities: Practice self-discipline

To enlarge your “psychological wallet,” you need to ensure that you are not wasting time pursuing wrong or contrasting goals. Evidently, money is often treated as a priority because of the things it can buy.

For example, when I was in my 20s, my priority was to travel/visit the top tourist destinations in my country within two to three years. In order to achieve this goal, I set aside half of my salary every month. I strived hard to meet my target. Saving was not my priority back then. Besides, I do not have anything to spare. Clearly, my psychological wallet was at rock bottom. Thus, when I received a salary increase, guess what I did? I added a tour package or upgraded my hotel room.

Many people who won a lottery or those who suddenly inherits a big sum of money end up spending everything because their psychological wallet is low. They cannot handle having money in their wallet. Therefore, if you wish to avoid this trap, you need to identify your priorities.

Obviously, people cannot expect to increase their “psychological wallet” if they have already set their mind to spend their money. Consequently, they become trapped in a cycle. However, if someone wants to be free then the cycle should be broken. In general, breaking a bad cycle requires forming new habits. In the same vein, new habits are formed by having new priorities. Once you have identified your priorities, you will have the motivation to build discipline.

4. Be Comfortable with Money: It is not wrong to be rich.

Many of us grew up watching bad people having lots of money and doing bad things. Perhaps, you are not “most of us.” Consider, if you see a person carrying loads of cash in a bag, what is the first thing that comes to your mind? When you receive an extra $1000, what would you do with it? What do hackers, robbers, and drug lords have in common? Do you think money makes people bad? Perhaps, you believe money leads to bad choices. Do you think rich people exploit poor people because of money?

We learn from our environment. From we were children, we were fed with stereotypes.

For example:

–some things are only for the rich, and

–you should not want something unless your parents can afford it.

If you want to expand your “wealth limits,” you need to consciously make an effort to become a “pro-money.” Instead of equating money with evil, think of the opportunities you can have and the people you can help. Refrain from feeling guilty for wanting more.

5. Take action: Start now, Do not delay

Desire alone cannot bring you to your next financial level. You need to take steps. If your Bank accounts’ maintaining balance is $100, double it. Maybe, you do not have an emergency fund. Then it is time to build one. If you want to have a business, start drafting your business plan. It may be a slow process, but it is still progress.

A quick action plan

  1. If you lack discipline, then you know where to start.
  2. Commit yourself to one simple task at a time.
  3. But never let the day pass without success in making efforts.
  4. True, you can start later. But since you have already read this post, you are setting yourself for regret if you do not take any action now.

BONUS: Grow, do not throw

Since I have been watching Arvin’s vlog (as per my fiance and brother’s advice), I recommend that my readers do the same. Specifically, please apply the idea of diversification, presell, and cash flow in your business and life.

Also, if you are a freelancer you can check my article: Essential TIPS for Freelance Gigs. Basically, it is how I got started –I am still a work in progress but I hope you’ll get something.


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  1. This was very interesting! Also I have to say I like the banner, it’s unique 🙂 Generally speaking I don’t even care for winter, but the photo is magical.

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